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DEBT | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | DEBT The following table sets forth our consolidated debt as of the dates indicated:
|  | September 30, 2023 |  | December 31, 2022
|  | (Millions of dollars)
Commercial paper outstanding (a) |  | $ | — |  |  | $ | — |
Senior unsecured obligations: |  |  |  |
$425 at 5.0% due September 2023 |  | — |  |  | 425 |
$500 at 7.5% due September 2023 |  | — |  |  | 500 |
$500 at 2.75% due September 2024 |  | 500 |  |  | 500 |
$250 at 3.2% due March 2025 (b) |  | 250 |  |  | — |
$500 at 4.9% due March 2025 |  | 500 |  |  | 500 |
$400 at 2.2% due September 2025 |  | 387 |  |  | 387 |
$600 at 5.85% due January 2026 |  | 600 |  |  | 600 |
$650 at 5.0% due March 2026 (b) |  | 650 |  |  | — |
$750 at 5.55% due November 2026 |  | 750 |  |  | — |
$500 at 4.0% due July 2027 |  | 500 |  |  | 500 |
$800 at 4.55% due July 2028 |  | 800 |  |  | 800 |
$100 at 6.875% due September 2028 |  | 100 |  |  | 100 |
$750 at 5.65% due November 2028 |  | 750 |  |  | — |
$700 at 4.35% due March 2029 |  | 700 |  |  | 700 |
$750 at 3.4% due September 2029 |  | 714 |  |  | 714 |
$850 at 3.1% due March 2030 |  | 780 |  |  | 780 |
$500 at 3.25% due June 2030 (b) |  | 500 |  |  | — |
$500 at 5.8% due November 2030 |  | 500 |  |  | — |
$600 at 6.35% due January 2031 |  | 600 |  |  | 600 |
$750 at 6.1% due November 2032 |  | 750 |  |  | 750 |
$1,500 at 6.05% due September 2033 |  | 1,500 |  |  | — |
$400 at 6.0% due June 2035 |  | 400 |  |  | 400 |
$600 at 6.65% due October 2036 |  | 600 |  |  | 600 |
$250 at 6.4% due May 2037 (b) |  | 250 |  |  | — |
$600 at 6.85% due October 2037 |  | 600 |  |  | 600 |
$650 at 6.125% due February 2041 |  | 650 |  |  | 650 |
$250 at 4.2% due December 2042 (b) |  | 250 |  |  | — |
$400 at 6.2% due September 2043 |  | 400 |  |  | 400 |
$550 at 5.15% due October 2043 (b) |  | 550 |  |  | — |
$250 at 4.2% due March 2045 (b) |  | 250 |  |  | — |
$500 at 4.25% due September 2046 (b) |  | 500 |  |  | — |
$700 at 4.95% due July 2047 |  | 689 |  |  | 689 |
$500 at 4.2% due October 2047 (b) |  | 500 |  |  | — |
$1,000 at 5.2% due July 2048 |  | 1,000 |  |  | 1,000 |
$500 at 4.85% due February 2049 (b) |  | 500 |  |  | — |
$750 at 4.45% due September 2049 |  | 653 |  |  | 673 |
$500 at 4.5% due March 2050 |  | 443 |  |  | 443 |
$800 at 3.95% due March 2050 (b) |  | 800 |  |  | — |
$300 at 7.15% due January 2051 |  | 300 |  |  | 300 |
$1,750 at 6.625% due September 2053 |  | 1,750 |  |  | — |
Guardian $120 term loan, rate of 6.54% as of September 30, 2023, due June 2025 |  | 120 |  |  | 120 |
Viking $60 term loan, rate of 6.67% as of September 30, 2023, due March 2026 |  | 60 |  |  | — |
Total debt |  | 23,096 |  |  | 13,731 |
Unamortized debt discounts |  | (1,029) |  |  | (35) |
Unamortized debt issuance costs and terminated swaps |  | (117) |  |  | (75) |
Current maturities of long-term debt |  | (500) |  |  | (925) |
Long-term debt |  | $ | 21,450 |  |  | $ | 12,696 |
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. (b) - Debt assumed in the Magellan Acquisition. Amounts are presented at face value with discount to fair value included in unamortized debt discounts. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement, which expires in 2027, is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $2.5 Billion Credit Agreement allows inclusion of the trailing twelve months of consolidated adjusted EBITDA of the acquired business. In the third quarter 2023, we completed the Magellan Acquisition, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the third quarter 2023 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. At September 30, 2023, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 3.7 to 1 and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Issuances - In August 2023, we completed an underwritten public offering of $5.25 billion senior unsecured notes consisting of $750 million, 5.55% senior notes due 2026; $750 million, 5.65% senior notes due 2028; $500 million, 5.80% senior notes due 2030; $1.5 billion, 6.05% senior notes due 2033; and $1.75 billion, 6.625% senior notes due 2053. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $5.2 billion. The net proceeds were used to fund the cash consideration and other costs related to the Magellan Acquisition. Debt Repayments - In June 2023, we redeemed our $500 million, 7.5% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In February 2023, we redeemed our $425 million, 5.0% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. Debt Guarantees - ONEOK, ONEOK Partners, Magellan and the Intermediate Partnership have cross guarantees in place for ONEOK’s, ONEOK Partners’ and Magellan’s indebtedness. The Guardian Term Loan Agreement and Viking Term Loan Agreement are not guaranteed by ONEOK, ONEOK Partners, Magellan or the Intermediate Partnership. Viking Term Loan Agreement - In March 2023, Viking entered into a $60 million senior unsecured Term Loan Agreement, which is fully drawn. The proceeds were used to repay intercompany debt with ONEOK and for general corporate purposes. The Viking Term Loan Agreement matures in March 2026 and bears interest at Term SOFR plus an applicable margin. As of September 30, 2023, Viking was in compliance with all covenants under the Viking Term Loan Agreement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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