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MAGELLAN ACQUISITION (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following tables set forth the acquisition consideration and preliminary purchase price allocation of assets acquired and liabilities assumed:
At September 25, 2023
(Millions of dollars and shares/units, except per share/unit data)
Magellan public common units outstanding
202.1 
Cash consideration per Magellan unit
$25.00
Cash consideration$5,052 
Magellan public common units outstanding
202.1 
ONEOK exchange ratio per Magellan unit
0.667 
Shares of ONEOK common stock issued
134.8 
ONEOK common stock closing price on September 25, 2023$66.54
Fair value of common stock issued
$8,969 
Fair value of Magellan replacement equity awards
93 
Equity consideration
$9,062 
Total consideration
$14,114 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
At September 25, 2023
Assets acquired:(Millions of dollars)
Cash and cash equivalents$44 
Accounts receivables, net
245 
Inventories348 
Other current assets65 
Property, plant and equipment
11,562 
Investments in unconsolidated affiliates909 
Intangible assets
645 
Other assets
112 
Total assets acquired13,930 
Liabilities assumed:
Accounts payable221 
Other current liabilities533 
Long-term debt, excluding current maturities4,013 
Other deferred credits and liabilities
203
Total liabilities assumed4,970
Total identifiable net assets8,960
Goodwill 5,154 
Total purchase price$14,114 
Goodwill by Segment
The following table sets forth the amounts of goodwill by segment for the periods indicated:

Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines
Refined Products and Crude
Total
 
(Millions of dollars)
Gross goodwill$153 $371 $157 $— $681 
Accumulated impairment losses(153)— — — (153)
December 31, 2022— 371 157 — 528 
Acquisitions (a)— — — 5,154 5,154 
September 30, 2023$— $371 $157 $5,154 $5,682 
(a) - Goodwill from the Magellan Acquisition primarily represents expected commercial and cost synergies and is expected to be fully deductible for tax purposes. Allocation is preliminary and may be updated as we continue to evaluate the benefits of expected commercial and cost synergies to reporting units.
Business Combination, Separately Recognized Transactions The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated:
Three Months Ended
Nine Months Ended
September 30,September 30,
 
2023
2023
 
(Millions of dollars)
Transaction costs
$123 $133 
Interest expense
13 21 
Total
$136 $154 
Business Acquisition, Pro Forma Information
The following table sets forth the unaudited supplemental pro forma financial information for the three and nine months ended September 30, 2023 and 2022, as if we had completed the Magellan Acquisition on January 1, 2022:

Three Months Ended
Nine Months Ended
September 30,September 30,
 2023202220232022
 
(Millions of dollars)
Revenue$4,850 $6,723 $14,764 $19,548 
Net income$572 $596 $2,364 $1,336