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MAGELLAN ACQUISITION (Tables)
 12 Months Ended
Dec. 31, 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$37 
Accounts receivables, net
333 
Inventories348 
Other current assets145 
Property, plant and equipment 11,751 
Investments in unconsolidated affiliates922 
Intangible assets 1,124 
Other assets
116 
Total assets acquired14,776 
Liabilities assumed:
Accounts payable213 
Other current liabilities (a)
673 
Long-term debt, excluding current maturities4,013 
Other deferred credits and liabilities
187
Total liabilities assumed5,086
Total identifiable net assets9,690
Goodwill 4,424 
Total purchase price$14,114 
(a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note O. Amounts relating to the Corpus Christi matter are offset fully by insurance receivables, and we expect future losses in excess of amounts accrued, if any, to be recoverable through insurance.
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 period indicated:
Year Ended
December 31,
 2023
 
(Millions of dollars)
Transaction costs
$158 
Interest expense
21 
Total
$179 
Business Acquisition, Pro Forma Information
The following table sets forth the unaudited supplemental pro forma financial information for the years ended December 31, 2023 and 2022, as if we had completed the Magellan Acquisition on January 1, 2022:
Years Ended
December 31,
 20232022
 (Millions of dollars)
Revenue$19,999 $25,349 
Net income$3,077 $1,867