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ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed:

At Sept. 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 Sept. 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 

At Sept. 25, 2023
Assets acquired:(Millions of dollars)
Cash and cash equivalents$37 
Accounts receivables, net
333 
Inventories352 
Other current assets140 
Property, plant and equipment 11,644 
Investments in unconsolidated affiliates922 
Intangible assets 1,124 
Other assets
121 
Total assets acquired14,673 
Liabilities assumed:
Accounts payable213 
Other current liabilities (a)
721 
Long-term debt, excluding current maturities4,013 
Other deferred credits and liabilities
201
Total liabilities assumed5,148
Total identifiable net assets9,525
Goodwill 4,589 
Total purchase price$14,114 
(a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note J.
Schedule of Pro Forma Information
The following table sets forth the unaudited supplemental pro forma financial information for the three and nine months ended Sept. 30, 2023, as if we had completed the Magellan Acquisition on Jan. 1, 2022:
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
 20232023
 
(Millions of dollars)
Revenue$4,850 $14,764 
Net income$572 $2,364 
Schedule of Business Acquisitions, by Acquisition
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
Sept. 30,
Sept. 30,
 202420232024
2023
 
(Millions of dollars)
Transaction costs
$10 $123 $17 $133 
Interest expense
23 13 23 21 
Total
$33 $136 $40 $154