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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 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 preliminary purchase price allocation of assets acquired and liabilities assumed:
| At Oct. 15, 2024
| (Millions of dollars and units, except per unit data)
EnLink Units outstanding |
43% of EnLink Units outstanding | 200.3 |
Cash consideration per EnLink unit | $14.90
Cash consideration for EnLink Units | $ | 2,985 |
100% of the outstanding liability company interests in the managing member of EnLink | 300 |
Total cash consideration | $ | 3,285 |
| At Oct. 15, 2024
Assets acquired: | (Millions of dollars)
Cash and cash equivalents | $ | 446 |
Accounts receivables, net | 548 |
Inventories | 87 |
Other current assets | 38 |
Property, plant and equipment | 11,396 |
Investments in unconsolidated affiliates | 342 |
Intangible assets | 1,051 |
Other assets | 131 |
Total assets acquired | 14,039 |
Liabilities assumed: |
Current maturities of long-term debt | 756 |
Accounts payable | 465 |
Other current liabilities (a) | 525 |
Long-term debt, excluding current maturities | 4,577 |
Deferred income taxes | 1,988
Other deferred credits and liabilities | 84
Total liabilities assumed | 8,395
Noncontrolling interests | 5,076
Total identifiable net assets | 568 |
Goodwill | 2,717 |
Total purchase price | $ | 3,285 |
(a) - Includes obligation to repay Series C Preferred Units. See Note I. The following table sets forth the preliminary purchase price allocation of assets acquired and liabilities assumed:
| At Oct. 31, 2024
Assets acquired: | (Millions of dollars)
Cash and cash equivalents | $ | 36 |
Accounts receivables, net | 114 |
Inventories | 21 |
Other current assets | 2 |
Property, plant and equipment | 1,600 |
Intangible assets | 730 |
Other assets | 3 |
Total assets acquired | 2,506 |
Liabilities assumed: |
Accounts payable | 103 |
Other current liabilities | 5 |
Other deferred credits and liabilities | 40
Total liabilities assumed | 148
Total identifiable net assets | 2,358
Goodwill | 259 |
Total purchase price | $ | 2,617 |
The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed:
| 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 |
| Sept. 25, 2023
Assets acquired: | (Millions of dollars)
Cash and cash equivalents | $ | 37 |
Accounts receivables, net | 333 |
Inventories | 352 |
Other current assets | 140 |
Property, plant and equipment | 11,644 |
Investments in unconsolidated affiliates | 922 |
Intangible assets | 1,124 |
Other assets | 121 |
Total assets acquired | 14,673 |
Liabilities assumed: |
Accounts payable | 213 |
Other current liabilities (a) | 721 |
Long-term debt, excluding current maturities | 4,013 |
Other deferred credits and liabilities | 201
Total liabilities assumed | 5,148
Total identifiable net assets | 9,525
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 P.
Schedule of Business Acquisition, Pro Forma Information | The following table sets forth the unaudited supplemental pro forma financial information for the years ended Dec. 31, 2024, 2023 and 2022, as if we had completed the Magellan Acquisition on Jan. 1, 2022, and the EnLink Controlling Interest Acquisition and the Medallion Acquisition on Jan. 1, 2023:
|  |  |  |  |  |  |  | Year Ended Dec. 31, 2024
|  |  |  |  |  |  |  |  |  | Pro Forma EnLink Controlling Interest Acquisition |  | Pro Forma Medallion Acquisition |  |  | Pro Forma Combined
|  |  |  |  |  |  |  |  |  |  |  | As reported |  |  |  |
|  |  |  |  |  | (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |  | $ | 21,698 |  |  | $ | 4,891 |  |  | $ | 1,078 |  |  |  | $ | 27,667 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 3,112 |  |  | $ | 288 |  |  | $ | 81 |  |  |  | $ | 3,481 |
|  |  |  |  |  |  |  | Year Ended Dec. 31, 2023
|  |  |  |  |  |  |  |  |  | Pro Forma EnLink Controlling Interest Acquisition |  | Pro Forma Medallion Acquisition |  |  | Pro Forma Magellan Acquisition | Pro Forma Combined
|  |  |  |  |  |  |  |  |  |  |  | As reported |  |  |  |
|  |  |  |  |  | (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |  | $ | 17,677 |  |  | $ | 6,671 |  |  | $ | 947 |  |  |  | $ | 2,322 |  | $ | 27,617 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 2,659 |  |  | $ | 383 |  |  | $ | (16) |  |  |  | $ | 232 |  | $ | 3,258 |
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:
|  |  |  |  | Years Ended
|  |  |  |  | Dec. 31,
|  |  |  |  |  | 2024 (a) |  | 2023 (b)
|  |  |  |  | (Millions of dollars)
Transaction costs |  |  |  |  |  | $ | 73 |  |  | $ | 158 |
Interest expense |  |  |  |  |  | 23 |  |  | 21 |
Total |  |  |  |  |  | $ | 96 |  |  | $ | 179 |
(a) - Primarily non-recurring costs related to advisory fees and bridge commitment fees associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition. (b) - Primarily non-recurring costs related to advisory fees, severance and settlement of share based awards for certain Magellan employees and integrations costs, as well as bridge facility commitment fees associated with the Magellan Acquisition.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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