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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Consolidated Debt | The following table sets forth ONEOK and ONEOK Partners debt as of the dates indicated:
| Dec. 31, 2024 |  | Dec. 31, 2023 |  |
| (Millions of dollars)
Commercial paper outstanding (a) | $ | — |  |  | $ | — |  |  |
Senior unsecured obligations: |  |  |  |  |
$500 at 2.75% due September 2024 | — |  |  | 484 |  |  |
$500 at 4.9% due March 2025 | — |  |  | 500 |  |  |
$250 at 3.2% due March 2025 | 250 |  |  | 250 |  |  |
$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 | 650 |  |  | 650 |  |  |
$750 at 5.55% due November 2026 | 750 |  |  | 750 |  |  |
$500 at 4.0% due July 2027 | 500 |  |  | 500 |  |  |
$1,250 at 4.25% due September 2027 | 1,250 |  |  | — |  |  |
$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 |  |  | 750 |  |  |
$700 at 4.35% due March 2029 | 700 |  |  | 700 |  |  |
$750 at 3.4% due September 2029 | 714 |  |  | 714 |  |  |
$600 at 4.4% due October 2029 | 600 |  |  | — |  |  |
$850 at 3.1% due March 2030 | 780 |  |  | 780 |  |  |
$500 at 3.25% due June 2030 | 500 |  |  | 500 |  |  |
$500 at 5.8% due November 2030 | 500 |  |  | 500 |  |  |
$600 at 6.35% due January 2031 | 600 |  |  | 600 |  |  |
$1,250 at 4.75% due October 2031 | 1,250 |  |  | — |  |  |
$750 at 6.1% due November 2032 | 750 |  |  | 750 |  |  |
$1,500 at 6.05% due September 2033 | 1,500 |  |  | 1,500 |  |  |
$1,600 at 5.05% due November 2034 | 1,600 |  |  | — |  |  |
$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 | 250 |  |  | 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 | 250 |  |  | 250 |  |  |
$400 at 6.2% due September 2043 | 400 |  |  | 400 |  |  |
$550 at 5.15% due October 2043 | 550 |  |  | 550 |  |  |
$250 at 4.2% due March 2045 | 250 |  |  | 250 |  |  |
$500 at 4.25% due September 2046 | 500 |  |  | 500 |  |  |
$700 at 4.95% due July 2047 | 564 |  |  | 564 |  |  |
$500 at 4.2% due October 2047 | 500 |  |  | 500 |  |  |
$1,000 at 5.2% due July 2048 | 919 |  |  | 919 |  |  |
$500 at 4.85% due February 2049 | 500 |  |  | 500 |  |  |
$750 at 4.45% due September 2049 | 576 |  |  | 576 |  |  |
$500 at 4.5% due March 2050 | 443 |  |  | 443 |  |  |
$800 at 3.95% due March 2050 | 797 |  |  | 797 |  |  |
$300 at 7.15% due January 2051 | 300 |  |  | 300 |  |  |
$1,750 at 6.625% due September 2053 | 1,750 |  |  | 1,750 |  |  |
$1,500 at 5.7% due November 2054 | 1,500 |  |  | — |  |  |
$800 at 5.85% due November 2064 | 800 |  |  | — |  |  |
Guardian $120 term loan, rate of 6.58% as of Dec. 31, 2023 (b) | — |  |  | 120 |  |  |
Viking $60 term loan, rate of 6.71% as of Dec. 31, 2023 (b) | — |  |  | 60 |  |  |
Total ONEOK and ONEOK Partners debt | 28,630 |  |  | 22,794 |  |  |
Unamortized debt discounts | (992) |  |  | (1,015) |  |  |
Unamortized debt issuance costs and terminated swaps | (166) |  |  | (112) |  |  |
Current maturities of long-term debt | (637) |  |  | (484) |  |  |
Long-term ONEOK and ONEOK Partners debt | $ | 26,835 |  |  | $ | 21,183 |  |  |
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. (b) - In December 2024, we repaid the Guardian $120 million and the Viking $60 million term loan agreements, plus accrued and unpaid interest, with cash on hand, as part of the interstate natural gas pipeline divestiture. The following table sets forth EnLink and EnLink Partners’ debt, which was acquired in the EnLink Controlling Interest Acquisition on Oct. 15, 2024:
| Dec. 31, 2024
| (Millions of dollars)
Senior unsecured obligations: (a) |
$750 at 4.15% due June 2025 | $ | 422 |
$500 at 4.85% due July 2026 | 491 |
$500 at 5.625% due January 2028 | 500 |
$500 at 5.375% due June 2029 | 499 |
$1,000 at 6.5% due September 2030 | 1,000 |
$500 at 5.65% due September 2034 | 500 |
$350 at 5.6% due April 2044 | 340 |
$450 at 5.05% due April 2045 | 413 |
$500 at 5.45% due June 2047 | 448 |
Total EnLink debt | 4,613 |
Unamortized debt discounts, net | (8) |
Current maturities of long-term debt | (422) |
Long-term EnLink debt | $ | 4,183 |
(a) - Amounts are presented at face value with discount to fair value included in unamortized debt discounts, net.
Schedule of Long-Term Debt Instruments | We completed the following underwritten public offerings for the periods presented:
| 2024 (a) | 2023 (b) | 2022 (c) |  |
| Coupon | Interest | Coupon | Interest | Coupon | Interest |  |
| (Millions of dollars) |  | (Millions of dollars) |  | (Millions of dollars) |  |  |
3 year note | $ | 1,250 |  | 4.25% | $ | 750 |  | 5.55% |  |  |  |
5 year note | 600 |  | 4.4% | 750 |  | 5.65% |  |  |  |
7 year note | 1,250 |  | 4.75% | 500 |  | 5.80% |  |  |  |
10 year note | 1,600 |  | 5.05% | 1,500 |  | 6.05% | $ | 750 |  | 6.1% |  |
30 year note | 1,500 |  | 5.7% | 1,750 |  | 6.625% |  |  |  |
40 year note | 800 |  | 5.85% |  |  |  |  |  |
| $ | 7,000 |  |  | $ | 5,250 |  |  | $ | 750 |  |  |  |
(a) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $6.9 billion. The net proceeds from this offering were used to fund the EnLink Controlling Interest Acquisition and the Medallion Acquisition, purchase additional interests in a Medallion joint venture owned by a separate third party, to pay fees and expenses related to the acquisitions and to repay outstanding indebtedness. (b) - 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. (c) - The proceeds were used primarily to repay all outstanding amounts under our commercial paper program. The remainder was used for general corporate purposes.
Aggregate Maturities of Long-Term Debt Outstanding | The aggregate maturities of long-term debt outstanding and interest payments on total debt outstanding as of Dec. 31, 2024, for the years 2025 through 2029 are shown below:
|  | Senior Unsecured Obligations |  |  |  |  |  | Interest Obligations on Debt |  | Total
|  | (Millions of dollars)
2025 |  | $ | 1,059 |  |  |  |  |  |  | $ | 1,708 |  |  | $ | 2,767 |
2026 |  | $ | 2,491 |  |  |  |  |  |  | $ | 1,615 |  |  | $ | 4,106 |
2027 |  | $ | 1,750 |  |  |  |  |  |  | $ | 1,537 |  |  | $ | 3,287 |
2028 |  | $ | 2,150 |  |  |  |  |  |  | $ | 1,435 |  |  | $ | 3,585 |
2029 |  | $ | 2,513 |  |  |  |  |  |  | $ | 1,320 |  |  | $ | 3,833 |

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