XML 81 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | 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. Debt Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership and Magellan (Obligated Group) have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. At Dec. 31, 2024, EnLink was a subsidiary of ONEOK, did not guarantee ONEOK or ONEOK Partners’ indebtedness and was excluded from the Obligated Group. EnLink and EnLink Partners’ outstanding debt securities presented in the table above were not guaranteed by the Obligated Group as of Dec. 31, 2024. Subsequent event - At the completion of the EnLink Acquisition on Jan. 31, 2025, ONEOK assumed the outstanding debt of EnLink and EnLink Partners (the Assumed Debt) such that EnLink and EnLink Partners were each released from all debt obligations and provided a guarantee for our and ONEOK Partners’ indebtedness to the holders of each series of outstanding securities, including for the Assumed Debt. EnLink and EnLink Partners are now included in the Obligated Group. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $2.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of the acquired business. In May 2024, we entered into an amendment to our $2.5 Billion Credit Agreement that extended the maturity date by one year, from June 2027 to June 2028. All other terms and conditions of our $2.5 Billion Credit Agreement remain unchanged. In June 2024, we completed the acquisition of a system of NGL pipelines, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1. In October 2024, we completed the EnLink Controlling Interest Acquisition and Medallion Acquisition, which effectively extended our acquisition adjustment period until the quarter ending June 30, 2025, after which it will decrease to 5.0 to 1. The $2.5 Billion Credit Agreement includes a $100 million sublimit for the issuance of standby letters of credit and a $200 million sublimit for swingline loans. Under the terms of the $2.5 Billion Credit Agreement, we may request up to an aggregate $1.0 billion increase in the size of the facility, upon satisfaction of customary conditions, including receipt of commitments from new lenders or increased commitments from existing lenders. The $2.5 Billion Credit Agreement contains provisions for an applicable margin rate and an annual facility fee, both of which adjust with changes in our credit ratings. Borrowings, if any, will accrue at Term SOFR plus an applicable margin based on our credit ratings at the time of determination plus an adjustment of 10 basis points. Under our current credit ratings, the applicable margin on any borrowings would be 110 basis points. We are required to pay an annual facility fee equal to the daily amount of aggregate commitments under the $2.5 Billion Credit Agreement times an applicable rate based on our credit rating at the time of determination. Under our current credit ratings, the applicable rate is 15 basis points. We have the option to request an additional one-year maturity extension, subject to lender approvals. The $2.5 Billion Credit Agreement also contains various customary events of default, the occurrence of which could result in a termination of the lenders’ commitments and the acceleration of all of our obligations thereunder. As of Dec. 31, 2024, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.0 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Subsequent event - In February 2025, we amended and restated our $2.5 Billion Credit Agreement to increase the size to $3.5 billion, extend the term to February 2030 and make other non-material modifications. All other terms and conditions are substantially the same. EnLink Revolving Credit Facility - In October 2024, we completed the EnLink Controlling Interest Acquisition and as a result, we acquired the EnLink Revolving Credit Facility. The EnLink Revolving Credit Facility, which matures in June 2027, is a $1.4 billion unsecured revolving credit facility which includes a $500 million letter of credit subfacility. Borrowings under the EnLink Revolving Credit Facility bear interest at Term SOFR plus a Term SOFR spread adjustment of 0.10% per annum and an applicable margin (ranging from 1.125% to 2.00%) or the Base Rate (the highest of the federal funds rate plus 0.50%, one-month Adjusted Term SOFR plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.125% to 1.00%). The EnLink Revolving Credit Facility contains certain financial, operational and legal covenants. As of Dec. 31, 2024, we had no borrowings outstanding and we were in compliance with the financial covenants of the EnLink Revolving Credit Facility. Subsequent event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, the EnLink Revolving Credit Facility was terminated. EnLink AR Facility - In October 2024, we completed the EnLink Controlling Interest Acquisition and as a result, we acquired the $500 million EnLink AR Facility. In December 2024, EnLink terminated the AR Facility, and we entered into an agreement to provide revolving unsecured loans to EnLink through a promissory note at an interest rate of 4.85% at Dec. 31, 2024. This is a floating rate agreement, which bears interest at ONEOK’s current short-term borrowing rate plus 0.25%. At Dec. 31, 2024, we held a promissory note receivable of $510 million, which was eliminated in consolidation. Interest earned from this agreement was not material. Subsequent Event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, we effectively terminated the agreement to provide revolving unsecured loans to EnLink. Senior Unsecured Obligations - All notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness, and are structurally subordinate to any of the existing and future debt and other liabilities of any nonguarantor subsidiaries. Debt Issuances - 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. Debt Repayments - In December 2024, we redeemed our $500 million, 4.9% senior notes due March 2025 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In December 2024, we repaid $120 million of borrowings under the Guardian Term Loan Agreement and $60 million of borrowings under the Viking Term Loan Agreement, plus accrued and unpaid interest, with cash on hand, as part of the interstate natural gas pipeline divestiture. Subsequent to the EnLink Controlling Interest Acquisition, we repaid $465 million of borrowings under the EnLink Revolving Credit Facility with cash on hand. Subsequent to the EnLink Controlling Interest Acquisition, we repaid $374 million of borrowings under the EnLink AR Facility with cash on hand and terminated the EnLink AR Facility. In September 2024, we repaid the remaining $484 million of our $500 million, 2.75% senior notes at maturity with cash on hand. In 2023, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $322 million for an aggregate repurchase price of $280 million, including accrued and unpaid interest, with cash on hand. In connection with these open market repurchases, we recognized $41 million of net gains on extinguishment of debt, which is included in other income (expense), net in our Consolidated Statement of Income for the year ended Dec. 31, 2023. In 2023, we redeemed our $500 million, 7.5% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In 2023, we redeemed our $425 million, 5.0% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In 2022, we redeemed the remaining $896 million of our 3.375% senior notes due October 2022 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand and short-term borrowings. 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 |
Compliance with Debt Covenants - As of Dec. 31, 2024, we were in compliance with the covenants contained in our various debt agreements. Other - We amortize premiums, discounts and expenses incurred in connection with the issuance of long-term debt consistent with the terms of the respective debt instrument.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration