OKE · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

ONEOK

32 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers

earns from

Growing demand from data centers and continued demand from local distribution companies, electric-generation facilities and large industrial companies position us well for capital projects and low-cost expansions to provide additional services to our customers when needed.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Suppliers

Refineries

depends onnamed as a risk

The closure of a refinery that delivers product to or receives crude oil from our pipelines could reduce the volumes we transport.Risk factors (Item 1A)

Partners and platforms

MPLX LP

depends on · 50%

Texas City Logistics, the export terminal joint venture, is owned 50% by us and 50% by MPLX LP, with MPLX LP constructing and operating the facility.Business (Item 1)

Also named by MPC, TRGP

WhiteWater

depends on · 25.5%

Our total ownership interest in the pipeline will be 25.5%, which includes a 15% interest held directly in the Eiger joint venture with the remainder held through Matterhorn.Business (Item 1)

BridgeTex

60% ownership interest

a 60% ownership interest in BridgeTex, which owns an approximately 400-mile crude oil pipeline with transport capacity of up to 440 MBbl/d that connects Permian Basin crude oil to our East Houston terminal;Business (Item 1)

Northern Border

50% ownership interest

50% ownership interest in Northern Border, which owns a FERC-regulated interstate pipeline that transports natural gas from the Montana-Saskatchewan border near Port of Morgan, Montana, and the Williston Basin in North Dakota to a terminus near North Hayden, Indiana.Business (Item 1)

Overland Pass

50% ownership interest

We have a 50% ownership interest in Overland Pass, which operates an interstate NGL pipeline system extending 760 miles, originating in Wyoming and Colorado and terminating in Kansas.Business (Item 1)

Other companies

Henry Hub natural gas

operates in

The Sabine Pipeline also owns and operates the Henry Hub, the official delivery mechanism and pricing point for Chicago Mercantile Exchange’s NYMEX natural gas futures.Business (Item 1)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

Places

Mexico

earns from · 570 MMcf/d

50% ownership interest in Roadrunner, a bidirectional pipeline, which has the capacity to transport 570 MMcf/d of natural gas from the Permian Basin in West Texas to the Mexican border near El Paso, Texas, and has capacity to transport approximately 1.0 Bcf/d of natural gas from the Delaware Basin to the Waha Hub area.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Permian Basin

operates in · more than 400 thousand dedicated acres

We have more than 400 thousand dedicated acres in the Permian Basin, providing gathering and processing services in the Midland and Delaware Basins.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Powder River Basin

operates in · more than 300 thousand dedicated acres

We have more than 300 thousand dedicated acres in the Powder River Basin.Business (Item 1)

Also named by BKH, BTU, DVN, EVRG, UNP, WES

Williston Basin

operates in · more than 3 million dedicated acres

We have more than 3 million dedicated acres in the Williston Basin.Business (Item 1)

Also named by ARLP, CHRD, COP, DVN, TRGP

Mont Belvieu, Texas

concentrated in · 890 MBbl/d in the Gulf Coast region

NGL fractionators with combined operating capacity of 1.2 MMBbl/d (includes interests in our proportional share of operating capacity), including 310 MBbl/d in the Mid-Continent region and 890 MBbl/d in the Gulf Coast region, which were 94% and 92% utilized in 2025 and 2024, respectively;Business (Item 1)

Also named by EPD, TRGP

Mid-Continent region

operates in · more than 1 million dedicated acres

We have more than 1 million dedicated acres in the Mid-Continent region.Business (Item 1)

Also named by VLO

Hazards

Hurricanes

named as a risk

Severe weather impacts our operating territories primarily through hurricanes, thunderstorms, tornados, floods, freezing temperatures and snow or ice storms.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Freeze-offs and extreme cold weather

named as a risk

Similar operational hazards and unforeseen interruptions may also impact our producers or suppliers; for example, extreme cold weather can result in supply reductions from producer wellhead freeze-offs, as well as power curtailments or outages.Risk factors (Item 1A)

Commodities and inputs

Refined Products, crude oil and NGLs

exposed to its price · $ 80named as a risk

The following table presents the effect a hypothetical 10% change in the underlying commodity prices would have on the estimated fair value of our commodity derivative instruments as of the dates indicated:Market risk (Item 7A)

Natural gas

exposed to its pricenamed as a risk

In our Natural Gas Pipelines segment, we are exposed to some commodity price risk associated with changes in the price of natural gas and location differentials primarily from our optimization and marketing activities.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Electricity

exposed to its pricenamed as a risk

We are also exposed to changes in the price of power, which can impact our fractionation and transportation costs.Business (Item 1)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

NGL prices

exposed to its pricenamed as a risk

In our Natural Gas Liquids segment, we are exposed to commodity price risk associated with changes in the price of NGLs; the location differential between the Conway, Kansas, upper Midwest region, Mont Belvieu, Texas, and Louisiana; and the relative price differential between natural gas, NGLs and individual Purity NGLs, which affect our NGL purchases and sales, our exchange services, transportation and storage services, and optimization and marketing financial results.Business (Item 1)

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Under the Natural Gas Act, which is applicable to our interstate natural gas pipelines, and the Interstate Commerce Act, which is applicable to our interstate Refined Products, crude oil and NGL pipelines, our interstate transportation rates are regulated by the FERC and many changes to our pipeline tariffs must be approved in a regulatory proceeding.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to

Our NGL, Refined Products and crude oil pipeline systems are subject to regulation by the DOT and PHMSA under the Hazardous Liquid Pipeline Safety Act of 1979, as amended (HLPSA).Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Transportation Security Administration (TSA)

subject to

Pursuant to those directives, our Cybersecurity Implementation Plan was last approved in November 2025, and our Cybersecurity Assessment Plan was last approved in September 2025.Business (Item 1)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

Railroad Commission of Texas

subject to

Certain of our field injection and withdrawal wells and water disposal wells are subject to the jurisdiction of the Railroad Commission of Texas (RRC).Business (Item 1)

Also named by APA, ATO, DMLP, DVN, MUR, NRG, PR, TPL and 2 more

Laws and programs

Renewable Fuel Standard

subject tonamed as a risk

Increases in the cost or decreases in the availability of RINs, as well as any volatility in such costs or availability, could have an adverse impact on our business.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

Hydraulic fracturing regulation

subject tonamed as a risk

Legislation or regulations placing restrictions on exploration and production activities, including hydraulic fracturing and disposal of wastewater, or curtailment of water use for industrial or mineral development activities, could result in operational delays, increased operating costs and additional regulatory burdens on exploration and production operators.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more

Section 382 of the Internal Revenue Code

subject tonamed as a risk

In addition, our ability to use NOL carryforwards and other tax attributes may be subject to limitations under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”) and corresponding provisions of state law.Risk factors (Item 1A)

Also named by AR, AROC, DX, HASI, LUMN, UAL

Inflation Reduction Act Waste Emissions Charge

subject tonamed as a risk

Methane Fees, if implemented, and other legislative and/or regulatory initiatives that increase our costs or the complexity or compliance burden of business could make some of our activities uneconomic to maintain or operate.Risk factors (Item 1A)

Also named by EXE, KGS

U.S. tariffs on construction materials

exposed to its pricenamed as a risk

inflationary pressure, along with pressure that may arise from the imposition by the federal government of tariffs on non-U.S. produced construction materials, could increase our costs for construction materials, equipment or labor.Risk factors (Item 1A)

Natural Gas Act

subject to

Our interstate natural gas pipelines are regulated under the Natural Gas Act, which gives the FERC jurisdiction to regulate virtually all aspects of this business, such as transportation of natural gas, rates and charges for services, construction of new facilities, depreciation and amortization policies, acquisition and disposition of facilities and the initiation and discontinuation of services.Business (Item 1)

Also named by CRGY, DTM, LNG, NFG, TRGP

Interstate Commerce Act

subject to

Our interstate common carrier pipelines are subject to rate regulation by the FERC under the Interstate Commerce Act, the Energy Policy Act of 1992 and related rules and orders.Business (Item 1)

Also named by CRGY, EPD, TRGP

EPA NSPS OOOOb/c methane rule

subject to

In July 2025, the EPA issued an interim final rule (IFR) to extend multiple compliance deadlines under NSPS OOOOb/c.Business (Item 1)