ONEOK INC /NEW/ (OKE) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that ONEOK INC /NEW/ surfaced in its latest filing.

• The One Big Beautiful Bill Act, passed July 4, 2025, suspended the Methane Fee.July 4, 2025
• On February 12, 2026, the EPA issued a final rule eliminating the 2009 GHG endangerment finding.February 12, 2026
• As of December 31, 2025, we had total indebtedness of $34.0 billion.December 31, 2025
• Completed the EnLink Acquisition, the Delaware Basin JV Acquisition and the BridgeTex Additional Interest Acquisition during 2025.2025
• Long-term debt is rated Baa2 by Moody's and BBB by both S&P and Fitch.
• Commercial paper program is rated Prime-2 by Moody's, A-2 by S&P, and F2 by Fitch.
• The $3.5 Billion Credit Agreement limits ability to make material changes to business, merge, consolidate or dispose of all or substantially all assets, grant liens, engage in affiliate transactions, or make restricted payments including dividends.
• The $3.5 Billion Credit Agreement requires maintaining certain financial ratios, limiting additional indebtedness.
• The Inflation Reduction Act of 2022 directed the EPA to impose Waste Emissions Charges (Methane Fees) on facilities reporting more than 25,000 metric tons of CO2-equivalent per year with methane intensity above statutory thresholds.2022
• FERC's indexing methodology is reviewed every five years and currently allows annual rate changes up to a ceiling based on the producer price index for finished goods plus an index adjustment; a negative ceiling change generally requires rate reductions.
• Substantial U.S. federal NOL carryforward and other state tax attributes; Section 382 ownership change limitation may limit attribute use if >50% equity ownership change over three years.
• EnLink NOL carryforward acquired in EnLink Acquisition is subject to non-material Section 382 limitation.