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.

• One Big Beautiful Bill Act of July 4, 2025 suspended the Methane Fee imposed by the Inflation Reduction Act of 2022.July 4, 2025
• On February 12, 2026, EPA issued final rule eliminating the 2009 GHG endangerment finding under the Clean Air Act, expected to be subject to extensive litigation.February 12, 2026
• As of December 31, 2025, total indebtedness of $34.0 billion.December 31, 2025
• $3.5 Billion Credit Agreement containing covenants limiting material changes to business, mergers, asset dispositions, liens, affiliate transactions, and restricted payments including dividends, and requiring certain financial ratios.
• ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have guaranteed the debt securities, but guarantees are subject to release under certain circumstances.
• ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness.
• The historical EnLink NOL carryforward acquired upon the EnLink Acquisition is subject to limitations under Section 382 of the Code, but the limitation is not material.