2025 Annual Report by ONEOK

Mission

We deliver energy products and services vital to an advancing world.

Vision

To create exceptional value for our stakeholders by providing solutions for an evolving energy future.

Core Values

Safety and Environmental

We commit to a zero-incident culture for the well-being of our employees, contractors and communities and to operate in an environmentally responsible manner.

Ethics

We act with honesty, integrity and adherence to the highest standards of personal and professional conduct.

Inclusion and Diversity

We respect the uniqueness and worth of each individual, and we believe that an inclusive culture and diverse workforce are essential for a sense of belonging, engagement and performance.

Excellence

We hold ourselves and others accountable to a standard of excellence through collaboration and continuous improvement.

Service

We invest our time, effort and resources to serve each other, our customers and communities.

Innovation

We create value by leveraging collaboration, ingenuity and technology.

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma. For information about ONEOK, visit the website: www.oneok.com

For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

Letter to Investors

At ONEOK, success is driven by clear strategy, integrated assets and disciplined execution.

In 2025, we built on our existing asset base through the continued integration of strategic acquisitions and by expanding and extending our systems, which created greater operating leverage and further strengthened our ability to respond to dynamic markets. That progress is ultimately powered by our people, whose commitment to our core values sets ONEOK apart and turns opportunity into value for our shareholders.

Strategic acquisitions have played an important role in advancing our strategy. Through our most recent acquisitions of EnLink Midstream (EnLink) and Medallion Midstream (Medallion), we strengthened our presence in critical supply basins and enhanced our ability to serve customers at a greater scale.

Since 2023, we’ve realized nearly $500 million in total acquisitionrelated synergies. These synergies were achieved primarily through increased volumes, efficiency gains, system optimizations and integration activities.

Energy

demand continues to grow, and ONEOK is well positioned to play a critical role in an evolving energy landscape.

Executing a Disciplined Strategy

Our strategy remains rooted in disciplined capital allocation and intentional investment decisions, an approach that has delivered 12 consecutive years of adjusted EBITDA growth (earnings before interest, taxes, depreciation and amortization). At its core, our strategy leverages our contiguous assets to provide customers with greater flexibility, while maximizing volumes across our highly integrated system. These assets, located in key basins and near major market centers, combined with an approximately 90% fee-based business model, support sustained value generation.

Our disciplined approach to capital allocation balances high-return projects, dividend growth, deleveraging and share repurchases. In 2025, we returned nearly $2.7 billion to shareholders through dividends and share repurchases. Most recently, in January 2026, we increased our quarterly dividend by 4% to $1.07 per share, resulting in an annualized dividend of $4.28 per share. This marks more than 25 consecutive years of dividend stability and reflects our focus on consistent, sustainable returns.

We also continue to prioritize balance sheet strength. In 2025, we extinguished nearly $3.1 billion of long-term debt, supporting progress toward our internal long-term net debt-to-EBITDA target of 3.5x or lower, and enhancing our financial flexibility for the future.

Investing in Integrated Growth

Energy demand continues to grow, and ONEOK is well positioned to play a critical role in an evolving energy landscape. In 2025, we continued to advance projects that expand our integrated system, strengthen market connectivity and position ONEOK to meet growing energy demand across key regions. Notable projects include:

PROJECTS

• Elk Creek pipeline expansion (completed early 2025)

• West Texas NGL Pipeline expansion (completed mid-2025)

• Greater Denver refined products pipeline expansion (expected completion mid-2026)

• Medford fractionator (expected completion Phase I: late 2026; Phase II: early 2027)

• Bighorn natural gas processing plant (expected completion mid-2027)

• Liquified petroleum gas (LPG) export terminal in Texas City, Texas, and MBTC pipeline joint ventures (expected completion early 2028)

• Eiger Express Pipeline joint venture (expected completion mid-2028)

Positioned for the Long Term

WHY THEY MATTER

Expands natural gas liquids (NGL) takeaway capacity from the Rocky Mountain region, improving market access and system flexibility.

Increases NGL takeaway capacity from the Permian Basin to the Gulf Coast, providing critical NGL transportation to support our volume growth.

Increases refined products supply from the Mid-Continent and Gulf Coast to the greater Denver area, supporting growing regional demand and market opportunities.

Adds Mid-Continent fractionation capacity, improving flexibility across our integrated NGL system and creating capacity for incremental volume growth from key regions.

Expands natural gas processing capacity to support rising production in the Permian Basin.

Establishes a fully integrated wellhead-to-water NGL strategy anchored by a premier Gulf Coast location, expanding export capabilities and strengthening our position in global LPG markets.

Connects abundant natural gas supply in the Permian Basin to growing electricity and LNG export markets, enabling reliable energy delivery to address growing demand.

Alongside these investments, we continue to advance our commitment to safe, reliable and responsible operations As of year-end 2025, we have achieved reductions equating to more than 80% of our total 2030 Scope 1 and Scope 2 greenhouse gas emissions reduction target. This progress reflects our focus on execution and reinforces that environmental stewardship and strong governance remain fundamental to how we operate and generate long-term value

Built on a 120-year foundation, ONEOK remains focused on what we do best — executing with purpose, operating safely and reliably, and making disciplined decisions that strengthen our business and position us for the future.

At the end of the day, progress is measured by results and sustained through consistent performance, made possible by our employees’ ability to innovate, adapt and deliver long-term value

As we look ahead, we want to thank our employees for their dedication and our shareholders for their continued trust and investment as we work together to shape the future of our industry

Julie H. Edwards Board Chair

Pierce H. Norton II President and Chief Executive Officer March 9, 2026

Our Assets

LEGEND

Natural Gas Liquids

Refined Products

Natural Gas Gathering and Processing

Natural Gas Pipelines

Crude Oil

Marine Terminal

Growth Project

FORM10-K

☒ ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

ForthefiscalyearendedDecember31,2025. OR

☐ TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

Forthetransitionperiodfrom__________to__________. Commissionfilenumber001-13643

ONEOK,Inc.

(Exactnameofregistrantasspecifiedinitscharter) Oklahoma73-1520922

(Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.)

100WestFifthStreet,Tulsa,OK74103

(Addressofprincipalexecutiveoffices)(ZipCode)

Registrant’stelephonenumber,includingareacode (918)588-7000 SecuritiesregisteredpursuanttoSection12(b)oftheAct:

TitleofeachclassTradingSymbol(s)Nameofeachexchangeonwhichregistered Commonstock,parvalueof$0.01OKENewYorkStockExchange SecuritiesregisteredpursuanttoSection12(g)oftheAct:None

Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes ☒ No ☐

IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes ☐ No ☒

Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeAct of1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeen subjecttosuchfilingrequirementsforthepast90days.Yes ☒ No ☐

IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuantto Rule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwas requiredtosubmitsuchfiles).Yes ☒ No ☐

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreporting companyoranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany” and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.

Largeacceleratedfiler ☒ Acceleratedfiler ☐ Non-acceleratedfiler ☐ Smallerreportingcompany ☐ Emerginggrowthcompany ☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplying withanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct. ☐

Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofits internalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublic accountingfirmthatpreparedorissueditsauditreport. ☒

IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrant includedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements. ☐

Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-based compensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b). ☐

Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes ☐ No ☒

Aggregatemarketvalueofregistrant’scommonstockheldbynon-affiliatesbasedontheclosingtradepriceonJune30,2025,was$51.1 billion.

OnFebruary16,2026,theCompanyhad629,783,634sharesofcommonstockoutstanding.

DOCUMENTSINCORPORATEDBYREFERENCE:

PortionsofthedefinitiveproxystatementtobedeliveredtoshareholdersinconnectionwiththeAnnualMeetingofShareholderstobeheld May20,2026,areincorporatedbyreferenceinPartIII.

PartIII.

Item10.Directors,ExecutiveOfficersandCorporateGovernance116

Item11.ExecutiveCompensation116

Item12.SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholder Matters 116

Item13.CertainRelationshipsandRelatedTransactions,andDirectorIndependence117

Item14.PrincipalAccountingFeesandServices117 PartIV.

Item15.Exhibits,FinancialStatementSchedules118

Item16.Form10-KSummary130

Signatures 131

AsusedinthisAnnualReport,referencesto“ONEOK,”“we,”“our,”or“us”refertoONEOK,Inc.,anOklahomacorporation, anditspredecessorsandsubsidiaries,includingMagellan,EnLinkandMedallion,unlessthecontextindicatesotherwise.

ThestatementsinthisAnnualReportthatarenothistoricalinformation,includingstatementsconcerningplansandobjectives ofmanagementforfutureoperations,economicperformanceorrelatedassumptions,areforward-lookingstatements. Forward-lookingstatementsmayincludewordssuchas“anticipates,”“believes,”“continues,”“could,”“estimates,” “expects,”“forecasts,”“goal,”“guidance,”“intends,”“may,”“might,”“outlook,”“plans,”“potential,”“projects,” “scheduled,”“should,”“target,”“will,”“would”andotherwordsandtermsofsimilarmeaning.Althoughwebelievethat ourexpectationsregardingfutureeventsarebasedonreasonableassumptions,wecangivenoassurancethatsuch expectationsorassumptionswillbeachieved.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromthose intheforward-lookingstatementsaredescribedunderPartI,Item1A,RiskFactors.

GLOSSARY

Theabbreviations,acronymsandindustryterminologyusedinthisAnnualReportaredefinedasfollows:

$2.5BillionCreditAgreementONEOK’s$2.5billionamendedandrestatedrevolvingcreditagreement,replacedbythe $3.5BillionCreditAgreement

$3.5BillionCreditAgreementONEOK’s$3.5billionamendedandrestatedrevolvingcreditagreement AFUDCAllowanceforfundsusedduringconstruction AnnualReportAnnualReportonForm10-KfortheyearendedDecember31,2025 AscensionAscensionPipelineCompany,LLC,a50%ownedjointventure BblBarrels,1barrelisequivalentto42UnitedStatesgallons

BcfBillioncubicfeet

Bcf/dBillioncubicfeetperday

BridgeTexBridgeTexPipelineCompany,LLC,a30%ownedjointventure,andaftertheBridgeTex AdditionalInterestAcquisition,a60%ownedjointventure BridgeTexAdditionalInterestAcquisitionThetransactioncompletedonJuly22,2025,pursuanttowhichONEOKacquiredan additional30%interestinBridgeTex DelawareBasinJVDelawareG&PLLC,a50.1%ownedjointventure,andaftertheDelawareBasinJV Acquisition,awhollyownedsubsidiaryofONEOK DelawareBasinJVAcquisitionThetransactioncompletedonMay28,2025,pursuanttowhichONEOKacquiredthe remaining49.9%noncontrollinginterestinDelawareBasinJV

EBITDAEarningsbeforeinterestexpense,incometaxes,depreciationandamortization

EigerEigerExpressPipeline,LLC,a25.5%ownedjointventure,includingthe10.5%held throughMatterhorn

EnLinkEnLinkMidstream,LLC,andaftertheEnLinkAcquisition,ElkMergerSubII,L.L.C.,a whollyownedsubsidiaryofONEOK

EnLinkAcquisitionThetransactioncompletedonJanuary31,2025,pursuanttowhichONEOKacquiredallof thepubliclyheldEnLinkUnitsinatax-freetransaction,pursuanttotheEnLinkMerger Agreement

EnLinkAcquisitionsTheEnLinkControllingInterestAcquisitionandtheEnLinkAcquisition EnLinkARFacilityEnLink’s$500millionaccountsreceivablesecuritizationfacility EnLinkControllingInterestAcquisitionThetransactioncompletedonOctober15,2024,pursuanttowhichONEOKacquired(i) approximately43%oftheoutstandingEnLinkUnitsand(ii)alloftheoutstanding limitedliabilitycompanyinterestsinEnLinkMidstreamManager,LLC,pursuanttothe EnLinkPurchaseAgreement

EnLinkMergerAgreementAgreementandPlanofMerger,datedasofNovember24,2024,byandamongONEOK, Inc.,ElkMergerSubI,L.L.C.,ElkMergerSubIIL.L.C.,EnLinkandEnLink MidstreamManager,LLC

EnLinkPartnersEnLinkMidstreamPartners,LP,awhollyownedsubsidiaryofONEOK EnLinkPurchaseAgreementPurchaseagreement,datedAugust28,2024,byandamongONEOK,GIPIIIStetsonI, L.P.,GIPIIIStetsonII,L.P.andEnLinkMidstreamManager,LLC EnLinkRevolvingCreditFacilityEnLink’s$1.4billionunsecuredcreditfacility EnLinkUnitsCommonunitsrepresentinglimitedliabilitycompanyinterestsinEnLink EPSEarningspershareofcommonstock

ESGEnvironmental,socialandgovernance ExchangeActSecuritiesExchangeActof1934,asamended FERCFederalEnergyRegulatoryCommission FitchFitchRatings,Inc.

GAAPAccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica GHGGreenhousegas

GIPGlobalInfrastructurePartnersandcertainofitsmanagedfundvehicles,includingGIPIII StetsonI,L.P.,GIPIIIStetsonII,L.P.,GIPIIITrophyGP2,GIPIIITrophy Acquisition

GuardianGuardianPipeline,L.L.C.

GuardianTermLoanAgreementGuardian’sseniorunsecuredthree-year$120milliontermloanagreementdatedJune2022 IntermediatePartnershipONEOKPartnersIntermediateLimitedPartnership,awhollyownedsubsidiaryof ONEOK

MagellanMagellanMidstreamPartners,L.P.,awhollyownedsubsidiaryofONEOK

MagellanAcquisitionThetransactioncompletedonSeptember25,2023,pursuanttowhichONEOKacquired allofMagellan’soutstandingcommonunitsinacash-and-stocktransaction,pursuantto theMagellanMergerAgreement

MagellanMergerAgreementAgreementandPlanofMergerofONEOK,OtterMergerSub,LLCandMagellan,dated May14,2023

MatterhornMXPParent,LLC,a15%ownedjointventure

MBbl/dThousandbarrelsperday

MBTCPipelineMBTCPipelineLLC,an80%ownedjointventure MDth/dThousanddekathermsperday

MedallionGIPIIITrophyIntermediateHoldings,L.P.,andaftertheMedallionAcquisition, MedallionParentHoldings,L.L.C.,awhollyownedsubsidiaryofONEOK MedallionAcquisitionThetransactioncompletedonOctober31,2024,pursuanttowhichONEOK(i)became generalpartnerofMedallionand(ii)acquiredalloftheissuedandoutstandinglimited partnerinterestsinMedallionfromGIP

MMBblMillionbarrels

MMcf/dMillioncubicfeetperday

Moody’sMoody’sInvestorsService,Inc.

MVPMVPTerminalling,LLC,a25%ownedjointventure NaturalGasActNaturalGasActof1938,asamended NGL(s)Naturalgasliquid(s) NorthernBorderNorthernBorderPipelineCompany,a50%ownedjointventure NYMEXNewYorkMercantileExchange

NYSENewYorkStockExchange

ONEOKONEOK,Inc.

ONEOKPartnersONEOKPartners,L.P.,awhollyownedsubsidiaryofONEOK OverlandPassOverlandPassPipelineCompany,LLC,a50%ownedjointventure POPPercentofProceeds PurityNGLsMarketablenaturalgasliquidpurityproducts,suchasethane,ethane/propanemix, propane,iso-butane,normalbutaneandnaturalgasoline QuarterlyReport(s)QuarterlyReport(s)onForm10-Q RefinedProductsTheoutputfromcrudeoilrefineries,includingproductssuchasgasoline,dieselfuel, aviationfuel,keroseneandheatingoil

RINsRenewableIdentificationNumbers,whichrepresentcreditsrequiredforrenewablefuel standardcompliance RoadrunnerRoadrunnerGasTransmissionHoldings,LLC,a50%ownedjointventure S&PS&PGlobalRatings SaddlehornSaddlehornPipelineCompany,LLC,a40%ownedjointventure SCOOPSouthCentralOklahomaOilProvince,anareaintheAnadarkoBasininOklahoma SECSecuritiesandExchangeCommission SecuritiesActSecuritiesActof1933,asamended SeriesBPreferredUnitsEnLinkPartners’SeriesBCumulativeConvertiblePreferredUnits SeriesCPreferredUnitsEnLinkPartners’SeriesCFixed-to-FloatingRateCumulativeRedeemablePerpetual PreferredUnits

STACKSoonerTrendAnadarkoCanadianKingfisher,anareaintheAnadarkoBasininOklahoma TermSOFRTheforward-lookingtermratebasedonSecuredOvernightFinancingRate(SOFR) TexasCityLogisticsTexasCityLogistics,LLC,a50%ownedjointventure VikingVikingGasTransmissionCompany

VikingTermLoanAgreementViking’sseniorunsecuredthree-year$60milliontermloanagreementdatedMarch2023 WhiteWaterWhiteWaterMidstream,LLC,theoperatorofMatterhornandEigerpipelines XBRLeXtensibleBusinessReportingLanguage

GENERAL

WeareincorporatedunderthelawsofthestateofOklahoma,andourcommonstockislistedontheNYSEunderthetrading symbol“OKE.”Wedeliverenergyproductsandservicesvitaltoanadvancingworld.Wearealeadingmidstreamservice providerofgathering,processing,fractionation,transportation,storageandmarineexportservices.Asoneofthelargest integratedenergyinfrastructurecompaniesinNorthAmerica,wearedeliveringenergythatmakesadifferenceinthelivesof peopleintheU.S.andaroundtheworld.Throughourapproximately60,000-milepipelinenetwork,wetransportthenatural gas,NGLs,RefinedProductsandcrudeoilthathelpmeetdomesticandinternationalenergydemand,contributetoenergy securityandprovidesafe,reliableandresponsibleenergysolutionsneededtodayandintothefuture.

MidstreamValueChain

Themidstreamvaluechainisavitalpartoftheenergyindustry.Aftercrudeoilandnaturalgasareproducedfromupstream wells,weuseourextensiveinfrastructuretoprocessandtransporttheserawmaterials,readyingthemforenduse.For transportationofcrudeoil,naturalgas,RefinedProductsandNGLs,pipelinesaregenerallythemostreliable,lowestcost,least carbonintensiveandsafestalternativeforintermediateandlong-haulmovementsbetweenmarketsandendusers.

EXECUTIVESUMMARY

EnLinkAcquisition -OnJanuary31,2025,wecompletedtheEnLinkAcquisition.PursuanttotheEnLinkMerger Agreement,eachpubliclyheldcommonunitofEnLinkwasexchangedforafixedratioof0.1412sharesofONEOKcommon stock,includingEnLinkUnitsthatwereexchangedforallpreviouslyoutstandingSeriesBPreferredUnitsimmediatelypriorto closing.Weissued41millionsharesofcommonstockwithafairvalueof$4.0billionasoftheclosingdateoftheEnLink Acquisition.EnLinkisnowawhollyownedsubsidiary.

ForadditionalinformationontheEnLinkAcquisition,seePartII,Item8,NoteBoftheNotestoConsolidatedFinancial StatementsinthisAnnualReport.

BusinessUpdateandMarketConditions -Overthepastyear,weexperiencedearningsgrowthacrossourvaluechaindue primarilytoafullyearofearningsfromEnLinkandMedallionacrossoursegmentsandhigherNGLandnaturalgasprocessing volumes.Ourextensiveandintegratedassetsarelocatedin,andconnectedwith,someofthemostproductiveshalebasins,as wellasrefineriesanddemandcenters,intheUnitedStates.

Withchanges inthecommoditypriceenvironment,wecontinuetomonitorproducers’drillingandcompletionplans.Our counterpartiesareprimarilymajorandindependentcrudeoilandnaturalgasproducersthatareabletoproduceinalower commoditypriceenvironmentandcontinuetofindwaystolowercostsorenhanceproduction,resultinginprofitableprojects acrossourfootprint.Withourlargeassetbase,multi-basinexposureandcontinuedassetintegration,mostofourgrowth opportunitiesarenotcontingentonimprovingcommodityprices.

Althoughtheenergyindustryhasexperiencedmanycommoditycycles,wehavepositionedourselvestoreduceexposureto directcommoditypricevolatility.Eachofourfourreportablesegmentsareprimarilyfee-based,andourconsolidatedearnings wereapproximately90%fee-basedin2025.

Inaddition,ourNaturalGasGatheringandProcessingandNaturalGasLiquidssegmentsareexposedtovolumetricriskasa resultofdrillingandcompletionactivity,severeweatherdisruptions,operationaloutages,globalcrudeoil,NGLandnaturalgas demandandnormalvolumetricwelldeclines.OurRefinedProductsandCrudesegmentisexposedtovolumetricriskdueto demandforRefinedProductsandcrudeoilinthemarketsweserve.OurNaturalGasPipelinessegmentisnotexposedto significantvolumetricriskduetothemajorityofourcapacitybeingsubscribedunderlong-term,firmfee-basedcontracts.

Foradditionalinformationregardingthepotentialimpactofvolumetricriskonourbusiness,seeItem1A“RiskFactors.”

CapitalAllocation -Wecontinuetofocusonmaintainingprudentfinancialstrengthandflexibility.InJanuary2026,our BoardofDirectorsincreasedourquarterlydividendto$1.07pershare,anincreaseof4%comparedwiththesamequarterin theprioryear.In2024,ourBoardofDirectorsauthorizedasharerepurchaseprogramtobuyupto$2.0billionofour outstandingcommonstock.AsofDecember31,2025,werepurchased$234millionofouroutstandingcommonsharesunder theprogram.AsofDecember31,2025,wealsohad$78millionofcashandcashequivalentsonhandand$3.5billionof availablecapacityunderour$3.5BillionCreditAgreement.

SustainabilityandSocialResponsibility -In2025,wereceivedanMSCIESGRatingofAA,andourESGRiskRating,as assessedbyMorningstarSustainalytics,wasinthetop10%oftherefinersandpipelinesindustry.

NaturalGasGatheringandProcessing -InourNaturalGasGatheringandProcessingsegment,earningsincreasedin2025, comparedwith2024,duetoafullyearofearningsfromEnLinkandhighervolumesintheMid-ContinentandRockyMountain regions,offsetpartiallybylowerrealizedNGLprices,netofhedging,andtheimpactfromthedivestitureofcertain nonstrategicassetsin2024.Our2024resultsincludetheimpactoftheEnLinkControllingInterestAcquisitionfromtheperiod ofOctober15,2024,toDecember31,2024.

OnMay28,2025,wecompletedtheDelawareBasinJVAcquisitionfor$941million.Followingthecompletionofthe transaction,itisnowawhollyownedsubsidiary.

InAugust2025,weannouncedplanstoconstructtheBighornnaturalgasprocessingplantinthePermianBasin,with processingcapacityof300MMcf/dandtheabilitytotreatnaturalgascontaininghighlevelsofcarbondioxide.Weexpectthe Bighornplant,includingthecarbondioxidetreater,tocostapproximately$365million.TheBighornplantissupportedby acreagededicationswithlong-termprimarilyfee-basedcontractsandisexpectedtobecompletedinmid-2027.

Wearealsorelocatinga150MMcf/dprocessingplanttothePermianBasinfromNorthTexas,whichwillbecompletedinthe firstquarterof2026,andexpandingtwoexistingfacilitiesinthePermianBasin,whichwillprovideanincremental110MMcf/d ofprocessingcapacityandisexpectedtobecompletedinthethirdquarterof2026.

NaturalGasLiquids -InourNaturalGasLiquidssegment,earningsincreasedin2025,comparedwith2024,dueprimarilyto afullyearofearningsfromEnLink,higherexchangeservicesandhigheroptimizationandmarketing,offsetpartiallybyhigher operatingcosts.Our2024resultsincludetheimpactoftheEnLinkControllingInterestAcquisitionfromtheperiodofOctober 15,2024,toDecember31,2024.

In2025,wecompletedconstructionofourElkCreekpipelineexpansionproject,whichincreasedcapacityto435MBbl/dand broughtourtotalpipelinecapacityoutoftheRockyMountainregionto575MBbl/d.

InFebruary2025,weannounceddefinitiveagreementstoformtheTexasCityLogisticsandMBTCPipelinejointventures withMPLXLPtoconstructa400MBbl/dliquifiedpetroleumgasexportterminalinTexasCity,Texas,andanew24-inch pipelinefromourMontBelvieu,Texas,storagefacilitytothenewterminal.Weexpecttoinvestatotalofapproximately$1.0 billionintotheseprojects,whichareexpectedtobecompletedinearly2028.

NaturalGasPipelines -InourNaturalGasPipelinessegment,earningsdecreasedin2025,comparedwith2024,dueprimarily totheimpactoftheinterstatepipelinedivestiturein2024,offsetpartiallybyafullyearofearningsfromEnLinkin2025and higheroptimizationandmarketing.Our2024resultsincludetheimpactoftheEnLinkControllingInterestAcquisitionfrom theperiodofOctober15,2024,toDecember31,2024.

RefinedProductsandCrude -InourRefinedProductsandCrudesegment,earningsincreasedin2025,comparedwith2024, dueprimarilytoafullyearofearningsfromMedallionandEnLinkandloweroperatingcosts,offsetpartiallybylowerearnings onBridgeTexassociatedwiththenonrecurringrecognitionofdeferredrevenuein2024.Our2024resultsincludetheimpactof theEnLinkControllingInterestAcquisitionfromtheperiodofOctober15,2024,toDecember31,2024,andtheimpactofthe MedallionAcquisitionfromtheperiodofNovember1,2024,toDecember31,2024.

OnJuly22,2025,wecompletedtheBridgeTexAdditionalInterestAcquisition.Pursuanttothepurchaseagreement,wepaid approximately$270millionincash.Followingthecompletionofthetransaction,wenowhavea60%ownershipinterestin BridgeTex.

WehaveacapitalprojecttoexpandourRefinedProductspipelinecapacity,connectingMid-ContinentandGulfCoastsupply withthegreaterDenverarea,tomeetgrowingdemandandincreaseconnectivitywiththeDenverInternationalAirport(DIA). Theprojectincludesconstructionofanew230-mile,16-inchdiameterpipelinefromScottCity,Kansas,toDIAandthe additionorupgradingofcertainpumpstationsalongtheexistingRefinedProductspipelinesystem.Totalsystemcapacitywill increaseby35MBbl/dandwillhaveadditionalexpansioncapabilities.Thisprojectisfullysubscribedunderlong-term contractsandisexpectedtobecompletedinmid-2026.

SeePartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations,inthisAnnual Reportformoreinformationonourcapitalprojects,resultsofoperations,liquidityandcapitalresources.

BUSINESSSTRATEGY

Ourmissionistodeliverenergyproductsandservicesvitaltoanadvancingworld.Ourvisionistocreateexceptionalvaluefor ourstakeholdersbyprovidingsolutionsforanevolvingenergyfuture.Ourbusinessstrategyisfocusedon:

•Zeroincidents -Wecommittodevelopingprocessestodriveazero-incidentcultureforthewell-beingofour employees,contractorsandcommunities.Safetyandenvironmentalresponsibilitycontinuetobeprimaryareasof focusforus.

•Highlyengagedworkforce -Westrivetobeanemployerofchoiceandcontinuetofocusonattracting,selectingand retainingtalent,advancinganinclusive,diverseandengagedcultureanddevelopingindividualsandleaders.

•Sustainablebusinessmodel -Weaimtomaintainprudentfinancialstrengthandflexibilitywhileoperatingasafe, reliableandresilientassetbase.Weseektomaintaininvestment-gradecreditratingsandastrongbalancesheet.We expectourinternallygeneratedcashflowswillallowustofundhigh-returncapitalprojectsinourexistingoperating regions,growourdividend,reducedebtandfundour$2.0billionsharerepurchaseprogram.Weaimtofocuson capitalprojectsthatprovidevalue-addedproductsandservicesthatcontributetolong-termgrowth,profitabilityand businessdiversification.Wecontinuetoactivelyseekoutopportunitiesthatwillcomplementourextensiveassetsand expertise.

•Maximizingtotalshareholderreturn -Weplantogrowearningsthroughhigh-returncapitalprojectsthatwillallowus toincreaseourdividendandrepurchasesharesunderour$2.0billionsharerepurchaseprogram.Weseekconsistent andstrongreturnsoninvestedcapitalthatwillallowustorewardourshareholdersandprovidethemeansand opportunitytoserveouradditionalstakeholders,includingemployeesandthecommunitiesinwhichweoperate.

NARRATIVEDESCRIPTIONOFBUSINESS

Wereportoperationsinthefollowingfourbusinesssegments:

•NaturalGasGatheringandProcessing; •NaturalGasLiquids; •NaturalGasPipelines;and •RefinedProductsandCrude.

NaturalGasGatheringandProcessing

OverviewofOperations -InourNaturalGasGatheringandProcessingsegment,rawnaturalgasistypicallygatheredatthe wellhead,compressedandtransportedthroughpipelinestoourprocessingfacilities.Mostrawnaturalgasproducedatthe wellheadalsocontainsamixtureofNGLcomponents,includingethane,propane,iso-butane,normalbutaneandnatural gasoline.GatheredwellheadnaturalgasisdirectedtoourprocessingplantstoremoveNGLsresultinginresiduenaturalgas (primarilymethane).Residuenaturalgasisthenrecompressedanddeliveredtonaturalgaspipelines,storagefacilitiesandend users.TheNGLsseparatedfromtherawnaturalgasaredeliveredthroughNGLpipelinestofractionationfacilitiesforfurther processing.SomeoftheheavierNGLsmayseparateupstreamofprocessingandfractionationandaresoldascondensateat NGLorcrudeoilmarkets.OurNaturalGasGatheringandProcessingsegmentprovidesthesemidstreamservicestoproducers intheregionslistedbelow.

RockyMountainregion -TheWillistonBasinislocatedinportionsofNorthDakotaandMontanaandincludestheoilproducing,NGL-richBakkenShaleandThreeForksformations.Wehavemorethan3milliondedicatedacresintheWilliston Basin.ThePowderRiverBasinisprimarilylocatedinEasternWyoming,whichincludestheNGL-richNiobrara,Frontier, TurnerandMowryformations.Wehavemorethan300thousanddedicatedacresinthePowderRiverBasin.

Mid-Continentregion -TheMid-Continentregionincludesthenaturalgasandoil-producingAnadarkoBasin,whichincludes theNGL-richSCOOPandSTACKareas,Cana-WoodfordShale,WoodfordShale,Arkoma-WoodfordShale,SpringerShale, Meramec,GraniteWash,CherokeeandMississippianLimeformationsofOklahoma.Wealsohaveasignificantpresencein theBarnettShaleofNorthTexas,oneofthelargestonshorenaturalgasfieldsintheUnitedStates,whereweprovidegathering andprocessingservices.Wehavemorethan1milliondedicatedacresintheMid-Continentregion.

PermianBasin -ThePermianBasinisalarge,naturalgasandoil-richsedimentarybasincomposedoftheMidlandBasin, locatedinWestTexas,andtheDelawareBasin,locatedinWestTexasandSoutheasternNewMexico.Wehavemorethan400 thousanddedicatedacresinthePermianBasin,providinggatheringandprocessingservicesintheMidlandandDelaware Basins.

NaturalGasGatheringPipeline

NaturalGasGatheringJointVenturePipeline

ProcessingPlant

GrowthProject

Property- OurNaturalGasGatheringandProcessingsegmentincludesthefollowingwhollyownedassets:

•22,600milesofnaturalgasgatheringpipelines; and •Naturalgasprocessingplantswith1.9Bcf/dofprocessingcapacityintheRockyMountainregion,3.5Bcf/dinthe Mid-Continentregionand1.8Bcf/dofprocessingcapacityinthePermianBasin,whichwere78%and84%utilizedin 2025and2024,respectively.

Wecalculateutilizationratesusingaweighted-averageapproach,adjustingforthedatesthatassetswereplacedinorremoved fromservice.

BAKKEN

WILLISTON POWDERRIVER

NIOBRARA

STACK

SCOOP WOODFORD

CANA-WOODFORD

ANADARKO

PERMIAN

BARNETT

EAGLEFORD

Weareintheprocessofrelocatinga150MMcf/dnaturalgasprocessingplanttothePermianBasinfromNorthTexasand expandingtwoexistingfacilitiesinthePermianBasin,whichwillprovideanincremental110MMcf/dofprocessingcapacity. WealsorecentlyannouncedplanstoconstructourBighornnaturalgasprocessingplant,withcapacityof300MMcf/d,inthe PermianBasin.Theadditionalcapacityfromtheseprojectsisexcludedfromtheassetslistedabove.

See“RecentDevelopments”inPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsof Operations,inthisAnnualReportformoreinformationonourcapitalprojects.

SourcesofEarnings -Earningsforthissegmentarederivedprimarilyfromthefollowingtypesofservicecontracts:

•FeewithPOPcontractswithnoproducertake-in-kindrights-Wepurchaserawnaturalgasandchargecontractualfees forprovidingmidstreamservices,whichincludegathering,treating,compressingandprocessingtheproducers’ naturalgas.Afterperformingtheseservices,wesellthecommoditiesandremitaportionofthecommoditysales proceedstotheproducerslessourcontractualfees.

•FeewithPOPcontractswithproducertake-in-kindrights-Wepurchaseaportionoftherawnaturalgasstream, chargefeesforprovidingthemidstreamserviceslistedabove,returncertaincommoditiestotheproducer,sellthe remainingcommoditiesandremitaportionofthecommoditysalesproceedstotheproducerlessourcontractualfees.

•Fee-only-Underthistypeofcontract,wechargeafeeforthemidstreamservicesweprovidebasedonvolumes gathered,processed,treatedand/orcompressed.

Forcommoditysales,wecontracttodeliverresiduenaturalgas,condensateand/orunfractionatedNGLstodownstream customersataspecifieddeliverypoint.OursalesofNGLsareprimarilytoouraffiliateintheNaturalGasLiquidssegment.

UnconsolidatedAffiliates -Ourunconsolidatedaffiliatesinthissegmentarenotmaterial.

SeeNoteNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionofour unconsolidatedaffiliates.

GovernmentRegulation -TheFERCtraditionallyhasmaintainedthatanaturalgasprocessingplantisnotafacilityforthe transportationorsaleofnaturalgasininterstatecommerceand,therefore,isnotsubjecttojurisdictionundertheNaturalGas Act.AlthoughtheFERChasmadenospecificdeclarationastothejurisdictionalstatusofournaturalgasprocessing operationsorfacilities,ournaturalgasprocessingplantsareprimarilyinvolvedinextractingNGLsand,therefore,areexempt fromFERCjurisdiction.TheNaturalGasActalsoexemptsnaturalgasgatheringfacilitiesfromthejurisdictionoftheFERC. Webelieveournaturalgasgatheringfacilities,upstreamofournaturalgasprocessingplants,meetthecriteriausedbythe FERCfornon-jurisdictionalnaturalgasgatheringfacilitystatus.InterstatetransmissionfacilitiesremainsubjecttoFERC jurisdiction.TheFERChashistoricallydistinguishedbetweenthesetwotypesoffacilities,eitherinterstateorintrastate,ona fact-specificbasis.Wetransportresiduenaturalgasfromcertainofournaturalgasprocessingplantstointerstatepipelinesin accordancewithSection311(a)oftheNaturalGasPolicyActof1978,asamended.Thestateswhereweoperatehavestatutes regulating,tovaryingdegrees,thegatheringofnaturalgasinthosestates.Ineachstate,regulationisappliedonacase-by-case basisifacomplaintisfiledagainstthegathererwiththeappropriatestateregulatoryagency.

Seefurtherdiscussioninthe“Regulatory,EnvironmentalandSafetyMatters”section.

NaturalGasLiquids

OverviewofOperations -InourNaturalGasLiquidssegment,NGLsextractedatourownandthird-partynaturalgas processingplantsaregatheredbyourNGLgatheringpipelines.GatheredNGLsaredirectedtoourdownstreamfractionatorsto beseparatedintoPurityNGLs.PurityNGLsarestoredordistributedtoourcustomers,suchaspetrochemicalcompanies, propanedistributors,diluentusers,ethanolproducers,refineriesandexporters.

WeprovidemidstreamservicestoproducersofNGLsintheRockyMountainregion,Mid-Continentregion,PermianBasinand GulfCoastregionanddeliverthoseproductstothemarket.OurprimarymarketsincludetheMid-ContinentinConway, Kansas,theGulfCoastinMontBelvieu,Texas,LouisianaandtheupperMidwest.Themajorityofthepipeline-connected naturalgasprocessingplantsintheWillistonBasin,Oklahoma,KansasandtheTexasPanhandleaswellasalargenumberin thePermianBasin,BarnettShale,EastTexasandLouisianaregionsareconnectedtoourNGLgatheringsystems.Throughour NGLgatheringanddistributionpipelines,andfractionation,terminalandstoragefacilities,weprovideneededmidstream serviceswhileconnectingkeysupplyanddemandareas.

NaturalGasLiquidsPipeline

NaturalGasLiquidsJointVenturePipeline

NaturalGasLiquidsMarineTerminal

NaturalGasLiquidsFractionator

GrowthProject

NGLMarketHub

ANADARKO

Property -OurNaturalGasLiquidssegmentincludesthefollowingassets,whicharewhollyowned,exceptwherenoted:

• 10,100milesofgatheringpipelines;

• 4,800milesofdistributionpipelines(includesgrossmileageofaconsolidated,partiallyownedsubsidiary);

• NGLfractionatorswithcombinedoperatingcapacityof1.2MMBbl/d(includesinterestsinourproportionalshareof operatingcapacity),including310MBbl/dintheMid-Continentregionand890MBbl/dintheGulfCoastregion, whichwere94%and92%utilizedin2025and2024,respectively;

• oneisomerizationunitwithoperatingcapacityof10MBbl/d;

• oneethane/propanesplitterwithoperatingcapacityof40MBbl/d;

• NGLstoragefacilitieswithoperatingstoragecapacityof40MMBbl; and

• eightPurityNGLsterminals.

In2025,wecompletedtheexpansionofourElkCreekpipeline,whichisincludedintheassetslistedabove.

Weareintheprocessofreconstructingour210MBbl/dfractionatorinMedford,Oklahoma.Wearealsointheprocessof constructingthe24-inchMBTCPipeline,whichisconsolidatedthroughapartiallyownedsubsidiary.Theseassetsare excludedfromtheassetslistedabove.

See“RecentDevelopments”inPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsof Operations,inthisAnnualReportformoreinformationonourcapitalprojects.

SourcesofEarnings -EarningsforourNaturalGasLiquidssegmentarederivedprimarilyfromfee-basedservicesand commoditysalesandpurchases.WepurchaseNGLsandcondensatefromthirdparties,aswellasfromourNaturalGas GatheringandProcessingsegment.WealsosellNGLstoouraffiliateintheRefinedProductsandCrudesegment.Our businessactivitiesarecategorizedasfollows:

•Exchangeservices-Weutilizeourassetstogather,transport,treatandfractionateNGLs,convertingtheminto marketablePurityNGLs,anddeliverthemtoamarketcenterorcustomer-designatedlocation.Someofthese exchangevolumesareundercontractswithminimumvolumecommitmentsthatprovideaminimumlevelofrevenues regardlessofvolumetricthroughput.Ourexchangeservicesactivitiesareprimarilyfee-basedandincludesomerateregulatedtariffs;however,wealsocapturecertainproductpricedifferentialsthroughthefractionationprocess.

•Transportationandstorageservices-WetransportPurityNGLsandcertainRefinedProducts,primarilyunder regulatedtariffs.Tariffsspecifythemaximumrateswemaychargeourcustomersandthegeneraltermsand conditionsfortransportationserviceonourpipelines.Ourstorageactivitiesconsistprimarilyoffee-basedNGL storageservicesatourMid-ContinentandGulfCoaststoragefacilities.

•Optimizationandmarketing-Weutilizeourassets,contractportfolioandmarketknowledgetocapturelocation, productandseasonalpricedifferentialsthroughthepurchaseandsaleofunfractionatedNGLsandPurityNGLs.We transportPurityNGLsbetweentheMid-Continentregion,upperMidwestandGulfCoastregionstocapturethe locationpricedifferentialsbetweenmarketcenters.OurmarketingactivitiesalsoincludeutilizingourNGLstorage facilitiestocaptureseasonalpricedifferentialsandservingmarine,truckandrailmarkets.Ourisomerizationactivities capturethepricedifferentialwhennormalbutaneisconvertedintothemorevaluableiso-butaneatourisomerization unitinConway,Kansas.

Inthemajorityofourexchangeservicescontracts,wepurchasetheunfractionatedNGLsatthetailgateoftheprocessingplant anddeductcontractualfeesrelatedtothetransportationandfractionationserviceswemustperformbeforewecansellthemas PurityNGLs.TotheextentweholdunfractionatedNGLsininventory,therelatedcontractualfeesarenotrecognizeduntilthe unfractionatedinventoryisfractionatedandsold.

UnconsolidatedAffiliates -Wehavea50%ownershipinterestinOverlandPass,whichoperatesaninterstateNGLpipeline systemextending760miles,originatinginWyomingandColoradoandterminatinginKansas.Wealsohavea38.75% ownershipinterestinGulfCoastFractionators,whichownsanNGLfractionatorinMontBelvieu,Texas,with145MBbl/dof operatingcapacitythatisexcludedfromthecombinedoperatingcapacitylistedabove.Thefractionatorresumedoperationsin 2025.

In2025,weannouncedajointventurewithMPLXLPtoconstructa400MBbl/dliquifiedpetroleumgasexportterminalin TexasCity,Texas.TexasCityLogistics,theexportterminaljointventure,isowned50%byusand50%byMPLXLP,with MPLXLPconstructingandoperatingthefacility.Theexportterminalisexpectedtobecompletedinearly2028.Ourother unconsolidatedaffiliatesinthissegmentarenotmaterial.

SeeNoteNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionofunconsolidated affiliates.

GovernmentRegulation -TheoperationsandrevenuesofourNGLpipelinesareregulatedbyvariousstateandfederal governmentagencies.OurinterstateNGLpipelinesareregulatedundertheInterstateCommerceAct,whichgivestheFERC jurisdictiontoregulatethetermsandconditionsofservice,rates,includingdepreciationandamortizationpolicies,andinitiation ofservice.CertainaspectsofourintrastateNGLpipelinesthatprovidecommoncarrierservicearesubjecttothejurisdictionof variousstateagenciesinthestateswhereweoperate.

Seefurtherdiscussioninthe“Regulatory,EnvironmentalandSafetyMatters”section.

NaturalGasPipelines

OverviewofOperations -InourNaturalGasPipelinessegment,wereceiveresiduenaturalgasfromthirdpartiesandourown naturalgasprocessingplantsandinterconnectingpipelines.Residuenaturalgasistransportedorstoredforendusers,suchas largeindustrialcustomers,naturalgasandelectricutilitiesservingcommercialandresidentialconsumersandcanultimately reachinternationalmarketsthroughliquifiednaturalgasexportsandcrossborderpipelines.

Ourassetsareconnectedtokeysupplyareasanddemandcenters,includingexportmarketsinMexicoviaRoadrunnerand supplyareasinCanadaandtheUnitedStatesviaourinterstateandintrastatenaturalgaspipelines,NorthernBorderand Matterhorn,whichenablesustoprovideessentialnaturalgastransportationandstorageservices.Growingdemandfromdata centersandcontinueddemandfromlocaldistributioncompanies,electric-generationfacilitiesandlargeindustrialcompanies positionuswellforcapitalprojectsandlow-costexpansionstoprovideadditionalservicestoourcustomerswhenneeded.

IntrastatePipelinesandStorage -OurintrastatenaturalgaspipelineandstorageassetsarelocatedinOklahoma,Texas, LouisianaandKansas.OurOklahomaintrastatepipelineandstorageassetshaveaccesstomajornaturalgasproductionareas intheMid-Continentregion.OurTexasintrastatepipelineandstorageassetshaveaccesstomajornaturalgasproducing formationsintheTexasPanhandleandNorthTexas.OurLouisianaintrastatepipelineandstorageassetshaveaccesstomajor naturalgasproductionareasintheHaynesvilleregionandaccesstoexportmarketsintheGulfCoast.Theseassetsprovide shippersaccesstowesternmarkets,severalmarketstothesoutheastalongtheGulfCoast,includingtheHoustonShipChannel, theMid-ContinentmarkettothenorthandexportstoMexico.Ourstoragefacilitiesprovide74Bcfofworkinggasstorage capacity.Ourintrastatepipelineandstoragecompaniesprimarilyinclude:

•ONEOKGasTransportation,whichtransportsnaturalgasthroughoutthestateofOklahomaandhasaccesstothe majornaturalgasproductionareasintheMid-Continentregion,whichincludetheSCOOPandSTACKareasandthe Cana-WoodfordShale,WoodfordShale,SpringerShale,Meramec,GraniteWashandMississippianLimeformations. ONEOKGasTransportationisconnectedtoourONEOKGasStoragefacilitiesinOklahoma,whichprovide50Bcfof workinggasstoragecapacity;

•ONEOKWesTexTransmission,whichtransportsnaturalgasthroughoutthewesternportionofthestateofTexas, includingtheWahaHubareawhereotherpipelinesmaybeaccessedfortransportationtowesternmarkets,exportsto Mexico,severalmarketsalongtheGulfCoast,includingtheHoustonShipChannelandtheMid-Continentmarketto thenorth.IthasaccesstomajornaturalgasproducingformationsintheTexasPanhandle,includingtheGraniteWash formationandDelawareandMidlandBasinsinthePermianBasin.ONEOKWesTexTransmissionisconnectedto ourONEOKTexasGasStoragefacilities,whichprovide8Bcfofworkinggasstoragecapacity;

•BridgelinePipeline,whichprovidestransportationandstorageservicestoavarietyofcustomersincludingSouth Louisianaindustrialcompanies,powercompanies,utilitiesandGulfCoastLNGfacilities.BridgelinePipelineis connectedtoourNapoleonvilleandSorrentostoragefacilities,whichprovide8Bcfand3Bcfofworkinggasstorage capacity,respectively;

•LouisianaIntrastateGasPipeline,whichisanaturalgaspipelinesystemthathasaccesstotheHaynesvilleShaleand connectstoseveralothernaturalgaspipelines,includingBridgelinePipeline,providingadditionalsystemsupply,and toourJeffersonIslandStorageHubfacility,whichprovides2Bcfofworkinggasstoragecapacity; and

•AcaciaPipeline,whichprovidestransportationservicestoconnectproductionfromtheBarnettShaletomarketsin NorthTexas.

InterstatePipelines- SabinePipelineisaninterstatenaturalgaspipelinethattransportsnaturalgasbetweenPortArthur,Texas, andtheHenryHublocatedinErath,Louisiana.TheSabinePipelinealsoownsandoperatestheHenryHub,theofficial deliverymechanismandpricingpointforChicagoMercantileExchange’sNYMEXnaturalgasfutures.

BAKKEN WILLISTON POWDERRIVER

NaturalGasPipeline NaturalGasJointVenturePipeline NaturalGasStorage GrowthProject

Property- OurNaturalGasPipelinessegmentincludesthefollowingwhollyownedassets:

•8,300milesofnaturalgaspipelines,whichwere91%and97%subscribedin2025and2024,respectively; and •elevenundergroundnaturalgasstoragefacilitieswith74Bcfoftotalactiveworkingnaturalgasstoragecapacitywhich were83%and75%subscribedin2025and2024,respectively.

OurstorageincludestwoundergroundnaturalgasstoragefacilitiesinOklahoma,twoundergroundnaturalgasstoragefacilities inKansas,fourundergroundnaturalgasstoragefacilitiesinTexasandthreeundergroundnaturalgasstoragefacilitiesin Louisiana.

WeareexpandingourJeffersonIslandStorageHubfacilityinLouisianatoincreasetheworkinggasstoragecapacityfrom2 Bcfto11Bcf,whichisexcludedfromtheworkingnaturalgasstoragecapacitylistedabove.Thisprojectisexpectedtobe completedintwophases,withthefirstphaseexpectedtobecompletedinthesecondhalfof2028andthesecondphasetobe completedinearly2029.

See“RecentDevelopments”inPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsof Operations,inthisAnnualReportformoreinformationonourcapitalprojects.

PERMIAN

BARNETT

EAGLEFORD

ANADARKO

HAYNESVILLE

SourcesofEarnings -EarningsforourNaturalGasPipelinessegmentarederivedprimarilyfromfee-basedservicesandour businessactivitiesarecategorizedasfollows:

•Transportationservices-Ourregulatednaturalgastransportationservicescontractsarebaseduponratesstatedinthe respectivetariffs,whichhavegenerallybeenestablishedthroughshipperspecificnegotiation,discountsandnegotiated settlements.TheratesarefiledwithFERCortheappropriatestatejurisdictionalagencies.Inaddition,customers typicallyareassessedfees,suchasacommoditycharge,andwemayretainapercentageofnaturalgasin-kindforour compressionservices.Ourtransportationearningsareprimarilyfee-basedandutilizethefollowingtypesofcontracts:

◦ Firmservice-Customersreserveafixedquantityofpipelinecapacityforaspecifiedperiodoftime,which obligatesthecustomertopayregardlessofusage.Underthistypeofcontract,thecustomerpaysamonthly fixedfeeandincrementalfees,knownascommoditycharges,whicharebasedontheactualvolumesof naturalgastheytransportorstore.Underthefirmservicecontract,thecustomergenerallyisguaranteed accesstothecapacitytheyreserve.Ourfirmservicecontractstypicallyhavetermslongerthanoneyear.

◦ Interruptibleservice-Underinterruptibleservicetransportationagreements,thecustomermayutilize availablecapacityafterfirmservicerequestsaresatisfied.Thecustomerisnotguaranteeduseofour pipelinesunlessexcesscapacityisavailable.

•Storageservices-Ourstorageearningsareprimarilyfee-basedandutilizethefollowingtypesofcontracts:

◦ Firmservice-Customersreserveaspecificquantityofstoragecapacity,includinginjectionandwithdrawal rights,andgenerallypayfixedfeesbasedonthequantityofcapacityreservedplusaninjectionand withdrawalfeebasedonactualusage.Ourfirmstoragecontractstypicallyhavetermslongerthanoneyear.

◦ Park-and-loanservice-Aninterruptiblestorageserviceofferedtocustomersprovidingtheabilitytopark (inject)orloan(withdraw)naturalgasintooroutofourstorage,typicallyformonthlyorseasonalterms. Customersreservetherighttoparkorloannaturalgasbasedonaspecifiedquantity,includinginjectionand withdrawalrightswhencapacityisavailable.

•Optimizationandmarketing-Weutilizeourassets,contractportfolioandmarketknowledgetocapturelocationand pricedifferentialsthroughthepurchaseandsaleofnaturalgas.

UnconsolidatedAffiliates -OurNaturalGasPipelinessegmentincludesthefollowingunconsolidatedaffiliates:

•50%ownershipinterestinNorthernBorder,whichownsaFERC-regulatedinterstatepipelinethattransportsnatural gasfromtheMontana-SaskatchewanbordernearPortofMorgan,Montana,andtheWillistonBasininNorthDakota toaterminusnearNorthHayden,Indiana.

•50%ownershipinterestinRoadrunner,abidirectionalpipeline,whichhasthecapacitytotransport570MMcf/dof naturalgasfromthePermianBasininWestTexastotheMexicanbordernearElPaso,Texas,andhascapacityto transportapproximately1.0Bcf/dofnaturalgasfromtheDelawareBasintotheWahaHubarea.Wearetheoperator ofRoadrunner.

•15%ownershipinterestinMatterhorn,abidirectionalpipeline,whichhascapacitytotransport2.5Bcf/dofnaturalgas fromtheWahaHubtoKaty,Texas.

In2025,we,WhiteWater,MPLXLPandEnbridgeInc.,throughtheexistingMatterhornjointventure,announcedthenew approximately450-mile,48-inchEigerExpressPipeline,designedtotransportuptoapproximately3.7Bcf/dofnaturalgas fromthePermianBasintoKaty,Texas.WhiteWaterwillconstructandoperatethepipeline,whichisexpectedtobecompleted inmid-2028.Ourtotalownershipinterestinthepipelinewillbe25.5%,whichincludesa15%interesthelddirectlyinthe EigerjointventurewiththeremainderheldthroughMatterhorn.

SeeNoteNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionofunconsolidated affiliates.

GovernmentRegulation - Interstate -OurinterstatenaturalgaspipelinesareregulatedundertheNaturalGasAct,whichgives theFERCjurisdictiontoregulatevirtuallyallaspectsofthisbusiness,suchastransportationofnaturalgas,ratesandcharges forservices,constructionofnewfacilities,depreciationandamortizationpolicies,acquisitionanddispositionoffacilitiesand theinitiationanddiscontinuationofservices.

Intrastate -OurintrastatenaturalgaspipelinesinOklahoma,Kansas,LouisianaandTexasaresubjecttorateregulationbystate regulatorsandbytheFERCundertheNaturalGasPolicyActof1978,asamended,forcertainserviceswherewedeliver naturalgasintoFERC-regulatednaturalgaspipelines.Whilewehaveflexibilityinestablishingnaturalgastransportationrates withcustomers,thereisamaximumratethatwecanchargeourcustomersinOklahomaandKansasandfortheservices regulatedbytheFERC.InTexasandKansas,naturalgasstoragemayberegulatedbythestateandbytheFERCforcertain

typesofservices.InOklahoma,naturalgasstorageoperationsarenotsubjecttorateregulationbythestate,andwehave market-basedrateauthorityfromtheFERCforcertaintypesofintrastateservices.

Seefurtherdiscussioninthe“Regulatory,EnvironmentalandSafetyMatters”section.

RefinedProductsandCrude

OverviewofOperations -OurRefinedProductsandCrudesegmentisprincipallyengagedinthetransportation,storageand distributionofRefinedProductsandcrudeoil.Wearealsoengagedinthegatheringofcrudeoil Productstransportedonour RefinedProductspipelinesystemincludegasoline,distillates,aviationfuelandcertainNGLs.Shipmentsoriginateonour RefinedProductspipelinesystemfromdirectconnectionstorefineriesorthroughinterconnectionswithotherpipelinesor terminalsfortransportationandultimatedistributiontoretailfuelingstations,conveniencestores,travelcenters,railroads, airportsandotherendusers.OurRefinedProductspipelinesystemisoneofthelongestcommoncarrierpipelinesystemsfor RefinedProductsintheUnitedStates,extendingfromtheTexasGulfCoastandcoveringa15-stateareaacrossthecentraland westernUnitedStates.

Ourcrudeoilassetsarestrategicallylocatedtogather,transportandstorecrudeoilandareconnectedtorefineries,export facilitiesandmultipletradinganddemandcenters.WehavecrudeoilgatheringpipelinesinthePermianBasinandMidContinentregion.OurcrudeoiltransportationpipelinesarelocatedinKansasandOklahoma,andfromthePermianBasinin WestTexastoourEastHoustonterminal.

ThroughoutourRefinedProductsandcrudeoildistributionsystems,terminalsplayakeyroleinfacilitatingproduct movementsandmarketingbyprovidingstorage,distribution,blendingandotherancillaryservices.OurHoustondistribution systemconnectsourEastHoustonterminalthroughseveralinterchangestovariouspoints,includingmultiplerefineries throughouttheHoustonareaandcrudeoilimportandexportfacilities.OurCushingterminalprimarilyreceivesanddistributes crudeoilviathemultiplepipelinesthatterminateinandoriginatefromtheCushinghub.OurCorpusChristiterminalprovides terminallingservicesandincludesoursplitter.

RefinedProductsPipeline CrudeOilPipeline CrudeOilJointVenturePipeline GrowthProject

RefinedProductsTerminal RefinedProductsJointVentureTerminal CrudeOilTerminal CrudeOilJointVentureTerminal MarineTerminal

Property- OurRefinedProductsandCrudesegmentincludesthefollowingwhollyownedassets:

•9,800milesofRefinedProductspipelines;

•1,100milesofcrudeoiltransportationpipelines;

•2,100milesofcrudeoilgatheringpipelines;

•53RefinedProductsterminals;

•twomarineterminals; and

•100MMBblofoperatingstoragecapacity.

WeareintheprocessofconstructingourgreaterDenverareaRefinedProductspipelineexpansionproject.Theproject includesconstructionofanew230-mile,16-inchdiameterpipelinefromScottCity,Kansas,toDIAandtheadditionor upgradingofcertainpumpstationsandwillincreasetotalsystemcapacityby35MBbl/dandhaveadditionalexpansion capabilities.Thisprojectisexcludedfromtheassetslistedabove.

See“RecentDevelopments”inPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsof Operations,inthisAnnualReportformoreinformationonourcapitalprojects.

SourcesofEarnings -Earningsinthissegmentarederivedprimarilyfromtransportation,storageandterminalservicesand productsales:

•Transportationservices-WeutilizeourRefinedProductsandcrudeoilpipelinesystemstogatherandtransport products.Thefeeswechargevarydependinguponwheretheproductoriginatesandwhereultimatedeliveryoccurs. TransportationfeesareinpublishedtariffsfiledwiththeFERCortheappropriatestateagencyorestablishedby negotiatedrates.

•Storageandterminalservices-Wegenerateadditionalrevenuefromprovidingpipelinecapacityandtankstorage services,aswellasprovidingservicessuchasterminalling,ethanolandbiodieselunloadingandloading,andadditive injection,whichareperformedundershort-termandlong-termagreements.

HAYNESVILLE

•Optimizationandmarketing-Weutilizeourassets,contractportfolioandmarketknowledgetocapturelocation, productandseasonalpricedifferentialsthroughliquidsblendingandpurchaseandsaleofRefinedProductsandcrude oil,includingtransmix,whichisamixturethatformswhendifferentRefinedProductsaretransportedinpipelines.

Insomecrudeoiltransportationcontracts,wepurchasetheproductatthewellheadanddeductcontractualfeesrelatedtothe gatheringandtransportationservicesweperformtomovetheproducttomarket.

UnconsolidatedAffiliates -OurRefinedProductsandCrudesegmentincludesthefollowingunconsolidatedaffiliates:

•a60%ownershipinterestinBridgeTex,whichownsanapproximately400-milecrudeoilpipelinewithtransport capacityofupto440MBbl/dthatconnectsPermianBasincrudeoiltoourEastHoustonterminal;

•a40%ownershipinterestinSaddlehorn,whichownsanundividedjointinterestinanapproximately600-mile pipeline,withtransportcapacityofupto290MBbl/dofcrudeoilfromtheDenver-JulesburgBasinandRocky MountainregiontostoragefacilitiesinCushing,includingourCushingterminal; and

•a25%ownershipinMVP,whichownsaRefinedProductsmarineterminalalongtheHoustonShipChannelin Pasadena,Texas,includingmorethan5MMBblofstorage,twoshipdocksandtruckloadingfacilities.

Ourotherunconsolidatedaffiliatesinthissegmentarenotmaterial.

SeeNoteNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionofunconsolidated affiliates.

GovernmentRegulation -OurinterstatecommoncarrierpipelinesaresubjecttorateregulationbytheFERCunderthe InterstateCommerceAct,theEnergyPolicyActof1992andrelatedrulesandorders.Mostofthetariffratesonourlong-haul pipelinesareestablishedundermarket-basedrateauthorityorvianegotiatedratesthatgenerallyallowforannualinflationbasedadjustments.Someshipmentsonourpipelinesystemsareconsideredtobeinintrastatecommerceandaresubjectto certainregulationswithrespecttosuchintrastatetransportationbystateregulatoryauthoritiesinColorado,Kansas,Minnesota, Oklahoma,TexasorWyoming.Infuturerateorrulemakingproceedings,theFERCorstateregulatoryauthoritiescouldreduce ratesprospectively,limitourabilitytoincreasefutureratesormodifythewayratesarecurrentlyestablished.Incertain circumstances,achangecouldalsorequirethepaymentofrefundstoshippers.

Seefurtherdiscussioninthe“Regulatory,EnvironmentalandSafetyMatters”section.

MarketConditionsandSeasonality

SupplyandDemand -Supplyforeachofoursegmentsdependsoncrudeoilandnaturalgasdrillingandproductionactivities, whicharedrivenbythestrengthoftheeconomyandimpactsofgeopoliticalevents;crudeoil,naturalgas,NGLandRefined Productsprices;thedemandforeachoftheseproductsfromendusers;changesingas-to-oilratios;refinerymaintenance cycles;produceraccesstocapitalandinvestmentintheindustry;connectionstopipelinesandrefineries;andproducerfirm commitmentstotransportationpipelines.

Demandforgatheringandprocessingservicesisdependentonnaturalgasandcrudeoilproductionbyproducersintheregions inwhichweoperate.DemandforNGLsandtheabilityofnaturalgasprocessorstosustaintheiroperationssuccessfullyand economicallyaffectthevolumeofunfractionatedNGLsproducedbynaturalgasprocessingplants,therebyaffectingthe demandforNGLgathering,transportationandfractionationservices.NaturalgasandPurityNGLsareaffectedbythedemand associatedwiththevariousindustriesthatutilizethecommodities,suchasbutanesandnaturalgasolineusedbytherefining industryasblendingstocksformotorfuel,denaturantforethanolanddiluentsforcrudeoil.Ethane,propane,butanesand naturalgasolinearealsousedbythepetrochemicalindustrytoproducechemicalcomponents,usedforarangeofproductsthat improveourdailylivesandpromoteeconomicgrowth,includinghealthcareproducts,recyclablefoodpackaging,clothing, technology,buildingmaterials,industrial,manufacturingandenergyinfrastructure,lightweightvehiclecomponentsand batteries.Propaneisalsousedtoheathomesandbusinesses.DemandforRefinedProductsisinfluencedbymanyfactors, includingdrivingpatterns,consumerpreferences,economicconditions,populationchanges,governmentregulations,changes invehiclefuelefficiencyandthedevelopmentofalternativeenergysources.ThedemandforRefinedProductsinthemarket areasservedbyourpipelinesystemhashistoricallybeenstable.Demandforshipmentsonourcrudeoilpipelinesisdriven primarilybycrudeoilproductionandtakeawaydemandintheregionsinwhichweoperate.Demandfornaturalgas,NGLs, RefinedProductsandcrudeoilisalsoimpactedbyglobalmacroeconomicfactors.

Seeadditionaldiscussionregardingtheimpactsoftherecentmarketconditionsonsupplyanddemandunder"BusinessUpdate andMarketConditions"inourExecutiveSummaryatthebeginningofthisItem1.Business.

CommodityPrices -Althoughtheenergyindustryhasexperiencedmanycommoditycycles,wehavepositionedourselvesto reduceexposuretodirectcommoditypricevolatility.Ourearningsareprimarilyfee-basedinallofoursegments;however,we areexposedtosomecommoditypricerisk.Aspartofourhedgingstrategy,weusecommodityderivativefinancialinstruments andphysical-forwardcontractstoreducetheimpactofpricefluctuationsrelatedtonaturalgas,NGLs,RefinedProductsand crudeoil.OurNaturalGasGatheringandProcessingsegmentisexposedtocommoditypriceriskasaresultofretaininga portionofthecommoditysalesproceedsassociatedwithourfeewithPOPcontractsandourPOPcontractswithtake-in-kind rights.OurNaturalGasGatheringandProcessingsegmentfollowsaprogrammaticapproachtohedgingcommoditypricerisk andexpectstohedgeapproximately75%ofitsmonthlyequityvolumesovertime.UndercertainfeewithPOPcontracts,our contractualfeesandPOPpercentagemayincreaseordecreaseifproductionvolumes,deliverypressuresorcommodityprices changerelativetospecifiedthresholds.InourNaturalGasLiquidssegment,weareexposedtocommoditypriceriskassociated withchangesinthepriceofNGLs;thelocationdifferentialbetweentheConway,Kansas,upperMidwestregion,MontBelvieu, Texas,andLouisiana;andtherelativepricedifferentialbetweennaturalgas,NGLsandindividualPurityNGLs,whichaffect ourNGLpurchasesandsales,ourexchangeservices,transportationandstorageservices,andoptimizationandmarketing financialresults.Wearealsoexposedtochangesinthepriceofpower,whichcanimpactourfractionationandtransportation costs.InourNaturalGasPipelinessegment,weareexposedtosomecommoditypriceriskassociatedwithchangesintheprice ofnaturalgasandlocationdifferentialsprimarilyfromouroptimizationandmarketingactivities.InourRefinedProductsand Crudesegment,weareexposedtosomecommoditypricerisk,includingproductpriceandlocationdifferentialsprimarilyfrom ouroptimizationandmarketingactivities,aswellasproductretainedduringtheoperationsofourpipelinesandterminals.See additionaldiscussionregardingourcommoditypriceriskandrelatedhedgingactivitiesunder“CommodityPriceRisk”inPart II,Item7A,QuantitativeandQualitativeDisclosuresaboutMarketRisk,inthisAnnualReport.

Seasonality -ColdtemperaturesusuallyincreasedemandfornaturalgasandcertainPurityNGLs,suchaspropane,aheating fuelforhomesandbusinesses.Warmtemperaturesusuallyincreasedemandfornaturalgasusedingas-firedelectricgeneration forresidentialandcommercialcooling,aswellasagriculture-relatedequipmentlikeirrigationpumpsandcropdryers.Demand forbutanesandnaturalgasoline,whichareusedbytherefiningindustryasblendingstocksformotorfuel,denaturantfor ethanolanddiluentsforcrudeoil,arealsosubjecttosomevariabilityduringseasonalperiodswhencertaingovernment restrictionsonmotorfuelblendingproductschange.Additionally,ourliquidsblendingactivitiesarelimitedbyseasonal changesingasolinevaporpressurespecificationsandbythevaryingquantityofthegasolinedeliveredtous.Duringperiodsof peakdemandforacertaincommodity,pricesforthatproducttypicallyincrease.

Extremeweatherconditions,seasonaltemperaturechangesandtheimpactoftemperatureandhumidityonthemechanical abilitiesofequipmentimpactthevolumesofnaturalgasgatheredandprocessed,NGLvolumesgathered,transportedand fractionated,andRefinedProductsandcrudeoilvolumestransportedandstored.Powerinterruptionsandinaccessiblewell sitesasaresultofseverestormsorfreeze-offs,aphenomenonwherewatervaporfromthewellborefreezesatthewellheador withinthenaturalgasgatheringsystem,maycauseatemporaryinterruptionintheflowofnaturalgas,NGLs,RefinedProducts andcrudeoil.

InourNaturalGasPipelinessegment,naturalgasstorageisnecessarytobalancetherelativelysteadynaturalgassupplywith theseasonaldemandofourlocalnaturalgasdistributionandelectric-generationcustomersasaresultofthedemandfromtheir residentialandcommercialcustomers.

Competition -Wecompetefornaturalgas,NGL,RefinedProductsandcrudeoilvolumeswithothermidstreamcompanies, majorintegratedoilcompaniesandindependentexplorationandproductioncompaniesthathavegatheringandprocessing assets,fractionators,pipelines,terminalsandstoragefacilities.Thefactorsthattypicallyaffectourabilitytocompetefor naturalgas,NGL,RefinedProductsandcrudeoilvolumesare:

•qualityandquantityofservicesprovided;

•producerdrillingactivity;

•proceedsremittedand/orfeeschargedunderourcontracts;

•proximityofourassetstonaturalgas,NGL,RefinedProductsandcrudeoilsupplyareasandmarkets;

•proximityofourassetstoalternativeenergyproduction;

•locationofourassetsrelativetothoseofourcompetitors;

•efficiencyandreliabilityofouroperations;

•receiptanddeliverycapabilitiesfornaturalgas,NGLs,RefinedProductsandcrudeoilthatexistineachpipeline system,plant,fractionator,terminalandstoragelocation;

•thepetrochemicalindustry’slevelofcapacityutilizationandfeedstockrequirements;

•currentandforwardnaturalgas,NGLs,RefinedProductsandcrudeoilprices; and •costofandaccesstocapital.

Wehaveremainedcompetitivebyexecutingstrategicacquisitions;makingcapitalinvestmentstoaccessandconnectnew supplieswithend-userdemand;increasinggathering,processing,fractionationandpipelinecapacity;increasingstorage, withdrawalandinjectioncapabilities;andimprovingoperatingefficiency.Ourinfrastructureprojects,alongwiththoseofour competitors,mayaffectcommoditypricesandcoulddisplacesupplyvolumesfromtheMid-ContinentandRockyMountain regionsandthePermianBasinwhereourassetsarelocated.Webelieveourassetsarelocatedstrategically,connectingdiverse supplyareastomarketanddemandcenters.

Customers -OurNaturalGasGatheringandProcessing,NaturalGasLiquidsandRefinedProductsandCrudesegmentsderive feesforservicesfrommajorandindependentcrudeoilandnaturalgasproducers.OurNaturalGasLiquidssegment’s customersalsoincludeotherNGLandnaturalgasgatheringandprocessingcompanies.Ourdownstreamcommoditysales customersareprimarilypetrochemical,refiningandmarketingcompanies,utilities,largeindustrialcompanies,naturalgasoline distributors,propanedistributors,exportersandmunicipalities.OurRefinedProductsandCrudesegment’scustomersalso includecrudeoilproducers,refiners,wholesalers,retailers,traders,railroads,airlinesandregionalfarmcooperatives.End marketsforRefinedProductsdeliveriesareprimarilyretailgasolinestations,truckstops,farmcooperatives,railroadfueling depots,militarybasesandcommercialairports.OurNaturalGasPipelinesegment’sassetsprimarilyservelocaldistribution companies,electric-generationfacilities,largeindustrialcompanies,municipalities,producers,processorsandmarketing companies.Ourutilitycustomersgenerallyrequireourservicesregardlessofcommodityprices.Seediscussionregardingour customercreditriskunder“CounterpartyCreditRisk”inPartII,Item7A,QuantitativeandQualitativeDisclosuresabout MarketRisk,inthisAnnualReport.

Foradditionalinformationregardingthepotentialimpactofmarketconditionsandseasonalityonourbusiness,seeItem1A “RiskFactors.”

Other

ThroughONEOKLeasingCompany,L.L.C.andONEOKParkingCompany,L.L.C.,weowna17-storyofficebuilding (ONEOKPlaza)andaparkinggarageindowntownTulsa,Oklahoma,whereourheadquartersarelocated.ONEOKLeasing Company,L.L.C.primarilyoperatesourheadquartersofficebuilding.ONEOKParkingCompany,L.L.C.ownsandoperatesa parkinggarageadjacenttoourheadquarters.Wehaveawhollyownedcaptiveinsurancecompany,whichwasformedin2022.

REGULATORY,ENVIRONMENTALANDSAFETYMATTERS

Wearesubjecttoavarietyofhistoricalpreservationandenvironmentalandsafetylawsand/orregulationsthataffectmany aspectsofourpresentandfutureoperations.Regulatedactivitiesinclude,butarenotlimitedto,thoseinvolvingairemissions, stormwaterandwastewaterdischarges,handlinganddisposalofsolidandhazardouswaste,wetlandandwaterway preservation,wildlifeconservation,culturalresourceprotection,hazardousmaterialstransportation,cleanupofspillsorreleases ofhazardoussubstancesandpipelineandfacilityconstruction.Theselawsandregulationsrequireustoobtainand/orcomply withawidevarietyofenvironmentalclearances,registrations,licenses,permitsandotherapprovals.Failuretocomplywith theselaws,regulations,licensesandpermitsmayexposeustofines,penalties,reputationalharm,claimsorlawsuitsfromthird parties,and/orinterruptionsinouroperationsthatcouldbematerialtoourresultsofoperationsorfinancialcondition.Wemay alsoincurmaterialcostsforcleanupofspillsorreleasesofhazardoussubstances.Inaddition,emissionscontrolsand/orother regulatoryorpermittingmandatesundertheFederalCleanAirAct,asamended(CleanAirAct),andothersimilarfederaland statelawscouldrequireunexpectedcapitalexpendituresatourfacilities.Wecannotensurethatexistingenvironmentalstatutes andregulationswillnotberevisedorthatnewregulationswillnotbeadoptedorbecomeapplicabletous.Wealsocannot ensurethatexistingpermitswillnotberevisedorcancelled,potentiallyimpactingfacilityconstructionactivitiesorongoing operations.

AirandWaterEmissions

-TheCleanAirAct,theFederalWaterPollutionControlActAmendmentsof1972,asamended (CleanWaterAct),theOilPollutionActof1990andanalogousstatelawsand/orregulationsimposerestrictionsandcontrols regardingthereleaseofpollutantsintotheairandwaterintheUnitedStates.UndertheCleanAirAct,afederaloperating permitisrequiredforsourcesofsignificantairemissions.Wemayberequiredtoincurcertaincapitalexpendituresforair pollution-controlequipmentinconnectionwithobtainingormaintainingpermitsandapprovalsforsourcesofairemissions. TheCleanWaterActimposessubstantialpotentialliabilityforpollutantsdischargedintowatersoftheUnitedStatesand requiresremediationofwatersaffectedbysuchdischarge.TheOilPollutionActaimsatpreventingandrespondingtooilspills inU.S.watersandshorelines.

GHGEmissions -In2024,GHGemissionswereapproximately3.9millionmetrictonsofcarbondioxideequivalentsofScope 1emissionsand3.6millionmetrictonsofcarbondioxideequivalentsofScope2emissions.Scope1emissionsoriginatefrom

thecombustionoffuelinourequipment,suchascompressorenginesandheaters,aswellasfugitivemethaneemissions.Scope 2emissionsaregeneratedfrompurchasedpowersources.

In2021,weannouncedacompanywideabsoluteGHGemissionsreductiontargetof2.2millionmetrictonsofcarbondioxide equivalentsfromourcombinedScope1andScope2GHGemissionsby2030forourlegacyONEOKassets.Thetarget representsa30%reductionincombinedoperationalScope1andlocation-basedScope2GHGemissions attributableto ONEOKassetsasofDecember31,2019.AsofDecember31,2025,we haveachievedreductionstotalingapproximately1.8 millionmetrictonsofthetargeted2.2millionmetrictonsofcarbondioxideequivalents,primarilyasaresultofmethane emissionsmitigation,systemutilizationandoptimizations,electrificationofcertainnaturalgascompressionequipmentand lowercarbon-basedelectricityinstatesinwhichweoperate.GHGemissionreductionsasreportedmaybemodified,updated, changedorsupplementedbasedonavailableinformation.FortheyearsendedDecember31,2025,2024and2023,wedidnot haveanymaterialdedicatedcapitalexpendituresspecificallyforclimate-relatedprojects,nordidwepurchaseorsellcarbon creditsoroffsets.Progresstodateonourgoalhasbeenaccomplishedthroughroutinecapitalprojectsandassetoptimizations thatwereprimarilyperformedforoperationalimprovementsthatinherentlyimprovedouremissionsprofile.Wecontinueto anticipateseveralpotentialpathwaystowardachievingouremissionsreductiontarget.In2026,weintendtoworktowards furtherreductionsinouremissionstowardourtargetthroughimprovedmethanemanagementpracticesandsystem optimizationthatwillnotrequirematerialcapitalexpenditures.Wedonotanticipatepurchasingorsellingcarboncreditsor offsetsin2026.

WecurrentlyparticipateinOurNation’sEnergy(ONE)FutureCoalitiontovoluntarilyreportmethaneemissionreductionsand tocalculateourmethaneintensityforournaturalgastransmissionandstorageassets.Wecontinuetofocusonmaintaininglow methanegasreleaseratesthroughexpandedimplementationofimprovedpracticestolimitthereleaseofnaturalgasduring pipelineandfacilitymaintenanceandoperations.

WeareaparticipantintheAmericanPetroleumInstitute’sTheEnvironmentalPartnershipandareenrolledinenvironmental performanceprogramsthataredesignedtofurtherreduceemissionsusingproven,cost-effectivecontrols.

Regulation

UnitedStatesDepartmentofTransportationPipelineandHazardousMaterialsSafetyAdministration (PHMSA) -OnJanuary 17,2025,thePHMSAissuedafinalrule,whichhasbeensubmittedtotheFederalRegisterunderscoringtopipelineand pipelinefacilityoperator’srequirementstominimizemethaneemissionsintheProtectingourInfrastructureofPipelinesand EnhancingSafety(PIPES)Actof2020.ThePIPESActdirectspipelineoperatorstoupdatetheirinspectionandmaintenance planstoaddresstheeliminationofhazardousleaksandtominimizenaturalgasreleasesfrompipelinefacilities.Theupdated plansmustalsoaddressthereplacementorremediationofpipelinefacilitiesthathistoricallyhavebeenknowntoexperience leaks.Wehavecompletedandcontinuetoupdateourpipelinemaintenanceprocedurestoidentifyandreducemethaneleaks.

UnitedStatesEnvironmentalProtectionAgency(EPA) -TheEPA’sMandatoryGreenhouseGasReportingRulerequires annualGHGemissionsreportingfromouraffectedfacilitiesandthecarbondioxideemissionequivalentsforallhydrocarbon liquidsproducedbyusasifallproductswerecombusted,eveniftheyareusedotherwise.Theadditionalcosttogatherand reportthisemissiondatadidnothave,andwedonotexpectittohave,amaterialimpactonourresultsofoperations,financial positionorcashflows.InSeptember2025,theEPAproposedtopermanentlyremoveprogramobligationsfor46source categoriesoftheGreenhouseGasReportingProgram(GHGRP).Undertheproposal,facilities,suppliersandunderground injectionsitesunderthese46sourcecategorieswouldnolongerreporttotheEPAafterreportingyear2024.Inaccordance withthenewadministration’sExecutiveOrder(E.O.)14192,“UnleashingProsperityThroughDeregulation,”theEPAhas reviewedtheGHGRPanddeterminedthatthereisnostatutoryrequirementtocollectGHGemissionsinformationforsectors otherthanthepetroleumandnaturalgassourcecategory(subpartW)segmentssubjecttotheWasteEmissionsCharge(WEC) rule.ForsubpartW,theEPA’sproposedamendmentsconsistoftwoparts.First,theEPAisproposingtopermanentlyremove programobligationsforfacilitiesinthenaturalgasdistributionsegment.Undertheproposal,facilitiesinthenaturalgas distributionsegmentofsubpartWwouldnolongerreporttotheEPAafterreportingyear2024.Second,fortheremainingnine segmentsofsubpartW,theEPAisproposingtosuspendprogramreportingrequirementsuntilreportingyear2034in accordancewiththeOneBigBeautifulBillAct.Wedonotanticipatetheproposaltomateriallychangeourinternalreporting requirementsorexternaldisclosuresofourGHGemissions.

In2024,theEPAfinalizeditsruletargetingoilandgassectoremissionsofgreenhousegases(primarilymethane)andvolatile organiccompounds(VOCs).Theruleincludes(i)newsourceperformancestandards(NSPS)codifiedin40C.F.R.Part60 SubpartOOOObfornewsources(i.e.,facilitiesthatcommenceconstruction,reconstruction,ormodificationafterDecember6, 2022),(ii)emissionguidelinescodifiedin40C.F.R.Part60SubpartOOOOcthatstatesmustusetodevelopperformance standardsforexistingsources(i.e.,facilitiesthatexistedonorbeforeDecember6,2022).Thisfinalrulewaschallengedin

courtbystatesandindustrystakeholdersandthatlitigationisongoing.Inaddition,inJanuary2025,thenewadministration issuedanexecutiveorderdirectingtheheadsofallfederalagenciestoidentifyandbegintheprocessestosuspend,reviseor rescindallagencyactionsthatareundulyburdensomeontheidentification,developmentoruseofdomesticenergyresources. InJuly2025,theEPAissuedaninterimfinalrule(IFR)toextendmultiplecompliancedeadlinesunderNSPSOOOOb/c.On December3,2025,theEPAissuedafinalrulethatlargelyaffirmstheextendedcompliancedeadlinesannouncedintheIFR.At thistime,wedonotanticipateamaterialimpacttoourplannedcapital,operationsandmaintenancecostsresultingfrom compliancewiththecurrentorpendingregulationsandproposedEPAactions.However,theEPAand/orstateregulatorsmay issueadditionalregulations,responses,amendmentsand/orpolicyguidance,whichcouldalterourpresentexpectations.

RenewableFuelStandard

-WeareanobligatedpartyundertheRenewableFuelStandard(RFS)promulgatedbytheEPAand arerequiredtosatisfyourRenewableVolumeObligation(RVO)onanannualbasis.TomeetourRVO,wemusteitherensure thatthetransportationfuelweproduceinouroptimizationandmarketingactivitiescontainsthemandatedrenewablefuel componentsorpurchasecreditstocoveranyshortfall.WegenerallysatisfyourRVOrequirementsthroughthepurchaseof RINs.RINsaregeneratedwhenagallonofrenewablefuelisproducedandmaybeseparatedwhentherenewablefuelis blendedintogasolineordieselfuel,atwhichpointtheRINisavailableforuseincomplianceoravailableforsaleontheopen market.AstheRFSprogramiscurrentlystructured,theRVOofallobligatedpartiesmayincreaseovertimeunlessadjustedby theEPA.Theabilitytoincorporateincreasingvolumesofrenewablefuelcomponentsintofuelproductsandtheavailabilityof RINsmaybelimited,whichcouldincreaseourRFScompliancecostsorlimitourabilitytoblend.

Wearesubjectto theEPA federalgasolinedistributionregulations.Wedonotanticipateamaterialimpacttoourplanned capital,operationsandmaintenancecostsresultingfromcompliancewiththecurrentregulations.

Additionally,wearesubjecttotheEPA’sfuelscomplianceregulations.Theseregulationsincludestandardsforfuelparameters andrequirerigorousproductsamplingandtesting,recordkeepingandreporting.Ourongoingcompliancewiththese regulationsisnotexpectedtohaveamaterialadverseeffectonourbusiness.

FederalRegulation -InAugust2022,theInflationReductionActof2022(IRA)wassignedintolaw.TheIRAincludestax creditsandotherincentivesintendedtocombatclimatechangebyadvancingdecarbonizationandpromotingincreased investmentinrenewableandlowcarbonintensityenergy.Inaddition,theIRAdirectedtheEPAtoimposeandcollect“Waste EmissionsCharges,”or“MethaneFees,”forspecificfacilitiesthatreportmorethan25,000metrictonsofcarbondioxide equivalentofGHGemissionsperyearandhaveamethaneemissionsintensityinexcessoftherelevantstatutorythreshold.In January2025,industryassociationsandcertainstateschallengedtheWasteEmissionsChargeruleintheD.C.Circuit,andthe newadministrationissuedanexecutiveorderdirectingtheheadsofallfederalagenciestoidentifyandbegintheprocessesto suspend,reviseorrescindallagencyactionsthatareundulyburdensomeontheidentification,developmentoruseofdomestic energyresources.InMay2025,aligningwiththeCongressionalresolutiontodisapprovetheWECrule,theEPAremovedthe feeimplementationregulationsfromtheCodeofFederalRegulations.However,theIRAstillrequirestheEPAtocollect methanefees,buttheimplementationhasbeenpostponeduntilreportingyear2034inaccordancewiththeOneBigBeautiful BillAct.Consequently,futureimplementationandenforcementoftheserulesremainuncertainatthistime.

Webelieveitislikelythatcontinuedfuturegovernmentallegislationand/orregulationmayrequireustolimitGHGemissions associatedwithouroperations,payadditionalfeesassociatedwithourGHGemissionsorpurchaseallowancesforsuch emissions.However,wecannotpredictpreciselywhatformthesefutureregulationswilltake,thestringencyoftheregulations, whentheywillbecomeeffectiveortheimpactonourcapitalexpenditures,competitivepositionandresultsofoperations.On February12,2026,theEPAissuedafinalruleeliminatingthe2009GHGendangermentfinding,whichunderpinsU.S.federal regulationofGHGemissionsundertheCleanAirAct.Thefinalruleisexpectedtobesubjecttoextensivelitigation,andthe impactisdifficulttopredictatthistime.Inadditiontoactivitiesonthefederallevel,stateandregionalinitiativescouldalso leadtotheregulationofGHGemissionssoonerthanorindependentoffederalregulation,andtheseregulationscouldbemore stringentthanrequirementsinanyfuturefederallegislationand/orregulation.Wemonitorallrelevantlegislationand regulatoryinitiativestoassessthepotentialimpactonouroperationsandotherwisetakestepstolimitGHGemissionsfromour facilities,includingmethane.

Foradditionalinformationregardingthepotentialimpactoflawsandregulationsonouroperations,seeItem1A“Risk Factors.”

Waste -Ouroperationsgeneratewaste,includinghazardouswaste,thatissubjecttotherequirementsoftheResource ConservationandRecoveryAct,asamended(RCRA),andcomparablestatestatutes.Wearenotcurrentlyrequiredtocomply withasubstantialportionoftheRCRArequirementsasouroperationsroutinelygenerateonlysmallquantitiesofhazardous waste,andwearenotahazardouswastetreatment,storageordisposalfacilityoperatorthatisrequiredtoobtainaRCRA

permit.WhiletheRCRAcurrentlyexemptsanumberoftypesofwastefrombeingsubjecttohazardouswasterequirements, includingmanyoilandgasexplorationandproductionwastes,theEPAcouldconsidertheadoptionofstricterdisposal standardsfornonhazardouswaste.Moreover,itispossiblethatadditionalwaste,whichcouldincludenonhazardouswaste currentlygeneratedduringoperations,maybedesignatedashazardouswaste.Hazardouswasteissubjecttomorerigorousand costlystorageanddisposalrequirementsthannonhazardouswaste.Changesintheregulationscouldmateriallyincreaseour operatingexpenses.

Weownorleasepropertieswherehydrocarbonshavebeenhandledformanyyears,duringwhichoperatinganddisposal standardshaveevolved.Althoughwebelievewehaveutilizedoperatinganddisposalpracticesthatmeetprevailingindustry standards,hydrocarbonsorotherwastemayhavebeendisposedoforreleasedon,underorfromthepropertiesownedorleased byusoratoffsitedisposalfacilities.Inaddition,manyofthesepropertieswerepreviouslyoperatedbythirdpartieswhose treatmentanddisposalorreleaseofhydrocarbonsorotherwastewasnotunderourcontrol.Thesepropertiesandwaste disposalfacilitiesmaybesubjecttoComprehensiveEnvironmentalResponseCompensationandLiabilityAct,asamended, RCRAandanalogousstatelaws.Undertheselaws,wecouldberequiredtoremoveorremediatepreviouslydisposedwaste, includingwastedisposedoforreleasedbypriorownersoroperators,toremediatecontaminatedproperty,including groundwatercontaminatedbypriorownersoroperators,ortomakecapitalimprovementstopreventfuturecontamination.

PipelineandFacilitySafety

-WearesubjecttoPHMSAsafetyregulations,includingpipelineassetintegrity-management regulations.ThePipelineSafetyImprovementActof2002requirespipelinecompaniesoperatinghigh-pressurepipelinesto performintegrityassessmentsonpipelinesegmentsthatpassthroughdenselypopulatedareasornearspecificallydesignated high-consequenceareas(HCAs).ThePipelineSafety,RegulatoryCertaintyandJobCreationActof2011(the2011Pipeline SafetyAct)increasedmaximumpenaltiesforviolatingfederalpipelinesafetyregulations,directstheUnitedStatesDepartment ofTransportation(DOT)andSecretaryofTransportationtoconductfurtherrevieworstudiesonissuesthatmayormaynotbe materialtousandmayresultintheimpositionofmorestringentregulations.Penaltyamountshavesincebeenregularly adjustedforinflationwiththemostrecentadjustmenttakingeffectonDecember30,2025.Fortheyears2020through2023, PHMSA’sMegaRuleincreasedrequirementsforoperatingandmaintenance,integritymanagement,publicawarenessand civil/criminalpenaltieswithfullcompliancedeadlinesextendinginto2035;however,wedonotanticipateamaterialimpactto ourplannedcapitaloroperationsandmaintenancecostsresultingfromcompliancewiththeserequirements.

OurNGL,RefinedProductsandcrudeoilpipelinesystemsaresubjecttoregulationbytheDOTandPHMSAunderthe HazardousLiquidPipelineSafetyActof1979,asamended(HLPSA).TheHLPSAprescribesandenforcesminimumfederal safetystandardsforthetransportationofhazardousliquidsbypipeline,includingthedesign,construction,testing,operation andmaintenance,spillresponseplanningandoverallreportingandmanagementrelatedtoourpipelinefacilities.Inadditionto theamendedHLPSAcoveredinTitle49oftheCodeofFederalRegulations,subsequentstatutesprovidetheframeworkforthe pipelinehazardousliquidsafetyprogramandincludeprovisionsrelatedtoPHMSA’sauthorities,administrationandregulatory activities.

In2020,legislationwaspassedtoreauthorizePHMSAthrough2023.Legislationiscurrentlypendingtoextendthis authorization.Certainrequirementsforoperationsandmaintenance,integritymanagement,leakdetectionandpublic awarenesswillbesubjecttofuturerulemakingasaresult.Thepotentialcapitalandoperatingexpendituresrelatedtothenew regulationsarenotfullyknown,butwedonotanticipateamaterialimpacttoourplannedcapitaloroperationsandmaintenance costsresultingfromcompliancewiththenewregulations.

OurmarineterminalsalongcoastalwaterwaysaresubjecttoU.S.CoastGuardregulationsandcomparablestateandmunicipal statutesrelatingtothedesign,installation,construction,testing,operation,replacementandmanagementoftheseassets.

CertainofourfieldinjectionandwithdrawalwellsandwaterdisposalwellsaresubjecttothejurisdictionoftheRailroad CommissionofTexas(RRC).TheRRCregulationsrequirethatwereportthevolumesofnaturalgasandwaterdisposal associatedwiththeoperationsofsuchwellsonamonthlyandannualbasis,respectively.Resultsofperiodicmechanical integritytestsmustalsobereportedtotheRRC.

PHMSAregulatessafetyissuesrelatedtodownholefacilitieslocatedatbothintrastateandinterstateundergroundnaturalgas storagefacilities.PHMSAmandatescertainreportingrequirementsforoperatorsofundergroundnaturalgasstoragefacilities andsetsminimumfederalsafetystandards.Inaddition,allintrastatetransportation-relatedundergroundnaturalgasstorage facilitiesaresubjecttominimumfederalsafetystandardsandareinspectedbyPHMSAorbyastateentitythathaschosento expanditsauthoritytoregulatethesefacilitiesunderacertificationfiledwithPHMSA.Stateentitiesthatexercisejurisdiction overourundergroundnaturalgasstoragefacilitiesincludetheRRC(forourundergroundnaturalgasstoragefacilitiesinTexas) andLDNR(forourundergroundnaturalgasstoragefacilitiesinLouisiana).Wedonotbelievecontinuedcompliancewith

safetystandardsandotherrequirementsapplicabletoourundergroundnaturalgasstoragefacilitieswillhaveamaterialimpact onresultsofoperations,financialpositionorcashflows.

PipelineSecurity -InApril2021,theUnitedStatesDepartmentofHomelandSecurity’sTransportationSecurity Administration(TSA)releasedrevisedpipelinesecurityguidelinesthatincludedbroaderdefinitionsforthedeterminationof pipeline“criticalfacilities.”InJanuary2026,wecompletedour2025annualreviewofourpipelinefacilitiesaccordingtothe guidelines.Thecostofcompliancedidnothaveamaterialimpactonouroperations,financialpositionorcashflows.

InJuly2021,theTSAbeganissuingpipelinesecuritydirectivestoownersand/oroperatorsofcriticalpipelinesystemsor facilities.Pursuanttothosedirectives,ourCybersecurityImplementationPlanwaslastapprovedinNovember2025,andour CybersecurityAssessmentPlanwaslastapprovedinSeptember2025.Whilecompliancewiththesecuritydirectivesrequires significantinternalandexternalresources,wedonotexpectittohaveamaterialimpactonourresultsofoperations,financial positionorcashflows.

HUMANCAPITAL

Ourbusinessstrategyincludesattracting,selectingandretainingtalent,advancinganinclusive,diverseandengagedcultureand developingindividualsandleaders.

AsofDecember31,2025,wehad6,326employees.Listedbelowisasummaryofourhumancapitalresources,measuresand objectivesthatarecollectivelyimportanttooursuccessasanorganization.

Values -Oursuccessreliesontheskills,experienceanddedicationofouremployees.Wearecommittedtocultivatingan inclusiveanddynamicworkenvironmentwherepeoplecanfindopportunitiestosucceed,growandcontributetooursuccess. Ouremployeesworkeachdaytoprovidesafeandreliableservicestoawiderangeofcustomersinthestateswhereweoperate. Ourcorevalues,listedbelow,guideouremployeebehaviorsandthewaysinwhichweconductourbusinessandoperations.

•Safety&Environmental:wecommittoazero-incidentcultureforthewell-beingofouremployees,contractorsand communitiesandtooperateinanenvironmentallyresponsiblemanner.

•Ethics:weactwithhonesty,integrityandadherencetothehigheststandardsofpersonalandprofessionalconduct.

•Inclusion&Diversity:werespecttheuniquenessandworthofeachindividual,andwebelievethataninclusiveculture anddiverseworkforceareessentialforasenseofbelonging,engagementandperformance.

•Excellence:weholdourselvesandothersaccountabletoastandardofexcellencethroughcollaborationandcontinuous improvement.

•Service:weinvestourtime,effortandresourcestoserveeachother,ourcustomersandcommunities.

•Innovation:wecreatevaluebyleveragingcollaboration,ingenuityandtechnology.

EmployeeEngagement,InclusionandDiversity -Ouremployeeengagement,inclusionanddiversitystrategyisacrossfunctionaleffortthatdrawsuponcontributionsfromemployeesatalllevelsoftheorganizationandisfocusedonenhancingthe workplacetoattractandretaintalent.Thestrategyisguidedbyacouncilcomposedofadiversegroupofemployeeswho representdifferentdemographics,worklocations,pointsofview,rolesandlevelsofseniority.Wealsohaveateamwithinour humanresourcesdepartmentthatiswhollydedicatedtosupportingouremployeeengagement,inclusionanddiversityefforts.

Weprovidesupportforfouremployee-ledbusinessresourcegroups(BRGs)thatincludeaRacial/EthnicInclusionResource Group,VeteransResourceGroup,Women’sResourceGroupandLGBTQ+ResourceGroup.Thepurposeofthesegroupsisto promotetheattraction,development,engagementandretentionoftalentedmembersoftraditionallyunderrepresentedgroupsin ourindustryandworkplaceinanefforttodrivepositivebusinessoutcomes.AkeyfactorinthesuccessofourBRGsisthe activeparticipationbyofficer-levelexecutivesponsorsandalliesfromoutsidetheBRG’sunderrepresentedpopulations.All employeesareinvitedtobecomesupportersofourBRGs.

Weembedemployeeengagement,inclusionanddiversityconceptsintoourcoreleadershipdevelopmentcurriculumand sponsoranumberofinternalprogramsintendedtopromoteemployeeengagement,inclusionanddiversity.Inaddition,we seektogivebacktothecommunitieswhereweoperatebypartneringoninitiativestosupportunderrepresentedcommunity membersandlocalcharitableorganizations.

Weconductemployeeengagementsurveys,typicallyonanannualbasis.In2025,theannualemployeeengagement participationrateincreasedto95%comparedwith93%in2024.Theoverallengagementmeanincreasedtothe81stpercentile andtheratioofengagedemployeestoactivelydisengagedalsoincreased.

EmployeeSafety -Thesafetyofouremployeesiscriticaltoouroperationsandsuccess.Bypromotingthesafetyofour employeesandmonitoringtheintegrityofourassets,weareinvestinginthelong-termsustainabilityofourbusinesses.We continuouslyassesstherisksouremployeesfaceintheirjobs,andweworktomitigatethoserisksthroughtraining,appropriate engineeringcontrols,workproceduresandotherpreventivesafetyprograms.Reducingincidentsandimprovingourpersonal safetyincidentratesareimportant,butwearenotfocusedonlyonstatistics.Lowpersonalsafetyincidentratesalonecannot preventalarge-scaleincident,whichiswhywecontinuetofocusonenhancingourEnvironmental,SafetyandHealth managementsystemsandprocesssafetyprograms,suchaskeyrisk/keycontrolidentificationandknowledgesharing.We endeavortooperateourassetssafely,reliablyandinanenvironmentallyresponsiblemanner.Wemaintainmatureandrobust programsthatguidetrainedstaffinthecompletionoftheseactivities,andwecontinuetoenhanceandimprovetheseprograms andourinternalcapabilities.

HealthandWelfare -Weprovideavarietyofbenefitstohelppromotethehealthandwelfareofouremployeesandtheir families.Thesebenefitsincludemedical,dentalandvisionplans,virtualhealthvisitsandengagementofthird-partyservice providerstooffercompanyon-siteandnear-siteclinicsinseveralofouroperatingareas.Eligibleemployeesalsohaveaccess, atnocharge,toanemployeeassistanceprogram,amedicalsecondopinionserviceandahealthcareconciergeservicetoassist withfindingin-networkprovidersandbillingresolution.Weofferfullpayformaternity,paternityoradoptionleaveofupto sixweeksperqualifyingevent.Wealsoprovideupto$10,000forreasonableandnecessaryexpensesofaqualifyingadoption and/orsurrogacy.Additionalbenefitsavailableforthewelfareofouremployeesinclude,amongothers,lifeinsuranceand long-termdisabilityplans,healthanddependentcareflexiblespendingaccounts,fertilitybenefits,diseasepreventionand managementprogramsandfullpaywhileonbereavement,militaryorpersonalandfamilycareleave.OnMay1,2025,legacy EnLinkemployeesreceivedaccesstotheseONEOKhealthandwelfarebenefits.

WealsoprovidetheopportunityforouremployeestohelpfellowemployeesthroughtheONETrustFundbycontributing donatedvacationhoursormonetarydonations.TheONETrustFundisanindependentnonprofit,charitableorganizationrun entirelybyemployeevolunteers,thatservesouremployeesintimesofpersonalcrisesduetonaturaldisasters,medical emergenciesorotherhardships.Further,weprovidevolunteeropportunitiesandvolunteergrants,aswellas$10,000of charitablegivingmatching,annually,throughtheONEOKFoundation.

PersonalandProfessionalDevelopment

-Weprovidevariousoptionstoassistwithcareergrowthanddevelopment.For employeesjustenteringtheworkforcewhodesiretoadvancetheircareerandcontinuetolearnorfortheemployeeswhoare interestedindevelopingtheirskills,wemakeavailabletoallemployeeseducationandtraininginavarietyofareas,including leadership,functionalandindustry-specifictopics,professionaldevelopmentandskill-buildingopportunities.

Wevalueeducationandassisteligibleemployeeswiththeexpenseoffurtheringtheireducationinjob-relatedfields,including upto$5,250peryearinqualifyingtuitionexpenses.Wealsomayreimburseemployeesforcertainjob-relatedprofessional certificationexaminationfees.

Recruiting -Wemakeitaprioritytoattract,select,develop,motivate,challengeandretainthetalentnecessarytosupportour keybusinessstrategies.Weusetargetedrecruitmentevents,maintainstrongrelationshipswithareatechnicalschools,colleges anduniversities,andweoffercompensationbenefitsandcareeropportunitiesthataredesignedtopositionusasanemployerof choice.Employeeengagement,inclusionanddiversitycontinuestobeapriorityinrecruiting,andwedeploystrategies designedtoaccesstalentfrommanysources,skillsetsandbackgrounds.

Retirement -WemaintaintheONEOK401(k)Planforouremployeesandmatch100%ofemployee401(k)Plancontributions upto6%ofeachparticipant’seligiblecompensation,subjecttocertainconditionsandlimits.Wemaintainthreedefined benefitpensionplans,includingtheONEOKRetirementPlan,coveringcertainlegacyONEOKemployees,andtheMagellan PensionPlanandtheMagellanPensionPlanforUSWEmployees,eachcoveringcertainlegacyMagellanemployees.Wealso makeprofit-sharingcontributionsunderour401(k)Planforemployeeswhodonotparticipateinourdefinedbenefitpension plans.EffectiveJanuary1,2025,quarterlyprofit-sharingcontributionsincreasedto6%from1%ofeachprofit-sharing participant’seligiblecompensationduringthequarter.Wemayalsomakeannualdiscretionaryprofit-sharingcontributionsof upto2%ofeligiblecompensation.AsofDecember31,2025,96%ofeligibleemployeeswerecontributingtoour401(k)Plan. Foradditionalinformationaboutourretirementbenefits,seeNoteLoftheNotestoConsolidatedFinancialStatementsinthis AnnualReport.

AllexecutiveofficersareelectedannuallybyourBoardofDirectors.Ourexecutiveofficerslistedbelowincludetheofficers whohavebeendesignatedbyourBoardofDirectorsasourSection16executiveofficers.

NameandPositionAgeBusinessExperienceinPastFiveYears

PierceH.NortonII

662021topresentPresidentandChiefExecutiveOfficer,ONEOK

PresidentandChiefExecutiveOfficer2021topresentMemberoftheBoardofDirectors,ONEOK 2014to2021PresidentandChiefExecutiveOfficer,ONEGas,Inc. 2014to2021MemberoftheBoardofDirectors,ONEGas,Inc.

WalterS.HulseIII

ChiefFinancialOfficer,TreasurerandExecutive VicePresident,InvestorRelationsandCorporate Development

KevinL.Burdick

ExecutiveVicePresidentandChiefEnterprise ServicesOfficer

SheridanC.Swords

622022topresent

2019to2021

ChiefFinancialOfficer,TreasurerandExecutiveVicePresident,InvestorRelationsand CorporateDevelopment,ONEOK

ChiefFinancialOfficer,TreasurerandExecutiveVicePresident,StrategyandCorporateAffairs, ONEOK

612023topresentExecutiveVicePresidentandChiefEnterpriseServicesOfficer,ONEOK

2022to2023ExecutiveVicePresidentandChiefCommercialOfficer,ONEOK 2017to2022ExecutiveVicePresidentandChiefOperatingOfficer,ONEOK

562025topresentExecutiveVicePresidentandChiefCommercialOfficer,ONEOK

ExecutiveVicePresidentandChiefCommercial Officer 2023to2025ExecutiveVicePresident,CommercialLiquidsandGatheringandProcessing,ONEOK 2022to2023SeniorVicePresident,NaturalGasLiquidsandNaturalGasGatheringandProcessing,ONEOK 2017to2022SeniorVicePresident,NaturalGasLiquids,ONEOK

LyndonC.Taylor

672023topresentExecutiveVicePresident,ChiefLegalOfficerandAssistantSecretary,ONEOK

ExecutiveVicePresident,ChiefLegalOfficerand AssistantSecretary 2005to2021

RandyN.Lentz

ExecutiveVicePresidentandChiefLegalandAdministrativeOfficer,DevonEnergy Corporation

612025topresentExecutiveVicePresidentandChiefOperatingOfficer,ONEOK

ExecutiveVicePresidentandChiefOperating Officer 2010to2024PresidentandChiefExecutiveOfficer,MedallionMidstream,LLC

MaryM.Spears

462022topresentSeniorVicePresidentandChiefAccountingOfficer,FinanceandTax,ONEOK

SeniorVicePresidentandChiefAccounting Officer,FinanceandTax 2019to2021VicePresidentandChiefAccountingOfficer,ONEOK

Nofamilyrelationshipsexistbetweenanyoftheexecutiveofficers,noristhereanyarrangementorunderstandingbetweenany executiveofficerandanyotherpersonpursuanttowhichtheofficerwasselected.

INFORMATIONAVAILABLEONOURWEBSITE

Wemakeavailable,freeofcharge,onourwebsite(www.oneok.com)copiesofourAnnualReports,QuarterlyReports,Current ReportsonForm8-K,ProxyStatements,amendmentstothosereportsfiledorfurnishedtotheSECpursuanttoSection13(a)or 15(d)oftheExchangeActandreportsofholdingsofoursecuritiesfiledbyourofficersanddirectorsunderSection16ofthe ExchangeActassoonasreasonablypracticableafterfilingsuchmaterialelectronicallyorotherwisefurnishingittotheSEC. CopiesofourCodeofBusinessConductandEthics,CorporateGovernanceGuidelines,DirectorIndependenceGuidelines, CorporateSustainabilityReportandthewrittenchartersofourBoardCommitteesalsoareavailableonourwebsite,andwewill providecopiesofthesedocumentsuponrequest.

InadditiontoourfilingswiththeSECandmaterialspostedonourwebsite,wealsousesocialmediaplatformsasadditional channelsofdistributiontoreachpublicinvestors.Informationcontainedonourwebsite,orpostedonoursocialmedia accounts,includinganycorrespondingapplications,arenotincorporatedbyreferenceintothisreport.

ITEM1A.RISKFACTORS

Youshouldconsidercarefullythefollowingdiscussionofrisks,aswellasalloftheotherinformationcontainedinthisAnnual Report.Ourbusiness,financialconditions,resultsofoperationsorprospectscouldbemateriallyandadverselyaffectedbyany oftheserisksoruncertainties.

RISKFACTORSRELATEDTOOURBUSINESSANDINDUSTRY

Ifthelevelofdrillingintheregionsinwhichweoperatedeclinessubstantiallynearourassets,ourvolumesand revenuescoulddecline.

Ourgatheringandtransportationpipelinesystemsaredependentuponproductionfromnaturalgasandcrudeoilwells,which naturallydeclineovertime.Asaresult,ourcashflowsassociatedwiththesewellsmayalsodeclineovertime.Inorderto maintainorincreasethroughputlevelsonourgatheringandtransportationpipelinesystemsandtheassetutilizationratesatour processingandfractionationfacilities,wemustcontinuallyobtainnewsupplies.Ourabilitytomaintainorexpandour businessesdependslargelyonthelevelofdrillingandproductionbythirdpartiesintheregionsinwhichweoperate.Our naturalgas,NGLandcrudesupplyvolumesmaybeimpactedifproducerscurtailorredirectdrillingandproductionactivities. Drillingandproductionareimpactedbyfactorsbeyondourcontrol,including:

•demandandpricesfornaturalgas,NGLs,RefinedProductsandcrudeoil;

•producers’accesstocapital;

•producers’findinganddevelopmentcostsofreserves;

•producers’abilitytosecuredrillingandcompletioncrewsandequipment;

•producers’desireandabilitytoobtainnecessarypermits,drillingrightsandsurfaceaccessinatimelymannerandon reasonableterms;

•crudeoilandassociatednaturalgasfieldcharacteristicsandproductionperformance;

•regulatorycomplianceandenvironmentalorothergovernmentalregulations;

•reserveperformance;and

•capacityconstraintsand/orshutdownsonthepipelinesthattransportcrudeoil,naturalgas,NGLsandRefined Productsfromproducingareasandourfacilities.

Commoditypricesaresubjecttosignificantvolatility.Drillingandproductionactivitylevelsmayvaryacrossour geographicareas;however,aprolongedperiodoflowcommoditypricesmayreducedrillingandproductionactivitiesacross allareas.Ifwearenotabletoobtainnewsuppliestoreplacethenaturaldeclineinvolumesfromexistingproductionor reductionsinvolumesbecauseofcompetition,throughputonourgatheringandtransportationpipelinesystemsandthe utilizationratesofourprocessingandfractionationfacilitieswoulddecline,whichcouldadverselyaffectourbusiness, resultsofoperations,financialpositionandcashflows.

Ouroperatingresultsmaybeadverselyaffectedbyunfavorableeconomicandmarketconditions.

Uncertaintyoradversechangesineconomicconditionsworldwide,intheUnitedStates,orintheeconomicregionsinwhich weoperate,couldnegativelyaffectthecrudeoilandnaturalgasmarkets,resultinginreduceddemandandincreasedprice competitionforourservicesandproducts,orotherwiseadverselyaffectourbusiness,resultsofoperations,financialposition andcashflows.Volatilityincommoditypricesmayhaveanimpactonmanyofoursuppliersandcustomers,which,inturn, couldhaveanegativeimpactontheirabilitytomeettheirobligationstous.Periodsofseverevolatilityinequityandcredit marketsmaydisruptouraccesstosuchmarkets,makeitdifficulttoobtainfinancingnecessarytoexpandfacilitiesoracquire assets,increasefinancingcostsandresultintheimpositionofrestrictivefinancialcovenants.Inflationarypressureshave resultedin,andmaycontinuetoresultin,additionalincreasestothecostofourmaterials,servicesandpersonnel,whichcould increaseourcapitalexpendituresandoperatingcosts.Inaddition,futuretariffs,traderestrictionsorretaliatorymeasurescould furtherincreaseourinputcosts,lengthendeliveryschedulesordisrupttheavailabilityofkeycomponents,particularlyifweare unabletomanageleadtimesformaterialsandequipmentusedinconstructingcapitalprojectsortoenterintoprocurement agreementsforlong-leaditemstomitigatesuchrisks.SustainedlevelsofhighinflationcouldcausetheFederalReserve Systemandothercentralbankstoincreaseinterestrates,whichcouldcausethecostofcapitaltoincreaseanddepresseconomic growth,eitherofwhich,orthecombinationofboth,couldadverselyaffectourbusiness,resultsofoperations,financialposition andcashflows.

Thevolatilityofnaturalgas,NGL,RefinedProductsandcrudeoilpricescouldadverselyaffectourearningsandcash flows.

Lowercommoditypricescouldreducecrudeoil,naturalgasandNGLproduction,whichcoulddecreasethedemandforour services.Additionally,aportionofourrevenuesarederivedfromthesaleofcommoditiesthatarereceivedorpurchasedin conjunctionwithourgathering,processing,fractionation,transportationandstorageservices.Ascommoditypricesdecline,we couldbepaidlessforourcommoditiestherebyreducingourcashflows.Historically,commoditypriceshavebeenvolatileand canchangequickly.Itislikelythatcommoditypriceswillcontinuetobevolatileinthefuture.

Thepriceswereceiveforourcommoditiesaresubjecttowidefluctuationsinresponsetoavarietyoffactorsbeyondour control,including,butnotlimitedto,thefollowing:

•overalldomesticandglobaleconomicconditionsanduncertainty;

•changesinthesupplyof,anddemandfor,domesticandforeignenergy,evenifrelativelyminor;

•marketuncertainty;

•theoccurrenceofwars(suchastheRussianinvasionofUkraine),theactivitiesoftheOrganizationofPetroleum ExportingCountries(OPEC)andothernon-OPECoilproducingcountrieswithlargeproductioncapacity,orother geopoliticalconditions(includinginstabilityintheMiddleEastandVenezuela)impactingsupplyanddemandfor naturalgas,NGLs,RefinedProductsandcrudeoil;

•productiondecisionsbyothercountries,andthefailureofcountriestoabidebyagreementsrelatingtoproduction decisions;

•theavailabilityandcostofthird-partytransportation,naturalgasprocessingandfractionationcapacity;

•thelevelofconsumerproductdemandandstorageinventorylevels;

•ethanerejection;

•weatherconditions;

•publichealthcrises,includingpandemics;

•domesticandforeigngovernmentalregulationsandtaxes;

•thepriceandavailabilityofalternativefuels;

•speculationinthecommodityfuturesmarkets;

•theeffectsofimportsandexportsonthepriceofnaturalgas,NGLs,RefinedProducts,crudeoilandliquifiednatural gas;

•theeffectofworldwideenergy-conservationmeasures;

•theimpactofnewsupplies,newpipelines,processingandfractionationfacilitiesonlocationpricedifferentials;and

•technologyandimprovedefficiencyimpactingsupplyanddemandfornaturalgas,NGLs,RefinedProductsandcrude oil.

Theseexternalfactorsandthevolatilenatureoftheenergymarketsmakeitdifficulttoreliablyestimatefuturepricesof commoditiesandtheimpactcommoditypricefluctuationshaveonourcustomersandtheirneedforourservices,whichcould adverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Reducedvolatilityinenergypricesornewgovernmentregulationscoulddiscourageourstoragecustomersfromholding positionsinRefinedProducts,crudeoilandnaturalgas,whichcouldadverselyaffectourbusiness.

Thedemandforourstorageserviceshasresultedinpartfromcustomers’desiretohavetheabilitytotakeadvantageofprofit opportunitiescreatedbythevolatilityinpricesofRefinedProducts,crudeoilandnaturalgas.Periodsofprolongedstabilityor declinesinthesecommoditypricescouldreducedemandforourstorageservices.Iffederal,stateorinternationalregulations arepassedthatdiscourageourcustomersfromstoringthesecommodities,demandforourstorageservicescoulddecrease,in whichcasewemaybeunabletoidentifycustomerswillingtocontractforsuchservicesorbeforcedtoreducetherateswe chargeforourservices.Therealizationofanyoftheseriskscouldadverselyaffectourbusiness.

Wedependonproducers,gatheringsystems,refineriesandpipelinesownedandoperatedbyotherstosupplyourassets, andanyclosures,interruptionsorreducedactivitylevelsatthesefacilitiesmayadverselyaffectourbusiness,resultsof operations,financialpositionandcashflows.

Wedependoncrudeoilproductionandonconnectionswithgatheringsystems,refineriesandpipelinesownedandoperatedby thirdpartiestosupplyourassets.Wecannotcontrolorpredicttheamountofproductthatwillbedeliveredtousbythe gatheringsystemsandpipelinesthatsupplyourassets,norcanwecontrolorpredicttheoutputofrefineriesthatsupplyour RefinedProductspipelinesandterminals.Changesinthequalityorquantityofthiscrudeoilproduction,outagesatthese refineriesorreducedorinterruptedthroughputongatheringsystemsorpipelinesduetoweather-relatedorothernaturalcauses,

competitiveforces,testing,linerepair,damage,reducedoperatingpressuresorothercausescouldreduceshipmentsonour pipelinesorresultinourbeingunabletoreceiveproductsatordeliverproductsfromourterminals,anyofwhichcould adverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Refineriesthatsupplyoraresuppliedbyourfacilitiesaresubjecttoregulatorydevelopments,includingbutnotlimitedtolow carbonfuelstandards,regulationsregardingfuelspecifications,plantemissionsandsafetyandsecurityrequirementsthatcould significantlyincreasethecostoftheiroperationsandreducetheiroperatingmargins.Inaddition,theprofitabilityofthe refineriesthatsupplyourfacilitiesissubjecttoregionalandglobalsupplyanddemanddynamicsthataredifficulttopredict.A periodofsustainedweakdemandorincreasedcostscouldmakerefininguneconomicforsomerefineries,includingthose directlyorindirectlyconnectedtoourRefinedProductsandcrudeoilpipelines.Theclosureofarefinerythatdeliversproduct toorreceivescrudeoilfromourpipelinescouldreducethevolumeswetransport.Further,theclosureoftheseorother refineriescouldresultinourcustomerselectingtostoreanddistributeRefinedProductsandcrudeoilthroughtheirproprietary terminals,whichcouldresultinareductionindemandforourstorageservices.

Ouroperationsaresubjecttooperationalhazardsandunforeseeninterruptions,whichcouldadverselyaffectour businessandforwhichwemaynotbeadequatelyinsured.

Ouroperationsaresubjecttoalltherisksandhazardstypicallyassociatedwiththeoperationofgathering,transportationand distributionpipelines,storagefacilitiesandprocessingandfractionationfacilities,whichinclude,butarenotlimitedto,leaks, pipelineruptures,damagebythirdparties,thebreakdownorfailureofequipmentorprocessesandtheperformanceoffacilities belowexpectedlevelsofcapacityandefficiency.Otheroperationalhazardsandunforeseeninterruptionsincludeadverse weatherconditions(includingextremecoldweather),publichealthcrisesincludingapandemic,cybersecurityattacks, geopoliticalevents,accidents,explosions,fires,thecollisionofequipmentwithourpipelinefacilities(forexample,thismay occurifathirdpartyweretoperformexcavationorconstructionworknearourfacilities)andcatastrophiceventssuchas tornados,hurricanes,earthquakes,floodsandothersimilareventsbeyondourcontrol.Similaroperationalhazardsand unforeseeninterruptionsmayalsoimpactourproducersorsuppliers;forexample,extremecoldweathercanresultinsupply reductionsfromproducerwellheadfreeze-offs,aswellaspowercurtailmentsoroutages.Acasualtyoccurrencemayresultin injuryorlossoflife,extensivepropertydamageorenvironmentaldamage.Theoccurrenceofoperationalhazardsand unforeseeninterruptionscouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Premiumsanddeductiblesforcertaininsurancepoliciescanincreasesubstantially,and,insomeinstances,certaininsurance maybecomeunavailableoravailableonlyforreducedamountsofcoverage.Consequently,wemaynotbeabletorenew existinginsurancepoliciesorpurchaseotherdesirableinsuranceoncommerciallyreasonableterms,ifatall.Insurance proceedsmaynotbeadequatetocoverallliabilitiesorincurredcostsandlossesorlostearnings.Further,wearenotfully insuredagainstallrisksinherenttoourbusiness.Ifweweretoincurasignificantliabilityforwhichwewerenotfullyinsured, itcouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.Further,theproceedsofanysuch insurancepoliciesmaynotbepaidinatimelymannerorreachthelevelofcoveragepurchased.

Continueddevelopmentofsupplysourcesoutsideofouroperatingregionscouldimpactdemandforourservices.

Productionareasoutsideofouroperatingregionsmaycompetewithnaturalgas,NGL,RefinedProductsandcrudeoilsupply originatinginproductionareasconnectedtooursystems,whichmaycauseproductsinsupplyareasconnectedtooursystemsto bedivertedtomarketsotherthanourtraditionalmarketareasandmayaffectcapacityutilizationadverselyonourpipeline systemsandourabilitytoreneworreplaceexistingcontracts.

Wedonothedgefullyagainstcommoditypriceriskorinterestraterisk,includingcommoditypricechanges,seasonal pricedifferentials,productpricedifferentialsorlocationpricedifferentials.Thiscouldresultindecreasedrevenues, increasedcostsandlowermargins,adverselyaffectingourresultsofoperations.

Certainofourbusinessesareexposedtomarketriskandtheimpactofmarketfluctuationsinnaturalgas,NGL,Refined Productsandcrudeoilprices.Marketriskreferstotheriskoflossoffuturecashflowsandearningsarisingfromadverse changesincommodityprices.Ourprimarycommoditypriceexposuresarisefrom:

•thevalueofthecommoditiessoldunderfeewithPOPcontractsofwhichweretainaportionofthesalesproceeds; •productpricedifferentials; •locationpricedifferentials; •seasonalpricedifferentials;

•thepriceriskrelatedtoelectricitycoststooperateourfacilities;and

•thefuelcostsandthevalueoftheretainedfuelin-kindinournaturalgaspipelinesandstorageoperations.

Wedonothedgefullyagainstcommoditypricechanges,andwethereforeretainsomeexposuretomarketrisk.Further, hedgingarrangementsforforecastedsalesandpurchasesareusedtoreduceourexposuretocommoditypricefluctuationsand maylimitthebenefitwewouldotherwisereceiveifmarketpricesfornaturalgas,NGLs,RefinedProductsandcrudeoildiffer fromthestatedpriceinthehedgeinstrumentforthesecommodities.Finally,hedginginstrumentsthatareusedtoreduceour exposuretointerest-ratefluctuationscouldexposeustoriskoffinanciallosswherewemaycontractforfixed-rateswap instrumentstohedgevariable-rateinstrumentsandthefixedrateexceedsthevariablerate.

Abreachofinformationsecurity,includingacybersecurityattack,orfailureofoneormorekeyinformationtechnology oroperationalsystems,orthoseofthirdparties,mayadverselyaffectouroperations,financialresultsorreputation.

Ourbusinessesaredependentuponouroperationalsystemstoprocessalargeamountofdataandcomplextransactions.The varioususesoftheseinformationtechnologysystems,networksandservicesinclude,butarenotlimitedto:

•controllingourplantsandpipelineswithindustrialcontrolsystemsincludingSupervisoryControlandData Acquisition;

•collectingandstoringcustomer,employee,investorandotherstakeholderinformationanddata;

•processingtransactions;

•summarizingandreportingresultsofoperations;

•hosting,processingandsharingconfidentialandproprietaryresearch,businessplansandfinancialinformation;

•complyingwithregulatory,legal,financialortaxrequirements;

•providingdatasecurity;and

•otherprocessesnecessarytomanageourbusiness.

Ifanyofoursystemsisdamaged,failstofunctionproperlyorotherwisebecomesunavailable,wemayincursubstantialcoststo repairorreplacethemandmayexperiencelossorcorruptionofcriticaldataandinterruptionsordelaysinourabilitytoperform criticalfunctions,whichcouldadverselyaffectourbusinessandresultsofoperations.Ourfinancialresultscouldalsobe adverselyaffectedifouroperationalsystemsfailasaresultofaninadvertenterrororbydeliberatetamperingwithor manipulationofouroperationalsystems.Inaddition,dependenceuponautomatedsystemsmayfurtherincreasetheriskthat operationalsystemflawsoremployeeorthird-partytamperingormanipulationofthosesystemswillresultinlossesthatare difficulttodetect.

Duetoincreasedtechnologyadvancesandanincreaseinremoteworkarrangements,wehavebecomemorerelianton technologytohelpincreaseefficiencyinourbusinesses.Accordingtoexperts,therehasbeenariseinthenumberand sophisticationofcyberattacksoncompanies’networkandinformationsystemsbybothstate-sponsoredandcriminal organizationsand,asaresult,therisksassociatedwithsuchaneventcontinuetoincrease.Asignificantfailure,compromise, breachorinterruptioninoursystems,orthoseofourvendorsorcounterparties,couldresultinadisruptionofouroperations, physicalorenvironmentaldamages,customerdissatisfaction,damagetoourreputationandalossofcustomersorrevenues.If anysuchfailure,interruptionorsimilareventresultsintheimproperdisclosureofinformationmaintainedinourinformation systemsandnetworksorthoseofourvendorsandcounterparties,includingpersonnel,customer,vendorandcounterparty information,wecouldalsobesubjecttoliabilityunderrelevantcontractualobligations,lawsandregulationsprotecting personaldataandprivacy.Effortsbyusandourvendorsandcounterpartiestodevelop,implementandmaintainsecurity measuresmaynotbesuccessfulinanticipating,detectingorpreventingtheseeventsfromoccurring,dueinparttoattackers’ ever-changingmethodsandeffortstoconcealtheiractivities,andanynetworkandinformationsystems-relatedeventscould requireustoexpendsignificantresourcestoidentify,assessandremedysuchevents.Cybersecurity,physicalsecurityandthe continueddevelopmentandenhancementofourcontrols,processesandpracticesdesignedtoprotectourenterprise, informationsystemsanddatafromattack,damageorunauthorizedaccessandtoidentifyandappropriatelyreportcyberattacks, remainapriorityforus.Althoughwebelievethatwehaverobustinformationsecurityproceduresandothersafeguardsin place,includingsufficientinsurance,ascyberthreatscontinuetoevolve,wemayberequiredtoexpendadditionalresourcesto continuetoenhanceourinformationsecuritymeasuresand/ortoinvestigateandremediateinformationsecurityvulnerabilities.

Cyberattacksagainstusorothersinourindustrycouldresultinadditionalregulationsorcumbersomecontractualobligations. Currenteffortsbythefederalgovernment,suchastheImprovingCriticalInfrastructureCybersecurityexecutiveorder,andthe TSAsecuritydirectives,haveutilizedsignificantinternalandexternalresources,andanypotentialfuturestatutes,regulationsor orderscouldleadtofurtherincreasedregulatorycompliancecosts,insurancecoveragecostsorcapitalexpenditures.Wecannot predictthepotentialimpacttoourbusinessresultingfromadditionalregulations.

Terroristattacks,includingcybersabotage,aimedatourfacilitiescouldadverselyaffectourbusiness,resultsof operations,financialpositionandcashflows.

TheUnitedStatesgovernmenthasissuedwarningsthatenergyassets,includingournation’spipelineinfrastructure,maybethe futuretargetofterroristorganizationsor“cybersabotage”events.Potentialtargetsincludeourfacilities,pipelines,databasesor operatingsystems.Aterroristattackcouldcreatesignificantpricevolatility,disruptourbusiness,limitouraccesstocapital marketsorcausesignificantharmtoouroperations,includingfullorpartialdisruptiontoourabilitytoprovideservicetoour customers.Actsofterrorism,aswellaseventsoccurringinresponsetoorinconnectionwithactsofterrorism,couldalso causeenvironmentalrepercussionsthatcouldresultinasignificantdecreaseinrevenuesorsignificantreconstructionor remediationcosts.Thepotentialforanattackmaysubjectouroperationstoincreasedrisksandcosts,andanysuchterrorist attackorcybersabotageonourfacilities,pipelines,databasesofoperatingsystems,thoseofourcustomers,orinsomecases, thoseofotherpipelinescouldhaveamaterialadverseeffectonourbusiness,resultsofoperations,financialpositionandcash flows.

ScrutinyandconflictingstakeholderexpectationsregardingESGissues,includingclimatechange,mayimpactour business.

Companiesaresubjecttoscrutinyfromcustomers,investors,ratingagencies,policymakersandotherstakeholdersregarding theirmanagementofESGissues,includinghumancapitalandclimatechange.Changesinregulatorypolicies,publicsentiment orwidespreadadoptionoftechnologiesthataimtoaddressclimatechangethroughreducingGHGemissionsmayresultina reductioninthedemandforhydrocarbonproducts,restrictionsontheiruseorincreaseduseofalternativeenergysources. Thesechangescouldreducethedemandforourservices,impactingourbusiness,resultsofoperations,financialpositionand cashflows.Certaincapitalproviderscouldrestrictorimposeadditionalscrutinyonlendingandinvestmentintheenergy sector,whichcouldadverselyimpacttheavailabilityorcostofcapital.

Inaddition,scrutinyregardingclimatechangeandotherESGmattershasresultedinanincreasedlikelihoodofgovernmental investigations,regulation,shareholderactivismandprivatelitigationbybothadvocatesandopponentsofsuchmatters,which couldincreaseourcostsorotherwiseadverselyaffectourbusiness.Forexample,whilesomepolicymakers(includingcertain statesandtheSECunderthepreviousadministration)haveadopted,orareconsideringadopting,requirementsforthe disclosureofclimaterisksorotherinformation,otherpolicymakershavesoughttoconstraincompanies’considerationsofESG matters.Anyfailuretosuccessfullynavigatestakeholderexpectations,includingregulatorydevelopments,mayresultin reputationalharm,increasedcostsorotheradverseimpacts.

Weengageinvariouseffortstorespondtostakeholderexpectations;however,sucheffortsmaynothavethedesiredeffect. Manyoftheseeffortsrelyonmethodologies,assumptionsanddata(includingthird-partyinformation)thataresubjectto varyinginterpretationsorthatcontinuetoevolve,includinginwayswecannotcontrol.Ourapproachmayalsocontinueto evolve,andwecannotguaranteethatourapproachwillalignwiththeexpectationsorpreferencesofanyparticularstakeholder. Forexample,ouremissionsreductiontargetsdependonarangeoffactors,andtotheextentthesedonotmanifestorwe otherwiseareunabletomakeprogressonsuchtargetsorotherinitiatives,wemayfaceadditionalcostsorbeunabletomeetour targets,whichcouldnegativelyimpactourbusinessandreputation.Variousofourbusinesspartnersandotherstakeholdersare subjecttosimilarexpectationsonESGmatters,whichmayexacerbateorresultinadditionalrisks.

Wemaybesubjecttorisksassociatedwiththephysicalimpactsofclimatechange.

Thethreatofglobalclimatechangemaycreatephysicalandfinancialriskstoourbusiness.Someofourcustomers’energy needsvarywithweatherconditions,primarilytemperature.Totheextentweatherconditionsmaybeaffectedbyclimate change,customers’energyusecouldincreaseordecreasedependingonthedurationandmagnitudeofanychanges.Increased energyuseduetoweatherchangesmayrequireustoinvestinmorepipelinesandotherinfrastructuretoserveincreased demand.Adecreaseinenergyuseduetoweatherchangesmayaffectourfinancialconditionthroughdecreasedrevenues. Extremeweatherconditionsingeneralrequiremoresystembackup,addingtocosts,andcancontributetoincreasedsystem stresses,includingdamagetoourassetsorserviceinterruptions.Weatherconditionsoutsideofouroperatingterritorycould alsohaveanimpactonourrevenues.Severeweatherimpactsouroperatingterritoriesprimarilythroughhurricanes, thunderstorms,tornados,floods,freezingtemperaturesandsnoworicestorms.Totheextenttheseverityorfrequencyof extremeweathereventsincreases,thiscouldincreaseourcostofprovidingservices,includingthecostofinsurance,andthe availabilityofcertaininsurancecoveragescoulddecrease.Wemaynotbeabletopassonthehighercoststoourcustomersor recoverallcostsrelatedtomitigatingthesephysicalrisks.Wearealsosubjecttovarioustransitionrisksassociatedwith climatechange;formoreinformation,seeourriskfactortitled“Scrutinyandconflictingstakeholderexpectationsregarding ESGissues,includingclimatechange,mayimpactourbusiness.”

Growingourbusinessbyconstructingnewpipelinesandfacilitiesormakingmodificationstoourexistingfacilities subjectsustoconstructionriskandsupplyrisks,shouldadequatenaturalgas,NGL,RefinedProductsandcrudeoil supplybeunavailableuponcompletionofthefacilities.

Toexpandourbusiness,weregularlyconstructnewandmodifyorexpandexistingpipelinesandgathering,processing,storage andfractionationfacilities.Theconstructionandmodificationofthesefacilitiesmayinvolvethefollowingrisks:

•projectsmayrequiresignificantcapitalexpenditures,whichmayexceedourestimates,andinvolvenumerous regulatory,environmental,political,legalandweather-relateduncertainties;

•projectsmayincreasedemandforlabor,materialsandrightsofway,whichmay,inturn,affectourcostsandschedule;

•wemaybeunabletoobtainnewrightsofwayorpermitstoconnectoursystemstosupplyordownstreammarkets;

•ifweundertaketheseprojects,wemaynotbeabletocompletethemonscheduleoratthebudgetedcost;

•ourrevenuesmaynotincreaseimmediatelyupontheexpenditureoffundsonaparticularproject.Forinstance,ifwe buildanewpipeline,theconstructionwilloccuroveranextendedperiodoftime,andwewillnotreceiveanymaterial increasesinrevenuesuntilaftercompletionoftheproject;

•wemayconstructfacilitiestocaptureanticipatedfuturegrowthinproductionordownstreamdemandinwhich anticipatedgrowthdoesnotmaterialize;

•oppositionfromenvironmentalandsocialgroups,landowners,tribalgroups,localgroupsandotheradvocatescould resultinorganizedprotests,attemptstoblockorsabotageconstructionactivitiesoroperations,interventionin regulatoryoradministrativeproceedingsinvolvingourassets,orlawsuitsorotheractionsdesignedtoprevent,disrupt ordelaytheconstructionoroperationofourassets;

•wemayberequiredtorelyonthirdpartiesdownstreamofourfacilitiestohaveavailablecapacityforourdelivered naturalgas,NGLs,RefinedProductsandcrudeoil,whichmaynotbeoperational;and

•inflationarypressure,alongwithpressurethatmayarisefromtheimpositionbythefederalgovernmentoftariffson non-U.S.producedconstructionmaterials,couldincreaseourcostsforconstructionmaterials,equipmentorlabor.

Asaresult,newfacilitiesmaynotbeabletoattractenoughnaturalgas,NGLs,RefinedProductsandcrudeoiltoachieveour expectedinvestmentreturn,whichcouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Estimatesofhydrocarbonreservesmaybeinaccurate,whichcouldresultinlowerthananticipatedvolumes.

Wemaynotbeabletoaccuratelyestimatehydrocarbonreservesandproductionvolumesexpectedtobedeliveredtousfora varietyofreasons,includingtheunavailabilityofsufficientlydetailedinformationandunanticipatedchangesinproducers’ expecteddrillingschedules.Accordingly,wemaynothaveaccurateestimatesoftotalreservescommittedtoourassets,the anticipatedlifeofsuchreservesortheexpectedvolumestobeproducedfromthosereserves.Insuchevent,ifweareunableto secureadditionalsources,thenthevolumesthatwegather,process,fractionateandtransportinthefuturecouldbelessthan anticipated.Adeclineinsuchvolumescouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcash flows.

Wedonotownallofthelandonwhichourpipelinesandfacilitiesarelocated,andweleasecertainfacilitiesand equipment,whichcoulddisruptouroperations.

Wedonotownallofthelandonwhichcertainofourpipelinesandfacilitiesarelocated,andweare,therefore,subjecttothe riskofincreasedcoststomaintainnecessarylanduse.Weobtaintherightstoconstructandoperatecertainofourpipelinesand relatedfacilitiesonlandownedbythirdpartiesandgovernmentalagenciesforaspecificperiodoftime.Ourlossofthese rights,throughourinabilitytorenewright-of-waycontractsonacceptabletermsorincreasedcoststorenewsuchrights,could adverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Measurementadjustmentsonourpipelinesystemsmaybeimpactedmateriallybychangesinestimation,typeof commodityandotherfactors.

Productmeasurementadjustmentsoccuraspartofthenormaloperatingconditionsassociatedwithourassets.The quantificationandresolutionofmeasurementadjustmentsarecomplicatedbyseveralfactorsincluding:(i)thesignificant quantities(i.e.,thousands)ofmeasurementequipmentthatweuseacrossoursystems,(ii)varyingqualitiesofnaturalgasinthe streamsgatheredandprocessedthroughoursystemsandthemixednatureofNGLsgatheredandfractionated;and (iii)variancesinmeasurementthatareinherentinmeteringtechnologiesandstandards.Eachofthesefactorsmaycontributeto measurementadjustmentsthatmayoccuronoursystems,whichcouldadverselyaffectourbusiness,resultsofoperations, financialpositionandcashflows.

Wefacecompetitionforsupplyand,asaresult,wemayhavesignificantlevelsofexcesscapacityonourpipeline, processing,fractionation,terminalandstorageassets.

Ourpipeline,processing,fractionation,terminalandstorageassetscompetewithothersimilarassetsfornaturalgas,NGLs, RefinedProductsandcrudeoilsupplydeliveredtothemarketsweserve.Asaresultofcompetition,wemayhavesignificant levelsofuncontractedordiscountedcapacityonourassets,whichcouldadverselyaffectourbusiness,resultsofoperations, financialpositionandcashflows.

Manyofourassetshavebeeninserviceforseveraldecades.

Manyofourassetsaredesignedaslong-livedassets.Overtimetheageoftheseassetscouldresultinincreasedmaintenanceor remediationexpendituresandanincreasedriskofproductreleasesandassociatedcostsandliabilities.Anysignificantincrease intheseexpenditures,costsorliabilitiescouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcash flows.

Ouroperatingcashflowsarederivedpartiallyfromcashdistributionswereceivefromourunconsolidatedaffiliates.

Ouroperatingcashflowsarederivedpartiallyfromcashdistributionswereceivefromourunconsolidatedaffiliates,as discussedinNoteNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReport.Theamountofcashthatour unconsolidatedaffiliatescandistributeprincipallydependsupontheamountofcashflowstheseaffiliatesgeneratefromtheir respectiveoperations,whichmayfluctuatefromquartertoquarter.Wemaybeunabletounilaterallydeterminethecash distributionpoliciesofourunconsolidatedaffiliates.Thismaycontributetousnothavingsufficientavailablecasheachquarter tocontinuepayingdividendsatthecurrentlevels.

Wemaybeunabletocauseourjointventurestotakeornottotakecertainactionsunlesssomeorallofourjointventureparticipantsagree.

Weparticipateinseveraljointventures.Duetothenatureofsomeofthesearrangements,eachparticipantinthesejoint ventureshasmadesubstantialinvestmentsinthejointventureand,accordingly,hasrequiredthattherelevantcharter documentscontaincertainfeaturesdesignedtoprovideeachparticipantwiththeopportunitytoparticipateinthemanagement ofthejointventureandtoprotectitsinvestment,aswellasanyotherassetsthatmaybesubstantiallydependentonorotherwise affectedbytheactivitiesofthatjointventure.Theseparticipationandprotectivefeaturescustomarilyincludeacorporate governancestructurethatrequiresatleastamajority-in-interestvotetoauthorizemanybasicactivitiesandrequiresagreater votinginterest(sometimesupto100%)toauthorizemoresignificantactivities.Examplesofactivitiesrequiringjoint-venture participantapprovalarelargeexpendituresorcontractualcommitments,theconstructionoracquisitionofassets,borrowing cashorotherwiseraisingcapital,transactionswithaffiliatesofajoint-ventureparticipant,litigationandtransactionsnotinthe ordinarycourseofbusiness,amongothers.Thus,withouttheconcurrenceofjoint-ventureparticipantswithenoughvoting interests,wemaybeunabletocauseanyofourjointventurestotakeornottotakecertainactions,eventhoughthoseactions maybeinthebestinterestofusortheparticularjointventure.

Moreover,subjecttocontractualrestrictions,anyjoint-ventureownergenerallymaysell,transferorotherwisemodifyits ownershipinterestinajointventure,whetherinatransactioninvolvingthirdpartiesortheotherjoint-ventureowners.Any suchtransactioncouldresultinourbeingrequiredtopartnerwithdifferentoradditionalpartieswhomayhavebusiness interestsdifferentfromours.

Wedonotoperateallofourjoint-ventureassetsnordoweemploydirectlyallofthepersonsresponsibleforproviding administrative,operatingandmanagementservices.Thisrelianceonotherstooperatejoint-ventureassetsandto provideotherservicescouldadverselyaffectourbusinessandresultsofoperations.

Werelyonotherstoprovideadministrative,operatingandmanagementservicesforcertainofourjoint-ventureassets.We havealimitedabilitytocontroltheoperationsandtheassociatedcostsofsuchoperations.Thesuccessoftheseoperations dependsonanumberoffactorsthatareoutsideourcontrol,includingthecompetenceandfinancialresourcesoftheoperatoror anoutsourcedserviceprovider.Wemayhavetocontractelsewhereforoutsourcedservices,whichmaycostmorethanweare currentlypaying.Inaddition,wemaynotbeabletoobtainthesamelevelorkindofserviceorretainorreceivetheservicesin atimelymanner,whichmayimpactourabilitytoperformunderourcontractsandadverselyaffectourbusinessandresultsof operations.

Ourabilitytousenetoperatinglossesandcertainothertaxattributestooffsetfuturetaxableincomemaybelimited.

WecurrentlyhavesubstantialU.S.federalnetoperatingloss(NOL)carryforwardandotherstatetaxattributes.Ourabilityto usethesetaxattributestoreduceourfutureU.S.federalandstateincometaxobligationsdependsonmanyfactors,including ourfuturetaxableincome,thetimingofwhichisuncertain.Inaddition,ourabilitytouseNOLcarryforwardsandothertax attributesmaybesubjecttolimitationsunderSection382oftheInternalRevenueCodeof1986,asamended(the“Code”)and correspondingprovisionsofstatelaw.

UnderSection382oftheCodeandcorrespondingprovisionsofstatelaw,ifacorporationundergoesanownershipchange, whichisgenerallydefinedasagreaterthan50percentchangeinitsequityownershipoverathree-yearperiod,thecompany’s abilitytoutilizeU.S.NOLcarryforwardsandothertaxattributesmaybelimited.WebelieveourhistoricalU.S.NOL carryforwardsandothertaxattributesarenotcurrentlysubjecttoalimitationasaresultofanownershipchange.However,itis possiblethatanownershipchangemayoccurinthefuture,whichmaymateriallyimpactourabilitytouseourU.S.NOL carryforwardsandothertaxattributestoreduceU.S.federalandstatetaxableincome.Suchlimitationcouldadverselyaffect ourresultsofoperations,financialpositionandcashflows.ThehistoricalEnLinkNOLcarryforwardacquireduponthe completionoftheEnLinkAcquisitionissubjecttolimitationsunderSection382oftheCode,however,thelimitationisnot materialandwillnothaveanimpactonouroverallabilitytoutilizetaxattributestoreduceourfutureU.S.federalandstate incometaxobligations.

RISKFACTORSRELATEDTOREGULATION

Ourbusinessissubjecttoregulatoryoversightandpotentialpenalties.

Theenergyindustryissubjecttoheavystateandfederalregulationthatextendstomanyaspectsofourbusinessesand operations,including:

•changestofederal,stateandlocaltaxation;

•regulatoryapprovalandreviewofcertainofourrates,operatingtermsandconditionsofservice;

•thetypesofserviceswemayofferourcounterparties;

•constructionandoperationofnewfacilities,andmodificationsandoperationofexistingfacilities;

•theintegrity,safetyandsecurityoffacilitiesandoperations;

•acquisition,extensionorabandonmentofservicesorfacilities;

•reportingandinformationpostingrequirements;

•maintenanceofaccountsandrecords;and

•relationshipswithaffiliatecompaniesinvolvedinallaspectsofourbusiness.

Compliancewiththeserequirementscanbecostlyandburdensome.Futurechangestolaws,regulationsandpoliciesinthese areasmayimpairourabilitytocompeteforbusinessortorecovercostsandmayincreasethecostandburdenofouroperations. Wecannotguaranteethatstateorfederalregulatorswillnotchallengeoursafetypracticesorwillauthorizeanyprojectsor acquisitionsthatwemayproposeinthefuture.Moreover,therecanbenoguaranteethat,ifgranted,anysuchauthorizations willbemadeinatimelymannerorwillbefreefrompotentiallyburdensomeconditions.

UndertheNaturalGasAct,whichisapplicabletoourinterstatenaturalgaspipelines,andtheInterstateCommerceAct,which isapplicabletoourinterstateRefinedProducts,crudeoilandNGLpipelines,ourinterstatetransportationratesareregulatedby theFERCandmanychangestoourpipelinetariffsmustbeapprovedinaregulatoryproceeding.Additionally,shippers,the FERCand/orstateregulatoryagenciesmayinvestigateourtariffrateswhichcouldresultin,amongotherthings,ourbeing orderedtoreduceratesormakerefundstoshippers.

Failuretocomplywithallapplicablestateorfederalstatutes,rulesandregulationsandorderscouldbringsubstantialpenalties andfines.

Rateregulation,challengesbyshippersoftherateswechargefortransportationonourpipelinesorchangesinthe jurisdictionalcharacterizationofourassetsoractivitiesbyfederal,stateorlocalregulatoryagenciesmayreducethe amountofcashwegenerate.

TheFERCregulatestherateswecanchargeandthetermsandconditionswecanofferforinterstatetransportationserviceon ourpipelines.Stateregulatoryauthoritiesregulatetherateswecanchargeandthetermsandconditionswecanofferfor intrastatemovementsonourpipelines.Thedeterminationoftheinterstateorintrastatecharacterofshipmentsonourpipelines maychangeovertime,whichmaychangetheregulatoryframeworkandtheratesweareallowedtochargefortransportation

andotherrelatedservices.Shippersmayprotestourpipelinetarifffilings,andtheFERCorstateregulatoryauthoritiesmay investigateandrequirechangestotarifftermsasaresultoftheprotestsorcomplaints.Further,theFERCmayorderrefundsof amountscollectedunderinterstateratesthataredeterminedtobeinexcessofajustandreasonablelevel.Stateregulatory authoritiescouldtakesimilarmeasuresforintrastatetariffs.Inaddition,shippersmaychallengebycomplaintthelawfulnessof tariffratesthathavebecomefinalandeffective.Ifexistingratesaredeterminedtobeinexcessofajustandreasonablelevel, wecouldberequiredtopayrefundstoshippers,reduceratesandmakeotherconcessions.

TheFERC’sratemakingmethodologiesmaylimitourabilitytoincreaseratesbyamountssufficienttoreflectouractualcostor maydelaytheuseofratesthatreflectincreasedcosts.TheFERC’sindexingmethodologyisbasedonchangesintheproducer priceindexforfinishedgoodscombinedwithanindexadjustment.Themethodologyissubjecttorevieweveryfiveyearsand currentlyallowsapipelinetochangeitsrateseachyeartoanewceilinglevel.Whenthechangeintheceilinglevelisnegative, wearegenerallyrequiredtoreduceourratesthataresubjecttotheFERC’sindexingmethodology.

TheFERCandmostrelevantstateregulatoryauthoritiesallowustoestablishratesbasedonconditionsincompetitivemarkets withoutregardtotheFERC’sindexlevelorourcost-of-service.Thetariffsonmostofourlong-haulcrudeoilpipelinesareat negotiatedratesbutarestillsubjecttoregulationbytheFERCorstateagenciesandsubjecttoprotestbyshippers.Ifwewere toloseourmarket-basedrateauthority,orifournegotiatedratesweredeterminedtonotbejustandreasonable,wecouldbe requiredtoestablishratesonsomeotherbasis,suchasourcost-of-service.Establishingourratesthroughacost-of-service filingcouldbeexpensiveandcouldresultintariffreductions,whichwouldadverselyaffectourbusiness.

Increasedregulationofexplorationandproductionactivities,includinghydraulicfracturing,wellsetbacksanddisposal ofwastewater,couldresultinreductionsordelaysindrillingandcompletingnewcrudeoilandnaturalgaswells.

Thecrudeoilandnaturalgasindustriesrelyonsuppliesfromnonconventionalsources,suchasshaleandtightsands.Crudeoil andnaturalgasextractedfromthesesourcesfrequentlyrequireshydraulicfracturing,whichinvolvesthepressurizedinjection ofwater,sandandchemicalsintoageologicformationtostimulatecrudeoilandnaturalgasproduction.Legislationor regulationsplacingrestrictionsonexplorationandproductionactivities,includinghydraulicfracturinganddisposalof wastewater,orcurtailmentofwateruseforindustrialormineraldevelopmentactivities,couldresultinoperationaldelays, increasedoperatingcostsandadditionalregulatoryburdensonexplorationandproductionoperators.Anyofthesefactors couldreducetheirproductionofcrudeoilandunprocessednaturalgasand,inturn,adverselyaffectourrevenuesandresultsof operationsbydecreasingthevolumesofcrudeoil,naturalgasandNGLsgathered,treated,processed,fractionated,storedand transportedonourorourjointventures’assets.

OurliquidsblendingactivitiessubjectustofederalregulationsthatgovernrenewablefuelrequirementsintheU.S.

TheEnergyIndependenceandSecurityActof2007expandedtherequireduseofrenewablefuelsintheU.S.Eachyear,the UnitedStatesEnvironmentalProtectionAgency(EPA)establishesaRenewableVolumeObligation(RVO)requirementfor refinersandfuelmanufacturersbasedonoverallquotasestablishedbythefederalgovernment.Byvirtueofourliquids blendingactivityandresultinggasolineproduction,weareanobligatedpartyandreceiveanannualRVOfromtheEPA.We typicallypurchaserenewableidentificationnumbers,calledRINs,undertheRenewableFuelStandardProgramtomeetthis obligation.IncreasesinthecostordecreasesintheavailabilityofRINs,aswellasanyvolatilityinsuchcostsoravailability, couldhaveanadverseimpactonourbusiness.

WemayfacesignificantcoststocomplywiththeregulationofGHGemissions.

GHGemissionsinthemidstreamindustryoriginateprimarilyfromcombustionengineandheaterexhaustandfugitivemethane gasemissions.International,federal,regionaland/orstatelegislativeand/orregulatoryinitiativesmayattempttocontrolor limitGHGemissions,includinginitiativesdirectedatissuesassociatedwithclimatechange.Variousfederalandstate legislativeproposalshavebeenintroducedtoregulatetheemissionofGHGs,particularlycarbondioxideandmethane.In addition,therehavebeeninternationaleffortsseekinglegallybindingreductionsinemissionsofGHGs.

Webelieveitislikelythatfuturegovernmentallegislationand/orregulationonthefederal,stateandregionallevels,may furtherrequireustolimitGHGemissionsassociatedwithouroperations,payadditionalfeesassociatedwithourGHG emissionsorpurchaseallowancesforsuchemissions.Inthepast,theInflationReductionActof2022(IRA)haddirectedthe EPAtoimposeandcollectpaymentof“WasteEmissionsCharges,”or“MethaneFees,”forspecificfacilitiesthatreportmore than25,000metrictonsofcarbondioxideequivalentofGHGemissionsperyearandhaveamethaneemissionsintensityin excessoftherelevantstatutorythreshold.However,thenewadministrationissuedanexecutiveorderdirectingtheheadsofall federalagenciestoidentifyandbegintheprocessestosuspend,reviseorrescindallagencyactionsthatareundulyburdensome ontheidentification,developmentoruseofdomesticenergyresources.TheOneBigBeautifulBillAct,passedJuly4,2025,

suspendedtheMethaneFee.Additionally,onFebruary12,2026,theEPAissuedafinalruleeliminatingthe2009GHG endangermentfinding,whichunderpinsU.S.federalregulationofGHGemissionsundertheCleanAirAct.Thefinalruleis expectedtobesubjecttoextensivelitigation.Consequently,futureimplementationandenforcementoftheserulesremain uncertainatthistime.MethaneFees,ifimplemented,andotherlegislativeand/orregulatoryinitiativesthatincreaseourcosts orthecomplexityorcomplianceburdenofbusinesscouldmakesomeofouractivitiesuneconomictomaintainoroperate. However,wecannotpredictpreciselywhatformthesefuturelegislativeand/orregulatoryinitiativeswilltake,thestringencyof suchinitiatives,whentheywillbecomeeffectiveortheimpactonourcapitalexpenditures,competitivepositionandresultsof operations.Further,wemaynotbeabletopassonthehighercoststoourcustomersorrecoverallcostsrelatedtocomplying withGHGlegislativeand/orregulatoryrequirements.Ourfutureresultsofoperations,financialpositionorcashflowscouldbe adverselyaffectedifsuchcostsarenotrecoveredorotherwisepassedontoourcustomers.

Ouroperationsaresubjecttofederalandstatelawsandregulationsrelatingtotheprotectionofpublichealthand safetyandtheenvironment,whichmayexposeustosignificantcostsandliabilities.Increasedlitigationandactivism challengingcontinuedrelianceuponoilandgasaswellaschangestoand/orincreasedpenaltiesfromtheenforcementof laws,regulationsandpoliciescouldadverselyimpactourbusiness.

Theriskofincurringsubstantialenvironmentalcostsandliabilitiesisinherentinourbusiness.Ouroperationsaresubjectto extensivefederal,stateandlocallawsandregulationsrelatingtotheprotectionoftheenvironment.Examplesoftheselaws includethe:

•FederalCleanAirAct,asamended,andanalogousstatelawsthatimposeobligationsrelatedtoairemissions;

•FederalWaterPollutionControlActAmendmentsof1972,asamended,andanalogousstatelawsthatimpose requirementsrelatedtoactivitiesinandaroundcertainstateandfederalwaters,includingrequirementsrelatedto dischargeofwastewaterfromourfacilitiesintostateandfederalwatersanddischargeofdredgeandfillmaterials, suchasdirtandotherearthymaterials,intowatersoftheUnitedStates;

•ComprehensiveEnvironmentalResponse,CompensationandLiabilityAct,asamended(CERCLA),theOilPollution Act(OPA)andanalogousstatelawsthatregulatethecleanupofhazardoussubstancesthatmayhavebeenreleasedat propertiescurrentlyorpreviouslyownedoroperatedbyusorlocationstowhichwehavesentwastefordisposal;

•NationalEnvironmentalPolicyActandanalogousstatelawsthatestablishrequirementsforcertainenvironmental analysespriortomajorgovernmentactions,includingdiscretionarypermits;

•EndangeredSpeciesActof1973andanalogousstatelawsthatimposeobligationsrelatedtoprotectionofthreatened andendangeredspecies;and

•ResourceConservationandRecoveryAct,asamended(RCRA),andanalogousstatelawsthatimposerequirements forthehandlinganddischargeofsolidandhazardouswastefromourfacilities.

Uponenteringoffice,thenewadministrationissuedaseriesofexecutiveordersthatsignalashiftintheUnitedStates’energy, environmentalandclimatechangepolicy.Amongotherdirectives,suchexecutiveorders:(i)directfederalagenciestoidentify andexerciseemergencyauthoritiestofacilitateconventionalenergyproduction,transportationandrefiningandcallfortheuse ofemergencyregulationstoexpediteenergyinfrastructureprojects;(ii)promoteenergyexplorationsandproductiononfederal landsandwaters;(iii)mandateareviewofexistingregulationsthatmayburdendomesticenergydevelopment;and(iv) rescissionoffundsandprogramsrelatedtotheIRAandInfrastructureInvestmentandJobsAct.Wecontinuetoassessthe long-termimpactsofsuchactionsonouroperations,ifany.However,suchactionsmaypromptvariousstatesandother policymakerstotakemorestringentactiononsuchmatters.Therefore,thenetimpactofanydevelopmentsisdifficulttopredict withanycertainty.

Variousfederalandstategovernmentalauthorities,includingtheEPAandtheDepartmentoftheInterior,havethepowerto enforcecompliancewiththeselawsandregulationsandthepermitsissuedunderthem.Violatorsaresubjecttoadministrative, civilandcriminalpenalties,includingcivilfines,injunctionsorboth.Jointandseveral,strictliabilitymaybeincurredwithout regardtofaultunderCERCLA,RCRAandanalogousstatelawsfortheremediationofcontaminatedareas.

Thereisaninherentriskofincurringenvironmentalcostsandliabilitiesinourbusinessduetoourhandlingoftheproductswe gather,transport,processandstore;airemissionsandwaterdischargerelatedtoouroperations;pastindustryoperationsand wastedisposalpractices,someofwhichmaybematerial.Privateparties,includingtheownersofpropertiesthroughwhichour pipelinesystemspass,mayhavetherighttopursuelegalactionstoenforcecomplianceaswellastoseekdamagesfor noncompliancewithenvironmentallawsandregulationsorforpersonalinjuryorpropertydamagearisingfromourcurrentor historicaloperations.Somesitesweoperatearelocatednearcurrentorformerthird-partyhydrocarbonstorageandprocessing operations,andthereisariskthatcontaminationhasmigratedfromthosesitestoours.Inaddition,increasinglystrictlaws, regulationsandenforcementpoliciescouldincreasesignificantlyourcompliancecosts,penaltiesandothercostassociatedwith anyallegednoncompliance,andthecostofanyremediationthatmaybecomenecessary;someofthesecostscouldbematerial

andcouldadverselyaffectourbusiness,resultsofoperation,financialpositionandcashflows.Ourinsurancemaynotcoverall oftheseenvironmentalrisks,andtherearealsolimitsoncoverage.AdditionalinformationisincludedunderItem1,Business, under“Regulatory,EnvironmentalandSafetyMatters”andinNoteOoftheNotestoConsolidatedFinancialStatementsinthis AnnualReport.

Increasedlitigationandactivismchallengingoilandgasdevelopmentaswellaschangestoand/orincreasedenforcementof laws,regulationsandpoliciescouldimpactourbusiness.Theseactionscould,amongotherthings,impactourcustomers’ activities,ourexistingpermits,ourabilitytomodifyorobtainnewpermitsforexistingornewdevelopmentprojectsandpublic perceptionofourcompany,whichcouldadverselyaffectourbusiness,resultsofoperations,financialpositionorcashflows.

RISKFACTORSRELATEDTOFINANCINGOURBUSINESS

Changesininterestratescouldadverselyaffectourbusiness.

Weusebothfixedandvariableratedebt,andweareexposedtomarketriskduetothefloatinginterestratesonourshort-term borrowings.Ourresultsofoperations,financialpositionandcashflowscouldbeaffectedadverselybysignificantfluctuations ininterestrates.

Anyreductioninourcreditratingscouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcash flows.

Ourlong-termdebthasbeenassignedaninvestment-gradecreditratingof“Baa2”byMoody’sand“BBB”bybothS&Pand Fitch.Ourcommercialpaperprogramhasbeenassignedaninvestment-gradecreditratingofPrime-2,A-2andF2byMoody’s, S&PandFitch,respectively.Wecannotprovideassurancethatanyofourcurrentratingswillremainineffectforanygiven periodoftimeorthataratingwillnotbeloweredorwithdrawnentirelybythesecreditratingagencies.Iftheseagencieswere todowngradeourlong-termdebtorourcommercialpaperrating,particularlybelowinvestmentgrade,ourborrowingcosts couldincrease,whichwouldadverselyaffectourfinancialresults,andourpotentialpoolofinvestorsandfundingsourcescould decrease.Ratingsfromtheseagenciesarenotrecommendationstobuy,sellorholdoursecurities.Eachratingshouldbe evaluatedindependentlyofanyotherrating.

Ourindebtednessandguaranteeobligationscouldimpairourfinancialconditionandourabilitytofulfillour obligations.

AsofDecember31,2025,wehadtotalindebtednessof$34.0billion.Ourindebtednessandguaranteeobligationscouldhave significantconsequences.Forexample,theycould:

•makeitmoredifficultforustosatisfyourobligationswithrespecttoseniornotesandotherindebtednessduetothe increaseddebt-serviceobligations,whichcould,inturn,resultinaneventofdefaultonsuchotherindebtednessorthe seniornotes;

•impairourabilitytoobtainadditionalfinancinginthefutureforworkingcapital,capitalexpenditures,acquisitionsor generalbusinesspurposes;

•diminishourabilitytowithstandadownturninourbusinessortheeconomy;

•requireustodedicateasubstantialportionofourcashflowsfromoperationstodebt-servicepayments,reducingthe availabilityofcashforworkingcapital,capitalexpenditures,acquisitions,dividendsorgeneralcorporatepurposes;

•limitourflexibilityinplanningfor,orreactingto,changesinourbusinessandtheindustryinwhichweoperate;and •placeusatacompetitivedisadvantagecomparedwithourcompetitorsthathaveproportionatelylessdebtandfewer guaranteeobligations.

Wearenotprohibitedundertheindenturesgoverningtheseniornotesfromincurringadditionalindebtedness,butourdebt agreementsdosubjectustocertainoperationallimitationsthatcouldrestrictourabilitytofinancefutureoperationsorexpand orpursuebusinessactivities,assummarizedinthenextparagraph.Ifweincursignificantadditionalindebtedness,itcould worsenthenegativeconsequencesmentionedaboveandcouldadverselyaffectourabilitytorepayourotherindebtedness.

Our$3.5BillionCreditAgreementcontainsprovisionsthat,amongotherthings,limitourabilitytomakematerialchangesto thenatureofourbusiness,merge,consolidateordisposeofallorsubstantiallyallofourassets,grantliensandsecurityinterests onourassets,engageintransactionswithaffiliatesormakerestrictedpayments,includingdividends.Italsorequiresusto maintaincertainfinancialratios,whichlimittheamountofadditionalindebtednesswecanincur,asdescribedinthe“Liquidity andCapitalResources”sectionofPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResultsof

Operations,inthisAnnualReport.Theserestrictionscouldresultinhighercostsofborrowingandimpairourabilityto generateadditionalcash.Futurefinancingagreementswemayenterintomaycontainsimilarormorerestrictivecovenants.

Ifweareunabletomeetourdebt-serviceobligationsorcomplywithfinancialcovenants,wecouldbeforcedtorestructureor refinanceourindebtedness,seekadditionalequitycapitalorsellassets.Wemaybeunabletoobtainfinancingorsellassetson satisfactoryterms,oratall.

AneventofdefaultmayrequireustooffertorepurchaseorrepaycertainofourandONEOKPartners’seniornotesor mayimpairourabilitytoaccesscapital.

TheindenturesgoverningcertainofourandONEOKPartners’seniornotesincludeaneventofdefaultupontheaccelerationof otherindebtednessof$15millionormoreforcertainofourseniornotesor$100millionormoreforcertainofourandONEOK Partners’seniornotes.Sucheventsofdefaultwouldentitlethetrusteeortheholdersof25%inaggregateprincipalamountof ourandONEOKPartners’outstandingseniornotestodeclarethoseseniornotesimmediatelydueandpayableinfull.Wemay nothavesufficientcashonhandtorepurchaseandrepayanyacceleratedseniornotes,whichmaycauseustoborrowfunds underourcreditfacilityorseekalternativefinancingsourcestofinancetherepurchasesandrepayment.Wecouldalsoface difficultiesaccessingcapitalorourborrowingcostscouldincrease,impactingourabilitytoobtainfinancingforacquisitionsor capitalexpenditures,torefinanceindebtednessandtofulfillourdebtobligations.

Therighttoreceivepaymentsonouroutstandingdebtsecuritiesandsubsidiaryguaranteesisunsecuredandwillbe effectivelysubordinatedtoanyfuturesecuredindebtednessaswellastoanyexistingandfutureindebtednessofour subsidiariesthatdonotguaranteetheseniornotes.

AlthoughONEOKPartners,theIntermediatePartnership,Magellan,EnLinkandEnLinkPartnershaveguaranteedourdebt securities,theguaranteesaresubjecttoreleaseundercertaincircumstances,andwehavesubsidiariesthatarenotguarantors. Inthosecases,thedebtsecuritieseffectivelyaresubordinatedtotheclaimsofallcreditors,includingtradecreditorsandtort claimants,ofoursubsidiariesthatarenotguarantors.Intheeventoftheinsolvency,bankruptcy,liquidation,reorganization, dissolutionorwindingupofthebusinessofasubsidiarythatisnotaguarantor,creditorsofthatsubsidiarywouldgenerally havetherighttobepaidinfullbeforeanydistributionismadetousortheholdersofthedebtsecurities.

AcourtmayusefraudulentconveyanceconsiderationstoavoidorsubordinatethecrossguaranteesofourandONEOK Partners’indebtedness.

ONEOK,ONEOKPartners,theIntermediatePartnership,Magellan,EnLinkandEnLinkPartnershavecrossguaranteesin placeforourandONEOKPartners’indebtedness.Acourtmayusefraudulentconveyancelawstosubordinateoravoidthe crossguaranteesofcertainofthisindebtedness.Itisalsopossiblethatundercertaincircumstances,acourtcouldavoidor subordinatetheguarantor’sguaranteeofthisindebtednessinfavoroftheguarantor’sotherdebtsorliabilitiestotheextentthat thecourtdeterminedeitherofthefollowingweretrueatthetimetheguarantorissuedtheguarantee:

•theguarantorincurredtheguaranteewiththeintenttohinder,delayordefraudanyofitspresentorfuturecreditorsor theguarantorcontemplatedinsolvencywithadesigntofavoroneormorecreditorstothetotalorpartialexclusionof others;or

•theguarantordidnotreceivefairconsiderationorreasonableequivalentvalueforissuingtheguaranteeand,atthetime itissuedtheguarantee,theguarantor:

–wasinsolventorrenderedinsolventbyreasonoftheissuanceoftheguarantee;

–wasengagedorabouttoengageinabusinessortransactionforwhichitsremainingassetsconstituted unreasonablysmallcapital;or

–intendedtoincur,orbelievedthatitwouldincur,debtsbeyonditsabilitytopaysuchdebtsastheymatured.

Themeasureofinsolvencyforpurposesoftheforegoingwillvarydependinguponthelawoftherelevantjurisdiction. Generally,however,anentitywouldbeconsideredinsolventforpurposesoftheforegoingif:

•thesumofitsdebts,includingcontingentliabilities,weregreaterthanthefairsaleablevalueofallofitsassetsatafair valuation;

•thepresentfairsaleablevalueofitsassetswaslessthantheamountthatwouldberequiredtopayitsprobableliability onitsexistingdebts,includingcontingentliabilities,astheybecomeabsoluteandmature;or

•itcouldnotpayitsdebtsastheybecomedue.

Amongotherthings,alegalchallengeofthecrossguaranteesofourandONEOKPartners’indebtednessonfraudulent conveyancegroundsmayfocusonthebenefits,ifany,realizedbytheguarantorasaresultoftheissuanceofsuchdebt.Tothe

extenttheguarantor’sguaranteeofanysuchindebtednessisavoidedasaresultoffraudulentconveyanceorheldunenforceable foranyotherreason,theholdersofsuchdebtwouldceasetohaveanyclaiminrespectoftheguarantee.

GENERALRISKFACTORS

Mergers,acquisitionsandothersignificanttransactionsthatappeartobeaccretivemayneverthelessreduceourcash fromoperationsonaper-sharebasis.

Anymerger,acquisitionorothersignificanttransactionsinvolvespotentialrisksthatmayinclude,amongotherthings:

•inaccurateassumptionsaboutvolumes,revenuesandcosts,includingpotentialsynergies;

•aninabilitytointegratesuccessfullythebusinessesweacquire;

•decreaseinourliquidityasaresultofourusingasignificantportionofouravailablecashorborrowingcapacityto financetheacquisition;

•asignificantincreaseinourinterestexpenseand/orfinancialleverageifweincuradditionaldebttofinancethe acquisition;

•theassumptionofunknownliabilitiesforwhichwearenotindemnified,ourindemnityisinadequateorourinsurance policiesmayexcludefromcoverage;

•aninabilitytohire,trainorretainqualifiedpersonneltomanageandoperatetheacquiredbusinessandassets;

•limitationsonrightstoindemnityfromtheseller;

•inaccurateassumptionsabouttheoverallcostsofequityordebt;

•thediversionofmanagement’sandemployees’attentionfromotherbusinessconcerns;

•unforeseendifficultiesoperatinginnewproductareasornewgeographicareas;

•increasedregulatoryburdens;and

•customerorkeyemployeelossesatanacquiredbusiness.

Ifweconsummateanyfuturemergersoracquisitions,ourcapitalizationandresultsofoperationsmaychangesignificantly,and investorswillnothavetheopportunitytoevaluatetheeconomic,financialandotherrelevantinformationthatwewillconsider indeterminingtheapplicationofourresourcestofutureacquisitions.

Ourfutureresultsfollowinganypotentialfuturetransactionswillsufferifwedonoteffectivelymanageourexpanded operations.

DuringtheyearendedDecember31,2025,wecompletedtheEnLinkAcquisition,theDelawareBasinJVAcquisitionandthe BridgeTexAdditionalInterestAcquisition.Asaresult,thesizeofourbusinesshasincreasedandwillincreasefurtherifwe completefutureacquisitions.Ourfuturesuccesswilldepend,inpart,uponourabilitytomanagethisexpandedbusiness,which mayposechallengesformanagement,includingchallengesrelatedtothemanagementandmonitoringofnewoperationsand associatedincreasedcostsandcomplexity.Wemayalsofaceincreasedscrutinyfromgovernmentalauthoritiesand/orother thirdpartiesasaresultoftheincreaseinthesizeofourbusiness.Therecanbenoassurancesthatwewillbesuccessfulorthat wewillrealizetheexpectedoperatingefficiencies,costsavings,revenueenhancementsorotherbenefitsanticipatedfromthese acquisitionsandanypotentialfutureacquisitions.

Holdersofourcommonstockmayreceivedividendsthatvaryfromanticipatedamounts,ornodividendsatall.

Wemaynothavesufficientcasheachquartertopaydividendsormaintaincurrentorexpectedlevelsofdividends.Theactual amountofcashwepayintheformofdividendsmayfluctuatefromquartertoquarterandwilldependonvariousfactors,some ofwhicharebeyondourcontrol,includingourworkingcapitalneeds,ourabilitytoborrow,therestrictionscontainedinour indenturesandcreditfacility,ourdebt-servicerequirementsandthecostofacquisitions,ifany.Afailureeithertopay dividendsortopaydividendsatexpectedlevelscouldresultinalossofinvestorconfidence,reputationaldamageanda decreaseinthevalueofourstockprice.

Weareexposedtothecreditriskofourcustomersorcounterparties,andourcreditriskmanagementmaynotbe adequatetoprotectagainstsuchrisk.

Wearesubjecttotheriskoflossresultingfromnonpaymentand/ornonperformancebyourcustomersandcounterparties.Our customersorcounterpartiesmayexperiencerapiddeteriorationoftheirfinancialconditionasaresultofchangingmarket conditions,commoditypricesorfinancialdifficultiesthatcouldimpacttheircreditworthinessorabilitytopayusforour services.Weassessthecreditworthinessofourcustomersandcounterpartiesandobtaincollateralorcontractualtermsaswe deemappropriate.Wecannot,however,predicttowhatextentourbusinessmaybeimpactedbydeterioratingmarketor

financialconditions,includingpossibledeclinesinourcustomers’andcounterparties’creditworthiness.Ourcustomersand counterpartiesmaynotperformoradheretoourexistingorfuturecontractualarrangements.Totheextentourcustomersand counterpartiesareinfinancialdistressorcommencebankruptcyproceedings,contractswiththemmaybesubjectto renegotiationorrejectionunderapplicableprovisionsoftheUnitedStatesBankruptcyCode.Ifourrisk-managementpolicies andproceduresfailtoassessadequatelythecreditworthinessofexistingorfuturecustomersandcounterparties,anymaterial nonpaymentornonperformancebyourcustomersandcounterpartiesduetoinabilityorunwillingnesstoperformoradhereto contractualarrangementscouldadverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Ourcounterpartiesareprimarilymajorintegratedandindependentexplorationandproduction,pipeline,marketingand petrochemicalcompaniesandnaturalgasandelectricutilities.Therefore,ourcounterpartiesmaybesimilarlyaffectedby changesineconomic,regulatoryorotherfactorsthatmayaffectouroverallcreditrisk.

Ourbusinessrequirestheretentionandrecruitmentofaskilledexecutiveteamandworkforce,anddifficultiesin recruitingandretainingexecutivesandotherkeypersonnelcouldimpairourabilitytodevelopandimplementour businessstrategy.Ashortageofskilledlabormaymakeitdifficultforustomaintainlaborproductivityand competitivecosts.

Oursuccessdependsinpartontheperformanceofandourabilitytoattract,retainandeffectivelymanagethesuccessionofa skilledexecutiveteam.Wedependonourexecutiveofficerstodevelopandexecuteourbusinessstrategy.Ifwearenot successfulinretainingourexecutiveofficers,orreplacingthem,ourbusiness,financialconditionorresultsofoperationscould beadverselyaffected.

Inaddition,ouroperationsrequiretheretentionandrecruitmentofskilledandexperiencedworkerswithproficiencyinmultiple tasks.Inrecentyears,ashortageofworkerstrainedinvariousskillsassociatedwiththemidstreamenergybusinesshas,at times,causedustoconductcertainoperationswithoutfullstaff,thushiringoutsideresources,whichmaydecreaseproductivity andincreasecosts.Thisshortageoftrainedworkersistheresultofexperiencedworkersreachingretirementageandincreased competitionforworkersincertainareas,combinedwiththechallengesofattractingnew,qualifiedworkerstothemidstream energyindustry.Iftheshortageofexperiencedlaborcontinuesorworsens,itcouldadverselyaffectourlaborproductivityand costsandourabilitytoexpandoperationsintheeventthereisanincreaseinthedemandforourservicesandproducts,which couldadverselyaffectourbusiness,resultsofoperations,financialpositionandcashflows.

Ouremployeesordirectorsmayengageinmisconductorotherimproperactivities,includingnoncompliancewith regulatorystandardsandrequirements.

Aswithallcompanies,weareexposedtotheriskofemployeefraudorothermisconduct.OurBoardofDirectorshasadopted acodeofbusinessconductandethicsthatappliestoourdirectors,officers(includingourprincipalexecutiveandfinancial officers,principalaccountingofficer,controllersandotherpersonsperformingsimilarfunctions)andallotheremployees.We requirealldirectors,officersandemployeestoadheretoourcodeofbusinessconductandethicsinaddressingthelegaland ethicalissuesencounteredinconductingtheirworkforourcompany.Ourcodeofbusinessconductandethicsrequires,among otherthings,thatourdirectors,officersandemployeesavoidconflictsofinterest,complywithallapplicablelawsandother legalrequirements,conductbusinessinanhonestandethicalmannerandotherwiseactwithintegrityandinourcompany’s bestinterest.Alldirectors,officersandemployeesarerequiredtoreportanyconductthattheybelievetobeanactualor apparentviolationofourcodeofbusinessconductandethics.However,itisnotalwayspossibletoidentifyanddeter misconduct,andtheprecautionswetaketodetectandpreventthisactivitymaynotbeeffectiveincontrollingunknownor unmanagedrisksorlossesorinprotectingusfromgovernmentalinvestigationsorotheractionsorlawsuitsstemmingfroma failuretocomplywithsuchlawsorregulations.Ifanysuchactionsareinstitutedagainstus,andwearenotsuccessfulin defendingourselvesorassertingourrights,thoseactionscouldadverselyaffectourreputation,business,resultsofoperations, financialpositionandcashflows.

Animpairmentofgoodwill,long-livedassets,includingintangibleassets,andequity-methodinvestmentscouldreduce ourearnings.

Goodwillisrecordedwhenthepurchasepriceofabusinessexceedsthefairmarketvalueofthetangibleandseparately measurableintangiblenetassets.GAAPrequiresustotestgoodwillforimpairmentonanannualbasisorwheneventsor circumstancesoccurindicatingthatgoodwillmightbeimpaired.Long-livedassets,includingintangibleassetswithfinite usefullives,arereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingamountmay notberecoverable.Fortheinvestmentsweaccountforundertheequitymethod,theimpairmenttestconsiderswhetherthefair valueoftheequityinvestmentasawhole,nottheunderlyingnetassets,hasdeclinedandwhetherthatdeclineisotherthan temporary.Forexample,ifalowcommoditypriceenvironmentpersistedforaprolongedperiod,itcouldresultinlower

volumesdeliveredtooursystemsandimpairmentsofourassetsorequity-methodinvestments.Ifwedeterminethatan impairmentisindicated,wewouldberequiredtotakeanimmediatenoncashchargetoearningswithacorrelativeeffecton equityandbalancesheetleverageasmeasuredbyconsolidateddebttototalcapitalization.

Forfurtherdiscussionofimpairmentsoflong-livedassets,goodwillandequity-methodinvestments,seeNoteAoftheNotesto ConsolidatedFinancialStatementsinthisAnnualReport.

Thecostofprovidingpensionandpostretirementhealthcarebenefitstoeligibleemployeesandqualifiedretireesis subjecttochangesinpensionfundvaluesandchangingdemographicsandmayincrease.

Wehavedefinedbenefitpensionplansforcertainemployeesandformeremployees,whichareclosedtonewparticipants,and postretirementwelfareplansthatprovidepostretirementmedicalandlifeinsurancebenefitstocertainemployees.Thecostof providingthesebenefitstoeligiblecurrentandformeremployeesissubjecttochangesinthemarketvalueofourpensionand postretirementbenefitplanassets,changingdemographics,includinglongerlifeexpectancyofplanparticipantsandtheir beneficiariesandchangesinhealthcarecosts.Forfurtherdiscussionofourdefinedbenefitpensionplanandpostretirement welfareplans,seeNoteLoftheNotestoConsolidatedFinancialStatementsinthisAnnualReport.

Anysustaineddeclinesinequitymarketsandreductionsinbondyieldsmayadverselyaffectthevalueofourpensionand postretirementbenefitplanassets.Inthesecircumstances,additionalcashcontributionstoourpensionplansmayberequired, whichcouldadverselyaffectourbusiness,financialconditionandcashflows.

Ifwefailtomaintainaneffectivesystemofinternalcontrols,wemaynotbeabletoreportaccuratelyourfinancial resultsorpreventfraud.Asaresult,currentandpotentialholdersofourequityanddebtsecuritiescouldlose confidenceinourfinancialreporting.

Effectiveinternalcontrolsarenecessaryforustoprovidereliablefinancialreports,preventfraudandoperatesuccessfullyasa publiccompany.Wecannotbecertainthatoureffortstomaintainourinternalcontrolswillbesuccessful,thatwewillbeable tomaintainadequatecontrolsoverourfinancialprocessesandreportinginthefutureorthatwewillbeabletocontinueto complywithourobligationsunderSection404oftheSarbanes-OxleyActof2002.Anyfailuretomaintaineffectiveinternal controls,ordifficultiesencounteredinimplementingorimprovingourinternalcontrols,couldharmouroperatingresultsor causeustofailtomeetourreportingobligations.Ineffectiveinternalcontrolscouldalsocauseinvestorstoloseconfidencein ourreportedfinancialinformation,whichwouldlikelyhaveanegativeeffectonthetradingpriceofourequity,ouraccessto capitalmarketsandthecostofcapital.

ITEM1B.UNRESOLVEDSTAFFCOMMENTS

Notapplicable.

ITEM1C.CYBERSECURITY

RiskManagementandStrategy -Wetakeacross-disciplinaryapproachtocybersecurityandphysicalsecurity.Ourannual EnterpriseRiskManagement(ERM)processencompassestheidentificationandassessmentofabroadrangeofrisks,including cybersecurity,andthedevelopmentandtestingofcontrolstomitigatetheserisks.OurERMassessmentisdesignedtoenable ourBoardofDirectorstoestablishamutualunderstandingwithmanagementoftheeffectivenessofourrisk-management practicesandcapabilities,toreviewourriskexposuresandtoelevatecertainkeyrisksfordiscussionattheboardlevel.Our ERMprogramisoverseenbyourchieffinancialofficer.

OurcybersecurityriskmanagementprogramisintegratedwithourERMprogramandsharescommonmethodologies,reporting channelsandgovernanceprocessesthatapplyacrosstheERMprogramtootherlegalcompliance,strategic,operationaland financialriskareas.OursecurityprogramgenerallyincorporatestheguidelinesofthewidelyutilizedNationalInstituteof StandardsandTechnologyCybersecurityFramework,thoughthisdoesnotimplywemeetanyparticulartechnicalstandards, specificationsorrequirements.Onaregularbasis,weengageconsultants,includingexternalcounselandcybersecurityfirms, toconductpenetrationtestsandarchitecturedesignreviews.Inaddition,weconductriskassessmentsofnewenterprisethirdpartysoftwareandcloudvendorsbyutilizingsecurityquestionnairespriortoprocurement.

AsofFebruary16,2026,thoughtheCompanyandthirdpartieshaveexperiencedcertainnonmaterialcybersecurityincidents, wearenotawareofanycybersecuritythreats,thathavemateriallyaffectedorarereasonablylikelytomateriallyaffectus, includingourbusinessstrategy,resultsofoperationsorfinancialcondition.Wefacecertainongoingrisksfromcybersecurity threatsthat,ifrealizedandmaterial,maymateriallyaffectus,includingouroperations,businessstrategy,resultsofoperations orfinancialcondition.SeePart1,Item1A“RiskFactors”foradiscussionofrisksfactorsrelatedtocybersecurity.

Governance -SecurityisgovernedbytheSecurityAdvisoryTeam,anexecutiveadvisorycommitteecomposedofcompany officers,includingourchiefexecutiveofficer,ourchieffinancialofficerandourchiefenterpriseservicesofficer.TheSecurity AdvisoryTeammeetsregularlytoevaluateongoingsecuritythreatsandincidents,todefinepolicyandtoprioritizeinitiatives. Identifiedcybersecuritythreatsandincidentsaremonitoredandassessedformaterialitybythiscross-functionalSecurity AdvisoryTeam.ThisassessmentincludeswhetherourBoardofDirectorsshouldbeinformedofathreatorincident.Theuse ofemergingtechnologies,includingtheuseofCloudServicesandArtificialIntelligence,isgovernedbyourEnd-User ComputingPolicy.

TheSecurityAdvisoryTeamischairedbyourvicepresidentofcybersecurityandphysicalsecuritywhohasmorethantwenty yearsofrelevantexperienceinthefieldofcyberandphysicalsecurity.Inhisrole,ourvicepresidentofcybersecurityand physicalsecurityalsosuperviseseffortstoprevent,detect,mitigateandremediatecybersecurityrisksandincidentsthrough variousmeans,whichincludebriefingsfrominternalsecuritypersonnel,alertsandreportsproducedbysecuritytoolsdeployed inourtechnologyinfrastructureandthreatintelligenceandotherinformationobtainedfromgovernmental,publicorprivate sources,includingexternalcybersecurityserviceproviders.Ourvicepresidentofcybersecurityandphysicalsecurityreportsto ourexecutivevicepresidentandchiefenterpriseservicesofficer,responsibleforcybersecurity,informationtechnology, enterpriseoptimizationandinnovation,amongotherresponsibilities.BeforejoiningONEOK,ourexecutivevicepresidentand chiefenterpriseservicesofficerheldinformationtechnologypositionsofincreasingresponsibility.

CybersecurityrisksarecommunicatedanddiscussedwithourBoardofDirectorsatleastannuallyinconjunctionwithour overallERMprogram.InternalAuditprovidesperiodicupdatestotheAuditCommitteeontestingcompletedtomeetTSA requirements.Aspartofitsoversightresponsibilities,ourBoardofDirectorsalsoreceivesfrequentupdatesfromexecutive managementonourcompany’sphysicalandcybersecurityefforts.

ITEM2.PROPERTIES

AdescriptionofourpropertiesisincludedinItem1,Business.

ITEM3.LEGALPROCEEDINGS

Wehaveelectedtousea$1millionthresholdfordisclosingenvironmentalproceedings.

InformationaboutourlegalproceedingsisincludedinNoteOoftheNotestoConsolidatedFinancialStatementsinthisAnnual Report.

ITEM4.MINESAFETYDISCLOSURES

Notapplicable.

PARTII

ITEM5.MARKETFORREGISTRANT’SCOMMONEQUITY,RELATEDSTOCKHOLDERMATTERS ANDISSUERPURCHASESOFEQUITYSECURITIES

OurcommonstockislistedontheNYSEunderthetradingsymbol“OKE.”ThecorporatenameONEOKisusedinstock listings.

AtFebruary16,2026,therewere14,660holdersofrecordofour629,783,634outstandingsharesofcommonstock.

Forinformationregardingour2025EmployeeStockAwardProgramandotherequitycompensationplans,seeNoteKofthe NotestoConsolidatedFinancialStatementsand“EquityCompensationPlanInformation”includedinPartIII,Item12,Security OwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters,inthisAnnualReport.

REPURCHASESOFCOMMONSTOCK

ISSUERPURCHASESOFEQUITYSECURITIES

TotalNumberofShares PurchasedasPartofthe PubliclyAnnounced Program(a)

MaximumApproximate DollarValueofShares ThatMayYetBe PurchasedUnderthe Program (Millionsofdollars)

611,237$1,766

$1,766

Total611,237611,237

(a)-InJanuary2024,ourBoardofDirectorsauthorizedasharerepurchaseprogramtobuyupto$2.0billionofouroutstandingcommon stock.Theprogramwillterminateuponcompletionoftherepurchasesofthe$2.0billionofcommonstock,oronJanuary1,2029,whichever occursfirst.

(b)-SharesreportedwererepurchasedinSeptember2025andsettledinOctober2025.

PERFORMANCEGRAPH

ThefollowingperformancegraphcomparestheperformanceofourcommonstockwiththeS&P500Index,theS&P500 EnergyIndexandaONEOKPeerGroupduringtheperiodbeginningonDecember31,2020,andendingonDecember31, 2025.

Valueofa$100Investment,AssumingReinvestmentofDistributions/Dividends, atDecember31,2020,andattheEndofEveryYearThroughDecember31,2025.

(a)-TheS&P500EnergyIndexisasubindexoftheS&P500thatincludesthosecompaniesclassifiedasmembersoftheenergysector. (b)-TheONEOKPeerGroupin2025wascomposedofthefollowingcompanies:AnteroMidstreamCorp.;EnergyTransferLP;Enterprise ProductsPartnersL.P.;KinderMorgan,Inc.;KinetikHoldingsInc.;MPLXLP;PlainsAllAmericanPipeline,L.P.;TargaResourcesCorp.; WesternMidstreamPartners,LP;andTheWilliamsCompanies,Inc.

ITEM6.[RESERVED]

ThefollowingdiscussionandanalysisshouldbereadinconjunctionwithPartI,Item1,Business,ourauditedConsolidated FinancialStatementsandtheNotestoConsolidatedFinancialStatementsinthisAnnualReport.

RECENTDEVELOPMENTS

Pleaserefertothe“FinancialResultsandOperatingInformation”and“LiquidityandCapitalResources”sectionsof Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperationsinthisAnnualReportforadditional information.

Acquisitions

DelawareBasinJVAcquisition -OnMay28,2025,wecompletedtheDelawareBasinJVAcquisitionfor$941million. Pursuanttothepurchaseagreement,wepaid$550millionincash,includingpost-closingadjustments,whichwefundedwith short-termborrowingsandissuedapproximately4.9millionsharesofONEOKcommonstocktothesellerwithafairvalueof $391millionasoftheclosingdate.Followingthecompletionofthetransaction,itisnowawhollyownedsubsidiary.

EnLinkAcquisition -OnJanuary31,2025,wecompletedtheEnLinkAcquisition.PursuanttotheEnLinkMergerAgreement, eachpubliclyheldcommonunitofEnLinkwasexchangedforafixedratioof0.1412sharesofONEOKcommonstock, includingEnLinkUnitsthatwereexchangedforallpreviouslyoutstandingSeriesBPreferredUnitsimmediatelypriorto closing.Weissued41millionsharesofcommonstockwithafairvalueof$4.0billionasoftheclosingdateoftheEnLink Acquisition.EnLinkisnowawhollyownedsubsidiary.

Foradditionalinformationonourmostrecentacquisitions,seePartII,Item8,NoteBoftheNotestoConsolidatedFinancial StatementsinthisAnnualReport.SeePartI,Item1A“RiskFactors”forfurtherdiscussionofrisksrelatedtothese transactions.

JointVentures

EigerExpressPipeline -In2025,we,WhiteWater,MPLXLPandEnbridgeInc.,throughtheexistingMatterhornjointventure, announcedthenewapproximately450-mile,48-inchEigerExpressPipeline,designedtotransportuptoapproximately3.7Bcf/ dofnaturalgasfromthePermianBasintoKaty,Texas.WhiteWaterwillconstructandoperatethepipeline.Ourtotal ownershipinterestinthepipelinewillbe25.5%,whichincludesa15%interesthelddirectlyintheEigerjointventurewiththe remainderheldthroughMatterhorn.Weexpecttoinvestatotalofapproximately$350millionintothisproject,whichis expectedtobecompletedinmid-2028.

BridgeTexAdditionalInterestAcquisition

-OnJuly22,2025,wecompletedtheBridgeTexAdditionalInterestAcquisition. Pursuanttothepurchaseagreement,wepaidapproximately$270millionincash,whichwefundedwithshort-termborrowings. Followingthecompletionofthetransaction,wenowhavea60%ownershipinterestinBridgeTex.

TexasCityLogisticsandMBTCPipeline -InFebruary2025,weannounceddefinitiveagreementstoformjointventureswith MPLXLPtoconstructa400MBbl/dliquifiedpetroleumgasexportterminalinTexasCity,Texas,andanew24-inchpipeline fromourMontBelvieu,Texas,storagefacilitytothenewterminal.TexasCityLogistics,theexportterminaljointventure,is owned50%byusand50%byMPLXLP,withMPLXLPconstructingandoperatingthefacility.MBTCPipeline,thepipeline jointventure,isowned80%byusand20%byMPLXLP,andwewillconstructandoperatethepipeline.Weexpecttoinvest atotalofapproximately$1.0billionintotheseprojects,whichareexpectedtobecompletedinearly2028.

MarketConditions -Earningsincreasedin2025,comparedwith2024,dueprimarilytoafullyearofearningsfromEnLink andMedallionacrossoursegmentsandhigherNGLandnaturalgasprocessingvolumes.Ourextensiveandintegratedassets arelocatedin,andconnectedwith,someofthemostproductiveshalebasins,aswellasrefineriesanddemandcenters,inthe UnitedStates.

OneBigBeautifulBillAct(OBBBA) -OnJuly4,2025,theOBBBAwassignedintolaw.TheOBBBAmakeschangesto U.S.taxlawandincludesprovisionsthat,beginninginJanuary2025,makepermanentfullexpensingoftangiblepersonal propertyandrestoreEBITDA-basedcalculationsforpurposesofthebusinessinterestdeduction.WeexpecttheOBBBAto reduceourcashtaxesbeginningwiththe2025taxyear;however,wedonotanticipatetheOBBBAtomateriallyimpactnet income.

CapitalProjects -Ourprimarycapitalprojectsareoutlinedinthetablebelow:

ProjectScope Approximate Cost(a) Expected Completion

NaturalGasGatheringandProcessing (Inmillions)

Bighornplant

NaturalGasLiquids

ElkCreekpipelineexpansion

Medfordfractionator

TexasCityLogisticsexportterminal(c)

MBTCPipeline

NaturalGasPipelines

EigerExpressPipeline(c)

RefinedProductsandCrude

GreaterDenverpipelineexpansion

300MMcf/dprocessingplantwithcarbondioxide treaterinthePermianBasin

Increasecapacityto435MBbl/doutoftheRocky Mountainregion

Rebuildour210MBbl/dNGLfractionationfacilityin Medford,Oklahoma

400MBbl/dliquifiedpetroleumgasexportterminalin TexasCity,Texas

24-inchpipelinefromMontBelvieu,Texas,storage facilitytothenewTexasCity,Texas,exportterminal

450-mile,48-inchnaturalgaspipelinefromthe PermianBasintoKaty,Texas

Increasetotalsystemcapacityby35MBbl/dand additionalexpansioncapabilities

$365Mid-2027

$355Completed

$485(b)

$700Early2028

$280Early2028

$350Mid-2028

$480Mid-2026

(a)-Excludescapitalizedinterest/AFUDC.ForourTexasCityLogistics,MBTCPipelineandEigerjointventureprojects,theamounts presentedexcludecapitalcontributionsfromtheotherjointventuremembers.

(b)-Thisprojectisexpectedtobecompletedintwophases,withthefirstphaseexpectedtobecompletedinthefourthquarterof2026,and thesecondphasecompletedinthefirstquarterof2027.

(c)-OurinvestmentsinTexasCityLogisticsandEigerareaccountedforusingtheequitymethod.Spendingontheseprojectswillbe recordedascontributionstounconsolidatedaffiliates.

InourNaturalGasGatheringandProcessingsegment,wearerelocatinga150MMcf/dprocessingplanttothePermianBasin fromNorthTexas,whichweexpecttobecompletedinthefirstquarterof2026.

Foradiscussionofourcapitalexpendituresfinancing,see“CapitalExpenditures”intheLiquidityandCapitalResources” section.

DebtIssuances -InAugust2025,wecompletedanunderwrittenpublicofferingof$3.0billionseniorunsecurednotes consistingof$750million,4.95%seniornotesdue2032;$1.0billion,5.4%seniornotesdue2035;and$1.25billion,6.25% seniornotesdue2055.Thenetproceeds,afterdeductingunderwritingdiscounts,commissionsandofferingexpenses,were $2.96billion.Thenetproceedsfromthisofferingwerepartiallyusedtorepayourcommercialpaperoutstandingandrepayin fullatmaturityourseniornotesdueSeptember2025.Theremainingnetproceedsfromtheofferingswereusedforgeneral corporatepurposes,includingtherepurchaseandredemptionofexistingnotes.

DebtExtinguishments -Wecompletedthefollowingdebtextinguishmentsin2025:

$250at3.2%dueMarch2025

$750at4.15%dueJune2025

$400at2.2%dueSeptember2025

$600at5.85%dueJanuary2026(a)

$650at5.0%dueMarch2026(a)

Total $3,098

(a)-Amountsredeemedat100%ofprincipalplusaccruedandunpaidinterest.

(b)-In2025,werepurchasedintheopenmarketcertainofourseniornotesintheprincipalamountof$789millionforanaggregaterepurchase priceof$681million,includingaccruedandunpaidinterest.Inconnectionwiththeseopenmarketrepurchases,werecognized$106millionof netgainsonextinguishmentofdebtwhichisincludedinotherincome,netinourConsolidatedStatementofIncomefortheyearendedDecember 31,2025.

ShareRepurchaseProgram -OurBoardofDirectorsauthorizedasharerepurchaseprogramtobuyupto$2.0billionofour outstandingcommonstock.Theprogramwillterminateuponcompletionoftherepurchaseofthe$2.0billionofcommonstock oronJanuary1,2029,whicheveroccursfirst.FortheyearendedDecember31,2025,werepurchased$62millionofour outstandingcommonstockwithcashonhand.

Dividends -During2025,wepaidcommonstockdividendstotaling$4.12pershare,anincreaseof4%comparedtothe2024 dividendof$3.96pershare.InFebruary2026,wepaidaquarterlycommonstockdividendof$1.07pershare($4.28pershare onanannualizedbasis).Ourdividendgrowthisdueprimarilytotheincreaseincashflowsresultingfromthegrowthofour operations.ThequarterlystockdividendwaspaidonFebruary13,2026,toshareholdersofrecordatthecloseofbusinesson February2,2026.

FINANCIALRESULTSANDOPERATINGINFORMATION

HowWeEvaluateOurOperations

Managementusesavarietyoffinancialandoperatingmetricstoanalyzeourperformance.Ourconsolidatedfinancialmetrics include:(1)operatingincome;(2)netincome;(3)dilutedEPS;and(4)adjustedEBITDA.Weevaluatesegmentoperating resultsusingadjustedEBITDAandouroperatingmetrics,whichincludevariousvolumeandratestatisticsthatarerelevantfor therespectivesegment.Theseoperatingmetricsallowinvestorstoanalyzethevariouscomponentsofsegmentfinancialresults intermsofvolumesandrate/price.Managementusesthesemetricstoanalyzehistoricalsegmentfinancialresultsandasthe keyinputsforforecastingandbudgetingsegmentfinancialresults.Foradditionalinformationonouroperatingmetrics,seethe respectivesegmentsubsectionsofthis“FinancialResultsandOperatingInformation”section.

Non-GAAPFinancialMeasures -AdjustedEBITDAisanon-GAAPmeasureofourfinancialperformance.Adjusted EBITDAisdefinedasnetincomeadjustedforinterestexpense,depreciationandamortization,noncashimpairmentcharges, incometaxes,noncashcompensationexpenseandcertainothernoncashitems.OurcalculationincludesadjustedEBITDA relatedtoourunconsolidatedaffiliatesusingthesamerecognitionandmeasurementmethodsusedtorecordequityinnet earningsfrominvestments.AdjustedEBITDAfromourunconsolidatedaffiliatesiscalculatedconsistentlywiththedefinition aboveandexcludesitemssuchasinterestexpense,depreciationandamortization,incometaxesandothernoncashitems. AlthoughtheamountsrelatedtoourunconsolidatedaffiliatesareincludedinthecalculationofadjustedEBITDA,such inclusionshouldnotbeunderstoodtoimplythatwehavecontrolovertheoperationsandresultingrevenues,expensesorcash flowsofsuchunconsolidatedaffiliates.

Webelievethisnon-GAAPfinancialmeasureisusefultoinvestorsbecauseitandsimilarmeasuresareusedbymany companiesinourindustryasameasurementoffinancialperformanceandiscommonlyemployedbyfinancialanalystsand otherstoevaluateourfinancialperformanceandtocomparefinancialperformanceamongcompaniesinourindustry.Adjusted EBITDAshouldnotbeconsideredanalternativetonetincome,EPSoranyothermeasureoffinancialperformancepresented inaccordancewithGAAP.Additionally,thiscalculationmaynotbecomparablewithsimilarlytitledmeasuresofother companies.SeereconciliationofnetincometoadjustedEBITDAinthe“Non-GAAPFinancialMeasures”subsection.

ConsolidatedOperations

SelectedFinancialResults -Thefollowingtablesetsforthcertainselectedfinancialresultsfortheperiodsindicated: YearsEndedDecember31,2025vs.20242024vs.2023 FinancialResults202520242023$Increase(Decrease) (Millionsofdollars,exceptpershareamounts)

separatelybelow)

Changesincommoditypricesandsalesvolumesaffectbothrevenuesandcostofsalesandfueland,therefore,theimpactis largelyoffsetbetweentheselineitems.

DuetotheMedallionAcquisitionandEnLinkControllingInterestAcquisition,operatingresultsforthesetwocompaniesare includedinourfinancialresultsbeginningNovember1,2024,andOctober15,2024,respectively.

2025vs.2024 -Operatingincomeincreased$752millionprimarilyasaresultofthefollowing:

•NaturalGasGatheringandProcessing -anincreaseof$469milliondueprimarilytotheoperatingincomeofEnLink andhighervolumesintheMid-ContinentandRockyMountainregions,offsetpartiallybylowerrealizedNGLprices, netofhedging,andtheimpactfromthedivestitureofcertainnonstrategicassetsin2024; and

•NaturalGasLiquids -anincreaseof$120milliondueprimarilytotheoperatingincomeofEnLink,higherexchange servicesandhigheroptimizationandmarketing,offsetpartiallybyhigheroperatingcosts; offsetby

• NaturalGasPipelines -adecreaseof$104milliondueprimarilytotheimpactoftheinterstatenaturalgaspipeline divestiturein2024,offsetpartiallybytheoperatingincomeofEnLinkandhigheroptimizationandmarketing; offset by

• RefinedProductsandCrude -anincreaseof$276milliondueprimarilytotheoperatingincomeofMedallionand EnLinkandloweroperatingcosts.

NetincomeanddilutedEPSincreaseddueprimarilytotheitemsdiscussedabove,offsetpartiallybyhigherinterestexpense duetohigherdebtbalancesresultingfromtheSeptember2024$7.0billionnotesoffering,theAugust2025$3.0billionnotes offering,theacquireddebtbalancesfromtheEnLinkControllingInterestAcquisitionin2024andincreasedshort-term borrowingsin2025andhigherequityinnetearningsfrominvestmentsin2024.

Capitalexpendituresincreaseddueprimarilytothetimingofourlargecapitalprojectsandroutinecapitalprojectsassociated withthegrowthofouroperations.Pleaserefertothe“RecentDevelopments”sectionofManagement’sDiscussionand AnalysisofFinancialConditionandResultsofOperationsinthisAnnualReportforadditionalinformationonourcapital projects.

Additionalinformationregardingourfinancialresultsandoperatinginformationisprovidedinthefollowingdiscussionfor eachofoursegments.

SelectedFinancialResultsandOperatingInformationfortheYearEndedDecember31,2024vs.2023 -Theconsolidated andsegmentfinancialresultsandoperatinginformationfortheyearendedDecember31,2024,comparedwiththeyearended December31,2023,areincludedinPartII,Item7,Management’sDiscussionandAnalysisofFinancialConditionandResults ofOperationsofour2024AnnualReportonForm10-K,whichisavailableviatheSEC’swebsiteatwww.sec.govandour websiteatwww.oneok.com.

NaturalGasGatheringandProcessing

CapitalProjects -OurNaturalGasGatheringandProcessingsegmentinvestsincapitalprojectsinnaturalgasandNGL-rich areasacrosskeybasinswhereweoperate.Ourgrowthstrategyisfocusedonprovidingsolutionstoproducercustomersthat expandourpresencewithinourkeyoperatingregions.See“CapitalProjects”inthe“RecentDevelopments”sectionformore informationonourcapitalprojects.

Foradiscussionofourcapitalexpenditurefinancing,see“CapitalExpenditures”inthe“LiquidityandCapitalResources” section.

SelectedFinancialResultsandOperatingInformation -Thefollowingtablessetforthcertainselectedfinancialresultsand operatinginformationforourNaturalGasGatheringandProcessingsegmentfortheperiodsindicated: YearsEndedDecember31,2025vs.20242024vs.2023

operatingcosts)

Changesincommoditypricesandsalesvolumesaffectbothrevenueandcostofsalesandfueland,therefore,theimpactis largelyoffsetbetweentheselineitems.

2025vs.2024 -AdjustedEBITDAincreased$654millionprimarilyasaresultofthefollowing: •anincreaseof$740millionduetoadjustedEBITDAfromEnLink; and •anincreaseof$99millionfromhighervolumesdueprimarilytoincreasedproductionintheMid-ContinentandRocky Mountainregions; offsetby •adecreaseof$122millionduetolowerrealizedprices,primarilyNGLprices,netofhedging; and

•adecreaseof$81millionfromthedivestitureofcertainnonstrategicassetsin2024.

Capitalexpendituresincreasedin2025dueprimarilytoourroutineandlargecapitalprojects,includingourprojectstorelocate aprocessingplanttothePermianBasinfromNorthTexasandconstructourBighornprocessingplantinthePermianBasin.

YearsEndedDecember31, OperatingInformation202520242023

(a)-IncludedvolumesforconsolidatedentitiesonlyandexcludedEnLinkoperatingstatisticsfor2024astheywerenotmeaningfultofullyear2024operatingresults.

(b)-Includedvolumesweprocessedatcompany-ownedandthird-partyfacilities.

2025vs.2024 -Ournaturalgasprocessedvolumesincreasedin2025duetoincrementalvolumesfromEnLinkandincreased productionintheMid-ContinentandRockyMountainregions.

NaturalGasLiquids

CapitalProjects -OurNaturalGasLiquidssegmentinvestsincapitalprojectstotransport,fractionate,store,delivertomarket centersandreceiveNGLsupplyfromshaleandotherresourcedevelopmentareas.Ourgrowthstrategyisfocusedon connectingdiversifiedrawfeedsupplybasinstoPurityNGLexport,petrochemicalandrefiningdemandcenters.See“Capital Projects”inthe“RecentDevelopments”sectionformoreinformationonourcapitalprojects.

Foradiscussionofourcapitalexpenditurefinancing,see“CapitalExpenditures”inthe“LiquidityandCapitalResources” section.

SelectedFinancialResultsandOperatingInformation -Thefollowingtablessetforthcertainselectedfinancialresultsand operatinginformationforourNaturalGasLiquidssegmentfortheperiodsindicated: YearsEndedDecember31,2025vs.20242024vs.2023 FinancialResults202520242023$Increase(Decrease) (Millionsofdollars)

Changesincommoditypricesandsalesvolumesaffectbothrevenuesandcostofsalesandfueland,therefore,theimpactis largelyoffsetbetweentheselineitems.

2025vs.2024 -AdjustedEBITDAincreased$236millionprimarilyasaresultofthefollowing:

•anincreaseof$183millionduetoadjustedEBITDAfromEnLink;

•anincreaseof$39millioninexchangeservicesdueprimarilyto:

◦ $94millionofhighervolumesintheRockyMountainregion; and

◦ $27millionofhigheraveragefeeratesintheRockyMountainregion; offsetpartiallyby

◦ $44millionofloweraveragefeeratesintheMid-Continentregion;

◦ $21millionoflowervolumesintheMid-Continentregion; and

◦ $20millionofhighertransportationcostsandhigherinventoryofunfractionatedNGLs; and

•anincreaseof$31millioninoptimizationandmarketingdueprimarilytohigherearningsonsalesofPurityNGLs heldininventory; offsetby

•anincreaseof$16millioninoperatingcostsdueprimarilytohigheremployee-relatedcostsassociatedwiththegrowth ofouroperations.

Capitalexpendituresdecreasedin2025dueprimarilytothecompletionofourMB-6fractionatorandpipelineexpansion projectsin2024,offsetpartiallybyourMedfordfractionatorrebuildproject.

YearsEndedDecember31, OperatingInformation202520242023

Rawfeedthroughput(MBbl/d)(a)

1,3091,359 AverageConway-to-MontBelvieuOilPriceInformationServicepricedifferentialethaneinethane/propanemix($/gallon)

(a)-Representsphysicalrawfeedvolumesforwhichweprovidedtransportationand/orfractionationservices,andexcludedEnLink operatingstatisticsin2024astheywerenotmeaningfultofull-year2024operatingresults.

WegenerallyexpectethanevolumestoincreaseordecreasewithcorrespondingincreasesordecreasesinoverallNGL production.However,ethanevolumesmayexperiencegrowthordeclinegreaterthancorrespondinggrowthordeclinein overallNGLproductionduetoethaneeconomicscausingproducerstorecoverorrejectethane.

2025vs.2024 -Volumesincreasedin2025dueprimarilytoincrementalvolumesfromEnLink,higherethanevolumesinthe RockyMountainregionandhighervolumesonshort-termfractionationcontractsintheGulfCoastregion,offsetpartiallyby lowerethanevolumesintheMid-Continentregion.

NaturalGasPipelines

CapitalProjects -OurNaturalGasPipelinessegmentinvestsincapitalprojectsthatprovidetransportationandservicestoend users.Ourgrowthstrategyisfocusedonexpandingourtransportationandstoragecapacityandservicesbyconnectingresidue naturalgassupplytodemandmarketsandendusers.See“CapitalProjects”inthe“RecentDevelopments”sectionformore informationonourcapitalprojects.

Foradiscussionofourcapitalexpenditurefinancing,see“CapitalExpenditures”inthe“LiquidityandCapitalResources” section.

InterstateNaturalGasPipelineDivestiture -OnDecember31,2024,wecompletedthesaleofthreeofourwhollyowned interstatenaturalgaspipelinesystemstoDTMidstream,Inc.

SelectedFinancialResultsandOperatingInformation -Thefollowingtablessetforthcertainselectedfinancialresultsand operatinginformationforourNaturalGasPipelinessegmentfortheperiodsindicated:

YearsEndedDecember31,2025vs.20242024vs.2023

operatingcosts)

Changesincommoditypricesandsalesvolumesaffectbothrevenuesandcostofsalesandfueland,therefore,theimpactis largelyoffsetbetweentheselineitems.

2025vs.2024 -AdjustedEBITDAdecreased$39millionprimarilyasaresultofthefollowing:

• adecreaseof$359millionduetotheinterstatenaturalgaspipelinedivestiturein2024, offsetby •anincreaseof$253millionduetoadjustedEBITDAfromEnLink;

•anincreaseof$33millionduetooptimizationandmarketingactivity;

•anincreaseof$14millioninstorageservicesdueprimarilytoincreasedstoragevolumes; and

•anincreaseof$12millionintransportationservicesdueprimarilytohighertransportationratesandvolumes.

Capitalexpendituresdecreasedin2025dueprimarilytothecompletionofcapitalprojectsin2024,offsetpartiallybyincreased growthprojectsprimarilyfromEnLink.

YearsEndedDecember31, OperatingInformation(a)202520242023

(a)-IncludedvolumesforconsolidatedentitiesonlyandexcludedEnLinkoperatingstatisticsin2024astheywerenotmeaningfultofullyear2024operatingresults.

2025vs.2024 -Naturalgastransportationcapacitydecreaseddueprimarilytotheinterstatenaturalgaspipelinedivestiturein 2024,offsetpartiallybyEnLinktransportationcapacitycontractedincludedin2025.

RefinedProductsandCrude

CapitalProjects -OurRefinedProductsandCrudesegmentinvestsincapitalprojectstotransport,storeanddistributeRefined ProductsandcrudeoilprimarilythroughoutthecentralUnitedStates.Ourgrowthstrategyisfocusedonexpandingourcore businessandmarketingpresence.See“CapitalProjects”inthe“RecentDevelopments”sectionformoreinformationonour capitalprojects.

Foradiscussionofourcapitalexpenditurefinancing,see“CapitalExpenditures”inthe“LiquidityandCapitalResources” section.

SelectedFinancialResultsandOperatingInformation -Thefollowingtablessetforthcertainselectedfinancialresultsand operatinginformationforourRefinedProductsandCrudesegmentfortheperiodsindicated:

YearsEndedDecember31, September25 through December31,2025vs.2024

(a)- TheyearendedDecember31,2023,includedresultssubsequenttotheMagellanAcquisition.

Changesincommoditypricesandsalesvolumesaffectbothrevenuesandcostofsalesandfueland,therefore,theimpactis largelyoffsetbetweentheselineitems.

2025vs.2024 -AdjustedEBITDAincreased$285millionprimarilyasaresultofthefollowing:

•anincreaseof$295millionduetoadjustedEBITDAfromMedallionandEnLink;

• adecreaseof$55millioninoperatingcostsdueprimarilyto$40millionofloweroutsideservicesand$13millionof lowerpropertytaxes; and

• anincreaseof$28milliondueprimarilytothesaleofenvironmentalcreditsgeneratedbyourliquidsblending business; offsetby

•adecreaseof$81millioninadjustedEBITDAfromunconsolidatedaffiliatesdueprimarilytolowerearningson BridgeTexassociatedwiththenonrecurringrecognitionofdeferredrevenuein2024; and

• adecreaseof$10millioninoptimizationandmarketingdueprimarilytolowerliquidsblendingmargins.

Capitalexpendituresincreasedin2025,dueprimarilytoourroutineandlargecapitalprojects,includingourgreaterDenver RefinedProductspipelineexpansionproject.

YearsEnded ThreeMonths Ended December31,December31, OperatingInformation(a)202520242023

(a)-IncludedvolumesforconsolidatedentitiesonlyandexcludedMedallionandEnLinkoperatingstatisticsin2024astheywerenot meaningfultofull-year2024operatingresults.

2025vs.2024 -RefinedProductsvolumesshippedremainedrelativelyunchanged.

Crudeoilvolumesshippedincreasedin2025dueprimarilytoincrementalvolumesfromMedallionandEnLink.

Thefollowingtablesetsforthareconciliationofnetincome,thenearestcomparableGAAPfinancialperformancemeasure,to adjustedEBITDAfortheperiodsindicated:

(Unaudited)

ReconciliationofsegmentadjustedEBITDAtoadjustedEBITDA SegmentadjustedEBITDA:

(a)-TheyearendedDecember31,2025,includednoncashtransactioncostsrelatedprimarilytotheEnLinkAcquisitionof$16million includedwithinnoncashcompensationandother.

(b)-TheyearendedDecember31,2025,includedcorporatenetgainsonextinguishmentofdebtof$106millioninconnectionwithopen marketrepurchasesandinterestincomeof$33million,offsetpartiallybytransactioncostsrelatedprimarilytotheEnLinkAcquisitionof$65 million.TheyearendedDecember31,2024.includedtransactioncostsrelatedprimarilytotheEnLinkAcquisitionsandMedallion Acquisitionof$73million,offsetpartiallybyinterestincomeof$39million.TheyearendedDecember31,2023,includedtransactioncosts relatedtotheMagellanAcquisitionof$158million,offsetpartiallybyinterestincomeof$49millionandcorporatenetgainson extinguishmentofdebtof$41millioninconnectionwithopenmarketrepurchases.

(c)-TheyearendedDecember31,2024,includedagainof$227millionfromtheinterstatenaturalgaspipelinedivestiture.

(d)-TheyearendedDecember31,2023,included$633millionrelatedtotheMedfordincident,includingasettlementgainof$779million, offsetpartiallyby$146millionofthird-partyfractionationcosts.

(e)-TheyearendedDecember31,2023,includedsegmentadjustedEBITDAfortheperiodSeptember25,2023,throughDecember31, 2023.

CONTINGENCIES

SeeNoteOoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadiscussionofregulatoryandlegal matters.

OtherLegalProceedings -Weareapartytovariouslegalproceedingsthathaveariseninthenormalcourseofouroperations. Whiletheresultsoftheseproceedingscannotbepredictedwithcertainty,webelievethereasonablypossiblelossesfromsuch proceedings,individuallyandintheaggregate,arenotmaterial.Additionally,webelievetheprobablefinaloutcomeofsuch proceedingswillnothaveamaterialadverseeffectonourconsolidatedresultsofoperations,financialpositionorcashflows.

LIQUIDITYANDCAPITALRESOURCES

General -Ourprimarysourcesofcashinflowsareoperatingcashflows,proceedsfromourcommercialpaperprogramandour $3.5BillionCreditAgreement,debtissuancesandtheissuanceofcommonstockforourliquidityandcapitalresource requirements.

Weexpectoursourcesofcashinflowstoprovidesufficientresourcestofinanceouroperations,capitalexpenditures,quarterly cashdividends,maturitiesoflong-termdebt,sharerepurchasesandcontributionstounconsolidatedaffiliatesandjointventures. Webelievewehavesufficientliquidityduetoour$3.5BillionCreditAgreement,whichexpiresinFebruary2030,our$3.5 billioncommercialpaperprogramandaccessto$1.0billionavailablethroughour“at-the-market”equityprogram.Asof February16,2026,noshareshavebeensoldthroughour“at-the-market”equityprogram.

Wemaymanageinterest-rateriskthroughtheuseoffixed-ratedebt,floating-ratedebt,Treasurylocksandinterest-rateswaps. Foradditionalinformationonourinterest-ratederivativeinstruments,seeNoteDoftheNotestoConsolidatedFinancial StatementsinthisAnnualReport.

CashManagement -AtDecember31,2025,wehad$78millionofcashandcashequivalents.Forourwhollyowned subsidiaries,weuseacentralizedcashmanagementprogramthatconcentratesthecashassetsofourwhollyowned nonguarantoroperatingsubsidiariesinjointaccountsforthepurposesofprovidingfinancialflexibilityandloweringthecostof borrowing,transactioncostsandbankfees.Ourcentralizedcashmanagementprogramprovidesthatfundsinexcessofthe dailyneedsofouroperatingsubsidiariesareconcentrated,consolidatedorotherwisemadeavailableforusebyotherentities withinourconsolidatedgroup.Ouroperatingsubsidiariesparticipateinthisprogramtotheextenttheyarepermittedpursuant toFERCregulationsortheiroperatingagreements.Underthecashmanagementprogram,dependingonwhethera participatingsubsidiaryhasshort-termcashsurplusesorcashrequirements,weprovidecashtothesubsidiaryorthesubsidiary providescashtous.

FollowingthecompletionoftheEnLinkAcquisitiononJanuary31,2025,weterminatedanagreementtoproviderevolving unsecuredloanstoEnLinkthroughapromissorynote,asEnLinkoperatingsubsidiariesarewhollyownedandnowparticipate inthecashmanagementprogramdescribedabove.Foradditionalinformation,seeNoteGoftheNotestoConsolidated FinancialStatementsinthisAnnualReport.

Guarantees -ONEOK,ONEOKPartners,theIntermediatePartnership,Magellan,EnLinkandEnLinkPartnershavecross guaranteesinplaceforONEOK’sandONEOKPartners’indebtedness.TheseguaranteesinplaceforourandONEOK Partners’indebtednessarefull,irrevocable,unconditionalandabsolutejointandseveralguaranteestotheholdersofeachseries ofoutstandingsecurities.Liabilitiesundertheguaranteesrankequallyinrightofpaymentwithalloftheguarantors’existing andfutureseniorunsecuredindebtedness.TheIntermediatePartnershipholdsallofONEOKPartners’interestsandequityin itssubsidiaries,whicharenonguarantors,andsubstantiallyalltheassetsandoperationsresidewithnonguarantoroperating subsidiaries.Magellan,EnLinkandEnLinkPartnersholdinterestsintheirsubsidiaries,whicharenonguarantors,and substantiallyalltheassetsandoperationsresidewithnonguarantoroperatingsubsidiaries.Therefore,asallowedunderRule 13-01ofRegulationS-X,wehaveexcludedthesummarizedfinancialinformationforeachissuerandguarantorasthe combinedfinancialinformationofsubsidiaryissuersandparentguarantors,excludingourownershipofallinterestinONEOK Partners,MagellanandEnLink,reflectnomaterialassetsorliabilitiesorresultsofoperationsapartfromguaranteed indebtedness.

Foradditionalinformationonourindebtedness,seeNoteGoftheNotestoConsolidatedFinancialStatementsinthisAnnual Report.

Short-termLiquidity

-Ourprincipalsourcesofshort-termliquidityconsistofcashgeneratedfromoperatingactivities, distributionsreceivedfromourunconsolidatedaffiliates,proceedsfromourcommercialpaperprogramandour$3.5Billion CreditAgreement.InFebruary2025,weamendedandrestatedour$2.5BillionCreditAgreementtoincreasethesizeto$3.5 billion,extendthetermtoFebruary2030andmakeothernonmaterialmodifications.Allothertermsandconditionsremain substantiallythesame.InSeptember2025,weincreasedthesizeofourcommercialpaperprogramto$3.5billionfrom $2.5billion.AsofFebruary16,2026,wehadnoborrowingsunderour$3.5BillionCreditAgreement,andwearein compliancewithallcovenants.UponclosingoftheEnLinkAcquisitiononJanuary31,2025,theEnLinkRevolvingCredit Facilitywasterminated.ForadditionalinformationontheEnLinkRevolvingCreditFacility,seeNoteGoftheNotesto ConsolidatedFinancialStatementsinthisAnnualReport.

Wehadworkingcapital(definedascurrentassetslesscurrentliabilities)deficitsof$1.9billionand$481millionasof December31,2025,andDecember31,2024,respectively,dueprimarilytocurrentmaturitiesoflong-termdebtandshort-term borrowingsatDecember31,2025,andcurrentmaturitiesoflong-termdebtatDecember31,2024.Generally,ourworking capitalisinfluencedbyseveralfactors,including,amongotherthings:(i)thetimingof(a)debtandequityissuances,(b)the fundingofcapitalexpenditures,(c)scheduleddebtpayments,and(d)accountsreceivableandpayable;and(ii)thevolumeand costofinventoryandcommodityimbalances.Wemayhaveworkingcapitaldeficitsinfutureperiodsasourlong-termdebt becomescurrent.Wedonotexpectaworkingcapitaldeficitofthisnaturetohaveamaterialadverseimpacttoourcashflows oroperations.

Foradditionalinformationonour$3.5BillionCreditAgreement,seeNoteGoftheNotestoConsolidatedFinancialStatements inthisAnnualReport.

Long-termFinancing

-Inadditiontoourprincipalsourcesofshort-termliquiditydiscussedabove,weexpecttofundour longer-termfinancingrequirementsbyissuinglong-termnotes,asneeded.Otheroptionstoobtainfinancinginclude,butare notlimitedto,issuingcommonstock,loansfromfinancialinstitutions,issuanceofconvertibledebtsecuritiesorpreferred equitysecurities,assetsecuritizationandthesaleandlease-backoffacilities.

Wemay,atanytime,seektoretireorpurchaseourorONEOKPartners’outstandingdebtthroughcashpurchasesand/or exchangesforequityordebt,inopenmarketrepurchases,privatelynegotiatedtransactions,exerciseofcontractualcallrights, publictenderoffersorotherwise.Suchrepurchasesandexchanges,ifany,willbeonsuchtermsandpricesaswemay determineandwilldependonprevailingmarketconditions,orliquidityrequirements,contractualrestrictionsandotherfactors. Theamountsinvolvedmaybematerial.

DebtIssuances

-InAugust2025,wecompletedanunderwrittenpublicofferingof$3.0billionseniorunsecurednotes consistingof$750million,4.95%seniornotesdue2032;$1.0billion,5.4%seniornotesdue2035;and$1.25billion,6.25% seniornotesdue2055.Thenetproceeds,afterdeductingunderwritingdiscounts,commissionsandofferingexpenses,were $2.96billion.Thenetproceedsfromthisofferingwerepartiallyusedtorepayourcommercialpaperoutstandingandrepayin fullatmaturityourseniornotesdueSeptember2025.Theremainingnetproceedsfromtheofferingwereusedforgeneral corporatepurposes,includingtherepurchaseandredemptionofexistingnotes.

DebtExtinguishments -Wecompletedthefollowingdebtextinguishmentsin2025:

$250at3.2%dueMarch2025

$750at4.15%dueJune2025

$400at2.2%dueSeptember2025

$600at5.85%dueJanuary2026(a)

(a)-Amountsredeemedat100%ofprincipalplusaccruedandunpaidinterest.

$3,098

EquityIssuances -OnMay28,2025,wecompletedtheDelawareBasinJVAcquisition.Pursuanttothepurchaseagreement, weissuedapproximately4.9millionsharesofONEOKcommonstocktothesellerwithafairvalueof$391millionasofthe closingdate.

OnJanuary31,2025,wecompletedtheEnLinkAcquisition.PursuanttotheEnLinkMergerAgreement,eachpubliclyheld commonunitofEnLinkwasexchangedforafixedratioof0.1412sharesofONEOKcommonstock,includingEnLinkUnits thatwereexchangedforallpreviouslyoutstandingSeriesBPreferredUnitsimmediatelypriortoclosing.Weissued41million sharesofcommonstockwithafairvalueof$4.0billion.TherearenoremainingSeriesBPreferredUnitsoutstanding.

MaterialCommitments -Wehavematerialcashcommitmentsrelatedtoourcapitalexpenditures,seniornotesand correspondinginterestpayments,whichweexpecttofundthroughoursourcesofcashinflowsdiscussedabove.Oursenior notesandinterestpaymentsarediscussedinNoteGoftheNotestoConsolidatedFinancialStatementsinthisAnnualReport. Wealsohavecashcommitmentsrelatedtotransportation,storageandothercommercialcontracts,aswellasourfinancialand physicalderivativeobligations,whichweexpecttofundwithcashfromoperations.

CapitalExpenditures -Weproactivelymonitorleadtimesonmaterialsandequipmentusedinconstructingcapitalprojects, andweenterintoprocurementagreementsforlong-leaditemsforpotentialprojectstoplanforfuturegrowth.Ourcapital expendituresarefinancedtypicallythroughoperatingcashflowsandshort-andlong-termdebt.

Thefollowingtablesetsforthourcapitalexpenditures,lessallowanceforequityfundsusedduringconstruction,fortheperiods indicated:

CapitalExpenditures20252024(a)2023 (Millionsofdollars)

(a)-TheyearendedDecember31,2024,includedcapitalexpendituresforEnLinkandMedallionfortheperiodOctober15,2024,and November1,2024,throughDecember31,2024,respectively.

(b)-TheyearendedDecember31,2023,includedcapitalexpendituresforMagellanfortheperiodSeptember25,2023,throughDecember 31,2023.

Capitalexpendituresincreasedin2025,comparedwith2024,dueprimarilytothetimingofourlargecapitalprojectsand routinecapitalprojectsassociatedwiththegrowthofouroperations.Seediscussionofourannouncedcapitalprojectsinthe “RecentDevelopments”section.

Weexpecttotalcapitalexpendituresof$2.7-$3.2billionin2026.

CreditRatings -OurcreditratingsasofFebruary16,2026,areshowninthetablebelow:

Ourcreditratings,whichareinvestmentgrade,maybeaffectedbyourleverage,liquidity,creditprofileorpotential transactions.Themostcommoncriteriaforassessmentofourcreditratingsarethedebt-to-EBITDAratio,interestcoverage, businessriskprofileandliquidity.Ifourcreditratingsweredowngraded,ourcosttoborrowfundsunderour$3.5Billion CreditAgreementcouldincrease,andapotentiallossofaccesstothecommercialpapermarketcouldoccur.Intheeventthat weareunabletoborrowfundsunderourcommercialpaperprogramandtherehasnotbeenamaterialadversechangeinour business,wewouldcontinuetohaveaccesstoour$3.5BillionCreditAgreement,whichexpiresin2030.Anadversecredit ratingchangealoneisnotadefaultunderour$3.5BillionCreditAgreement.

Inthenormalcourseofbusiness,ourcounterpartiesprovideuswithsecuredandunsecuredcredit.Intheeventofadowngrade inourcreditratingsorasignificantchangeinourcounterparties’evaluationofourcreditworthiness,wecouldberequiredto provideadditionalcollateralintheformofcash,lettersofcreditorothernegotiableinstrumentsasaconditionofcontinuingto conductbusinesswithsuchcounterparties.Wemayberequiredtofundmarginrequirementswithourcounterpartieswithcash, lettersofcreditorothernegotiableinstruments.

Dividends -HoldersofourcommonstockshareequallyinanycommonstockdividendsdeclaredbyourBoardofDirectors. In2025,wepaidcommonstockdividendstotaling$4.12pershare,anincreaseof4%comparedtothe2024dividendof$3.96 pershare.InFebruary2026,wepaidaquarterlycommonstockdividendof$1.07pershare($4.28pershareonanannualized basis),anincreaseof4%comparedwiththesamequarterintheprioryear.

FortheyearendedDecember31,2025,ourcashflowsfromoperationsexceededdividendspaidby$3.0billion.Weexpectour cashflowsfromoperationstocontinuetosufficientlyfundourcashdividends.Totheextentoperatingcashflowsarenot sufficienttofundourdividends,wemayutilizecashonhandfromothersourcesofshort-andlong-termliquiditytofunda portionofourdividends.

CASHFLOWANALYSIS

WeusetheindirectmethodtoprepareourConsolidatedStatementsofCashFlows.Underthismethod,wereconcilenet incometocashflowsprovidedbyoperatingactivitiesbyadjustingnetincomeforthoseitemsthataffectnetincomebutdonot resultinactualcashreceiptsorpaymentsduringtheperiodandforoperatingcashitemsthatdonotimpactnetincome.These reconcilingitemscanincludedepreciationandamortization,deferredincometaxes,impairmentcharges,allowanceforequity fundsusedduringconstruction,gainorlossonsaleofbusinessandassets,netundistributedearningsfromunconsolidated affiliates,share-basedcompensationexpense,otheramountsandchangesinourassetsandliabilitiesnotclassifiedasinvesting orfinancingactivities.

Thefollowingtablesetsforththechangesincashflowsbyoperating,investingandfinancingactivitiesfortheperiods indicated:

YearsEndedDecember31, 202520242023 (Millionsofdollars)

OperatingCashFlows -Operatingcashflowsareaffectedbyearningsfromourbusinessactivitiesandchangesinour operatingassetsandliabilities.Changesincommoditypricesanddemandforourservicesorproducts,whetherbecauseof generaleconomicconditions,changesinsupply,changesindemandfortheendproductsthataremadewithourproductsor increasedcompetitionfromotherserviceproviders,couldaffectourearningsandoperatingcashflows.Ouroperatingcash flowscanalsobeimpactedbychangesinourinventorybalances,whicharedrivenprimarilybycommodityprices,supply, demandandtheoperationofourassets.

2025vs.2024 -Cashflowsfromoperatingactivities,beforechangesinoperatingassetsandliabilitiesincreased$1.0billionfor theyearendedDecember31,2025,comparedwiththesameperiodin2024,dueprimarilytotheimpactoftheEnLinkand MedallionAcquisitionsasdiscussedin“FinancialResultsandOperatingInformation.”

Thechangesinoperatingassetsandliabilitiesdecreasedoperatingcashflows$380millionfortheyearendedDecember31, 2025,comparedwithadecreaseof$43millionforthesameperiodin2024.Thischangeisdueprimarilytochangesin accountsreceivableresultingfromthegrowthofouroperationsandthetimingofthereceiptofcashfromcounterpartiesand frominventory,bothofwhichvaryfromperiodtoperiod,andwithchangesincommodityprices.Thesechangeswereoffset partiallybychangesinaccountspayableresultingfromthegrowthofouroperationsandthetimingofpaymentstovendors, suppliersandotherthirdparties,whichvaryfromperiodtoperiod,andwithchangesincommodityprices.

InvestingCashFlows

2025vs.2024 -CashusedininvestingactivitiesfortheyearendedDecember31,2025,decreased$2.9billioncomparedwith thesameperiodin2024,dueprimarilytocashpaidtoacquireEnLinkandMedallionin2024,offsetpartiallybyproceeds receivedfromtheinterstatenaturalgaspipelinedivestiturein2024,anincreaseincapitalexpendituresrelatedtoourcapital projectsin2025andcashpaidfortheBridgeTexAdditionalInterestAcquisition.

FinancingCashFlows

2025vs.2024 -CashfromfinancingactivitiesfortheyearendedDecember31,2025,decreased$4.6billioncomparedwiththe sameperiodin2024,dueprimarilytotheissuanceofseniorunsecurednotesassociatedwithacquisitionsin2024,increased extinguishmentoflong-termdebtin2025,cashpaidfortheDelawareBasinJVAcquisitionandincreaseddividendspaidin 2025,offsetpartiallybytheissuanceofseniorunsecurednotesinAugust2025andanincreaseinshort-termborrowingsin 2025.

CashFlowAnalysisfortheYearEndedDecember31,2024vs.2023 -Thecashflowanalysisfortheyearended December31,2024,comparedwiththeyearendedDecember31,2023,isincludedinPartII,Item7,Management’s DiscussionandAnalysisofFinancialConditionandResultsofOperationsofour2024AnnualReportonForm10-K,whichis availableviatheSEC’swebsiteatwww.sec.govandourwebsiteatwww.oneok.com.

IMPACTOFNEWACCOUNTINGSTANDARDS

InformationabouttheimpactofnewaccountingstandardsisincludedinNoteAoftheNotestoConsolidatedFinancial StatementsinthisAnnualReport.

CRITICALACCOUNTINGESTIMATES

ThepreparationofourConsolidatedFinancialStatementsandrelateddisclosuresinaccordancewithGAAPrequiresusto makeestimatesandassumptionswithrespecttovaluesorconditionsthatcannotbeknownwithcertaintythataffectthe reportedamountsofassetsandliabilities,andthedisclosureofcontingentassetsandliabilitiesatthedateoftheConsolidated FinancialStatements.Theseestimatesandassumptionsalsoaffectthereportedamountsofrevenueandexpensesduringthe reportingperiod.Althoughwebelievetheseestimatesandassumptionsarereasonable,actualresultscoulddifferfromour estimates.

Thefollowingisasummaryofourmostcriticalaccountingestimates,whicharedefinedasthoseestimatesmostimportantto theportrayalofourfinancialconditionandresultsofoperationsandrequiringmanagement’smostdifficult,subjectiveor complexjudgment,particularlybecauseoftheneedtomakeestimatesconcerningtheimpactofinherentlyuncertainmatters. WehavediscussedthedevelopmentandselectionofourcriticalaccountingestimateswiththeAuditCommitteeofourBoard ofDirectors.SeeNoteAoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforthedescriptionofour accountingpolicies.

DerivativesandRisk-managementActivities -Weutilizederivativestoreduceourmarket-riskexposuretocommodityprice andinterest-ratefluctuationsandtoachievemorepredictablecashflows.Theaccountingforchangesinthefairvalueofa derivativeinstrumentdependsonwhetheritqualifiesandhasbeendesignatedaspartofahedgingrelationship.Whenpossible, weimplementeffectivehedgingstrategiesusingderivativefinancialinstrumentsthatqualifyashedgesforaccountingpurposes. Wehavenotusedderivativeinstrumentsfortradingpurposes.Foraderivativedesignatedasacashflowhedge,thegainorloss fromachangeinfairvalueofthederivativeinstrumentisdeferredinaccumulatedothercomprehensivelossuntiltheforecasted transactionaffectsearnings,atwhichtimethefairvalueofthederivativeinstrumentisreclassifiedintoearnings.

Weassesshedgingrelationshipsattheinceptionofthehedgeandperiodicallythereafter,todeterminewhetherthehedging relationshipis,andisexpectedtoremain,highlyeffective.Wedonotbelievethatchangesinourfairvalueestimatesofour derivativeinstrumentshaveamaterialimpactonourresultsofoperations,asthemajorityofourderivativesareaccountedfor aseffectivecashflowhedges.However,ifaderivativeinstrumentisineligibleforcashflowhedgeaccountingorifweelect nottodesignateitasacashflowhedge,changesinfairvalueofthederivativeinstrumentwouldberecordedcurrentlyin earnings.Additionally,ifacashflowhedgeceasestoqualifyforhedgeaccountingtreatmentbecauseitisnolongerprobable thattheforecastedtransactionwilloccur,thechangeinfairvalueofthederivativeinstrumentwouldberecognizedinearnings. Formoreinformationoncommoditypricesensitivityandadiscussionofthemarketriskofpricingchanges,seeItem7A, QuantitativeandQualitativeDisclosuresaboutMarketRisk.

SeeNotesA,CandDoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionoffair valuemeasurementsandderivativesandrisk-managementactivities.

ImpairmentofGoodwill,Long-LivedAssets,IncludingIntangibleAssetsandEquityMethodInvestments -Weassess ourgoodwillforimpairmentatleastannuallyasofJuly1,unlesseventsorchangesincircumstancesindicateanimpairment mayhaveoccurredbeforethattime.Aspartofourgoodwillimpairmenttest,wemayfirstassessqualitativefactors(including macroeconomicconditions,industryandmarketconsiderations,costfactorsandoverallfinancialperformance)todetermine

whetheritismorelikelythannotthatthefairvalueofeachofourreportingunitswaslessthanitscarryingamount.Iffurther testingisnecessary,oraquantitativetestiselected,weperformaStep1analysisforgoodwillimpairment.

InaStep1analysis,anassessmentismadebycomparingthefairvalueofareportingunitwithitscarryingamount,including goodwill.Ifthecarryingvalueofareportingunitexceedsitsfairvalue,animpairmentlossisrecognizedinanamountequalto thatexcess,limitedtothetotalamountofgoodwillallocatedtothatreportingunit.

Weassessourlong-livedassetgroups,includingintangibleassets,forimpairmentwhenevereventsorchangesincircumstances indicatethatanassetgroup’scarryingamountmaynotberecoverable.Animpairmentisindicatedifthecarryingamountofa long-livedassetgroupexceedsthesumoftheundiscountedfuturecashflowsexpectedtoresultfromtheuseandeventual dispositionoftheassetgroup.Ifanimpairmentisindicated,werecordanimpairmentlossequaltothedifferencebetweenthe carryingvalueandthefairvalueofthelong-livedassetgroup.

Weevaluateequitymethodinvestmentsinunconsolidatedaffiliatesforimpairmentwhenevereventsorcircumstancesindicate thatthereisanother-than-temporarylossinvalueoftheinvestment.Whenevidenceoflossinvaluehasoccurred,wecompare ourestimateoffairvalueoftheinvestmenttothecarryingvalueoftheinvestmenttodeterminewhetheranimpairmenthas occurred.Iftheestimatedfairvalueislessthanthecarryingvalueandweconsiderthedeclineinvaluetobeother-thantemporary,theexcessofthecarryingvalueoverthefairvalueisrecognizedinourconsolidatedfinancialstatementsasan impairmentcharge.

Ourimpairmenttestsrequiretheuseofassumptionsandestimates,suchasindustryeconomicfactorsandtheprofitabilityof futurebusinessstrategies.Toestimateundiscountedfuturecashflowsoflong-livedassetswemayapplyaprobabilityweightedapproachthatincorporatesdifferentassumptionsandpotentialoutcomesrelatedtotheunderlyinglong-livedassets. Theevaluationisperformedatthelowestlevelforwhichseparatelyidentifiablecashflowsexist.Toestimatethefairvalueof theseassets,weusetwogenerallyacceptedvaluationapproaches,anincomeapproachandamarketapproach.Underthe incomeapproach,ourdiscountedcashflowanalysisincludesthefollowinginputsthatarenotreadilyavailable:adiscountrate reflectiveofindustrycostofcapital,ourestimatedcontractrates,volumes,operatingmargins,operatingandmaintenancecosts andcapitalexpenditures.Underthemarketapproach,ourinputsincludeEBITDAmultiples,whichareestimatedfromrecent peeracquisitiontransactions,andforecastedEBITDA,whichincorporatesinputssimilartothoseusedundertheincome approach.Ifactualresultsarenotconsistentwithourassumptionsandestimatesorourassumptionsandestimateschangedue tonewinformation,wemaybeexposedtofutureimpairmentcharges.

SeeNotesA,E,FandNoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionof goodwillandintangibleassets,long-livedassetsandinvestmentsinunconsolidatedaffiliates.

DepreciationMethodsandEstimatedUsefulLivesofProperty,PlantandEquipment -Ourproperty,plantandequipment aredepreciatedusingthestraight-linemethodthatincorporatesmanagementassumptionsregardingusefuleconomiclivesand residualvalues.Asweplaceadditionalassetsinserviceoracquireassetsasaresultofanacquisitionorassetpurchase,our estimatesrelatedtodepreciationexpensehavebecomemoresignificantandchangesinestimatedusefullivesofourassets couldhaveamaterialeffectonourresultsofoperations.Atthetimeweplaceourassetsinservice,webelievesuch assumptionsarereasonable;however,circumstancesmaydevelopthatwouldcauseustochangetheseassumptions,which wouldchangeourdepreciationexpenseprospectively.Examplesofsuchcircumstancesincludechangesin(i)competition,(ii) lawsandregulationsthatlimittheestimatedeconomiclifeofanasset,(iii)technologythatrenderanassetobsolete,(iv) expectedsalvagevalues,(v)resultsofratecasesorratesettlementsonregulatedassetsand(vi)forecastsoftheremaining economiclifefortheresourcebasinswhereourassetsarelocated,ifany.ForthefiscalyearspresentedinthisForm10-K,no changesweremadetothedeterminationsofusefullivesthatwouldhaveamaterialeffectonthetimingofdepreciationexpense infutureperiods.

SeeNoteEoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadditionaldiscussionofproperty,plant andequipment.

ITEM7A.QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK

Ourexposuretomarketrisk,discussedbelow,includesforward-lookingstatementsandrepresentsanestimateofpossible changesinfutureearningsthatcouldoccurassuminghypotheticalfuturemovementsininterestratesorcommodityprices withinourderivativeportfolio.Ourviewsonmarketriskarenotnecessarilyindicativeofactualresultsthatmayoccuranddo notrepresentthemaximumpossiblegainsandlossesthatmayoccursinceactualgainsandlosseswilldifferfromthose estimatedbasedonactualfluctuationsininterestratesorcommoditypricesandthetimingoftransactions.

Weareexposedtomarketriskduetocommoditypriceandinterest-ratevolatility.Marketriskistheriskoflossarisingfrom adversechangesinmarketratesandprices.Wemayusefinancialinstruments,includingforwardsales,swaps,optionsand futures,tomanagetherisksofcertainidentifiableoranticipatedtransactionsandachievemorepredictablecashflows.Our risk-managementfunctionfollowspoliciesandproceduresestablishedbyourRiskOversightandStrategyCommitteeto monitorournaturalgas,NGL,RefinedProducts,condensateandcrudeoilmarketingactivitiesandinterestratestoensureour hedgingactivitiesmitigatemarketrisksandcomplywithapprovedthresholdsorlimits.Wedonotusefinancialinstrumentsfor tradingpurposes.

Weutilizeasensitivityanalysismodeltoassesstheriskassociatedwithourderivativeportfolio.Thesensitivityanalysis measuresthepotentialchangeinfairvalueofourderivativeinstrumentsbaseduponahypothetical10%movementinthe underlyingcommoditypricesorinterestrates.Inadditiontothesevariables,thefairvalueofourderivativeportfoliois influencedbyfluctuationsinthenotionalamountsoftheinstrumentsandthediscountratesusedtodeterminethepresent values.Becauseweenterintothesederivativeinstrumentsforthepurposeofmitigatingtherisksthataccompanycertainofour businessactivities,asdescribedbelow,thechangeinthemarketvalueofourderivativeportfoliowouldtypicallybeoffset largelybyacorrespondinggainorlossonthehedgeditem.

SeeNoteAoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportforadiscussiononouraccountingpolicies forourderivativeinstrumentsandtheimpactonourConsolidatedFinancialStatements.

COMMODITYPRICERISK

Aspartofourhedgingstrategy,weusecommodityderivativefinancialinstrumentsandphysical-forwardcontractsdescribedin NoteDoftheNotestoConsolidatedFinancialStatementsinthisAnnualReporttoreducetheimpactofnear-termprice fluctuationsofnaturalgas,NGLs,RefinedProducts,condensateandcrudeoil.

Thefollowingtablepresentstheeffectahypothetical10%changeintheunderlyingcommoditypriceswouldhaveonthe estimatedfairvalueofourcommodityderivativeinstrumentsasofthedatesindicated:

Oursensitivityanalysisrepresentsanestimateofthereasonablypossiblegainsandlossesthatwouldberecognizedonour commodityderivativecontractsassuminghypotheticalmovementsinfuturemarketpricesandisnotnecessarilyindicativeof actualresultsthatmayoccur.Actualgainsandlossesmaydifferfromestimatesduetoactualfluctuationsinmarketprices,as wellaschangesinourcommodityderivativeportfolioduringtheyear.

INTEREST-RATERISK

Weareexposedtointerest-rateriskthroughborrowingsunderour$3.5BillionCreditAgreement,commercialpaperprogram andlong-termdebtissuances.Futureincreasesincommercialpaperratesorbondyieldscouldexposeustoincreasedinterest costsonfutureborrowings.Wemaymanageinterest-rateriskthroughtheuseoffixed-ratedebt,floating-ratedebt,Treasury locksandinterest-rateswaps.

TreasurylocksareagreementstopaythedifferencebetweenthebenchmarkTreasuryrateandtheratethatisdesignatedinthe termsoftheagreement.Inthethirdquarterandsecondquarterof2025,weenteredinto$300millionnotionalquantityand $700millionnotionalquantity,respectively,ofTreasurylockstohedgethevariabilityofinterestpaymentsonaportionofour forecasteddebtissuances.Inthethirdquarterof2025,wesettledalloftheoutstanding$1.0billionnotionalquantityof Treasurylocksinconnectionwithourunderwrittenpublicofferingof$3.0billionseniorunsecurednotesinAugust2025. All ofourTreasurylocksweredesignatedascashflowhedges.

AtDecember31,2025,andDecember31,2024,wehadnooutstandinginterest-ratederivativeinstruments.

SeeNoteDoftheNotestoConsolidatedFinancialStatementsinthisAnnualReportformoreinformationonourhedging activities.

COUNTERPARTYCREDITRISK

Weassessthecreditworthinessofourcounterpartiesonanongoingbasisandrequiresecurity,includingprepayments,lettersof credit,liensandotherformsofcollateral,whenappropriate.Certainofourcounterpartiesmaybeimpactedbyarelativelylow commoditypriceenvironmentandcouldexperiencefinancialproblems,whichcouldresultinnonpaymentand/or nonperformance,whichcouldadverselyimpactourresultsofoperations.Followingouracquisitionsin2024,wenowtransact withthecounterpartiesofEnLinkandMedallion.AsubstantialportionofEnLinkandMedallioncounterpartiesarerated investment-gradebyS&Porprovidealetterofcreditorothercollateral.

NaturalGasGatheringandProcessing -OurNaturalGasGatheringandProcessingsegmentderivesfeesforservicesprimarily frommajorandindependentcrudeoilandnaturalgasproducers,whichincludebothlargeintegratedandindependent explorationandproductioncompanies.Inthissegment,ourdownstreamcommoditysalescustomersareprimarilyutilities, largeindustrialcompanies,marketingcompaniesandourNGLaffiliate.Wearenottypicallyexposedtomaterialcreditrisk withproducersunderfeewithPOPcontractsaswesellthecommoditiesandremitaportionofthesalesproceedsbacktothe producerlessourcontractualfees.In2025and2024,excludingEnLinkin2024,approximately75%and85%,respectively,of thedownstreamcommoditysalesinourNaturalGasGatheringandProcessingsegmentweremadetocustomersrated investment-gradebyS&P,approvedthroughcomparableinternalcounterpartyanalysisorweresecuredbylettersofcreditor othercollateral.

NaturalGasLiquids -OurNaturalGasLiquidssegment’scounterpartiesareprimarilyNGLandnaturalgasgatheringand processingcompanies;majorandindependentcrudeoilandnaturalgasproductioncompanies;utilities;largeindustrial companies;naturalgasolinedistributors;propanedistributors;municipalities;andpetrochemical,refiningandmarketing companies.WechargefeestoNGLandnaturalgasgatheringandprocessingcounterpartiesandNGLpipelinetransportation customers.Wearenottypicallyexposedtomaterialcreditriskonthemajorityofourexchangeservicesfees,aswepurchase NGLsfromourgatheringandprocessingcounterpartiesanddeductourfeefromtheamountsweremit.Wealsoearnsales revenueonthedownstreamsalesofPurityNGLs.In2025and2024,excludingEnLinkin2024,approximately95%and90%, respectively,ofthissegment’scommoditysalesweremadetocustomersratedinvestment-gradebyS&P,approvedthrough comparableinternalcounterpartyanalysisorweresecuredbylettersofcreditorothercollateral.Inaddition,themajorityof ourNaturalGasLiquidssegment’spipelinetariffsprovideustheabilitytorequiresecurityfromshippers.

NaturalGasPipelines -OurNaturalGasPipelinessegment’scustomersareprimarilylocalnaturalgasdistributioncompanies, electric-generationfacilities,largeindustrialcompanies,municipalities,producers,processorsandmarketingcompanies.In 2025and2024,excludingEnLinkin2024,approximately80%and90%,respectively,ofourrevenuesinthissegmentwere fromcustomersratedinvestment-gradebyS&P,approvedthroughcomparableinternalcounterpartyanalysisorweresecured bylettersofcreditorothercollateral.Inaddition,themajorityofourpipelinetariffsinthissegmentprovideustheabilityto requiresecurityfromshippers.

RefinedProductsandCrude- OurRefinedProductsandCrudesegment’scustomersincluderefiners,wholesalers,retailers, traders,railroads,airlinesandregionalfarmcooperatives.In2025and2024,excludingEnLinkandMedallionin2024, approximately85%and70%,respectively,ofourrevenuesinthissegmentwerefromcustomersratedinvestment-gradeby S&P,approvedthroughcomparableinternalcounterpartyanalysisorweresecuredbylettersofcredit,liens,orothercollateral.

ReportofIndependentRegisteredPublicAccountingFirm TotheBoardofDirectorsandShareholdersofONEOK,Inc.

OpinionsontheFinancialStatementsandInternalControloverFinancialReporting

WehaveauditedtheaccompanyingconsolidatedbalancesheetsofONEOK,Inc.anditssubsidiaries(the"Company")asof December31,2025and2024,andtherelatedconsolidatedstatementsofincome,ofcomprehensiveincome,ofequityandof cashflowsforeachofthethreeyearsintheperiodendedDecember31,2025,includingtherelatednotes(collectivelyreferred toasthe"consolidatedfinancialstatements").WealsohaveauditedtheCompany'sinternalcontroloverfinancialreportingas ofDecember31,2025,basedoncriteriaestablishedin InternalControl-IntegratedFramework (2013)issuedbythe CommitteeofSponsoringOrganizationsoftheTreadwayCommission(COSO).

Inouropinion,theconsolidatedfinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancial positionoftheCompanyasofDecember31,2025and2024,andtheresultsofitsoperationsanditscashflowsforeachofthe threeyearsintheperiodendedDecember31,2025,inconformitywithaccountingprinciplesgenerallyacceptedintheUnited StatesofAmerica.Alsoinouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontrolover financialreportingasofDecember31,2025,basedoncriteriaestablishedin InternalControl-IntegratedFramework (2013) issuedbytheCOSO.

BasisforOpinions

TheCompany'smanagementisresponsiblefortheseconsolidatedfinancialstatements,formaintainingeffectiveinternal controloverfinancialreporting,andforitsassessmentoftheeffectivenessofinternalcontroloverfinancialreporting,included inManagement’sReportonInternalControloverFinancialReportingappearingunderItem9A.Ourresponsibilityisto expressopinionsontheCompany’sconsolidatedfinancialstatementsandontheCompany'sinternalcontroloverfinancial reportingbasedonouraudits.WeareapublicaccountingfirmregisteredwiththePublicCompanyAccountingOversight Board(UnitedStates)(PCAOB)andarerequiredtobeindependentwithrespecttotheCompanyinaccordancewiththeU.S. federalsecuritieslawsandtheapplicablerulesandregulationsoftheSecuritiesandExchangeCommissionandthePCAOB.

WeconductedourauditsinaccordancewiththestandardsofthePCAOB.Thosestandardsrequirethatweplanandperform theauditstoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatementsarefreeofmaterialmisstatement, whetherduetoerrororfraud,andwhethereffectiveinternalcontroloverfinancialreportingwasmaintainedinallmaterial respects.

Ourauditsoftheconsolidatedfinancialstatementsincludedperformingprocedurestoassesstherisksofmaterialmisstatement oftheconsolidatedfinancialstatements,whetherduetoerrororfraud,andperformingproceduresthatrespondtothoserisks. Suchproceduresincludedexamining,onatestbasis,evidenceregardingtheamountsanddisclosuresintheconsolidated financialstatements.Ourauditsalsoincludedevaluatingtheaccountingprinciplesusedandsignificantestimatesmadeby management,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.Ourauditofinternal controloverfinancialreportingincludedobtaininganunderstandingofinternalcontroloverfinancialreporting,assessingthe riskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbased ontheassessedrisk.Ourauditsalsoincludedperformingsuchotherproceduresasweconsiderednecessaryinthe circumstances.Webelievethatourauditsprovideareasonablebasisforouropinions.

DefinitionandLimitationsofInternalControloverFinancialReporting

Acompany’sinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthe reliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerally acceptedaccountingprinciples.Acompany’sinternalcontroloverfinancialreportingincludesthosepoliciesandprocedures that(i)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsand dispositionsoftheassetsofthecompany;(ii)providereasonableassurancethattransactionsarerecordedasnecessarytopermit preparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsand expendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthe company;and(iii)providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,or dispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Becauseofitsinherentlimitations,internalcontroloverfinancialreportingmaynotpreventordetectmisstatements.Also, projectionsofanyevaluationofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequate becauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

CriticalAuditMatters

Thecriticalauditmattercommunicatedbelowisamatterarisingfromthecurrentperiodauditoftheconsolidatedfinancial statementsthatwascommunicatedorrequiredtobecommunicatedtotheauditcommitteeandthat(i)relatestoaccountsor disclosuresthatarematerialtotheconsolidatedfinancialstatementsand(ii)involvedourespeciallychallenging,subjective,or complexjudgments.Thecommunicationofcriticalauditmattersdoesnotalterinanywayouropinionontheconsolidated financialstatements,takenasawhole,andwearenot,bycommunicatingthecriticalauditmatterbelow,providingaseparate opiniononthecriticalauditmatterorontheaccountsordisclosurestowhichitrelates.

RevenueRecognition–LiquidsCommoditySales

AsdescribedinNoteAtotheconsolidatedfinancialstatements,theCompanyrecordsrevenuefromliquidscommoditysales whenthecommodityisdeliveredtothecustomerasthisrepresentsthepointintimewhencontroloftheproductistransferred tothecustomer.Revenueisrecordedbasedonthecontractedsellingprice,whichisgenerallyindex-basedandsettleddailyor monthly.TheCompanyrecognizedliquidscommoditysalesof$25,566millionfortheyearendedDecember31,2025.

Theprincipalconsiderationforourdeterminationthatperformingproceduresrelatingtorevenuerecognitionforliquids commoditysalesisacriticalauditmatterisahighdegreeofauditoreffortinperformingproceduresrelatedtotheCompany’s revenuerecognition.

Addressingthematterinvolvedperformingproceduresandevaluatingauditevidenceinconnectionwithformingouroverall opinionontheconsolidatedfinancialstatements.Theseproceduresincludedtestingtheeffectivenessofcontrolsrelatingtothe revenuerecognitionprocessforliquidscommoditysales.Theseproceduresalsoincluded,amongothers,(i)testingrevenue recognizedforasampleofliquidscommoditysalesrevenuetransactionsbyobtainingandinspectingsourcedocuments,suchas contracts,settlementstatements,invoices,andpaymentsreceiptsand(ii)confirmingasampleofoutstandingcustomerinvoices balancesasofDecember31,2025,andforconfirmationsnotreturned,obtainingandinspectingsourcedocuments,suchas contracts,settlementstatements,invoices,andsubsequentpaymentreceipts.

s/PricewaterhouseCoopersLLP Tulsa,Oklahoma February24,2026

WehaveservedastheCompany’sauditorsince2007.

SeeaccompanyingNotestoConsolidatedFinancialStatements.

ONEOK,Inc.andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME

Othercomprehensiveincome(loss),netoftax

Changeinfairvalueofderivatives,netoftaxof$(19),$16and$(46),respectively

Derivativeamountsreclassifiedtonetincome,netoftaxof$1,$5and$21, respectively

Changesinbenefitplanobligationsandother,netoftaxof$(3),$(2)and$3, respectively

YearsEndedDecember31, 202520242023 (Millionsofdollars,exceptpershareamounts)

SeeaccompanyingNotestoConsolidatedFinancialStatements

YearsEndedDecember31, 202520242023 (Millionsofdollars)

Preferredstock,$0.01parvalue:

authorized100,000,000shares;issuedandoutstanding0sharesatDecember31,2025;issuedand outstanding20,000sharesatDecember31,2024

Commonstock,$0.01parvalue:

authorized1,200,000,000shares;issued655,909,018sharesandoutstanding629,707,691sharesat December31,2025;issued609,713,834sharesandoutstanding583,110,633sharesatDecember31, 2024

Treasurystock,atcost:26,201,327sharesatDecember31,2025,and26,603,201sharesat December31,2024

YearsEndedDecember31, 202520242023 (Millionsofdollars)

Operatingactivities

Capitalexpenditures(lessallowanceforequityfundsusedduringconstruction) (3,152) (2,021)(1,595)

(Millionsofdollars)

January1,2023$—$5$7,253$(108)$50$(706)$—$6,494 Netincome————2,659——2,659 Othercomprehensiveincome———75———75

Preferredstockdividends-$55.00per share————(1)——(1) MagellanAcquisitionconsideration (NoteB)—19,061———— 9,062 Commonstockissued——9——29—38

Commonstockdividends-$3.82per share(NoteH)————(1,839)——(1,839) Other,net——(3)—(1)——(4)

December31,2023—616,320(33)868(677)—16,484

Netincome————

3,035—773,112 Othercomprehensiveloss———(63)———(63)

Preferredstockdividends-$55.00per share————(1)——(1) Commonstockissued——25——42—67

Commonstockdividends-$3.96per share(NoteH)————(2,318)——(2,318) Repurchaseofcommonstock(NoteH)—————(172)—(172) EnLinkControllingInterestAcquisition (NoteB)—————— 5,0765,076

Distributionstononcontrollinginterests (66)(66)

Contributionsfromnoncontrolling interests——————33 Other,net——9—(5)—711

December31,2024—616,354(96)1,579(807)5,09722,133 Netincome ————3,393—693,462 Othercomprehensiveincome ———69———69

Preferredstockdividends-$13.75per share

Commonstockissued ——(9)——40—31

Commonstockdividends-$4.12per share(NoteH) ————(2,596)——(2,596) Repurchaseofcommonstock(NoteH) (62)—(62) EnLinkAcquisition(NoteB) —14,377——— (4,378)— DelawareBasinJVAcquisition(Note B) ——185——— (678)(493)

Distributionstononcontrollinginterests (47)(47) Contributionsfromnoncontrolling interests ——————1919 Other,net ——54—(3)—253 December31,2025 $—$7$20,961$(27)$2,373$(829)$84$22,569 *Accumulatedothercomprehensiveloss

SeeaccompanyingNotestoConsolidatedFinancialStatements.

A.SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES

OrganizationandNatureofOperations -WeareacorporationincorporatedunderthelawsofthestateofOklahoma.

OurNaturalGasGatheringandProcessingsegmentprovidesmidstreamservicestoproducersintheRockyMountainregion, theMid-ContinentregionandthePermianBasin.Rawnaturalgasistypicallygatheredatthewellhead,compressedand transportedthroughpipelinestoourprocessingfacilities.Mostrawnaturalgasproducedatthewellheadalsocontainsa mixtureofNGLcomponents,includingethane,propane,iso-butane,normalbutaneandnaturalgasoline.Gatheredwellhead naturalgasisdirectedtoourprocessingplantstoremoveNGLs,resultinginresiduenaturalgas(primarilymethane).Residue naturalgasisthenrecompressedanddeliveredtonaturalgaspipelines,storagefacilitiesandendusers.TheNGLsseparated fromtherawnaturalgasaredeliveredthroughNGLpipelinestofractionationfacilitiesforfurtherprocessing.

InourNaturalGasLiquidssegment,NGLsareextractedatourownandthird-partynaturalgasprocessingplantsandare gatheredbyourNGLgatheringpipelines.GatheredNGLsaredirectedtoourdownstreamfractionatorstobeseparatedinto PurityNGLs.PurityNGLsarestoredordistributedtoourcustomers,suchaspetrochemicalcompanies,propanedistributors, diluentusers,ethanolproducers,refineriesandexporters.WeprovidemidstreamservicestoproducersofNGLsintheRocky Mountainregion,Mid-Continentregion,PermianBasinandGulfCoastregionanddeliverthoseproductstothemarket.Our primarymarketsincludetheMid-ContinentinConway,Kansas,theGulfCoastinMontBelvieu,Texas,Louisianaandthe upperMidwest.Themajorityofthepipeline-connectednaturalgasprocessingplantsintheWillistonBasin,Oklahoma,Kansas andtheTexasPanhandleaswellasalargenumberinthePermianBasin,BarnettShale,EastTexasandLouisianaregionsare connectedtoourNGLgatheringsystems.

InourNaturalGasPipelinessegment,wereceiveresiduenaturalgasfromthirdpartiesandourownnaturalgasprocessing plantsandinterconnectingpipelines.Residuenaturalgasistransportedorstoredforendusers,suchaslargeindustrial customers,naturalgasandelectricutilitiesservingcommercialandresidentialconsumersandcanultimatelyreachinternational marketsthroughliquifiednaturalgasexports(LouisianaGulfCoast)andcrossborderpipelines.Ourassetsareconnectedto keysupplyareasanddemandcenters,includingexportmarketsinMexicoviaRoadrunnerandsupplyareasinCanadaandthe UnitedStatesviaourinterstateandintrastatenaturalgaspipelines,NorthernBorderandMatterhorn,whichenablesusto provideessentialnaturalgastransportationandstorageservices.Growingdemandfromdatacentersandcontinueddemand fromlocaldistributioncompanies,electric-generationfacilitiesandlargeindustrialcompaniessupportcapitalprojectsandlowcostexpansionsthatpositionuswelltoprovideadditionalservicestoourcustomerswhenneeded.

OurRefinedProductsandCrudesegmentisprincipallyengagedinthetransportation,storageanddistributionofRefined Productsandcrudeoil.Wearealsoengagedinthegatheringofcrudeoil Ourcrudeoilassetsarestrategicallylocatedto gather,transportandstorecrudeoilandareconnectedtorefineries,exportfacilitiesandmultipletradinganddemandcenters. Throughoutourdistributionsystem,terminalsplayakeyroleinfacilitatingproductmovementsandmarketingbyproviding storage,distribution,blendingandotherancillaryservices.ProductstransportedonourRefinedProductspipelinesystem includegasoline,distillates,aviationfuelandcertainNGLs.ShipmentsoriginateonourRefinedProductspipelinesystemfrom directconnectionstorefineriesorthroughinterconnectionswithotherpipelinesorterminalsfortransportationandultimate distributiontoretailfuelingstations,conveniencestores,travelcenters,railroads,airportsandotherendusers.

BasisofPresentation -OuraccompanyingConsolidatedFinancialStatementshavebeenpreparedpursuanttotherulesand regulationsoftheSEC.ThesestatementshavebeenpreparedinaccordancewithGAAP.

Consolidation -OurConsolidatedFinancialStatementsincludeouraccountsandtheaccountsofoursubsidiariesoverwhich wehavecontroloraretheprimarybeneficiary.Third-partyownershipinterestsinourcontrolledsubsidiariesarepresentedas noncontrollinginterests.Allintercompanybalancesandtransactionshavebeeneliminatedinconsolidation.

Weaccountforinvestmentswherewecontroltheinvestmentusingtheconsolidationmethodofaccounting.Underthis method,weconsolidateallassetsandliabilitiesofaninvestmentonourConsolidatedBalanceSheetsandrecordnoncontrolling interestsfortheportionoftheinvestmentwedonotown.Weincludealloftheinvestment’sresultsofoperationsonour ConsolidatedStatementsofIncomeandrecordincomeattributabletononcontrollinginterestsfortheportionoftheinvestment thatwedonotown.AsofDecember31,2025,noncontrollinginterestsinourConsolidatedBalanceSheetsrelatedto AscensionandMBTCPipeline.AsaresultoftheDelawareBasinJVAcquisitionandtheEnLinkAcquisition,theseentities arenowwhollyownedsubsidiariesandarenolongerrecordedasnoncontrollinginterestsinourConsolidatedBalanceSheets asofDecember31,2025.AsofDecember31,2024,noncontrollinginterestsinourConsolidatedBalanceSheetswere

composedoftheapproximately57%ofoutstandingEnLinkUnitswedidnotown,SeriesBPreferredUnitsandthepartially ownedconsolidatedsubsidiariesofEnLink.

SeeNoteHfordisclosuresofournoncontrollinginterests.

Investmentsinunconsolidatedaffiliatesareaccountedforusingtheequitymethodifwehavetheabilitytoexercisesignificant influenceoveroperatingandfinancialpoliciesofourinvestee.Underthismethod,aninvestmentiscarriedatitsacquisition costandadjustedeachperiodforcontributionsmade,distributionsreceivedandourshareoftheinvestee’scomprehensive income.Thedifferencebetweenthecarryingvalueofaninvestmentandourshareoftheinvestment’sunderlyingequityinnet assetsisreferredtoasabasisdifference.Basisdifferencesrelatedtodepreciableoramortizableassetsareamortizedthrough equityinnetearningsfrominvestments.Thepremiumorexcesscostoverunderlyingfairvalueofnetassetsisreferredtoas equity-methodgoodwill.Theportionofthebasisdifferencethatisattributabletoourequity-methodgoodwillisnotamortized. Impairmentofequityinvestmentsisrecordedwhentheimpairmentsareotherthantemporary.Theseamountsarerecordedas investmentsinunconsolidatedaffiliatesonouraccompanyingConsolidatedBalanceSheets.

SeeNoteNfordisclosuresofourunconsolidatedaffiliates.

DistributionspaidtousfromourunconsolidatedaffiliatesareclassifiedasoperatingactivitiesonourConsolidatedStatements ofCashFlowsuntilthecumulativedistributionsexceedourproportionateshareofincomefromtheunconsolidatedaffiliate sincethedateofourinitialinvestment.Cumulativedistributionspaidtousfromtheunconsolidatedaffiliatethatexceedour cumulativeproportionateshareofincomefromtheunconsolidatedaffiliateineachperiodrepresentsareturnofinvestmentand isclassifiedasaninvestingactivityonourConsolidatedStatementsofCashFlows.

VariableInterestEntities(VIEs) -Weevaluatealllegalentitiesinwhichweholdanownershipinteresttodetermineifthe entityisaVIE.VariableinterestsareownershipinterestsinanentitythatchangewithchangesinthefairvalueoftheVIE’s assets.WhenweconcludethatweholdaninterestinaVIE,wemustdetermineifwearetheentity’sprimarybeneficiary.A primarybeneficiaryisdeemedtohavethepowertodirecttheactivitiesoftheVIEthatmostsignificantlyimpacttheVIE’s economicperformance.WeconsolidateanyVIEwhenwedeterminethatwearetheprimarybeneficiary.

SignificantjudgmentisexercisedindeterminingthatalegalentityisaVIEandinevaluatingourinterestinaVIE.Weuse primarilyaqualitativeanalysistodetermineifanentityisaVIE.WeevaluateourinterestsinaVIEtodeterminewhetherwe aretheprimarybeneficiary.Wecontinuallymonitorourinterestsinlegalentitiesforchangesinthedesignoractivitiesofan entityandchangesinourinterests,includingourstatusastheprimarybeneficiarytodetermineifthechangesrequireusto reviseourpreviousconclusions.

SeeNoteIforourVIEdisclosures.

UseofEstimates -ThepreparationofourConsolidatedFinancialStatementsandrelateddisclosuresinaccordancewithGAAP requiresustomakeestimatesandassumptionswithrespecttovaluesorconditionsthatcannotbeknownwithcertaintythat affectthereportedamountsonourConsolidatedFinancialStatements.Itemsthatmaybeestimatedinclude,butarenotlimited to,theeconomicusefullifeofassets,fairvalueofassets,liabilities,derivativeinstrumentsandequity-methodinvestments, obligationsunderemployeebenefitplans,allowanceforcreditlosses,expensesforservicesreceivedbutforwhichnoinvoice hasbeenreceived,provisionforincometaxes,includinganydeferredtaxvaluationallowances,theresultsoflitigation, environmentalremediationandvariousotherrecordedordisclosedamounts.Inaddition,aportionofourrevenuesandcostof salesandfuelarerecordedbasedoncurrentmonthpricesandestimatedvolumes.Theestimatesarereversedinthefollowing monthwhenwerecordactualvolumes.

Weevaluateourestimatesonanongoingbasisusinghistoricalexperience,consultationwithexpertsandothermethodswe considerreasonablebasedontheparticularcircumstances.Nevertheless,actualresultsmaydiffersignificantlyfromthe estimates.Anyeffectsonourfinancialpositionorresultsofoperationsfromrevisionstotheseestimatesarerecordedinthe periodwhenthefactsthatgiverisetotherevisionbecomeknown.

FairValueMeasurements -Forourfairvaluemeasurements,weutilizemarketprices,third-partypricingservices,present valuemethodsandstandardoptionvaluationmodelstodeterminethepricewewouldreceivefromthesaleofanassetorthe transferofaliabilityinanorderlytransactionatthemeasurementdate.Wemeasurethefairvalueofagroupoffinancialassets andliabilitiesconsistentwithhowamarketparticipantwouldpricethenetriskexposureatthemeasurementdate.

Mostofthecontractsinourderivativeportfolioareexecutedinliquidmarketswherepricetransparencyexists.Ourfinancial commodityderivativesareprimarilysettledthroughaNYMEXorIntercontinentalExchangeclearingbrokeraccountwithdaily

marginrequirements.Wevalidateourvaluationinputswiththird-partyinformationandsettlementpricesfromothersources, whereavailable.

Wecomputethefairvalueofourderivativeportfoliobydiscountingtheprojectedfuturecashflowsfromourderivativeassets andliabilitiestopresentvalueusinginterest-rateyieldstocalculatepresent-valuediscountfactorsderivedfromtheimplied forwardSOFRyieldcurve.Thefairvalueofourforward-startinginterest-rateswapsisdeterminedusingfinancialmodelsthat incorporatetheimpliedforwardSOFRyieldcurveforthesameperiodasthefutureinterest-rateswapsettlements.Weconsider currentmarketdatainevaluatingcounterparties’,aswellasourown,nonperformancerisk,netofcollateral,byusing counterparty-specificbondyields.Althoughweuseourbestestimatestodeterminethefairvalueofthederivativecontractswe haveexecuted,theultimatemarketpricesrealizedcoulddiffermateriallyfromourestimates.

FairValueHierarchy -Ateachbalancesheetdate,weutilizeafairvaluehierarchytoclassifyfairvalueamountsrecognizedor disclosedinourfinancialstatementsbasedontheobservabilityofinputsusedtoestimatesuchfairvalue.Thelevelsofthe hierarchyaredescribedbelow:

•Level1-fairvaluemeasurementsarebasedonunadjustedquotedpricesforidenticalsecuritiesinactivemarkets. Thesebalancesarecomposedpredominantlyofexchange-tradedderivativecontractsfornaturalgas,RefinedProducts andcrudeoil.

•Level2-fairvaluemeasurementsarebasedonsignificantobservablepricinginputs,includingquotedpricesfor similarassetsandliabilitiesinactivemarketsandinputsfromthird-partypricingservicessupportedwithcorroborative evidence.Thesebalancesarecomposedofexchangeclearedandover-the-counterderivativestohedgenaturalgas, NGLs,RefinedProductsandcrudeoilpriceriskandover-the-counterinterest-ratederivatives.

•Level3-fairvaluemeasurementsarebasedoninputsthatmayincludeoneormoreunobservableinputs.

Determiningtheappropriateclassificationofourfairvaluemeasurementswithinthefairvaluehierarchyrequires management’sjudgmentregardingthedegreetowhichmarketdataisobservableorcorroboratedbyobservablemarketdata. Wecategorizederivativesbasedonthelowestlevelinputthatissignificanttothefairvaluemeasurementinitsentirety.

SeeNoteCforourfairvaluemeasurementsdisclosures.

CashandCashEquivalents -Cashequivalentsconsistofhighlyliquidinvestments,whicharereadilyconvertibleintocash andhaveoriginalmaturitiesofthreemonthsorless.

RevenueRecognition -Revenuesarerecognizedwhencontrolofthepromisedgoodsorservicesistransferredtoour customersinanamountthatreflectstheconsiderationweexpecttobeentitledtoreceiveinexchangeforthosegoodsor services.Ourpaymenttermsvarybycustomerandcontracttype,includingrequiringpaymentbeforeproductsorservicesare deliveredtocertaincustomers.However,thetermbetweencustomerprepayments,completionofourperformanceobligations, invoicingandreceiptofpaymentdueisgenerallynotsignificant.

PerformanceObligationsandRevenueSources -RevenuesourcesaredisaggregatedinNoteRandarederivedfromcommodity salesandservicesrevenues,asdescribedbelow:

CommoditySales(allsegments)-Wecontracttodeliverresiduenaturalgas,unfractionatedNGLsand/orPurityNGLs, RefinedProducts,condensateandcrudeoiltocustomersataspecifieddeliverypoint.Oursalesagreementsmaybedailyor longer-termcontractsforaspecifiedvolume.Weconsiderthesaleanddeliveryofeachunitofacommodityanindividual performanceobligationasthecustomerisexpectedtocontrol,acceptandbenefitfromeachunitindividually.Werecord revenuewhenthecommodityisdeliveredtothecustomerasthisrepresentsthepointintimewhencontroloftheproductis transferredtothecustomer.Revenueisrecordedbasedonthecontractedsellingprice,whichisgenerallyindex-basedand settleddailyormonthly.Occasionally,wesellunfractionatedNGLstocustomersatanindex-basedpricelessthird-party fractionationcosts.Thesecostsareincludedasareductiontocommoditysalesrevenue.

Services

Gatheringonlycontracts (NaturalGasGatheringandProcessingsegment)-Underthistypeofcontract,wechargefeesfor providingmidstreamservices,whichincludegatheringandtreatingourcustomers’naturalgas.Ourperformanceobligation beginswithdeliveryofrawnaturalgastooursystem.Thisserviceistreatedasoneperformanceobligationthatissatisfied overtime.Weusetheoutputmethodbasedondeliveryofproducttooursystemasthemeasureofprogress,asourservicesare performedsimultaneously.

FeewithPOPcontractswithproducertake-in-kindrights (NaturalGasGatheringandProcessingsegment)-Underthistype ofcontract,wedonotcontrolthestreamofunprocessednaturalgasthatwereceiveatthewellheadduetotheproducer’stakein-kindrights.Wepurchasecommoditiesthattheproducerdoesnottake-in-kindandchargefeesforprovidingmidstream services,whichincludegathering,treating,compressingandprocessingourcustomers’naturalgas.Afterperformingthese services,wereturncertaincommoditiestotheproducer,sellanyremainingcommoditiesandremitaportionofthecommodity salesproceedstotheproducerlessourcontractualfees.Ourperformanceobligationbeginswithdeliveryofrawnaturalgasto oursystem.Thisserviceistreatedasoneperformanceobligationthatissatisfiedovertime.Weusetheoutputmethodbased ondeliveryofproducttooursystemasthemeasureofprogress,asourservicesareperformedsimultaneously.

Transportation,exchangeandterminalservicecontracts (NaturalGasLiquidsandRefinedProductsandCrudesegments)Underthistypeofcontract,wechargefeesforprovidingmidstreamservices,whichmayincludeabundledcombinationofone ormoreofthefollowingservices:gathering,transporting,terminalling,fractionationorotherancillaryservices.Our performanceobligationbeginswithdeliveryofproducttooursystem.Theseservicesrepresentaseriesofdistinctservicesthat aretreatedasoneperformanceobligationthatissatisfiedovertime.Weusetheoutputmethodbasedondeliveryofproductto oursystemasthemeasureofprogress,asourservicesareperformedsimultaneously.Fortransportationservicesunderatariff onourtransportationpipelines,feesarerecordedwhenourdeliveryobligationiscomplete.Wehavecertaincontractsthat requirecounterpartiestoshipaminimumvolumeoveranagreed-upontimeperiod,whicharecontractedasminimumdollaror volumecommitments.Revenuepursuanttothesetake-or-paycontractsisinitiallydeferredandsubsequentlyrecognizedwhen thecustomersutilizetheircommittedvolumesorwhenthelikelihoodofmeetingtheminimumvolumecommitmentbecomes remote.

Storagecontracts (NaturalGasLiquids,RefinedProductsandCrudeandNaturalGasPipelinessegments)-Wereservea statedstoragecapacityandinject/withdraw/storecommoditiesforourcustomers.Astheseservicesrepresentastand-ready obligationprovidedonadailybasisoverthelifeoftheagreement,thefixedcapacityreservationfeesareallocatedandevenly recognizedinrevenueoverthecontractterm.Capacityreservationfeesthatvarybasedonastatedorimpliedeconomicindex andcorrespondwiththecoststoprovideourservicesarerecognizedinrevenueasinvoicedtoourcustomers.Weusethe outputmethodbasedonthepassageoftimetomeasuresatisfactionoftheperformanceobligationassociatedwithourdaily stand-readyservices.Otherfeesarerecognizedinrevenueasthoseservicesareprovidedandaredependentonthevolume moved,whichisatourcustomers’discretion.

Firmservicetransportationcontracts (NaturalGasPipelinessegment)-Wereserveastatedtransportationcapacityand transportcommoditiesforourcustomer.Thecapacityreservationandtransportationservicesareconsideredabundledservice, asweintegratethemintoonestand-readyobligationprovidedonadailybasisoverthelifeoftheagreementandsatisfiedover time.Fixedcapacityreservationfeesareallocatedandevenlyrecognizedinrevenue.Capacityreservationfeesthatvarybased onastatedorimpliedeconomicindexandcorrespondwiththecoststoprovideourservicesarerecognizedinrevenuebasedon adailyeffectivefeerate.Ifthecapacityreservationfeesvarysolelyasacontractfeature,contractassetsorliabilitiesare recordedforthedifferencebetweentheamountrecordedinrevenueandtheamountbilledtothecustomer.Transportationfees arerecognizedinrevenueasthoseservicesareprovidedandaredependentonthevolumetransportedbyourcustomer,which isatourcustomers’discretion.Weusetheoutputmethodbasedonthepassageoftimetomeasuresatisfactionofthe performanceobligationassociatedwithourdailystand-readyservices.

Interruptibletransportationcontracts (NaturalGasPipelinessegment)-Weagreetotransportnaturalgasonourpipelines betweenthecustomers’specifiednominated-receiptanddeliverypointsifcapacityisavailableaftersatisfyingfirm transportationserviceobligations.Thetransactionpriceisbasedonthetransportationfeestimesthevolumestransported.We usetheoutputmethodbasedondeliveryofproducttothecustomertomeasuresatisfactionoftheperformanceobligation.The totalconsiderationfordeliveredvolumesisrecordedinrevenueatthetimeofdelivery,whenthecustomerobtainscontrol.

Manyofthecontracttypesdescribedabovecontainadditionalfeesorchargespayablebycustomersfornonperformance(e.g., minimumvolumecommitmentsorproductspecifications),whichareconsideredtobevariableconsideration.Thesefeesand chargesarenotrecordeduntilitisprobablethatasignificantreversaloftheassociatedrevenuewillnotoccur.

ReceivablesfromCustomers -SubstantiallyallofthebalancesinaccountsreceivableonourConsolidatedBalanceSheetsat December31,2025,andDecember31,2024,arerelatedtocustomerreceivables.

SeeNoteQforourrevenuedisclosures.

ContractAssetsandContractLiabilities -Contractassetsandcontractliabilitiesarerecordedwhentheamountofrevenue recognizedfromacontractwithacustomerdiffersfromtheamountbilledtothecustomerandrecordedinaccountsreceivable. Ourcontractassetbalancesatthebeginningandendoftheperiodprimarilyrelatedtoourfirmservicetransportationcontracts

withtieredrates,whicharenotmaterial.Ourcontractliabilitiesatthebeginningandendoftheperiodprimarilyrelatedto deferredrevenueonRefinedProductsandcrudeoiltransportationcontracts,NGLstoragecontractsandcontributionsinaidof constructionreceivedfromcustomers,whichwerenotmaterial.

CostofSalesandFuel -Costofsalesandfuelprimarilyincludes(i)thecostofpurchasedcommodities,includingnaturalgas, NGLs,RefinedProducts,condensateandcrudeoil,(ii)feesincurredforthird-partytransportation,fractionationandstorageof commodities,(iii)fuelandpowercostsincurredtooperateourownfacilitiesthatgather,process,transportandstore commodities,(iv)productgainsandlossesand(v)anoffsetfromthecontractualfeesdeductedfromthecostofpurchased commoditiesunderthecontracttypesbelow:

FeewithPOPcontractswithnoproducertake-in-kindrights(NaturalGasGatheringandProcessingsegment)-Wepurchase rawnaturalgasandchargecontractualfeesforprovidingmidstreamservices,whichincludegathering,treating,compressing andprocessingtheproducer’snaturalgas.Afterperformingtheseservices,wesellthecommoditiesandreturnaportionofthe commoditysalesproceedstotheproducerlessourcontractualfees.

Purchasewithfee (NaturalGasLiquidsandRefinedProductsandCrudesegments)-Underthistypeofcontract,wepurchase productatanindexpriceandchargefeesforprovidingmidstreamservices,whichmayincludeabundledcombinationof gathering,transportingand/orfractionation.

OperationsandMaintenance -Operationsandmaintenanceprimarilyincludes(i)payrollandbenefitcosts,(ii)third-party costsforoperations,maintenanceandintegritymanagement,regulatorycomplianceandenvironmentalandsafety,and (iii)otherbusiness-relatedservicecosts.

AccountsReceivable -Accountsreceivablerepresentvalidclaimsagainstnonaffiliatedcustomersforproductssoldorservices rendered.Wepresentaccountsreceivablenetofanallowanceforcreditlossestoreflectthenetamountexpectedtobe collected.Weassessthecreditworthinessofourcounterpartiesonanongoingbasisandrequiresecurity,including prepaymentsandotherformsofcollateral,whenappropriate.Outstandingcustomerreceivablesarereviewedregularlyfor possiblenonpaymentindicators,andallowancesforcreditlossesarerecordedbaseduponmanagement’sestimateof collectability,currentconditionsandsupportableforecastsateachbalancesheetdate.AtDecember31,2025,ourallowance forcreditlosseswasnotmaterial.

Inventory -ThevaluesofcurrentNGLs,naturalgas,RefinedProductsandcrudeoilinstoragearedeterminedusingthelower ofweighted-averagecostornetrealizablevalue.Materialsandsuppliesarevaluedataveragecost.

CommodityImbalances -InourNaturalGasGatheringandProcessing,NaturalGasLiquidsandNaturalGasPipelines segments,commodityimbalancesrepresentamountspayableorreceivableforNGLexchangecontractsandnaturalgaspipeline imbalancesandarevaluedatmarketprices.UnderthemajorityofourNGLexchangeagreements,wephysicallyreceive volumesofunfractionatedNGLs,includingtheriskoflossandlegaltitletosuchvolumes,fromtheexchangecounterparty.In turn,wedeliverPurityNGLsbacktothecustomerandchargegathering,transportationandfractionationfees.Totheextent thatthevolumeswereceiveundersuchagreementsdifferfromthosewedeliver,werecordanetexchangereceivableor payablepositionwiththecounterparties.Thesenetexchangereceivablesandpayablesaregenerallysettledwithmovementsof PurityNGLsratherthanwithcash.Naturalgaspipelineimbalancesaresettledincashorin-kind,subjecttothetermsofthe pipelines’tariffsorbyagreement.

InourRefinedProductsandCrudesegment,commodityimbalancesrepresentdifferencesinproductvolumesinourpipeline systemsandterminals,comparedtothevolumesofourcustomers’inventories,aswedonottakelegaltitletothemajorityof theproductsonourpipelinesystemsandterminals.Totheextenttheproductvolumesdifferfromthevolumesofour customers’bookinventories,werecordadjustmentstoourproductinventories.Whenproductshortagescauseanetshort inventorypositioninaproduct,aliabilityisrecordedbasedonmarketprices.RefinedProductsandcrudeoilimbalancesare generallysettledin-kindthroughproductpurchasesandsales.

DerivativesandRiskManagement -Weutilizederivativestoreduceourmarket-riskexposuretocommoditypriceand interest-ratefluctuationsandtoachievemorepredictablecashflows.Werecordallderivativeinstrumentsatfairvalue,with theexceptionofnormalpurchasesandnormalsalestransactionsthatareexpectedtoresultinphysicaldelivery.Commodity priceandinterest-ratevolatilitymayhaveasignificantimpactonthefairvalueofderivativeinstrumentsasofagivendate. Theaccountingforchangesinthefairvalueofaderivativeinstrumentdependsonwhetherithasbeendesignatedandqualifies aspartofahedgingrelationshipand,ifso,thereasonforholdingit.

Thetablebelowsummarizesthevariouswaysinwhichweaccountforourderivativeinstrumentsandtheimpactonour ConsolidatedFinancialStatements:

RecognitionandMeasurement

AccountingTreatmentBalanceSheetIncomeStatement

Normalpurchasesand normalsales -Fairvaluenotrecorded-Changeinfairvaluenotrecognizedinearnings

Mark-to-market-Recordedatfairvalue-Changeinfairvaluerecognizedinearnings

Cashflowhedge-Thegainorlossonthe derivativeinstrumentisreportedinitiallyasa componentofaccumulatedother comprehensiveincome(loss)

-Thegainorlossonthederivativeinstrumentis reclassifiedoutofaccumulatedother comprehensiveincome(loss)intoearningswhen theforecastedtransactionaffectsearnings

Fairvaluehedge-Recordedatfairvalue-Thegainorlossonthederivativeinstrumentis recognizedinearnings

-Changeinfairvalueofthehedgeditemis recordedasanadjustmenttobookvalue

-Changeinfairvalueofthehedgeditemis recognizedinearnings

Toreduceourexposuretofluctuationsinnaturalgas,NGLs,RefinedProducts,condensateandcrudeoilprices,weperiodically enterintofutures,forwardpurchasesandsales,optionsorswaptransactionsinordertohedgeanticipatedpurchasesandsalesof naturalgas,NGLs,RefinedProducts,condensateandcrudeoil.Treasurylocksandinterest-rateswapsareusedfromtimeto timetomanageinterest-raterisk.Undercertainconditions,wedesignateourderivativeinstrumentsasahedgeofexposureto changesinfairvaluesorcashflows.Weformallydocumentallrelationshipsbetweenhedginginstrumentsandhedgeditems, aswellasrisk-managementobjectivesandstrategiesforundertakingvarioushedgetransactions,andmethodsforassessingand testinghedgeeffectiveness.Wespecificallyidentifytheforecastedtransactionthathasbeendesignatedasthehedgeditemina cashflowhedgerelationship.Weassesshedgingrelationshipsattheinceptionofthehedge,andperiodicallythereafter,to determinewhetherthehedgingrelationshipis,andisexpectedtoremain,highlyeffective.Wealsodocumentournormal purchasesandnormalsalestransactionsthatweexpecttoresultinphysicaldeliveryandthatweelecttoexemptfromderivative accountingtreatment.

Therealizedrevenuesandpurchasecostsofourderivativeinstrumentsnotconsideredheldfortradingpurposesandderivatives thatqualifyasnormalpurchasesornormalsalesthatareexpectedtoresultinphysicaldeliveryarereportedonagrossbasis.

Cashflowsfromfutures,forwards,optionsandswapsthatareaccountedforashedgesareincludedinthesamecategoryasthe cashflowsfromtherelatedhedgeditemsinourConsolidatedStatementsofCashFlows.

SeeNotesCandDfordisclosuresofourfairvaluemeasurementsandrisk-managementandhedgingactivities,respectively.

Property,PlantandEquipment

-Ourpropertiesarestatedatcost,includingAFUDCandcapitalizedinterest.Insomecases, thecostofregulatedpropertyretiredorsold,plusremovalcosts,lesssalvage,ischargedtoaccumulateddepreciation.Gains andlossesfromsalesortransfersofnonregulatedpropertiesoranentireoperatingunitorsystemofourregulatedpropertiesare recognizedinincome.Maintenanceandrepairsarechargeddirectlytoexpense.

TheinterestportionofAFUDCandcapitalizedinterestrepresentthecostofborrowedfundsusedtofinanceconstruction activitiesforregulatedandnonregulatedprojects,respectively.Wecapitalizeinterestcostsduringtheconstructionorupgrade ofqualifyingassets.Thesecostsarerecordedasareductiontointerestexpense.TheequityportionofAFUDCrepresentsthe capitalizationoftheestimatedaveragecostofequityusedduringtheconstructionofmajorprojectsandisrecordedinthecost ofourregulatedpropertiesandasacredittotheallowanceforequityfundsusedduringconstruction.

Ourpropertiesaredepreciatedusingthestraight-linemethodovertheirestimatedusefullives.Generally,weestimatethe usefullivesofindividualassetsorapplydepreciationratestofunctionalgroupsofpropertyhavingsimilareconomiclives.We periodicallyconductdepreciationstudiestoassesstheeconomiclivesofourassets.Forourregulatedassets,thesedepreciation studiesarecompletedasapartofourrateproceedingsortarifffilings,andthechangesineconomiclives,ifapplicable,are implementedprospectivelyasoftheapprovedeffectivedate.Forournonregulatedassets,ifitisdeterminedthattheestimated economiclifechanges,thechangesaremadeprospectively.Changesintheestimatedeconomiclivesofourproperty,plantand equipmentcouldhaveamaterialeffectonourfinancialpositionorresultsofoperations.

Property,plantandequipmentonourConsolidatedBalanceSheetsincludesconstructionworkinprocessforcapitalprojects thathavenotyetbeenplacedinserviceandthereforearenotbeingdepreciated.Assetsaretransferredoutofconstructionwork inprocesswhentheyaresubstantiallycompleteandreadyfortheirintendeduse.

SeeNoteEforourproperty,plantandequipmentdisclosures.

ImpairmentofGoodwillandLong-LivedAssets,IncludingIntangibleAssetsandEquityMethodInvestments -We assessourgoodwillforimpairmentatleastannuallyasofJuly1,unlesseventsorchangesincircumstancesindicatean impairmentmayhaveoccurredbeforethattime.OurqualitativegoodwillimpairmentanalysisperformedasofJuly1,2025, didnotresultinanimpairmentchargenordidouranalysisreflectanyreportingunitsatrisk,andsubsequenttothatdate,no eventhasoccurredindicatingthattheimpliedfairvalueofourreportingunitsarelessthanthecarryingvalueoftheirnetassets.

Goodwill -Aspartofourgoodwillimpairmenttest,weassessqualitativefactors(includingmacroeconomicconditions, industryandmarketconsiderations,costfactorsandoverallfinancialperformance)todeterminewhetheritwasmorelikely thannotthatthefairvalueofourreportingunitsarelessthantheircarryingamount.Iffurthertestingisnecessary,ora quantitativetestiselected,weperformaStep1analysis.InaStep1analysis,anassessmentismadebycomparingthefair valueofareportingunitwithitscarryingamount,includinggoodwill.Ifthecarryingvalueofareportingunitexceedsitsfair value,animpairmentlossisrecognizedinanamountequaltothatexcess,limitedtothetotalamountofgoodwillallocatedto thatreportingunit.

Toestimatethefairvalueofourreportingunits,weusetwogenerallyacceptedvaluationapproaches,anincomeapproachand amarketapproach,usingassumptionsconsistentwithamarketparticipant’sperspective.Undertheincomeapproach,weuse anticipatedcashflowsoveraperiodofyearsplusaterminalvalueanddiscounttheseamountstotheirpresentvalueusing appropriatediscountrates.Theforecastedcashflowsarebasedonprobabilityweighted-averagepossiblefuturecashflowsfor areportingunitoveraperiodofyears.Underthemarketapproach,weapplyEBITDAmultiplestoforecastedEBITDA.The multiplesusedareconsistentwithrecentmarkettransactions.

Long-livedassets -Weassessourlong-livedassetgroupsforimpairmentwhenevereventsorchangesincircumstancesindicate thatanassetgroup’scarryingamountmaynotberecoverable.Animpairmentisindicatedifthecarryingamountofalonglivedassetgroupexceedsthesumoftheundiscountedfuturecashflowsexpectedtoresultfromtheuseandeventual dispositionoftheassetgroup.Ifanimpairmentisindicated,werecordanimpairmentlossequaltothedifferencebetweenthe carryingvalueandthefairvalueofthelong-livedassetgroup.

Investmentsinunconsolidatedaffiliates -Theimpairmenttestforequity-methodinvestmentsconsiderswhetherthefairvalue oftheequityinvestmentasawhole,nottheunderlyingnetassets,hasdeclinedandwhetherthatdeclineisotherthan temporary.Therefore,weperiodicallyevaluatetheamountatwhichwecarryourequity-methodinvestmentstodetermine whethercurrenteventsorcircumstanceswarrantadjustmentstoourcarryingvalues.

SeeNotesE,FandNforourdisclosuresrelatedtolong-livedassets,goodwillandintangibleassetsandinvestmentsin unconsolidatedaffiliates,respectively.

Leases -Weleasecertainbuildings,warehouses,officespace,compression,landandequipment,includingpipelineequipment, pipelinecapacity,railcarsandinformationtechnologyequipment.Ourofficespaceleasearrangementstypicallyinclude variableleasecostrelatedtoutilityexpenses,whicharedeterminedbasedonourpro-ratashareofbuildingexpenseseach monthandareexpensedasincurred.Ourleasepaymentsaregenerallystraight-lineandtheexerciseofleaserenewaloptions, whichvaryinterm,isatoursolediscretion.Weincluderenewalperiodsinaleasetermifwearereasonablycertaintoexercise availablerenewaloptions.Ourleaseagreementsdonotincludeanyresidualvalueguaranteesormaterialrestrictivecovenants. Weapplytheshort-termpolicyelection,whichallowsustoexcludefromrecognitionleaseswithaninitialtermof12months orless.Ourweighted-averagediscountratesrepresenttherateimplicitintheleaseorourincrementalborrowingrateforaterm equaltotheremainingtermofthelease.Ourfinanceleaseassetsandliabilitiesarenotmaterial.

Ourlessorarrangementsprimarilyincludecapacity,storageandservicecontractsandarenotmaterial.Wehavemadean accountingpolicyelectionforbothourlesseeandlessorarrangementstocombineleaseandnon-leasecomponents.This electionisappliedtoallofourleasearrangementsasournon-leasecomponentsdonotresultinsignificanttimingdifferencesin therecognitionofrentalexpensesorincome.

Regulation -Dependingonthespecificserviceprovided,ournaturalgastransmissionpipelines,NGL,RefinedProductsand crudeoilpipelinesandcertainnaturalgasstoragefacilitiesaresubjecttorateregulationand/oraccountingrequirementsbyone ormoreoftheFERC,OklahomaCorporationCommission,KansasCorporationCommission,LouisianaPublicService Commission,RailroadCommissionofTexas,WyomingPublicServiceCommissionandColoradoPublicUtilities Commission.Accordingly,portionsofourNaturalGasLiquidsandNaturalGasPipelinessegmentsfollowtheaccountingand reportingguidanceforregulatedoperationsasdefinedpursuanttoFinancialAccountingStandardsBoard’s(FASB)Accounting StandardsCodification980,RegulatedOperations.Duringtherate-makingprocessforcertainofourassets,regulatory authoritiessettheframeworkforwhatwecanchargecustomersforourservicesandestablishthemannerthatourcostsare accountedfor,includingallowingustodeferrecognitionofcertaincostsandpermittingrecoveryoftheamountsthroughrates

overtimeasopposedtoexpensingsuchcostsasincurred.Certainexamplesoftypesofregulatoryguidanceincludecostsfor fuelandlosses,acquisitioncosts,contributionsinaidofconstruction,chargesfordepreciation,andgainsorlosseson dispositionofassets.Thisallowsustostabilizeratesovertimeratherthanpassingsuchcostsontothecustomerforimmediate recovery.Actionsbyregulatoryauthoritiescouldhaveaneffectontheamountswemaychargeourcustomers.Anydifference intheamountrecoverableandtheamountdeferredisrecordedasincomeorexpenseatthetimeoftheregulatoryaction.A write-offofregulatoryassetsandcostsnotrecoveredmayberequiredifalloraportionoftheregulatedoperationshaverates thatarenolonger(i)establishedbyindependent,third-partyregulatorsand(ii)setatlevelsthatwillrecoverourcostswhen consideringthedemandandcompetitionforourservices.

RetirementandOtherPostretirementEmployeeBenefits -Wemaintainthreedefinedbenefitpensionplans,includingthe ONEOKRetirementPlan,coveringcertainlegacyONEOKemployees,andtheMagellanPensionPlanandtheMagellan PensionPlanforUSWEmployees,eachcoveringcertainlegacyMagellanemployees.Wesponsorhealthandwelfareplans thatprovidepostretirementmedicalandlifeinsurancebenefitstocertainlegacyONEOKemployeeshiredpriorto2017and certainlegacyMagellanemployeeswhoretireafteraspecifiedagewithatleastfiveyearsofserviceandsatisfycertainother conditions.Theexpenseandliabilityrelatedtotheseplansiscalculatedusingstatisticalandotherfactorsthatattemptto anticipatefutureevents.Thesefactorsincludeassumptionsaboutthediscountrate,expectedreturnonplanassets,rateof futurecompensationincreases,interestcreditrating,mortalityandemploymentlength.Indeterminingtheprojectedbenefit obligationsandcosts,assumptionscanchangefromperiodtoperiodandmayresultinchangesinthecostsandliabilitieswe recognize.

SeeNoteLforourretirementandotherpostretirementemployeebenefitsdisclosures.

IncomeTaxes -Deferredincometaxesareprovidedforthedifferencebetweenthefinancialstatementandincometaxbasisof assetsandliabilitiesandcarryforwarditemsbasedonincometaxlawsandratesexistingatthetimethetemporarydifferences areexpectedtoreverse.Generally,theeffectofachangeintaxratesondeferredtaxassetsandliabilitiesisrecognizedin incomeintheperiodthatincludestheenactmentdateoftheratechange.

Weutilizeamore-likely-than-notrecognitionthresholdandmeasurementattributeforthefinancialstatementrecognitionand measurementofataxpositionthatistakenorexpectedtobetakeninataxreturn.Wereflectpenaltiesandinterestaspartof incometaxexpenseastheybecomeapplicablefortaxprovisionsthatdonotmeetthemore-likely-than-notrecognition thresholdandmeasurementattribute.Forallperiodspresented,wehadnouncertaintaxpositionsthatrequiredthe establishmentofamaterialreserve.

Weutilizethe“with-and-without”approachforintra-periodtaxallocationforpurposesofallocatingtotaltaxexpense(or benefit)fortheyearamongthevariousfinancialstatementcomponents.

WefilenumerousconsolidatedandseparateincometaxreturnswithfederaltaxauthoritiesoftheUnitedStatesalongwiththe taxauthoritiesofseveralstates.EnLinkMidstreamOperating,LPandEnLinkPartnersarebothintheprocessoffederal reviewbytheInternalRevenueServiceforthecalendaryearsendedDecember31,2019,andDecember31,2020,andstatute waiversareinplacefortheseyears.Atthistime,webelievetheauditswillclosewithoutamaterialimpact.NootherONEOK entityisunderanyUnitedStatesfederalauditsorstatutewaiversatthistime.

SeeNoteMforourincometaxdisclosures.

AssetRetirementObligations -Assetretirementobligationsrepresentlegalobligationsassociatedwiththeretirementoflonglivedassetsthatresultfromtheacquisition,construction,developmentand/ornormaluseoftheasset.Certainofourgathering andprocessingandpipelinefacilitiesaresubjecttoagreementsorregulationsthatgiverisetoourassetretirementobligations forremovalorotherdispositioncostsassociatedwithretiringtheassetsinplaceuponthediscontinueduseoftheassets.We recognizethefairvalueofaliabilityforanassetretirementobligationintheperiodwhenitisincurredifareasonableestimate ofthefairvaluecanbemade.Wearenotabletoestimatereasonablythefairvalueoftheassetretirementobligationsfor portionsofourassets,primarilycertainpipelineassets,becausethesettlementdatesareindeterminablegivenourexpected continueduseoftheassetswithpropermaintenance.Weexpectourpipelineassets,forwhichweareunabletoestimate reasonablythefairvalueoftheassetretirementobligation,willcontinueinoperationaslongassupplyanddemandfornatural gas,NGLs,RefinedProductsandcrudeoilexist.Basedonthewidespreaduseoftheseproductsinthemedical,transportation, syntheticsandagricultureindustries,aswellasforresidentialandindustrialcustomersandelectricgeneration,weexpect supplyanddemandtoexistfortheforeseeablefuture.

Forassetsinwhichweareabletomakeanestimate,thefairvalueoftheliabilityisaddedtothecarryingamountofthe associatedasset,andthisadditionalcarryingamountisdepreciatedoverthelifeoftheasset.Theliabilityisaccretedattheend

ofeachperiodthroughchargestooperatingexpense.Iftheobligationissettledforanamountotherthanthecarryingamount oftheliability,wewillrecognizeagainorlossonsettlement. Thedepreciationandaccretionexpenseareimmaterialto our ConsolidatedFinancialStatements.

Contingencies -Ouraccountingforcontingenciescoversavarietyofbusinessactivities,includingcontingenciesforlegaland environmentalexposures.Weaccruethesecontingencieswhenourassessmentsindicatethatitisprobablethataliabilityhas beenincurredoranassetwillnotberecovered,andanamountcanbeestimatedreasonably.Weexpenselegalfeesasincurred andbaseourlegalliabilityestimatesoncurrentlyavailablefactsandourestimatesoftheultimateoutcomeorresolution. Accrualsforestimatedlossesfromenvironmentalremediationobligationsgenerallyarerecognizednolaterthancompletionof aremediationfeasibilitystudy.Ourexpendituresforenvironmentalevaluation,mitigation,remediationandcompliancetodate havenotbeenmaterialinrelationtoourfinancialpositionorresultsofoperations,andourexpendituresrelatedto environmentalmattersdidnothaveamaterialeffectonearningsorcashflowsduring2025,2024and2023.Actualresultsmay differfromourestimatesresultinginanimpact,positiveornegative,onearnings.

SeeNoteOforadditionaldiscussionofcontingencies.

Share-BasedPayments -Weexpensethefairvalueofshare-basedpaymentsnetofestimatedforfeitures.Weestimate forfeitureratesbasedonhistoricalforfeituresunderourshare-basedpaymentplans.

SeeNoteKforourshare-basedpaymentsdisclosures.

EarningsperCommonShare -BasicEPSiscalculatedbasedonthedailyweighted-averagenumberofsharesofcommon stockoutstandingduringtheperiod,vestedrestrictedandperformanceunitsthathavebeendeferredandshareawardsdeferred underthecompensationplanfornon-employeedirectors.DilutedEPSiscalculatedbasedonthedailyweighted-average numberofsharesofcommonstockoutstandingduringtheperiodpluspotentiallydilutivecomponents.Thedilutive componentsarecalculatedbasedonthedilutiveeffectforeachquarter.Forfiscal-yearperiods,thedilutivecomponentsfor eachquarterareaveragedtoarriveatthefiscalyear-to-datedilutivecomponent.

SeeNoteJforourEPSdisclosures.

SegmentReporting -Inaccordancewiththe“SegmentReporting”Topic280,ourchiefoperatingdecision-makerhasbeen identifiedasthechiefexecutiveofficer,whoreviewsthefinancialperformanceofeachofourfoursegmentstomakedecisions aboutallocatingresourcesandassessingourfinancialperformanceasawhole,onaregularbasis.AdjustedEBITDAby segmentisthesinglemeasureofprofitandlossutilizedinthisevaluationbyourchiefexecutiveofficerandisprovidedthrough monthlyandquarterlyreviewpackages.ForecastedandactualadjustedEBITDAisusedintheevaluationandapprovalof capitalprojects.Webelievethisfinancialmeasureisusefulbecauseitandsimilarmeasuresareusedbymanycompaniesinour industryasameasurementoffinancialperformanceandarecommonlyemployedbyfinancialanalystsandotherstoevaluate ourfinancialperformanceandtocomparefinancialperformanceamongcompaniesinourindustry.AdjustedEBITDAforeach segmentisdefinedasnetincomeadjustedforinterestexpense,depreciationandamortization,noncashimpairmentcharges, incometaxes,noncashcompensationexpenseandcertainothernoncashitems.AdjustedEBITDAfromourunconsolidated affiliatesiscalculatedconsistentlywiththedefinitionaboveandexcludesitemssuchasinterestexpense,depreciationand amortization,incometaxesandothernoncashitems.Althoughtheamountsrelatedtoourunconsolidatedaffiliatesareincluded inthecalculationofadjustedEBITDA,suchinclusionshouldnotbeunderstoodtoimplythatwehavecontroloverthe operationsandresultingrevenues,expensesorcashflowsofsuchunconsolidatedaffiliates.Thiscalculationmaynotbe comparablewithsimilarlytitledmeasuresofothercompanies.

SeeNoteRforoursegmentsdisclosures.

MedfordInsuranceProceeds -In2022,afireoccurredatour210MBbl/dMedford,Oklahoma,NGLfractionationfacility.In thefirstquarterof2023,wereachedanagreementwithourinsurerstosettleallclaimsforphysicaldamageandbusiness interruptionrelatedtotheMedfordincident.Underthetermsofthesettlementagreement,weagreedtoresolvetheclaimsfor totalinsurancepaymentsof$930million,$100millionofwhichwasreceivedin2022.Theremaining$830millionwas receivedinthefirstquarterof2023.Theproceedsserveassettlementforpropertydamage,businessinterruptionclaimstothe dateofthesettlementandaspaymentinlieuoffuturebusinessinterruptioninsuranceclaims.Weappliedthe$830million receivedtoouroutstandinginsurancereceivableatDecember31,2022,of$51million,andrecordedanoperationalgainforthe remaining$779millioninotheroperatingincome,net,withintheConsolidatedStatementofIncomefortheyearended December31,2023.WeclassifiedproceedsreceivedwithintheConsolidatedStatementofCashFlowsbasedonour assessmentofthenatureoftheloss(propertyandbusinessinterruption)includedinthesettlement.

RecentlyIssuedAccountingStandardsUpdate -ChangestoGAAPareestablishedbytheFASBintheformofAccounting StandardsUpdate(ASUs)totheFASBAccountingStandardsCodification.Weconsidertheapplicabilityandimpactofall ASUs.ASUsnotdiscussedhereinwereassessedanddeterminedtobeeithernotapplicableorclarificationsofASUs previouslyissued.Exceptasdiscussedbelow,therehavebeennonewaccountingpronouncementsthathavebecomeeffective orhavebeenissuedthatareofsignificanceorpotentialsignificancetous.

InDecember2023,theFASBissuedASU2023-09, IncomeTaxes(Topic740):ImprovementstoIncomeTaxDisclosures, whichrequirespublicentities,onanannualbasis,toprovidedisclosureofspecificdisaggregatedinformationaboutthe reportingentity’seffectivetaxratereconciliationaswellasinformationonincometaxespaid.ASU2023-09iseffectivefor fiscalyearsbeginningafterDecember15,2024,withearlyadoptionpermitted.Weadoptedthisstandardin2025andupdated ourincometaxdisclosuresretrospectively.SeeNoteM.

InNovember2024,theFASBissuedASU2024-03, IncomeStatement-ReportingComprehensiveIncome-Expense DisaggregationDisclosures(Subtopic220-40),whichrequirespublicentitiestoprovidedisaggregatedinformationforcertain typesofcostsandexpensesincludedineachincomestatementcaption,suchasinventorypurchases,employeecompensation, depreciation,intangibleassetamortizationanddepletion.ASU2024-03iseffectiveforfiscalyearsbeginningafterDecember 15,2026,andinterimperiodsbeginningafterDecember15,2027,withearlyadoptionpermitted.Wearecurrentlyevaluating theimpactofthisstandardonourdisclosures.

InNovember2025,theFASBissuedASU2025-09, DerivativesandHedging–HedgeAccountingImprovements(Topic815), whichisintendedtoenhanceorclarifyTopic815tobetteralignhedgeaccountingwiththeeconomicsofanentity’srisk managementactivities,allowhedgingofgroupsofforecastedtransactionsandexpandthetypesofhedgetransactionsthatcan beaggregated.Additionally,theguidanceallowsentitiestodesignateavariablepricecomponentofanonfinancialforecasted transaction,facilitatehedgeaccountingonvariable-ratedebtandprovidesclarificationrelatedtoreferenceratereform.ASU 2025-09iseffectiveforfiscalyearsbeginningafterDecember15,2026,withearlyadoptionpermitted.Weelectedtoadopt thisguidancebeginninginthefirstquarter2026.Theadoptionofthisstandarddidnotmateriallyimpactus.

B.ACQUISITIONSANDDIVESTITURES

BridgeTexAdditionalInterestAcquisition -OnJuly22,2025,wecompletedtheBridgeTexAdditionalInterestAcquisition. Pursuanttothepurchaseagreement,wepaidapproximately$270millionincash,whichwefundedwithshort-termborrowings. Followingthecompletionofthetransaction,wenowhavea60%ownershipinterestinBridgeTex.Ourinvestmentin BridgeTexwillcontinuetobeaccountedforusingtheequitymethodaswecontinuetohavetheabilitytoexercisesignificant influenceovertheoperatingandfinancialpoliciesofBridgeTex,althoughwedonothavetheabilitytoexercisecontrol.

DelawareBasinJVAcquisition

-OnMay28,2025,wecompletedtheDelawareBasinJVAcquisitionfor$941million. Pursuanttothepurchaseagreement,wepaid$550millionincash,includingpost-closingadjustments,whichwefundedwith short-termborrowingsandissuedapproximately4.9millionsharesofONEOKcommonstocktothesellerwithafairvalueof $391millionasoftheclosingdate.Followingthecompletionofthetransaction,itisnowawhollyownedsubsidiary.

AswecontrolledtheDelawareBasinJVatDecember31,2024,priortotheDelawareBasinJVAcquisition,thechangeinour ownershipinterestwasaccountedforasanequitytransaction,andnogainorlosswasrecognizedinourConsolidated StatementofIncomefromtheacquisition.TheDelawareBasinJVAcquisitionwasataxableexchange.Thetransaction resultedinadecreasetothecarryingvalueofnoncontrollinginterestsinconsolidatedsubsidiariesattheacquisitiondateof $678millionandanincreasetopaid-incapitalof$185million,includingdeferredtaxassets.

EnLinkAcquisition -OnJanuary31,2025,wecompletedtheEnLinkAcquisition.PursuanttotheEnLinkMerger Agreement,eachpubliclyheldcommonunitofEnLinkwasexchangedforafixedratioof0.1412sharesofONEOKcommon stock,includingEnLinkUnitsthatwereexchangedforallpreviouslyoutstandingSeriesBPreferredUnitsimmediatelypriorto closing.Weissued41millionsharesofcommonstockwithafairvalueof$4.0billion.Asaresultofthecompletionofthe EnLinkAcquisition,commonunitsofEnLinkarenolongerpubliclytraded,andEnLinkisnowawhollyownedsubsidiary.

AswecontrolledEnLinkatDecember31,2024,priortotheEnLinkAcquisition,thechangeinourownershipinterestwas accountedforasanequitytransaction.Thecarryingvalueofthenoncontrollinginterestsinconsolidatedsubsidiariesatthe acquisitiondatewas$4.4billion.Thedifferencebetweentheequityconsiderationandthecarryingvalueofthenoncontrolling interestsinconsolidatedsubsidiariesattheacquisitiondatewasrecognizedasanadjustmenttopaid-incapital.

SupplementalCashFlowInformation -OurnoncashbalancesheetactivityrelatedtotheEnLinkAcquisitionisasfollows(in millions):

$4,377

EnLinkControllingInterestAcquisition -OnOctober15,2024,wecompletedtheEnLinkControllingInterestAcquisition, acquiringGIP’sinterestinEnLinkconsistingofapproximately43%oftheoutstandingEnLinkUnitsfor$14.90incashperunit and100%oftheoutstandinglimitedliabilitycompanyinterestsinthemanagingmemberofEnLinkfor$300million,fortotal cashconsiderationof$3.3billion.Throughour100%ownershipofthemanagingmemberofEnLink,weobtainedcontrolof EnLink.WeusedaportionoftheproceedsfromourSeptember2024underwrittenpublicofferingof$7.0billionsenior unsecurednotestofundthisacquisition.Foradditionalinformationonourlong-termdebt,seeNoteG.

ThisacquisitionmeaningfullyincreasedourscaleandintegratedvaluechainwithinthegrowingPermianBasinwhile expandingandextendingourassetbasesintheMid-Continent,NorthTexasandLouisianaregions.

TheEnLinkControllingInterestAcquisitionwasaccountedforusingtheacquisitionmethodofaccountingforbusiness combinationspursuanttoAccountingStandardsCodification805,“BusinessCombinations,”whichrequires,amongother things,assetsacquiredandliabilitiesassumedtoberecordedattheirfairvalueontheacquisitiondate.Determiningthefair valueofacquiredassetsandliabilitiesassumedrequiredmanagementtomakeestimates,assumptionsandjudgments,andin somecases,managementalsoutilizedthird-partyspecialiststoassistandadviseonthoseestimates.

Thefollowingtablessetforththeacquisitionconsiderationandfinalpurchasepriceallocationofassetsacquiredandliabilities assumed:

October15,2024 (Millionsofdollarsandunits, exceptperunitdata)

(a)-IncludedobligationtorepaySeriesCPreferredUnits.SeeNoteH.

In2025,therewerenomaterialchangestothepreliminarypurchasepriceallocationasdisclosedinour2024AnnualReport.

Property,plantandequipment:

Property,plantandequipmentconsistedprimarilyofpipelineandrightsofway,pipeline-relatedequipmentandprocessing plantandfractionatorsandwillbedepreciatedonastraight-linebasisovertheestimatedusefullivesoftheassets.

Intangibleassets:

Netidentifiableintangibleassetsrelatedtocustomerrelationshipsthatwillbeamortizedovertheperiodofexpectedbenefit.

Long-termdebt,excludingcurrentmaturities:

Weutilizedpubliclytradedpricestoestimatethefairvalue.Thedebtcomprisedseniorunsecuredobligationswithvarying maturitiesandinterestratesasoutlinedinNoteG.Recognizingthedebtatitsacquisitiondatefairvalueresultedinadiscount fromthenotionalvalue.Thediscountwasimmaterialandwillbeamortizedintointerestexpenseovertheremaininglifeofthe debt.

Deferredincometaxes:

TheEnLinkControllingInterestAcquisitionresultedinadifferencebetweenthecarryingvalueoftheunderlyingassets acquiredandthecarryovertaxbasisofassets,whichresultedinadeferredtaxliabilityrecordedaspartofthepurchaseprice allocation.

Goodwill:

Weestablisheddeferredincometaxliabilitiesresultingfromcarryovertaxbasis,whichincreasedgoodwill.Theremainderof thegoodwillbalanceprimarilyrepresentedcommercialsynergies.Goodwillwillnotbedeductiblefortaxpurposes.For additionalinformationongoodwill,seeNoteF.

Noncontrollinginterest:

Representedtheapproximately57%ofEnLinkUnitsnotacquiredintheEnLinkControllingInterestAcquisition,valuedatthe acquisitiondateclosingpriceofEnLink,theSeriesBPreferredUnitsandpartiallyownedconsolidatedsubsidiaries.

Resultsofoperations:

TheresultsofoperationsattributabletotheEnLinkControllingInterestAcquisitionhavebeenincludedinourConsolidated FinancialStatementssincethedateofacquisition.Revenueandincomebeforeincometaxesattributabletothenetassets acquiredfortheperiodOctober15,2024,throughDecember31,2024,were$1.5billionand$173million,respectively.

MedallionAcquisition -OnOctober31,2024,wecompletedtheMedallionAcquisitionwithGIP,acquiringalloftheequity interestsinMedallionfortotalcashconsiderationof$2.6billion,inclusiveofthepurchaseofadditionalinterestsinaMedallion jointventureownedbyaseparatethirdparty.WeusedaportionoftheproceedsfromourSeptember2024underwrittenpublic offeringof$7.0billionseniorunsecurednotestofundthisacquisition.Foradditionalinformationonourlong-termdebt,see NoteG.

ThisacquisitionexpandedourmidstreamservicesforcrudeoilandcondensateinWestTexas,specificallytheMidlandBasin. TheassetsofMedallionincludedcrudeoilgatheringandtransportationpipelinesandcrudeoilstoragefacilities.Medallion’s assetsandoperationsarereportedinourRefinedProductsandCrudesegment.

TheMedallionAcquisitionwasaccountedforusingtheacquisitionmethodofaccountingforbusinesscombinationspursuantto AccountingStandardsCodification805,“BusinessCombinations,”whichrequires,amongotherthings,assetsacquiredand liabilitiesassumedtoberecordedattheirfairvalueontheacquisitiondate.Determiningthefairvalueofacquiredassetsand liabilitiesassumedrequiredmanagementtomakeestimates,assumptionsandjudgments,andinsomecases,managementalso utilizedthird-partyspecialiststoassistandadviseonthoseestimates.

Thefollowingtablesetsforththefinalpurchasepriceallocationofassetsacquiredandliabilitiesassumed:

October31,2024

In2025,therewerenomaterialchangestothepreliminarypurchasepriceallocationasdisclosedinour2024AnnualReport.

Property,plantandequipment:

Property,plantandequipmentconsistedprimarilyofpipelineandpumpstationequipmentandwillbedepreciatedonastraightlinebasisovertheestimatedusefullivesoftheassets.

Intangibleassets:

Netidentifiableintangibleassetsrelatedtocustomerrelationshipsthatwillbeamortizedovertheperiodofexpectedbenefit.

Goodwill:

Goodwillrepresentedcommercialsynergiesandisexpectedtobefullydeductiblefortaxpurposes.Foradditionalinformation ongoodwill,seeNoteF.

Resultsofoperations:

TheresultsofoperationsattributabletotheMedallionAcquisitionhavebeenincludedinourConsolidatedFinancialStatements sincethedateofacquisition.Revenueandincomebeforeincometaxesattributabletothenetassetsacquiredfortheperiod November1,2024,throughDecember31,2024,were$256millionand$43million,respectively.

GulfCoastNGLPipelinesAcquisition -OnJune17,2024,wecompletedtheacquisitionofasystemofNGLpipelinesfrom EastonEnergy,aHouston-basedmidstreamcompany,forapproximately$280million.ThisacquisitioninourNaturalGas Liquidssegmentincludedapproximately450milesofliquidsproductspipelineslocatedinthestrategicGulfCoastmarket centersforNGLs,RefinedProductsandcrudeoil.

InterstateNaturalGasPipelineDivestiture -OnDecember31,2024,wesoldthreeofourwhollyownedinterstatenatural gaspipelinesystemstoDTMidstream,Inc.fortotalcashconsiderationof$1.2billionandrecognizedagainof$227millionin otheroperatingincome,net,withintheConsolidatedStatementofIncomefortheyearendedDecember31,2024.This transactionalignedandenhancedourcapitalallocationprioritieswithinourintegratedvaluechain.Thesepipelinesystemswere previouslyreportedinourNaturalGasPipelinessegment.

MagellanAcquisition -OnSeptember25,2023,wecompletedtheMagellanAcquisition.Thisacquisitionstrategically diversifiedourcomplementaryassetbaseandallowsforsignificantexpectedsynergiesasacombinedentity.Eachcommon unitofMagellanwasexchangedforafixedratioof0.667sharesofONEOKcommonstockand$25.00ofcash,foratotal considerationof$14.1billion.Atotalofapproximately135millionsharesofcommonstockwereissued,withafairvalueof approximately$9.0billionasoftheclosingdateoftheMagellanAcquisition.Wefundedthecashportionofthisacquisition withanunderwrittenpublicofferingof$5.25billionseniorunsecurednotes.Foradditionalinformationonourlong-termdebt, pleaseseeNoteG.

TheMagellanAcquisitionwasaccountedforusingtheacquisitionmethodofaccountingforbusinesscombinationspursuantto AccountingStandardsCodification805,“BusinessCombinations,”whichrequires,amongotherthings,assetsacquiredand liabilitiesassumedtoberecordedattheirfairvalueontheacquisitiondate.Determiningthefairvalueofacquiredassetsand liabilitiesassumedrequiredmanagementtomakeestimates,assumptionsandjudgments,andinsomecases,managementalso utilizedthird-partyspecialiststoassistandadviseonthoseestimates.

Thefollowingtablessetforththeacquisitionconsiderationandfinalpurchasepriceallocationofassetsacquiredandliabilities assumed:

September25,2023 (Millionsofdollarsandshares/

Intangibleassets:

Thepreliminaryvalueofnetidentifiableintangibleassetsrelatedtocustomerrelationshipsthatwillbeamortizedoverthe periodofexpectedbenefit.

Goodwill:

Goodwillprimarilyrepresentedexpectedtaxbenefitsfromfuturedepreciationandamortizationofacquiredassetsand commercialsynergies,andisexpectedtobefullydeductiblefortaxpurposes.Foradditionalinformationongoodwill,seeNote F.

TransactionCosts -Thefollowingtablesetsforththeimpactofacquisition-relatedtransactioncostsinourConsolidated StatementsofIncomeasoftheperiodsindicated:

YearsEnded December31, 2025(a)2024(b)2023(c) (Millionsofdollars)

(a)-Primarilynonrecurringcostsincluding$65millionrelatedprimarilytoadvisoryfeesandseveranceand$16millionofnoncash compensationexpenserelatedtothesettlementofshare-basedawardsforcertainEnLinkemployeesassociatedwiththeEnLinkAcquisition.

(b)-PrimarilynonrecurringcostsrelatedtoadvisoryfeesandbridgecommitmentfeesassociatedwiththeEnLinkControllingInterest AcquisitionandMedallionAcquisition.

(c)-Primarilynonrecurringcostsrelatedtoadvisoryfees,severanceandsettlementofshare-basedawardsforcertainMagellanemployees andintegrationcosts,aswellasbridgefacilitycommitmentfeesassociatedwiththeMagellanAcquisition.

ProFormaFinancialInformation(unaudited)

ThefollowingtablesetsforththeunauditedsupplementalproformafinancialinformationfortheyearsendedDecember31, 2024and2023,asifwehadcompletedtheMagellanAcquisitiononJanuary1,2022,andtheEnLinkControllingInterest AcquisitionandtheMedallionAcquisitiononJanuary1,2023:

YearEndedDecember31,2024

ProForma EnLinkControlling InterestAcquisition

Medallion Acquisition

Combined Asreported

(Millionsofdollars)

Revenues$21,698 $4,579 $1,078$27,355 Netincome$3,112$288$81$3,481

YearEndedDecember31,2023 ProForma EnLink Controlling Interest Acquisition

Medallion Acquisition

(Millionsofdollars)

Magellan Acquisition

Combined Asreported

Revenues$17,677 $6,239 $947$2,322$27,185 Netincome$2,659$383$(16)$232$3,258

Thesummarizedunauditedproformainformationreflectsthefollowingadjustments:

•Reflectsdepreciationandamortizationbasedonthefinalfairvaluesofproperty,plantandequipment,andintangible assets;

•Reflectsnonrecurringtransactioncostsincurredpresentedabovethatwerereclassifiedandincludedinproformanet incomeasiftheyhadbeenincurredasoftheearliestperiodpresentedforeachrespectiveacquisition;

•Reflectsinterestexpenserelatedtotheunderwrittenpublicofferingsofseniorunsecurednotesusedtofundthecash considerationandothercostsrelatedtotheacquisitions;

•ReflectstheamortizationofexcessfairvalueofMagellanandEnLinkshare-basedawards;

•Reflectstheincometaxeffectoftheproformaadjustments;

•ReflectstheeliminationofhistoricalactivitybetweenONEOK,Magellan,EnLinkandMedallion.

C.FAIRVALUEMEASUREMENTS

RecurringFairValueMeasurements -Thefollowingtablessetforthourrecurringfairvaluemeasurementsasofthedates indicated:

December31,2025

Level1Level2Level3Total-GrossNetting(a)Total-Net (Millionsofdollars)

Derivativeassets

Commoditycontracts

Totalderivativeassets

Derivativeliabilities

Commoditycontracts

Totalderivativeliabilities

$60$69$—$129$(67)$62

$(21)$(46)$—$(67)$67$—

$(21)$(46)$—$(67)$67$— (a)-DerivativeassetsandliabilitiesarepresentedinourConsolidatedBalanceSheetsonanetbasis.Wenetderivativeassetsandliabilities whenalegallyenforceablemaster-nettingarrangementexistsbetweenthecounterpartytoaderivativecontractandus.AtDecember31, 2025,weheldnocashandpostedcashof$4millionwithacounterparty,whichisincludedinothercurrentassetsinourConsolidated BalanceSheets.

December31,2024

Level1Level2Level3Total-GrossNetting(a)Total-Net

Derivativeassets

Commoditycontracts$41$34$—$75$(72)$3

Totalderivativeassets$41$34$—$75$(72)$3

Derivativeliabilities

Commoditycontracts$(40)$(46)$—$(86)$81$(5)

Totalderivativeliabilities$(40)$(46)$—$(86)$81$(5) (a)-DerivativeassetsandliabilitiesarepresentedinourConsolidatedBalanceSheetsonanetbasis.Wenetderivativeassetsandliabilities whenalegallyenforceablemaster-nettingarrangementexistsbetweenthecounterpartytoaderivativecontractandus.AtDecember31, 2024,weheldnocashandpostedcashof$45millionwithacounterparty,including$10millionofcashcollateralthatisoffsettingderivative netliabilitypositionsundermaster-nettingarrangementsinthetableabove.Theremaining$35millionofcashcollateralinexcessof derivativeliabilitypositionsisincludedinothercurrentassetsinourConsolidatedBalanceSheets.

OtherFinancialInstruments -Theapproximatefairvalueofcashandcashequivalents,accountsreceivable,accountspayable andshort-termborrowingsisequaltobookvalueduetotheshort-termnatureoftheseitems.Ourcashandcashequivalentsare composedofbankandmoneymarketaccountsandareclassifiedasLevel1.Ourshort-termborrowingsareclassifiedas Level2sincetheestimatedfairvalueoftheshort-termborrowingscanbedeterminedusinginformationavailableinthe commercialpapermarket.Wehaveinvestmentsassociatedwithoursupplementalexecutiveretirementplanandnonqualified deferredcompensationplanthatarecarriedatfairvalueandprimarilyarecomposedofmutualfunds,municipalbondsand otherfixedincomesecuritiesclassifiedasLevel1andLevel2.

Thebookvalueofourconsolidatedlong-termdebt,includingcurrentmaturities,was$32.0billionand$32.1billionat December31,2025and2024,respectively.AtDecember31,2025and2024,theestimatedfairvalueofourconsolidatedlongtermdebt,includingcurrentmaturities,was$32.7billionand$31.9billion,respectively.Forcomparabilitytothebookvalue ofourconsolidatedlong-termdebt,theunamortizeddebtdiscountsandissuancecostsatDecember31,2025and2024,totaled $1.2billionand$1.1billion,respectively,whichresultedintheestimatedfairvalue,netofunamortizeddebtdiscountsand issuancecosts,of$31.5billionand$30.8billion,respectively.Theestimatedfairvalueoftheaggregateseniornotes outstandingwasdeterminedusingquotedmarketpricesforsimilarissueswithsimilartermsandmaturities.Theestimatedfair valueofourconsolidatedlong-termdebtisclassifiedasLevel2.

D.RISK-MANAGEMENTANDHEDGINGACTIVITIESUSINGDERIVATIVES

Risk-managementActivities -Wearesensitivetochangesinthepricesofnaturalgas,NGLs,RefinedProductsandcrudeoil, principallyasaresultofcontractualtermsunderwhichthesecommoditiesareprocessed,purchasedandsold.Wearealso

subjecttotheriskofinterest-ratefluctuationinthenormalcourseofbusiness.Weusephysical-forwardpurchasesandsales andfinancialderivativestosecureacertainpriceforaportionofournaturalgas,NGLs,RefinedProducts,condensateand crudeoilpurchasesandsales;toreduceourexposuretocommoditypriceandinterest-ratefluctuations;andtoachievemore predictablecashflows.Additionally,wemayusephysical-forwardpurchasesandfinancialderivativestoreducecommodity priceriskassociatedwithpowerandnaturalgasusedtooperateourfacilities.Wefollowestablishedpoliciesandproceduresto assessriskandapprove,monitorandreportourrisk-managementactivities.Wehavenotusedtheseinstrumentsfortrading purposes.

Commoditypricerisk -Commoditypriceriskreferstotheriskoflossincashflowsandfutureearningsarisingfromadverse changesinthepriceofnaturalgas,NGLs,RefinedProductsandcrudeoil.Wemayusethefollowingcommodityderivative instrumentstoreducethenear-termcommoditypriceriskassociatedwithaportionofourforecastedpurchasesandsalesof thesecommodities:

•Futurescontracts -Standardizedcontractstopurchaseorsellnaturalgasandcrudeoilforfuturedeliveryorsettlement undertheprovisionsofexchangeregulations;

•Forwardcontracts -Nonstandardizedcommitmentsbetweentwopartiestopurchaseorsellnaturalgas,NGLs,Refined Products,condensateandcrudeoilforfuturephysicaldelivery.Thesecontractsaretypicallynontransferableandcan onlybecanceledwiththeconsentofbothparties;

•Swaps -Exchangeofoneormorepaymentsbasedonthevalueofoneormorecommodities.Theseinstruments transferthefinancialriskassociatedwithafuturechangeinvaluebetweenthecounterpartiesofthetransaction, withoutalsoconveyingownershipinterestintheassetorliability;

•Options -Contractualagreementsthatgivetheholdertheright,butnottheobligation,tobuyorsellafixedquantityof acommodityatafixedpricewithinaspecifiedperiodoftime.Optionsmayeitherbestandardizedandexchangetradedorcustomizedandnonexchange-traded;and

•Collars -Combinationofapurchasedputoptionandasoldcalloption,whichplacesafloorandceilingpricefor commoditysalesbeinghedged.

Wemayalsouseotherinstrumentstomitigatecommoditypricerisk.

InourNaturalGasGatheringandProcessingsegment,weareexposedtocommoditypriceriskasaresultofretainingaportion ofthecommoditysalesproceedsassociatedwithourfeewithPOPcontracts.UndercertainfeewithPOPcontracts,ourfees andPOPpercentagemayincreaseordecreaseifproductionvolumes,deliverypressuresorcommoditypriceschangerelativeto specifiedthresholds.Wealsoareexposedtobasisriskbetweenthevariousproductionandmarketlocationswherewebuyand sellcommodities.Aspartofourhedgingstrategy,weusethepreviouslydescribedcommodityderivativefinancialinstruments andphysical-forwardcontractstoreducetheimpactofpricefluctuationsrelatedtonaturalgas,NGLsandcondensate.

InourNaturalGasLiquidssegment,weareprimarilyexposedtocommoditypriceriskresultingfromtherelativevaluesofthe variousPurityNGLstoeachother,thevalueofNGLsinstorageandtherelativevalueofNGLstonaturalgas.Wearealso exposedtolocationpricedifferentialriskasaresultoftherelativevalueofNGLpurchasesatonelocationandsalesatanother location,primarilyrelatedtoouroptimizationandmarketingbusiness.Aspartofourhedgingstrategy,weutilizephysicalforwardcontractsandcommodityderivativefinancialinstrumentstoreducetheimpactofpricefluctuationsrelatedtoNGLs.

InourNaturalGasPipelinessegment,weareprimarilyexposedtocommoditypriceriskonourintrastatepipelinesbecause theyconsumenaturalgasinoperationsandretainnaturalgasfromourcustomersforoperationsoraspartofourfeefor compressionservicesprovided.Whentheamountconsumedinoperationsdiffersfromtheamountprovidedbyourcustomers, ourpipelinesmustbuyorsellnaturalgas,orstoreorusenaturalgasinventory,whichcanexposethissegmenttocommodity priceriskdependingontheregulatorytreatmentforthisactivity.TotheextentthatcommoditypriceriskinourNaturalGas Pipelinessegmentisnotmitigatedbyfuelcost-recoverymechanisms,wemayusephysical-forwardsalesorpurchasesto reducetheimpactofnaturalgaspricefluctuations.Wearealsoexposedtolocationpricedifferentialriskasaresultofthe relativevalueofnaturalgaspurchasesatonelocationandsalesatanotherlocation,primarilyrelatedtoouroptimizationand marketingbusiness.Aspartofourhedgingstrategy,weutilizephysical-forwardcontractsandcommodityderivativefinancial instrumentstoreducetheimpactofpricefluctuationsrelatedtonaturalgas.

InourRefinedProductsandCrudesegment,weareprimarilyexposedtocommoditypriceriskfromourliquidsblendingand marketingactivities,aswellasproductretainedduringtheoperationsofourpipelinesandterminals.Aspartofourhedging strategy,weusethepreviouslydescribedcommodityderivativefinancialinstrumentsandphysical-forwardcontractstoreduce theimpactofpricefluctuationsrelatedtoNGLs,RefinedProductsandcrudeoil.

Interest-raterisk -Wemaymanageinterest-rateriskthroughtheuseoffixed-ratedebt,floating-ratedebt,Treasurylocksand interest-rateswaps.TreasurylocksareagreementstopaythedifferencebetweenthebenchmarkTreasuryrateandtheratethat isdesignatedinthetermsoftheagreement.Inthethirdquarterandsecondquarterof2025,weenteredinto$300million notionalquantityand$700millionnotionalquantity,respectively,ofTreasurylockstohedgethevariabilityofinterest paymentsonaportionofourforecasteddebtissuances.Inthethirdquarterof2025,wesettledalloftheoutstanding $1.0billionnotionalquantityofTreasurylocksinconnectionwithourunderwrittenpublicofferingof$3.0billionsenior unsecurednotesinAugust2025. AllofourTreasurylocksweredesignatedascashflowhedges.

AtDecember31,2025,andDecember31,2024,wehadnooutstandinginterest-ratederivativeinstruments.

FairValuesofDerivativeInstruments -SeeNoteAforadiscussionoftheinputsassociatedwithourfairvalue measurements.Thefollowingtablesetsforththefairvaluesofourderivativeinstrumentspresentedonagrossbasisasofthe datesindicated:

December31,2025December31,2024

LocationinourConsolidated BalanceSheetsAssets(Liabilities)Assets(Liabilities) (Millionsofdollars)

Derivativesdesignatedashedginginstruments Commoditycontracts(a)(b)Othercurrentassets

Derivativesnotdesignatedashedginginstruments Commoditycontracts(a)(b)Othercurrentassets/liabilities

(a)-DerivativeassetsandliabilitiesarepresentedinourConsolidatedBalanceSheetsonanetbasiswhenalegallyenforceablemasternettingarrangementexistsbetweenthecounterpartytoaderivativecontractandus.

(b)-AtDecember31,2024,ourderivativenetliabilitypositionsundermaster-nettingarrangementsforfinancialcommoditycontractswere offsetbycashcollateralof$10million.

NotionalQuantitiesforDerivativeInstruments -Thefollowingtablesetsforththenotionalquantitiesforourderivative instruments,consistingoffuturesandswaps,heldasofthedatesindicated:

December31,2025December31,2024 NetPurchased/Payor (Sold/Receiver)

Derivativesdesignatedashedginginstruments: Cashflowhedges

Derivativesnotdesignatedashedginginstruments: Fixedprice

CashFlowHedges -AtDecember31,2025and2024,theaccumulatedothercomprehensiveincome(loss)relatingtoriskmanagementassetsandliabilities,netoftaxes,was$19millionand$(38)million,respectively.Correspondingunrealized gains(losses)relatedtorisk-managementassetsandliabilitiesatDecember31,2025and2024,arenotmaterial.

Thefollowingtablesetsforththeunrealizedchangeinfairvalueofcashflowhedgesinothercomprehensiveincome(loss)for theperiodsindicated:

YearsEndedDecember31, 202520242023

(Millionsofdollars)

Commoditycontracts

$83 $(50)$147

Interest-ratecontracts (5) (19)54

Totalunrealizedchangeinfairvalueofcashflowhedgesinothercomprehensive income(loss)

$78 $(69)$201

Thefollowingtablesetsforththeeffectofcashflowhedgesonnetincomefortheperiodsindicated:

DerivativesinCashFlow HedgingRelationships

LocationofGain(Loss)Reclassifiedfrom AccumulatedOtherComprehensiveLossinto NetIncome

CommoditycontractsCommoditysalesrevenues

YearsEndedDecember31, 202520242023

(Millionsofdollars)

$60$201 Costofsalesandfuel (34) (19)(93)

Interest-ratecontractsInterestexpense (16) (20)(21)

Totalchangeinfairvalueofcashflowhedgesreclassifiedfromaccumulatedother comprehensivelossintonetincomeonderivatives

CreditRisk -Wemonitorthecreditworthinessofourcounterpartiesandcompliancewithpoliciesandlimitsestablishedbyour RiskOversightandStrategyCommittee.Wemaintaincreditpolicieswithregardtoourcounterpartiesthatwebelieve minimizecreditrisk.Thesepoliciesincludeanevaluationofpotentialcounterparties’financialcondition(includingcredit ratings,bondyieldsandcreditdefaultswaprates),collateralrequirementsundercertaincircumstancesandtheuseof standardizedmaster-nettingagreementsthatallowustonetthepositiveandnegativeexposuresassociatedwithasingle counterparty.Weuseinternallydevelopedcreditratingsforcounterpartiesthatdonothaveacreditrating.

OurfinancialcommodityderivativesareprimarilysettledthroughaNYMEXorIntercontinentalExchangeclearingbroker accountwithdailymarginrequirements.However,wemayenterintofinancialderivativeinstrumentsthatcontainprovisions thatrequireustomaintainaninvestment-gradecreditratingfromS&P,Fitchand/orMoody’s.Ifourcreditratingsonour seniorunsecuredlong-termdebtweretodeclinebelowinvestmentgrade,thecounterpartiestothederivativeinstrumentscould requestcollateralizationonderivativeinstrumentsinnetliabilitypositions.

Thecounterpartiestoourderivativecontractstypicallyconsistofmajorenergycompanies,financialinstitutionsand commercialandindustrialendusers.Thisconcentrationofcounterpartiesmayaffectouroverallexposuretocreditrisk,either positivelyornegatively,inthatthecounterpartiesmaybeaffectedsimilarlybychangesineconomic,regulatoryorother conditions.Basedonourpolicies,exposures,creditandotherreserves,wedonotanticipateamaterialadverseeffectonour financialpositionorresultsofoperationsasaresultofcounterpartynonperformance.

AtDecember31,2025,thecreditexposurefromourderivativeassetsiswithinvestment-gradecompaniesinthefinancial servicessector.

Thefollowingtablesetsforthourproperty,plantandequipmentbypropertytype,asofthedatesindicated:

ThedepreciationexpensefortheyearsendedDecember31,2025,2024and2023was$1.4billion,$1.1billionand $736million,respectively.

WeincurredcostsforconstructionworkinprocessthathadnotbeenpaidatDecember31,2025,2024and2023,of$173 million,$179millionand$242million,respectively.Suchamountsarenotincludedincapitalexpenditures(lessAFUDC)on theConsolidatedStatementsofCashFlows.

EnLinkControllingInterestAcquisition -InOctober2024,wecompletedtheEnLinkControllingInterestAcquisitionand acquiredproperty,plantandequipment,whichprimarilyincludepipelineandrightsofway,pipeline-relatedequipment, processingplantsandfractionators,valuedat$11.4billion.

MedallionAcquisition -InOctober2024,wecompletedtheMedallionAcquisitionandacquiredproperty,plantand equipment,whichprimarilyincludepipelineandpumpstationequipment,valuedat$1.6billion.

InterstateNaturalGasPipelineDivestiture -InDecember2024,wecompletedthesaleofthreeofourwhollyowned interstatenaturalgaspipelinesystemstoDTMidstream,Inc.Theseassets,whichareprimarilytransmissionpipelinesand relatedequipment,hadagrosscostbasisof$1.3billion.

F.GOODWILLANDINTANGIBLEASSETS

Goodwill -Thefollowingtablesetsforthourgoodwill,bysegment,fortheperiodsindicated:

(Millionsofdollars)

Grossgoodwill$639$1,863$353$5,389$8,244 Accumulatedimpairmentlosses(153)———(153) December31,20244861,8633535,3898,091

EnLinkControllingInterestAcquisitionadjustment 8(45)2(2)(37) MedallionAcquisitionadjustment ———44 December31,2025 $494$1,818$355$5,391$8,058

IntangibleAssets -Ourintangibleassetsrelateprimarilytoacquiredcustomerrelationshipsfromourrecentacquisitionsand arebeingamortizedonastraight-linebasisoveraweightedaveragelifeof26years.Amortizationexpenseforintangibleassets was$138millionin2025,$62millionin2024and$33millionin2023.Theamortizationexpenseforeachofthenextfive yearsisestimatedtobe$135million.Thefollowingtablereflectsthegrosscarryingamountandaccumulatedamortizationof intangibleassetsasofthedatespresented:

December31, 20252024 (Millionsofdollars)

$3,290 $3,290

Thefollowingtablesetsforthourconsolidateddebtasofthedatesindicated:

Commercialpaperoutstanding,bearingaweighted-averageinterestrateof3.91%asof December31,2025(a)

December31,2025December31,2024

$— Seniorunsecuredobligations:

$250at3.2%dueMarch2025

$750at4.15%dueJune2025(b)

$400at2.2%dueSeptember2025

$600at5.85%dueJanuary2026

$650at5.0%dueMarch2026

$500at4.85%dueJuly2026(b)

$750at5.55%dueNovember2026

$500at4.0%dueJuly2027

$1,250at4.25%dueSeptember2027

$500at5.625%dueJanuary2028(b)

$800at4.55%dueJuly2028

$100at6.875%dueSeptember2028

$750at5.650%dueNovember2028

$700at4.35%dueMarch2029

$500at5.375%dueJune2029(b)

Long-termdebt$30,755 $31,018 (a)-Individualissuancesofcommercialpaperunderourcommercialpaperprogramgenerallymaturein90daysorless. (b)-AsofDecember31,2024,amountsrepresentEnLinkandEnLinkPartners’debtacquiredintheEnLinkControllingInterestAcquisitiononOctober15, 2024.AtthecompletionoftheEnLinkAcquisitiononJanuary31,2025,ONEOKassumedtheoutstandingdebtofEnLinkandEnLinkPartners.

CommercialPaperProgram -InSeptember2025,weincreasedthesizeofourcommercialpaperprogramto$3.5billion from$2.5billion.

$3.5BillionCreditAgreement -InFebruary2025,weamendedandrestatedour$2.5BillionCreditAgreementtoincreasethe sizeto$3.5billion,extendthetermtoFebruary2030andmakeothernonmaterialmodifications.Our$3.5BillionCredit Agreementisarevolvingcreditfacilityandcontainscertaincustomaryconditionsforborrowing,aswellascustomary financial,affirmativeandnegativecovenants.Amongotherthings,thesecovenantsincludemaintainingaratioofconsolidated netindebtednesstoadjustedEBITDA(EBITDA,asdefinedinour$3.5BillionCreditAgreement,adjustedforallnoncash itemsandincreasedforprojectedEBITDAfromcertainlender-approvedcapitalexpansionprojects).Inaddition,adjusted EBITDAasdefinedinour$3.5BillionCreditAgreementallowsinclusionofthetrailing12monthsofconsolidatedadjusted EBITDAofanacquiredbusiness.InDecember2025,wecompletedtheacquisitionofasystemofgasgatheringassets,which allowedustoeffectivelyextendtheacquisitionadjustmentperiodunderour$3.5BillionCreditAgreementand,asaresult,our leverageratiocovenantof5.5to1wasextendedthroughthequarterendingJune30,2026,afterwhichitwilldecreaseto5.0to 1.

The$3.5BillionCreditAgreementincludesa$100millionsublimitfortheissuanceofstandbylettersofcreditanda$200 millionsublimitforswinglineloans.Underthetermsofthe$3.5BillionCreditAgreement,wemayrequestuptoanaggregate $1.0billionincreaseinthesizeofthefacility,uponsatisfactionofcustomaryconditions,includingreceiptofcommitments fromnewlendersorincreasedcommitmentsfromexistinglenders.The$3.5BillionCreditAgreementcontainsprovisionsfor anapplicablemarginrateandanannualfacilityfee,bothofwhichadjustwithchangesinourcreditratings.Borrowings,ifany, willaccrueatTermSOFRplusanapplicablemarginbasedonourcreditratingsatthetimeofdeterminationplusanadjustment of10basispoints.Underourcurrentcreditratings,theapplicablemarginonanyborrowingswouldbe110basispoints.We arerequiredtopayanannualfacilityfeeequaltothedailyamountofaggregatecommitmentsunderthe$3.5BillionCredit Agreementtimesanapplicableratebasedonourcreditratingatthetimeofdetermination.Underourcurrentcreditratings,the applicablerateis15basispoints.Wehavetheoptiontorequesttwoadditionalone-yearmaturityextensions,subjecttolender approvals.The$3.5BillionCreditAgreementalsocontainsvariouscustomaryeventsofdefault,theoccurrenceofwhichcould resultinaterminationofthelenders’commitmentsandtheaccelerationofallofourobligationsthereunder.Asof December31,2025,wehadnooutstandingborrowings,ourratioofconsolidatedindebtednesstoadjustedEBITDAwas4.3to 1,andwewereincompliancewithallcovenantsunderour$3.5BillionCreditAgreement.

EnLinkAcquisitions -InOctober2024,wecompletedtheEnLinkControllingInterestAcquisitionand,asaresult,we acquiredtheEnLinkRevolvingCreditFacility.TheEnLinkRevolvingCreditFacility,whichwouldhavematuredinJune 2027,wasa$1.4billionunsecuredrevolvingcreditfacilitythatincludeda$500millionletterofcreditsubfacility.Borrowings undertheEnLinkRevolvingCreditFacilityboreinterestatTermSOFRplusaTermSOFRspreadadjustmentof0.10%per annumandanapplicablemargin(rangingfrom1.125%to2.00%)ortheBaseRate(thehighestofthefederalfundsrateplus 0.50%,one-monthAdjustedTermSOFRplus1.0%ortheadministrativeagent’sprimerate)plusanapplicablemargin(ranging from0.125%to1.00%).UponclosingoftheEnLinkAcquisitiononJanuary31,2025,theEnLinkRevolvingCreditFacility wasterminated.

InOctober2024,wecompletedtheEnLinkControllingInterestAcquisitionand,asaresult,weacquiredthe$500million EnLinkARFacility.InDecember2024,EnLinkterminatedtheEnLinkARFacility,andweenteredintoanagreementto providerevolvingunsecuredloanstoEnLinkthroughapromissorynoteataninterestrateof4.85%atDecember31,2024. Thiswasafloatingrateagreement,whichboreinterestatONEOK’scurrentshort-termborrowingrateplus0.25%.At December31,2024,weheldapromissorynotereceivableof$510million,whichwaseliminatedinconsolidation.Interest earnedfromthisagreementwasnotmaterial.UponclosingoftheEnLinkAcquisitiononJanuary31,2025,weterminatedthe agreementtoproviderevolvingunsecuredloanstoEnLinkthroughapromissorynote.

SeniorUnsecuredObligations -Allnotesareseniorunsecuredobligations,rankingequallyinrightofpaymentwithallofour existingandfutureunsecuredseniorindebtedness,andarestructurallysubordinatetoanyoftheexistingandfuturedebtand otherliabilitiesofanynonguarantorsubsidiaries.

DebtIssuances -Wecompletedthefollowingunderwrittenpublicofferingsfortheperiodspresented:

2025(a)2024(b)2023(c) PrincipalInterestPrincipalInterestPrincipalInterest (Millionsofdollars,exceptforpercentages)

(a)-Thenetproceeds,afterdeductingunderwritingdiscounts,commissionsandofferingexpenses,were$2.96billion.Thenetproceedsfromthisoffering werepartiallyusedtorepayourcommercialpaperoutstandingandrepayinfullatmaturityourseniornotesdueSeptember2025.Theremainingnetproceeds fromtheofferingwereusedforgeneralcorporatepurposes,includingtherepurchaseandredemptionofexistingnotes.

(b)-Thenetproceeds,afterdeductingunderwritingdiscounts,commissionsandofferingexpenses,were$6.9billion.Thenetproceedsfromthisofferingwere usedtofundtheEnLinkControllingInterestAcquisitionandtheMedallionAcquisition,purchaseadditionalinterestsinaMedallionjointventure ownedbya separatethirdparty,topayfeesandexpensesrelatedtotheacquisitionsandtorepayoutstandingindebtedness.

(c)-Thenetproceeds,afterdeductingunderwritingdiscounts,commissionsandofferingexpenses,were$5.2billion.Thenetproceedswereusedtofundthe cashconsiderationandothercostsrelatedtotheMagellanAcquisition.

Debt Extinguishments -Wecompletedthefollowingdebtextinguishmentsfortheperiodspresented:

$250at3.2%dueMarch2025 $250 $500at2.75%dueSeptember2024$484$500at7.5%dueSeptember2023(a)$500

$750at4.15%dueJune2025 422 $500at4.9%dueMarch2025(a)500$425at5.0%dueSeptember2023(a)425 $400at2.2%dueSeptember2025 387 GuardianTermLoanAgreement120OpenMarketRepurchases(c)322

$600at5.85%dueJanuary2026(a) 600 VikingTermLoanAgreement60

$650at5.0%dueMarch2026(a) 650 EnLinkRevolvingCreditFacility465 OpenMarketRepurchases(b) 789 EnLinkARFacility374 Total $3,098 $2,003$1,247

(a)-Amountsredeemedat100%ofprincipalplusaccruedandunpaidinterest.

(b)-In2025,werepurchasedintheopenmarketcertainofourseniornotesintheprincipalamountof$789millionforanaggregaterepurchasepriceof$681 million,includingaccruedandunpaidinterest.Inconnectionwiththeseopenmarketrepurchases,werecognized$106millionofnetgainsonextinguishment ofdebtwhichisincludedinotherincome,netinourConsolidatedStatementofIncomefortheyearendedDecember31,2025.

(c)-In2023,werepurchasedintheopenmarketcertainofourseniornotesintheprincipalamountof$322millionforanaggregaterepurchasepriceof $280million,includingaccruedandunpaidinterest.Inconnectionwiththeseopenmarketrepurchases,werecognized$41millionofnetgainson extinguishmentofdebtwhichisincludedinotherincome,netinourConsolidatedStatementofIncomefortheyearendedDecember31,2023.

Theaggregatematuritiesoflong-termdebtoutstandingandinterestpaymentsontotaldebtoutstandingasofDecember31, 2025,fortheyears2026through2030areshownbelow:

CompliancewithDebtCovenants -AsofDecember31,2025,wewereincompliancewiththecovenantscontainedinour variousdebtagreements.

Other -Weamortizepremiums,discountsandexpensesincurredinconnectionwiththeissuanceoflong-termdebtconsistent withthetermsoftherespectivedebtinstrument.

DebtGuarantees -AtthecompletionoftheEnLinkAcquisitiononJanuary31,2025,ONEOKassumedtheoutstandingdebt ofEnLinkandEnLinkPartners(the“AssumedDebt”).EnLinkandEnLinkPartnerswerereleasedasprimaryobligorsfromall debtobligationsundertheAssumedDebt,buteachentityprovidedaguaranteeforourandONEOKPartners’indebtednessto theholdersofeachseriesofoutstandingsecurities,includingfortheAssumedDebt.

ONEOK,ONEOKPartners,theIntermediatePartnership,Magellan,EnLinkandEnLinkPartnershavecrossguaranteesin placeforONEOK’sandONEOKPartners’indebtedness.

H.EQUITY

NoncontrollingInterests -AsofDecember31,2025,noncontrollinginterestsinourConsolidatedBalanceSheetsrelatedto AscensionandMBTCPipeline.OnFebruary4,2025,weannouncedadefinitiveagreementtoformtheMBTCPipelinejoint venture,ofwhichweown80%.AsaresultoftheDelawareBasinJVAcquisitionandtheEnLinkAcquisition,theseentities arenowwhollyownedsubsidiariesandarenolongerrecordedasnoncontrollinginterestsinourConsolidatedBalanceSheets asofDecember31,2025.

InOctober2024,wecompletedtheEnLinkControllingInterestAcquisition,acquiringGIP’sinterestinEnLinkconsistingof approximately43%oftheoutstandingEnLinkUnits.InconnectionwiththeEnLinkControllingInterestAcquisition,we recordednoncontrollinginterestswithafairvalueof$5.1billionrepresentingtheapproximately57%ofoutstandingEnLink Unitswedidnotown,theSeriesBPreferredUnitsandpartiallyownedconsolidatedsubsidiariesofEnLink.

AsofDecember31,2024,includedwithinnoncontrollinginterestsareSeriesBPreferredUnits,whichwereissuedunder EnLinkPartners’partnershipagreementandrepresentnoncontrollingownershipinterestsinEnLinkPartners.EnLinkPartners wasacontrolledsubsidiaryofEnLinkinwhichEnLinkownedalloftheoutstandingcommonunits.SeriesBPreferredUnits wereexchangeableforEnLinkUnitsinanamountequaltothenumberofoutstandingSeriesBPreferredUnitsmultipliedbyan exchangeratioof1.15,subjecttocertainadjustments.Theexchangewassubjecttoouroptiontopaycashinsteadofissuing additionalEnLinkcommonunits.

AsofDecember31,2024,$515millionofnoncontrollinginterestonourConsolidatedBalanceSheetsrelatedtoSeriesB PreferredUnits,andtherewere27.4millionunitsoutstanding.TherewerenoSeriesBPreferredUnitsconvertedorredeemed duringtheownershipperiodofOctober15,2024,throughDecember31,2024.DistributionsmadeonSeriesBPreferredUnits werenotmaterial.

AsofDecember31,2024,EnLinkowneda50.1%interestintheDelawareBasinJV,whichownsprocessingfacilitieslocated intheDelawareBasininTexas.Noncontrollinginterestsincludedtheotherowner’sminorityinterestintheDelawareBasin JV.AsofDecember31,2024,$684millionofnoncontrollinginterestsonourConsolidatedBalanceSheetsrelatedtothe DelawareBasinJVandtheotherpartiallyownedconsolidatedsubsidiaryofEnLinkwasnotmaterial.

SeriesAandBConvertiblePreferredStock -TherearenosharesofSeriesAorSeriesBPreferredStockcurrentlyissuedor outstanding.

EnLinkSeriesCPreferredUnits -SeriesCPreferredUnitsrepresentednoncontrollingownershipinterestsinEnLink Partners.InSeptember2024,EnLinkgavenoticetoredeemallofitsoutstandingSeriesCPreferredUnits,andreclassifiedthe obligationtoaliabilityontheirConsolidatedBalanceSheets.OnOctober17,2024,EnLinkredeemedalloutstandingSeriesC PreferredUnitsat$1,000perSeriesCPreferredUnit,plus$8.28perSeriesCPreferredUnitofunpaiddistributions,for $365millionwithproceedsreceivedfromborrowingsundertheEnLinkRevolvingCreditFacility.AsofDecember31,2024, therewerenoremainingSeriesCPreferredUnitsoutstanding.

InSeptember2023,wecompletedtheMagellanAcquisition.PursuanttotheMagellanMergerAgreement,eachcommonunit ofMagellanwasexchangedforafixedratioof0.667sharesofONEOKcommonstockand$25.00ofcash.Weissued

approximately135millionsharesofcommonstock,withafairvalueofapproximately$9.0billionasoftheclosingdateofthe MagellanAcquisition.

Wehavean“at-the-market”equityprogramfortheofferandsalefromtimetotimeofourcommonstockuptoanaggregate offeringpriceof$1.0billion.Theprogramallowsustoofferandsellcommonstockatpriceswedeemappropriatethrougha salesagent,inforwardsalestransactionsthroughaforwardsellerordirectlytooneormoreoftheprogram’smanagersacting asprincipals.Salesofourcommonstockmaybemadebymeansofordinarybrokers’transactionsontheNYSE,inblock transactionsorasotherwiseagreedtobetweenusandthesalesagent.Weareundernoobligationtoofferandsellcommon stockundertheprogram.AsofDecember31,2025,noshareshavebeensoldthroughour“at-the-market”program.

ShareRepurchaseProgram -InJanuary2024,ourBoardofDirectorsauthorizedasharerepurchaseprogramtobuyupto $2.0billionofouroutstandingcommonstock.Weexpectsharestobeacquiredfromtimetotimeinopenmarkettransactions orthroughprivatelynegotiatedtransactionsatourdiscretion,subjecttomarketconditionsandotherfactors.Theprogramwill terminateuponcompletionoftherepurchaseofthe$2.0billionofcommonstockoronJanuary1,2029,whicheveroccursfirst. FortheyearendedDecember31,2025,werepurchased$62millionofouroutstandingcommonstockundertheprogramwith cashonhand.FortheyearendedDecember31,2024,werepurchased$172millionofouroutstandingcommonstockunder theprogramwithcashonhandandshort-termborrowings.

Dividends -HoldersofourcommonstockshareequallyinanycommonstockdividendsdeclaredbyourBoardofDirectors. Dividendspaidtotaled$2.6billion,$2.3billionand$1.8billionfor2025,2024and2023,respectively.Thefollowingtable setsforththequarterlydividendspersharepaidonourcommonstockintheperiodsindicated: YearsEndedDecember31, 202520242023

Additionally,aquarterlycommonstockdividendof$1.07pershare($4.28pershareonanannualizedbasis)wasdeclaredfor shareholdersofrecordatthecloseofbusinessonFebruary2,2026,andpaidonFebruary13,2026.

I.VARIABLEINTERESTENTITIES

ConsolidatedVariableInterestEntities(VIEs)- AsofDecember31,2024,weconsolidatedEnLink,DelawareBasinJVand AscensionVIEs.AsaresultoftheDelawareBasinJVAcquisitionandtheEnLinkAcquisition,theserespectiveentitiesareno longerconsideredVIEs.

AsofDecember31,2025,weconsolidatedthefollowingVIEs:

MBTCPipeline- OnFebruary4,2025,weannouncedadefinitiveagreementwithMPLXLPtoformtheMBTCPipelinejoint venture,whichwillconstructandoperatea24-inchpipelinefromourMontBelvieu,Texas,storagefacilitytoanewliquified petroleumgasexportterminalinTexasCity,Texas.Weownan80%interestinMBTCPipeline,andwearetheoperator. MBTCPipelineisaVIEbecausethenonmanagingmemberdoesnothavesubstantiverights(exceptinthecaseofdefaultand othertriggeringevents)toremovethemanagingmemberorparticipatingrightsoverthemanagingmember.Asthemanaging member,wearetheprimarybeneficiarybecausewecontrolthedecisionsthatmostsignificantlyimpactMBTCPipeline.

Ascension -Weowna50%interestinAscension,whichownsanNGLtransmissionpipelinethatconnectsourRiverside fractionatortotheotherowner’srefinery.AscensionisaVIEbecausethenonmanagingmemberdoesnothavesubstantive rights(exceptinthecaseofdefaultandothertriggeringevents)toremoveusasthemanagingmember.Theyalsodonothave theabilitytoparticipateorblockourdecisionsasthemanagingmember,whichmakesustheprimarybeneficiarybecausewe controlthedecisionsthatmostsignificantlyimpactAscension.

AsofDecember31,2025,theassetsandliabilitiesofourconsolidatedVIEswerenotmaterial.Thefollowingtablepresents thebalancesheetinformationfortheassetsandliabilitiesthatareonlyfortheuseorobligationofourconsolidatedVIEs,which wereincludedinourConsolidatedBalanceSheetsasofDecember31,2024:

December31, 2024 (Millionsofdollars)

J.EARNINGSPERSHARE

ThefollowingtablessetforththecomputationofbasicanddilutedEPSfortheperiodsindicated:

YearEndedDecember31,2025

IncomeShares PerShare Amount (Millions,exceptpershareamounts)

BasicEPS

NetincomeattributabletoONEOKavailableforcommonstock $3,393624.8$5.43 DilutedEPS

Effectofdilutivesecurities —1.1

NetincomeattributabletoONEOKavailableforcommonstockandcommonstock equivalents $3,393625.9$5.42

YearEndedDecember31,2024

IncomeShares PerShare Amount (Millions,exceptpershareamounts)

BasicEPS

NetincomeattributabletoONEOKavailableforcommonstock$3,034584.6$5.19 DilutedEPS

Effectofdilutivesecurities—1.9

NetincomeattributabletoONEOKavailableforcommonstockandcommonstock equivalents$3,034586.5$5.17

YearEndedDecember31,2023

IncomeShares PerShare Amount (Millions,exceptpershareamounts)

BasicEPS

Netincomeavailableforcommonstock$2,658484.3$5.49 DilutedEPS

Effectofdilutivesecurities—1.1

Netincomeavailableforcommonstockandcommonstockequivalents$2,658485.4$5.48

K.SHARE-BASEDPAYMENTS

OurEquityIncentivePlan(EIP)providesforthegrantingofstock-basedcompensationtoeligibleemployeesandnonemployeedirectors,includingrestrictedstockunits,performanceunits,directorstockawardsandotherawards.InMay2025, ourshareholdersapprovedthe2025EquityIncentivePlan(2025EIP),whichreplacedtheEIPapprovedbyourshareholdersin 2018.Allnewequityawardsareissuedunderthe2025EIP.Therewere19.1millionsharesofcommonstockauthorizedfor issuanceunderthe2025EIPandatDecember31,2025,wehad18.6millionsharesavailableforissuance.Thiscalculationof availablesharesreflectssharesissuedandestimatedsharesexpectedtobeissueduponvestingofoutstandingawardsgranted underthe2025EIP,excludingestimatedforfeituresexpectedtobereturnedtotheplan.

EnLinkAcquisitions -AsdiscussedinNoteB,wecompletedtheEnLinkControllingInterestAcquisitiononOctober15, 2024.EnLinkhadpreviouslyissuedrestrictedincentiveunitsandperformanceunitsthatvestattheendofadesignatedperiod, typicallythreeyears.Thefairvalueoftheseawardsattributabletopre-combinationservicewasallocatedtoconsideration transferredandwasincludedaspartofthepurchaseprice.Theportionattributabletopost-combinationserviceisbeing recognizedascompensationexpenseonastraight-linebasisovertheremainingvestingperiodoftheawards.Uponcompletion oftheEnLinkAcquisitiononJanuary31,2025,eachoutstandingunit-basedawardwasconvertedintoarestrictedstockunit withrespecttosharesofourcommonstockandmeasuredattheiracquisitiondatefairvalueasiftheywerevestedandissued ontheacquisitiondate.Convertedrestrictedstockunitawardsaccruedividendequivalentsthatarepaidoutincashquarterly.

MagellanAcquisition -AsdiscussedinNoteB,wecompletedtheMagellanAcquisitiononSeptember25,2023.Priortothe acquisition,Magellanhadpreviouslyissuedunit-basedawardsconsistingoftime-vestedphantomunitsandperformance phantomunits,thatvestedattheendofadesignatedperiod,typicallythreeyears.PursuanttothetermsoftheMagellan MergerAgreement,eachoutstandingunit-basedawardwasconvertedintoarestrictedstockunitwithrespecttosharesofour commonstockandmeasuredattheiracquisitiondatefairvalueasiftheywerevestedandissuedontheacquisitiondate.The fairvalueattributabletopre-combinationservicewasallocatedtoconsiderationtransferredandwasincludedaspartofthe purchaseprice.Theportionattributabletopost-combinationserviceisbeingrecognizedascompensationexpenseonastraightlinebasisovertheremainingvestingperiodoftheawards.Convertedrestrictedstockunitawardsaccruedividendequivalents thatarepaidoutincashatvesting.

RestrictedStockUnits -Wehavegrantedrestrictedstockunitstokeyemployeesthatvestattheendofadesignatedperiod, typicallythreeyears,andentitlethegranteetoreceivesharesofourcommonstock.Restrictedstockunitawardsaremeasured atfairvalueasiftheywerevestedandissuedonthegrantdateandadjustedforestimatedforfeitures.Restrictedstockunit awardsaccruedividendequivalentsintheformofadditionalrestrictedstockunitspriortovesting.Compensationexpenseis recognizedonastraight-linebasisoverthevestingperiodoftheaward.

PerformanceUnitAwards

-Wehavegrantedperformanceunitawardstokeyemployeesthatvestattheendofathree-year period.Uponvesting,aholderofoutstandingperformanceunitsisentitledtoreceiveanumberofsharesofourcommonstock equaltoapercentage(0%to200%)oftheperformanceunitsgranted,basedonourtotalshareholderreturnoverthe performanceperiod,comparedwiththetotalshareholderreturnofapeergroupofotherenergycompaniesoverthesame period.PerformanceunitawardsaremeasuredatfairvalueonthegrantdatebasedonaMonteCarlomodelandadjustedfor estimatedforfeitures.Performanceunitawardsaccruedividendequivalentsintheformofadditionalperformanceunitspriorto vesting.Compensationexpenseisrecognizedonastraight-linebasisoverthevestingperiodoftheaward.

StockCompensationforNon-EmployeeDirectors

-The2025EIPprovidesforthegrantingofdirectorstockawardsand otherawardstonon-employeedirectors,upto$1.0millionperyearforeachsuchdirectorwhencombinedwithanycashfees.

General -Forallawardsoutstanding,weuseda3%forfeitureratebasedonhistoricalforfeituresunderourshare-based paymentplans.Wecurrentlyusetreasurystocktosatisfyourshare-basedpaymentobligations.

Compensationexpense,exclusiveofthoserecognizedwithintransactioncosts,forourshare-basedpaymentplanswas$92 million,$102millionand$63millionduring2025,2024and2023,respectively,beforerelatedtaxbenefitsof$31million,$36 millionand$14million,respectively.

RestrictedStockUnitActivity -AsofDecember31,2025,wehad$87millionoftotalunrecognizedcompensationcost relatedtoournonvestedrestrictedstockunitawards,whichisexpectedtoberecognizedoveraweighted-averageperiodof1.9 years.Thefollowingtablessetforthactivityandvariousstatisticsforourrestrictedstockunitawards:

(a)-Included480,280unvestedrestrictedstockunitawardsconvertedinconjunctionwiththeEnLinkAcquisition.

(b)-Included348,019restrictedstockunitawardsreleasedtoparticipantsandforfeitedinconjunctionwiththeEnLinkAcquisition.

PerformanceUnitActivity -AsofDecember31,2025,wehad $39million oftotalunrecognizedcompensationcostrelatedto thenonvestedperformanceunitawards,whichisexpectedtoberecognizedoveraweighted-averageperiodof1.7years.The followingtablessetforthactivityandvariousstatisticsrelatedtotheperformanceunitawardsandtheassumptionsusedinthe valuationsattherespectivegrantdates:

202520242023

(a)-Volatilitywasbasedonhistoricalvolatilityoverthreeyearsusingdailystockpriceobservations.

202520242023

EmployeeStockPurchasePlan -Wehavereservedatotalof13.1millionsharesofcommonstockforissuanceunderour EmployeeStockPurchasePlan(theESPP).Subjecttocertainexclusions,allemployeesareeligibletoparticipateintheESPP. Employeescanchoosetohaveupto10%oftheirbasepaywithheldfromeachpaycheckduringtheofferingperiodtopurchase ourcommonstock,subjecttothetermsandlimitationsoftheplan.Thepurchasepriceofthestockis85%ofthelowerofits grantdateorexercisedatemarketprice.Approximately58%,59%and69%ofemployeesparticipatedintheplanin2025, 2024and2023,respectively.Undertheplan,wesold356,745sharesataweightedaverageof$65.34persharein2025, 275,874sharesataweightedaverageof$64.38persharein2024and236,108sharesataweightedaverageof$52.70pershare in2023.

EmployeeStockAwardProgram -UnderourEmployeeStockAwardProgram(theESAP),weissued,fornomonetary consideration,toalleligibleemployeesoneshareofourcommonstockwhentheper-shareclosingpriceofourcommonstock ontheNYSEisatoraboveeachone-dollarincrementaboveitsprevioushighclosingprice.Weauthorizedatotalof900,000 sharesofcommonstockundertheESAP.TheESAPterminatedasofNovember7,2024,andnoadditionalgrantsweremade undertheprogramaftersuchdate.InMay2025,ourshareholdersapprovedthe2025EmployeeStockAwardProgram(the 2025ESAP),whichissuessharesofourcommonstockinthesamemannerastheESAPandpermitsourBoardofDirectorsto issueadditionalsharesofourcommonstockinitsdiscretion.Atotalof700,000sharesofcommonstockwereauthorizedfor issuanceunderthe2025ESAP.Sharesissuedtoemployeesundertheseprogramsduring2025and2024totaled66,916and 127,825,respectively.Employeeshavereceivedawardsthroughthe$117milestone.Noshareswereissuedtoemployees undertheseprogramsin2023.

DeferredCompensationPlanforNon-EmployeeDirectors -OurDeferredCompensationPlanforNon-EmployeeDirectors providesournon-employeedirectorstheoptiontodeferalloraportionoftheircompensationfortheirserviceonourBoardof Directors.Undertheplan,directorsmayelecteitheracashdeferraloptionoraphantomstockoption.Underthecashdeferral option,directorsmayelecttodeferthereceiptofalloraportionoftheirannualretainerfees(otherthantheirstockretainer fees),whichwillbecreditedwithinterestduringthedeferralperiod.Underthephantomstockoption,directorsmaydeferallor aportionoftheirannualretainerfeesandreceivesuchfeesonadeferredbasisintheformofsharesofcommonstockunderour EIPor2025EIP,whichearntheequivalentofdividendsdeclaredonourcommonstock.Sharesaredistributedtononemployeedirectorsatthefairmarketvalueofourcommonstockatthedateofdistribution.

RetirementandOtherPostretirementBenefitPlans

ONEOKRetirementPlan -WemaintaintheONEOKRetirementPlan,adefinedbenefitpensionplancoveringcertainlegacy ONEOKemployees,whichclosedtonewparticipantsin2005.Inaddition,wehaveasupplementalexecutiveretirementplan forthebenefitofcertainofficerswhoparticipateintheONEOKRetirementPlan.Oursupplementalexecutiveretirementplan isclosedtonewparticipants.Wefundourdefinedbenefitpensionplanatalevelneededtomaintainorexceedtheminimum fundinglevelsrequiredbytheEmployeeRetirementIncomeSecurityActof1974,asamended.

MagellanRetirementPlans -AsaresultoftheMagellanAcquisitionin2023,weassumedtwodefinedbenefitpensionplans coveringcertainlegacyMagellanemployees,includingtheMagellanPensionPlan,whichclosedtonewparticipantsuponthe closingoftheacquisition,andtheMagellanPensionPlanforUSWEmployees,whichclosedtonewparticipantsinJanuary 2024.Wefundthesedefinedbenefitpensionplansatalevelneededtomaintainorexceedtheminimumfundinglevels requiredbytheEmployeeRetirementIncomeSecurityActof1974,asamended.

OtherPostretirementBenefitPlans -Wesponsorhealthandwelfareplansthatprovidepostretirementmedicalandlife insurancebenefitstocertainlegacyONEOKemployeeshiredpriorto2017andcertainlegacyMagellanemployeeswhoretire afteraspecifiedagewithatleastfiveyearsofserviceandsatisfycertainotherconditions.Thepostretirementmedicalplanfor pre-Medicareparticipantsiscontributory,withretireecontributionsadjustedperiodically,andcontainsothercost-sharing featuressuchasdeductiblesandcoinsurance.ThepostretirementmedicalplanforMedicare-eligibleparticipantsisanaccountbasedplanunderwhichparticipantsmayelecttopurchaseprivateinsurancepoliciesunderaprivateexchangeand/orseek reimbursementofothereligiblemedicalexpensesandisnotavailabletolegacyMagellanemployees.

ObligationsandFundedStatus -Thefollowingtablesetsforthourretirementandotherpostretirementbenefitplansbenefit obligationsandfairvalueofplanassetsfortheperiodsindicated:

(a)-ThebenefitobligationforRetirementBenefitsatDecember31,2025and2024,includedthesupplementalexecutiveretirementplan obligation.

(b)-FairvalueofplanassetsforRetirementBenefitsexcludedtheassetsofoursupplementalexecutiveretirementplan,whichtotaled$90 millionand$92millionatDecember31,2025and2024,respectively,andareincludedinotherassetsontheConsolidatedBalanceSheets. Theseassetsaremaintainedinarabbitrustandarenottreatedasassetsofthesupplementalexecutiveretirementplan.

Theaccumulatedbenefitobligationforourretirementplanswas$648millionand$628millionatDecember31,2025and 2024,respectively.

Thecomponentsofnetperiodicbenefitcostandrelatedassumptions,andamountsrecognizedinothercomprehensiveincome relatedtoourretirementandotherpostretirementbenefitplansarenotmaterial.Thebalanceinaccumulatedother comprehensivelossatDecember31,2025and2024,was$46millionand$58million,respectively.Thisbalanceisexpectedto beamortizedovertheaverageremainingserviceperiodofemployeesparticipatingintheseplans.

ActuarialAssumptions -Thefollowingtablesetsforththeweighted-averageassumptionsusedtodeterminebenefit obligationsforretirementandotherpostretirementbenefitsfortheperiodsindicated:

(a)-ThisactuarialassumptionisonlyapplicabletothepensionplansassumedwiththeMagellanAcquisition.

Wedetermineourdiscountratesannuallyutilizingportfoliosofhigh-qualitybondsmatchedtotheestimatedbenefitcashflows ofourretirementandotherpostretirementbenefitplans.Bondsselectedtobeincludedintheportfoliosareonlythoseratedby S&PorMoody’sasanAAorAa2ratingorbetterandexcludecallablebonds,bondswithlessthanaminimumissuesize,yield outliersandotherfilteringcriteriatoremoveunsuitablebonds.

PlanAssets -Ourinvestmentstrategyistoinvestplanassetsinaccordancewithsoundinvestmentpracticesthatemphasize long-termfundamentals.Thegoalofthisstrategyistomaximizeinvestmentreturnswhilemanagingriskinordertomeetthe plan’scurrentandprojectedfinancialobligations.TheinvestmentallocationforourONEOKRetirementPlanfollowsaglide pathapproachofliability-driveninvestingthatshiftsahigherportfolioweightingtofixedincomeastheplan’sfundedstatus increases.AmajorityoftheassetsoftheMagellanPensionPlanandtheMagellanPensionPlanforUSWEmployeesare allocatedtofixedincomesecuritiesandinvestedtomatchthedurationoftheplans’short,intermediateandlong-termliabilities, withtheremainingamountallocatedtoequitysecurities.Ourpensionplansutilizeadiversifiedmixofinvestmentsthatmay includedomesticandinternationalequities,short,intermediateandlong-termcorporateandgovernmentobligations,realestate andhedgefunds.ThecombinedtargetallocationfortheassetsofourpensionplansasofDecember31,2025,isasfollows:

Aspartofourriskmanagementfortheplans,minimumsandmaximumshavebeensetforeachoftheassetclasseslistedabove.

ThefairvalueoftheplanassetsforourotherpostretirementbenefitplansasofDecember31,2025,arenotmaterial.The followingtablessetforththeplanassetsbyfairvaluecategoryasofthemeasurementdateforourdefinedbenefitpension plans:

December31,2025

(a)-Thiscategoryrepresentssecuritiesoftherespectivemarketsectorfromdiverseindustries. (b)-Thiscategoryrepresentsbondsfromdiverseindustries.

(c)-Thiscategoryrepresentsalternativeinvestmentsinlimitedpartnerships,whichcanberedeemedwitha30-daynoticewithnofurther restrictions.Therewerenounfundedcapitalcommitments.Theselimitedpartnershipsinvestthroughmulti-strategyprogramsinbroadly diversifiedportfoliosofprivateinvestmentfunds,hedgefundsand/orseparateaccountstoseekequity-likereturnswithlowmarket correlation,reducedvolatilityandlimitedrisk.

(d)-Planassetinvestmentsmeasuredatfairvalueusingthenetassetvaluepershare.

(a)-Thiscategoryrepresentssecuritiesoftherespectivemarketsectorfromdiverseindustries. (b)-Thiscategoryrepresentsbondsfromdiverseindustries.

(d)-Planassetinvestmentsmeasuredatfairvalueusingthenetassetvaluepershare.

Contributions -During2025,wecontributed$9milliontoourONEOKRetirementPlan,$17milliontoourMagellanPension Planand$3milliontoourMagellanPensionPlanforUSWEmployees,allofwhichwererelatedtothe2024planyear.Wedo notexpectcontributionstoourdefinedbenefitpensionplanstobematerialin2026.Wedonotexpecttomakeany contributionstootherpostretirementbenefitplansin2026.

PensionandOtherPostretirementBenefitPayments

-Benefitpaymentsforourdefinedbenefitpensionsandother postretirementbenefitplansfortheperiodendingDecember31,2025,were$38millionand$4million,respectively.The followingtablesetsforththedefinedbenefitpensionandotherpostretirementbenefitspaymentsexpectedtobepaidin2026 through2035:

TheexpectedbenefitstobepaidarebasedonthesameassumptionsusedtomeasureourbenefitobligationatDecember31, 2025,andincludeestimatedfutureemployeeservice.

OtherEmployeeBenefitPlans

401(k)Plan -TheONEOK401(k)Plancoversallemployees,andemployeecontributionsarediscretionary.Wematch100% ofemployee401(k)Plancontributionsupto6%ofeachparticipant’seligiblecompensation,subjecttocertainconditionsand limits.Wealsomakeprofit-sharingcontributionsunderour401(k)Planforemployeeswhodonotparticipateinourdefined benefitpensionplans.EffectiveJanuary1,2025,quarterlyprofit-sharingcontributionsincreasedto6%from1%ofeachprofitsharingparticipant’seligiblecompensationduringthequarter.Wemayalsomakeannualdiscretionaryprofit-sharing contributionsofupto2%ofeligiblecompensation.Ourcontributionsmadetotheplan,includingprofit-sharingcontributions, were$128million,$66millionand$44millionin2025,2024and2023,respectively.

EnLinkterminatedtheEnLink401(k)PlaneffectiveJanuary30,2025,priortotheclosingoftheEnLinkAcquisition.Legacy EnLinkemployeeswerepermittedtorolltheirEnLink401(k)PlanaccountbalancetotheONEOK401(k)Plan,anindividual retirementaccountortakeadistribution.TheEnLink401(k)PlanwasliquidatedandclosedinDecember2025.

MedallionterminatedtheMedallion401(k)PlaneffectiveOctober30,2024,priortotheclosingoftheMedallionAcquisition onOctober31,2024.LegacyMedallionemployeeswerepermittedtorolltheirMedallion401(k)Planaccountbalancetothe ONEOK401(k)Planoranindividualretirementaccountortakeadistribution.TheMedallion401(k)Planwasliquidatedand closedinSeptember2025.

MagellanterminatedtheMagellan401(k)PlaneffectiveSeptember24,2023,priortotheclosingoftheMagellanAcquisition. LegacyMagellanemployeesweregiventheoptiontorolltheirMagellan401(k)PlanaccountbalancetotheONEOK401(k) Planoranindividualretirementaccountortakeadistribution.TheMagellan401(k)Planwasliquidatedandclosedin September2024.

NonqualifiedDeferredCompensationPlan -The2020NonqualifiedDeferredCompensationPlananditspredecessor nonqualifieddeferredcompensationplans(collectively,theNQDCPlan)provideaselectgroupofmanagementandhighly compensatedemployees,asapprovedbyourchiefexecutiveofficer,withtheoptiontodeferportionsoftheircompensationand receivenotionalemployercontributionsthatgenerallyarenotavailableduetolimitationsonemployerandemployee contributionstoqualifieddefinedcontributionplansunderfederaltaxlaws.Ourinvestmentswhichareincludedinotherassets ontheConsolidatedBalanceSheetsrelatedtotheNQDCPlanwerenotmaterial.Theseinvestmentsaremaintainedinarabbi trust.Ourcontributionstotheplanwerenotmaterial.

M.INCOMETAXES

Thefollowingtablesetsforthourprovisionforincometaxesfortheperiodsindicated: YearsEndedDecember31, 202520242023 (Millionsofdollars)

Thefollowingtableisareconciliationofourincometaxprovisionfortheperiodsindicated: YearsEndedDecember31, 202520242023 (Millionsofdollars,exceptforpercentages) (b)(b)(b)

(a)-OuroperationsareprimarilyapportionedacrossOklahoma,Texas,KansasandNorthDakotaforstateincometaxpurposes. (b)-Representspercentofincomebeforeincometaxes.

Thefollowingtablesetsforthcashpaidforincometaxes,netofrefunds,fortheperiodsindicated: YearsEndedDecember31, 202520242023 (Millionsofdollars)

Thefollowingtablesetsforththetaxeffectsoftemporarydifferencesthatgaverisetosignificantportionsofthedeferredtax assetsandliabilitiesasofthedatesindicated:

(a)Dueprimarilytoexcessoftaxoverbookdepreciation.

OnJanuary31,2025,wecompletedtheEnLinkAcquisitionbyacquiringalloftheremainingandoutstandingpubliclyheld EnLinkUnits.EnLinkisnowawhollyownedsubsidiaryandincludedinourconsolidatedincometaxreturns.

AsofDecember31,2025,wehavefederalnetoperatinglosscarryforwardsof$12.2billion,whichhaveanindefinite carryforwardperiod.Weexpecttogeneratetaxableincomeandutilizethesenetoperatinglosscarryforwardsinfutureperiods. Wealsohavelossandcreditcarryoversinmultiplestates,$13.2billionofwhich,haveanindefinitecarryforwardperiodand $1.2billion ofwhichwillexpirebetween2029and2043.Wehavedeferredtaxassetsrelatedtofederalandstatenetoperating lossandcreditcarryforwardsof$3.1billionand$3.3billionin2025and2024,respectively.Webelievethatitismorelikely thannotthatthetaxbenefitsofcertainstatecarryforwardswillnotbeutilized;therefore,werecordedavaluationallowance, whichwasincreasedby$15million,$12millionand$165millionin2025,2024and2023,respectively,throughnetincome.

N.UNCONSOLIDATEDAFFILIATES

InvestmentsinUnconsolidatedAffiliates -Thefollowingtablesetsforthourinvestmentsinunconsolidatedaffiliatesasofthe datesindicated:

(a)-InJuly2025,wepurchasedanadditional30%interestinBridgeTex,resultingina60%ownershipinterest.

(b)-AsofDecember31,2025,the15%interestrepresentedONEOK’sownershipinterestinMatterhornasaresultoftheEnLinkAcquisition onJanuary31,2025.AsofDecember31,2024,the15%interestrepresentedEnLink’sownershipinterestinMatterhorn.

(c)-Includedbasisdifferencesof$431millionand$368millionatDecember31,2025,and2024,respectively,relatedtoproperty,plantand equipmentandequity-methodgoodwill(NoteA).

EquityinNetEarningsfromInvestments -Thefollowingtablesetsforthourequityinnetearningsfrominvestmentsforthe periodsindicated: YearsEndedDecember31, 202520242023

(a)-TheyearendedDecember31,2023,includedequityinnetearningsfromtheperiodSeptember25,2023,throughDecember31,2023.

(b)-TheyearendedDecember31,2024,includedequityinnetearningsfromtheperiodOctober15,2024,throughDecember31,2024.

(c)-TheyearendedDecember31,2024,includedequityinnetearningsof$88milliononBridgeTexassociatedwiththenonrecurring recognitionofdeferredrevenue.

Weincurredexpensesintransactionswithunconsolidatedaffiliatesof$280million,$254millionand$132millionfor2025, 2024and2023,respectively,primarilyrelatedtoOverlandPass,MatterhornandNorthernBorder.Revenueearnedand accountsreceivablefrom,andaccountspayableto,ourunconsolidatedaffiliateswerenotmaterial.

Wehaveagreementswithourunconsolidatedaffiliateswhichprovidethatdistributionstomembersaremade,primarily,ona proratabasisaccordingtoeachmember’sownershipinterest.

WearetheoperatorofRoadrunner,BridgeTex,MVPandSaddlehorn.Ineachcase,wehaveoperatingagreementsthatprovide forreimbursementorpaymenttousformanagementservicesandcertainoperatingcosts.Reimbursementsandpayments includedinoperatingincomeinourConsolidatedStatementsofIncomeforallperiodspresentedwerenotmaterial.

In2025,we,WhiteWater,MPLXLPandEnbridgeInc.,throughtheexistingMatterhornjointventure,announcedthenew approximately450-mile,48-inchEigerExpressPipeline,designedtotransportuptoapproximately3.7Bcf/dofnaturalgas fromthePermianBasintoKaty,Texas.WhiteWaterwillconstructandoperatethepipeline.Ourtotalownershipinterestinthe pipelinewillbe25.5%,whichincludesa15%interesthelddirectlyintheEigerjointventurewiththeremainderheldthrough Matterhorn.OurinvestmentinEigerisaccountedforusingtheequitymethodaswehavetheabilitytoexercisesignificant influenceovertheoperatingandfinancialpoliciesofEiger,althoughwedonothavetheabilitytoexercisecontrol.

OnJuly22,2025,wecompletedtheBridgeTexAdditionalInterestAcquisition.Pursuanttothepurchaseagreement,wepaid approximately$270millionincash,whichwefundedwithshort-termborrowings.Followingthecompletionofthe transaction,wenowhavea60%ownershipinterestinBridgeTex.OurinvestmentinBridgeTexcontinuestobeaccountedfor usingtheequitymethodaswecontinuetohavetheabilitytoexercisesignificantinfluenceovertheoperatingandfinancial policiesofBridgeTex,althoughwedonothavetheabilitytoexercisecontrol.

OnFebruary4,2025,weannounceddefinitiveagreementstoformjointventureswithMPLXLPtoconstructa400MBbl/d liquifiedpetroleumgasexportterminalinTexasCity,Texas,andanew24-inchpipelinefromourMontBelvieu,Texas, storagefacilitytothenewterminal.TexasCityLogistics,theexportterminaljointventure,isowned50%byusand50%by MPLXLP,withMPLXLPconstructingandoperatingthefacility.OurinvestmentinTexasCityLogisticsisaccountedfor usingtheequitymethodaswehavetheabilitytoexercisesignificantinfluenceovertheoperatingandfinancialpoliciesof TexasCityLogistics,althoughwedonothavetheabilitytoexercisecontrol.

In2025,wemadeequitycontributionstoTexasCityLogisticsandNorthernBorderof$160millionand$101million, respectively,which,incombinationwithequalcontributionsfromourjointventurepartners,wereprimarilyusedforfunding capitalprojects.In2024,weacquiredanadditional10%interestinSaddlehorn,resultinginatotalownershipinterestof40%. In2023,wemadeanequitycontributionof$105milliontoRoadrunner,which,incombinationwithanequalcontributionfrom ourjointventurepartner,wasusedtorepayRoadrunner’soutstandingdebt.Alsoin2023,wemadeanequitycontributionof $91milliontoNorthernBorder,which,incombinationwithanequalcontributionfromourjointventurepartner,wasusedto partiallyrepaytheoutstandingbalanceofitsrevolvingcreditfacilityandfundcapitalprojects.

O.COMMITMENTSANDCONTINGENCIES

Commitments -Thefollowingtablesetsforthourtransportation,volumeandstoragecommitmentsfortheperiodsindicated:

Regulatory,EnvironmentalandSafetyMatters -Theoperationofpipelines,terminals,plantsandotherfacilitiesforthe gathering,processing,fractionation,transportationandstorageofproductsissubjecttonumerousandcomplexlawsand regulationspertainingtohealth,safetyandtheenvironment.Asanownerand/oroperatorofthesefacilities,wemustcomply withlawsandregulationsthatrelatetoairandwaterquality,hazardousandsolidwastemanagementanddisposal,cultural resourceprotectionandotherenvironmentalandsafetymatters.Thecostofplanning,designing,constructingandoperating pipelines,terminals,plantsandotherfacilitiesmustincorporatecompliancewiththeselaws,regulationsandsafetystandards. Failuretocomplywiththeselawsandregulationsmaytriggeravarietyofadministrative,civilandpotentiallycriminal enforcementmeasures,includingcitizensuits,whichcanincludetheassessmentofmonetarypenalties,theimpositionof remedialrequirementsandtheissuanceofinjunctionsorrestrictionsonoperationorconstruction.Managementdoesnot believethat,basedoncurrentlyknowninformation,amaterialriskofnoncompliancewiththeselawsandregulationsexiststhat willadverselyaffectourconsolidatedresultsofoperations,financialconditionorcashflows.

LegalProceedings -Weareapartytovariouslegalproceedingsthathaveariseninthenormalcourseofouroperations.While theresultsoftheseproceedingscannotbepredictedwithcertainty,webelievethereasonablypossiblelossesfromsuch proceedings,individuallyandintheaggregate,arenotmaterial.Additionally,webelievetheprobablefinaloutcomeofsuch proceedingswillnothaveamaterialadverseeffectonourconsolidatedresultsofoperations,financialpositionorcashflows.

P.LEASES

Lesseeactivity - Thefollowingtablesetsforthinformationaboutouroperatingleaseassetsandliabilitiesincludedinour ConsolidatedBalanceSheetsasofthedatesindicated:

Theweightedaverageremainingleasetermforouroperatingleaseswas11.0yearsand9.1yearsatDecember31,2025and 2024,respectively.Theweightedaveragediscountrateforouroperatingleaseswas5.52%and5.51%atDecember31,2025 and2024,respectively.Ourweighted-averagediscountratesrepresenttherateimplicitintheleaseorourincremental borrowingrateforatermequaltotheremainingtermofthelease.

ThefollowingtablesetsforththematurityofourleaseliabilitiesasofDecember31,2025:

OurleasecostsandsupplementalcashflowinformationrelatedtoourleasesfortheperiodsendedDecember31,2025and 2024,arenotmaterial.

Q.REVENUES

UnsatisfiedPerformanceObligations -Wedonotdisclosethevalueofunsatisfiedperformanceobligationsfor(i)contracts withanoriginalexpectedlengthofoneyearorlessand(ii)variableconsiderationoncontractsforwhichwerecognizerevenue attheamounttowhichwehavetherighttoinvoiceforservicesperformed.

ThefollowingtablepresentsaggregatevalueallocatedtounsatisfiedperformanceobligationsasofDecember31,2025,andthe amountsweexpecttorecognizeinrevenueinfutureperiods,relatedprimarilytofirmtransportationandstoragecontractswith remainingcontracttermsrangingfromonemonthto20years:

Thetableaboveexcludesvariableconsiderationallocatedentirelytowhollyunsatisfiedperformanceobligations,wholly unsatisfiedpromisestotransferdistinctgoodsorservicesthatarepartofasingleperformanceobligationandconsiderationwe

determinetobefullyconstrained.Informationonthenatureofthevariableconsiderationexcludedandthenatureofthe performanceobligationstowhichthevariableconsiderationrelatescanbefoundinthedescriptionofthemajorcontracttypes discussedinNoteA.Theamountswedeterminedtobefullyconstrainedrelatetofuturesalesobligationsunderlong-termsales contractswherethevalueisnotknownandcertainminimumvolumeagreements,whichweconsidertobefullyconstrained untilinvoiced.

R.SEGMENTS

SegmentDescriptions -Ouroperationsaredividedintofourreportablebusinesssegments,asfollows:

•ourNaturalGasGatheringandProcessingsegmentgathers,compresses,treats,processesandmarketsnaturalgas;

•ourNaturalGasLiquidssegmentgathers,treats,fractionatesandtransportsNGLsandstores,marketsanddistributes PurityNGLs;

•ourNaturalGasPipelinessegmenttransports,storesandmarketsnaturalgas; and

•ourRefinedProductsandCrudesegmentgathers,transports,stores,distributes,blendsandmarketsRefinedProducts andcrudeoil.

OnOctober15,2024,wecompletedtheEnLinkControllingInterestAcquisition.Our2024resultsincludetheimpactofthe EnLinkControllingInterestAcquisitionfromtheperiodofOctober15,2024,toDecember31,2024,acrossallfourofour existingoperatingsegments.OnOctober31,2024,wecompletedtheMedallionAcquisition.Our2024resultsincludethe impactoftheMedallionAcquisitionfromtheperiodofNovember1,2024,toDecember31,2024,inourRefinedProductsand Crudesegment.

Otherandeliminationsconsistofcorporatecosts,theoperatingactivitiesofourheadquartersbuildingandrelatedparking facility,theactivityofourwhollyownedcaptiveinsurancecompanyandeliminationsnecessarytoreconcileourreportable segmentstoourConsolidatedFinancialStatements.

FortheyearsendedDecember31,2025,andDecember31,2023,revenuesfromonecustomerimpactingalloursegments representedapproximately12%and11%ofourconsolidatedrevenues,respectively.FortheyearendedDecember31,2024, wehadnosinglecustomerfromwhichwereceived10%ormoreofourconsolidatedrevenues.

Thesignificantexpensecategoriesandamountsincludedinthetablebelowalignwiththesegment-levelinformationthatis regularlyprovidedtothechiefoperatingdecision-maker.

OperatingSegmentInformation -Thefollowingtablessetforthcertainselectedfinancialinformationforouroperating segmentsfortheperiodsindicated: YearEndedDecember31,2025

$1,314$758$237$752$3,061 (a)-Intersegmentrevenuesareprimarilyfromcommoditysales,whicharebasedonthecontractedsellingpricethatisgenerallyindex-based andsettledmonthly.Intersegmentrevenuestotaled$4.3billionfortheNaturalGasGatheringandProcessingsegment,$0.5billionforthe NaturalGasLiquidssegmentandwerenotmaterialfortheRefinedProductsandCrudeandNaturalGasPipelinessegments.

YearEndedDecember31,2025

Segments Otherand EliminationsTotal (Millionsofdollars)

3,160(23)3,137

166(22)144 Totalrevenues(a)

Capitalexpenditures $3,061$91$3,152

(a)-Substantiallyallofourrevenuesarerelatedtocontractswithcustomers.

YearEndedDecember31,2024

(Millionsofdollars)

Liquidscommoditysales$3,033$14,446$—$2,258$19,737 Residuenaturalgassales1,203—137—1,340 Exchangeservicesandnaturalgasgatheringand processingrevenue260500——760 Transportationandstoragerevenue702076842,0823,043 Otherrevenue23141120158

Totalrevenues(a)4,58915,1678224,46025,038 Costofsalesandfuel(exclusiveofdepreciationand operatingcosts)(2,600)(11,994)(112)(1,949)(16,655) Operatingcosts(603)(762)(233)(888)(2,486)

AdjustedEBITDAfromunconsolidatedaffiliates395187247532 Noncashcompensationexpense203483193

Other(b)753228(9)297

SegmentadjustedEBITDA$1,484$2,543$900$1,892$6,819 Depreciationandamortization$(325)$(361)$(88)$(354)$(1,128) Equityinnetearningsfrominvestments$—$85$143$211$439 Investmentsinunconsolidatedaffiliates$33$484$764$1,031$2,312 Totalassets$15,856$19,797$5,041$23,181$63,875 Capitalexpenditures$492$987$258$216$1,953

(a)-Intersegmentrevenuesareprimarilyfromcommoditysales,whicharebasedonthecontractedsellingpricethatisgenerallyindex-based andsettledmonthly.Intersegmentrevenuestotaled$3.0billionfortheNaturalGasGatheringandProcessingsegment,$0.3billionforthe NaturalGasLiquidssegmentandwerenotmaterialfortheRefinedProductsandCrudeandNaturalGasPipelinessegments.

(b)-Includedagainof$227millionfortheNaturalGasPipelinessegmentrelatedtothesaleofthreeofourwhollyownedinterstatenatural gaspipelinesystemstoDTMidstream,Inc.

YearEndedDecember31,2024

Total Segments Otherand EliminationsTotal (Millionsofdollars)

Reconciliationsoftotalsegmentstoconsolidated Liquidscommoditysales$19,737$(3,287)$16,450 Residuenaturalgassales1,340(10)1,330 Exchangeservicesandnaturalgasgatheringandprocessingrevenue760—760 Transportationandstoragerevenue3,043(23)3,020 Otherrevenue 158(20)138

Totalrevenues(a)$25,038$(3,340)$21,698 Costofsalesandfuel(exclusiveofdepreciationandoperatingcosts)$(16,655)$3,344$(13,311) Operatingcosts$(2,486)$(10)$(2,496) Depreciationandamortization$(1,128)$(6)$(1,134) Equityinnetearningsfrominvestments$439$—$439 Investmentsinunconsolidatedaffiliates$2,312$4$2,316 Totalassets

$63,875$194$64,069 Capitalexpenditures$1,953$68$2,021 (a)-Substantiallyallofourrevenuesarerelatedtocontractswithcustomers.

YearEndedDecember31,2023

Liquidscommoditysales$2,479$13,666$—$502$16,647 Residuenaturalgassales1,398—39—1,437 Gathering,processingandexchangeservices revenue147549——696 Transportationandstoragerevenue—2045825351,321 Otherrevenue321023478

Totalrevenues(a)4,05614,4296231,07120,179 Costofsalesandfuel(exclusiveofdepreciationand operatingcosts)(2,364)(11,592)(28)(450)(14,434) Operatingcosts(467)(666)(202)(198)(1,533) AdjustedEBITDAfromunconsolidatedaffiliates16716036264 Noncashcompensationexpense19298662 Other(b)(1)778(2)—775

SegmentadjustedEBITDA$1,244$3,045$559$465$5,313 Depreciationandamortization$(272)$(334)$(67)$(92)$(765) Equityinnetearningsfrominvestments$(2)$58$118$28$202 Investmentsinunconsolidatedaffiliates$24$419$526$903$1,872 Totalassets$7,078$14,974$2,624$19,531$44,207 Capitalexpenditures$448$818$228$52$1,546

(a)-Intersegmentrevenuesareprimarilyfromcommoditysales,whicharebasedonthecontractedsellingpricethatisgenerallyindex-based andsettledmonthly.IntersegmentrevenuesfortheNaturalGasGatheringandProcessingsegmenttotaled$2.4billionandwerenotmaterial fortheNaturalGasLiquids,RefinedProductsandCrudeandNaturalGasPipelinessegments. (b)-Includedasettlementgainof$779millionfortheNaturalGasLiquidssegmentrelatedtotheMedfordincident.

YearEndedDecember31,2023 Total Segments Otherand EliminationsTotal (Millionsofdollars)

Reconciliationsoftotalsegmentstoconsolidated Liquidscommoditysales$16,647$(2,480)$14,167 Residuenaturalgassales1,437—1,437 Gathering,processingandexchangeservicesrevenue696—696 Transportationandstoragerevenue1,321(15)1,306 Otherrevenue 78(7)71

Totalrevenues(a)$20,179$(2,502)$17,677 Costofsalesandfuel(exclusiveofdepreciationandoperatingcosts)$(14,434)$2,505$(11,929) Operatingcosts$(1,533)$(2)$(1,535) Depreciationandamortization$(765)$(4)$(769) Equityinnetearningsfrominvestments$202$—$202 Investmentsinunconsolidatedaffiliates$1,872$2$1,874 Totalassets $44,207$59$44,266 Capitalexpenditures$1,546$49$1,595 (a)-Substantiallyallofourrevenuesarerelatedtocontractswithcustomers.

(a)-TheyearendedDecember31,2025,includednoncashtransactioncostsrelatedprimarilytotheEnLinkAcquisitionof$16million includedwithinnoncashcompensationexpenseandother.

(b)-TheyearendedDecember31,2025,includedcorporatenetgainsonextinguishmentofdebtof$106millioninconnectionwithopen marketrepurchasesandinterestincomeof$33million,offsetpartiallybytransactioncostsrelatedprimarilytotheEnLinkAcquisitionof$65 million.TheyearendedDecember31,2024,includedtransactioncostsrelatedprimarilytotheEnLinkAcquisitionsandMedallion Acquisitionof$73million,offsetpartiallybyinterestincomeof$39million.TheyearendedDecember31,2023,includedtransactioncosts relatedtotheMagellanAcquisitionof$158million,offsetpartiallybyinterestincomeof$49millionandcorporatenetgainson extinguishmentofdebtof$41millioninconnectionwithopenmarketrepurchases.

(c)-TheyearendedDecember31,2024,includedagainof$227millionfromtheinterstatenaturalgaspipelinedivestiture.

(d)-TheyearendedDecember31,2023,included$633millionrelatedtotheMedfordincident,includingasettlementgainof$779million, offsetpartiallyby$146millionofthird-partyfractionationcosts.

ITEM9.CHANGESINANDDISAGREEMENTSWITHACCOUNTANTSONACCOUNTINGAND FINANCIALDISCLOSURE

None.

ITEM9A.CONTROLSANDPROCEDURES

EvaluationofDisclosureControlsandProcedures

OurChiefExecutiveOfficer(PrincipalExecutiveOfficer)andChiefFinancialOfficer(PrincipalFinancialOfficer)have concludedthatourdisclosurecontrolsandprocedures(asdefinedinRules13a-15(e)and15d-15(e)oftheExchangeAct)were effectiveasoftheendoftheperiodcoveredbythisreport.

Management’sReportonInternalControloverFinancialReporting

Ourmanagementisresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreporting,assuchterm isdefinedinRule13a-15(f)and15d-15(f)oftheExchangeAct.Underthesupervisionandwiththeparticipationofour management,includingourPrincipalExecutiveOfficerandPrincipalFinancialOfficer,weevaluatedtheeffectivenessofour internalcontroloverfinancialreportingbasedontheframeworkin InternalControl-IntegratedFramework(2013) issuedby theCommitteeofSponsoringOrganizationsoftheTreadwayCommission.Becauseofinherentlimitations,internalcontrol overfinancialreportingmaynotpreventordetectmisstatements.Also,projectionsofanyevaluationofeffectivenesstofuture periodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeof compliancewiththepoliciesorproceduresmaydeteriorate.Basedonourevaluationunderthatframework,ourmanagement concludedthatourinternalcontroloverfinancialreportingwaseffectiveasofDecember31,2025.

TheeffectivenessofourinternalcontroloverfinancialreportingasofDecember31,2025,hasbeenauditedby PricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreportwhichisincluded herein(Item8).

ChangesinInternalControloverFinancialReporting

TherehavebeennochangesinourinternalcontroloverfinancialreportingduringthequarterendedDecember31,2025,that havemateriallyaffected,orarereasonablylikelytomateriallyaffect,ourinternalcontroloverfinancialreporting.

ITEM9B.OTHERINFORMATION

DuringthethreemonthsendedDecember31,2025,nodirectororofficeroftheCompanyadoptedorterminateda“Rule 10b5-1tradingarrangement”or“non-Rule10b5-1tradingarrangements,”aseachtermisdefinedinitem408(a)RegulationSK.

ITEM9C.DISCLOSUREREGARDINGFOREIGNJURISDICTIONSTHATPREVENTINSPECTIONS

Notapplicable.

PARTIII

ITEM10.DIRECTORS,EXECUTIVEOFFICERSANDCORPORATEGOVERNANCE

DirectorsoftheRegistrant

Informationconcerningourdirectorsissetforthinour2026definitiveProxyStatementandisincorporatedhereinbythis reference.

ExecutiveOfficersoftheRegistrant

InformationconcerningourexecutiveofficersisincludedinPartI,Item1,Business,ofthisAnnualReport.

CompliancewithSection16(a)oftheExchangeAct

InformationoncompliancewithSection16(a)oftheExchangeActissetforthinour2026definitiveProxyStatementandis incorporatedhereinbythisreference.

CodeofEthics

Informationconcerningthecodeofethics,orcodeofbusinessconduct,issetforthinour2026definitiveProxyStatementand isincorporatedhereinbythisreference.

CorporateGovernance

Informationconcerningourcorporategovernanceissetforthinour2026definitiveProxyStatementandisincorporatedherein bythisreference.

InsiderTradingPolicy

Wehaveadoptedinsidertradingpoliciesandproceduresthatgovernthepurchase,saleandotherdispositionofoursecurities byourdirectors,officersandemployeesthatwebelievearereasonablydesignedtopromotecompliancewithinsidertrading laws,rulesandregulationsandthelistingstandardsoftheNYSE.AcopyofourInsiderTradingPolicyisfiledwiththis AnnualReportasExhibit19.

ITEM11.EXECUTIVECOMPENSATION

Informationonexecutivecompensationissetforthinour2026definitiveProxyStatementandisincorporatedhereinbythis reference.

ITEM12.SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENTAND RELATEDSTOCKHOLDERMATTERS

SecurityOwnershipofCertainBeneficialOwners

Informationconcerningtheownershipofcertainbeneficialownersissetforthinour2026definitiveProxyStatementandis incorporatedhereinbythisreference.

Informationonsecurityownershipofdirectorsandofficersissetforthinour2026definitiveProxyStatementandis incorporatedhereinbythisreference.

EquityCompensationPlanInformation

ThefollowingtablesetsforthcertaininformationconcerningourequitycompensationplansasofDecember31,2025: PlanCategory

NumberofSecurities tobeIssued UponExerciseof OutstandingOptions, WarrantsandRights(3)

Weighted-Average ExercisePriceof OutstandingOptions, WarrantsandRights(4)

NumberofSecurities RemainingAvailableFor FutureIssuanceUnder EquityCompensation Plans(5)

Equitycompensationplans approvedbysecurityholders(1)3,529,356—20,166,969 Equitycompensationplans notapprovedbysecurityholders(2)132,261—— Total3,661,617—20,166,969

(1)-IncludedourEmployeeStockPurchasePlan,2025EmployeeStockAwardProgram,EquityCompensationPlan,2018EquityIncentive Planand2025EquityIncentivePlan.Forabriefdescriptionofthematerialfeaturesoftheseplans,seeNoteKoftheNotesto ConsolidatedFinancialStatementsinthisAnnualReport.

(2)-IncludedtheassumedEnLinkMidstream,LLC,Long-TermIncentivePlan.Forabriefdescriptionofthematerialfeaturesofthisplan, seeNoteKoftheNotestoConsolidatedFinancialStatementsinthisAnnualReport.

(3)-Includedgrantsofrestrictedstockunitawards,performanceawardsanddirectorstockawardsdeferredasphantomstockunitsunderour DeferredCompensationPlanforNon-EmployeeDirectors.

(4)-Thereisnoexercisepriceassociatedwithrestrictivestockunitawards,performanceunitawardsordirectorstockawardsasphantom stockunitsunderourDeferredCompensationPlanforNon-EmployeeDirectors.

(5)-Included969,316,633,084and18,564,569sharesavailableforfutureissuanceunderourEmployeeStockPurchasePlan,2025 EmployeeStockAwardProgramand2025EquityIncentivePlan,respectively.

ITEM13.CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS,ANDDIRECTOR INDEPENDENCE

Informationoncertainrelationshipsandrelatedtransactionsanddirectorindependenceissetforthinour2026definitiveProxy Statementandisincorporatedhereinbythisreference.

ITEM14.PRINCIPALACCOUNTINGFEESANDSERVICES

Informationconcerningtheprincipalaccountant’sfeesandservicesissetforthinour2026definitiveProxyStatementandis incorporatedhereinbythisreference.

(1)FinancialStatements PageNo.

(a)ReportofIndependentRegisteredPublicAccountingFirm(PCAOBID:238)65

(b)ConsolidatedStatementsofIncomefortheyearsended December31,2025,2024and2023

(c)ConsolidatedStatementsofComprehensiveIncomefortheyearsended December31,2025,2024and2023

(d)ConsolidatedBalanceSheetsasofDecember31,2025and202468

(e)ConsolidatedStatementsofCashFlowsfortheyearsended December31,2025,2024and2023

(f)ConsolidatedStatementsofChangesinEquityfortheyearsended December31,2025,2024and2023

(g)NotestoConsolidatedFinancialStatements71-115

(2)FinancialStatementsSchedules

Allscheduleshavebeenomittedbecauseoftheabsenceofconditionsunderwhichtheyarerequired.

(3)Exhibits

2AgreementandPlanofMerger,datedasofMay14,2023,byandamongONEOK,Inc.,OtterMergerSub, LLCandMagellanMidstreamPartners,L.P.(incorporatedbyreferencefromExhibit2.1toONEOK,Inc.’s CurrentReportonForm8-K,filedMay15,2023(FileNo.1-13643)).

2.1PurchaseAgreement,datedasofAugust28,2024,byandamongONEOK,Inc.,GIPIIIStetsonI,L.P.,GIP IIIStetsonII,L.P.andEnLinkMidstreamManager,LLC(incorporatedbyreferencefromExhibit2.1to ONEOKInc.’sCurrentReportonForm8-K,filedAugust30,2024(FileNo.1-13643)).

2.2PurchaseandSaleAgreement,datedasofAugust28,2024,byandamongONEOK,Inc.,GIPIIITrophy GP2,LLC,GIPIIITrophyAcquisitionPartners,L.P.andMedallionManagement,L.P.(incorporatedby referencefromExhibit2.2toONEOKInc.’sCurrentReportonForm8-K,filedAugust30,2024(FileNo. 1-13643)).

2.3AgreementandPlanofMerger,datedasofNovember24,2024,byandamongONEOK,Inc.,ElkMerger SubI,L.L.C.,ElkMergerSubII,L.L.C.,EnLinkMidstreamLLCandEnLinkMidstreamManager,LLC (incorporatedbyreferencefromExhibit2.1toONEOKInc.’sCurrentReportonForm8-K,filedNovember 25,2024(FileNo.1-13643)).

3AmendedandRestatedCertificateofIncorporationofONEOK,Inc.,datedApril28,2025,asamended (incorporatedbyreferencefromExhibit3.1toONEOK,Inc.’sQuarterlyReportonForm10-Qforthe quarterendedMarch31,2025,filedApril30,2025(FileNo.1-13643)).

3.1AmendedandRestatedBy-lawsofONEOK,Inc.(incorporatedbyreferencefromExhibit3.1toONEOK Inc.’sCurrentReportonForm8-KfiledFebruary24,2023(FileNo.1-13643)).

3.2CertificateofDesignationforConvertiblePreferredStockofWAI,Inc.(nowONEOK,Inc.)filed November21,2008(incorporatedbyreferencefromExhibit3.1toONEOK,Inc.’sQuarterlyReporton Form10-QforthequarterendedJune30,2012,filedAugust1,2012(FileNo.1-13643)).

3.3CertificateofDesignationforSeriesCParticipatingPreferredStockofONEOK,Inc.filedNovember21, 2008(incorporatedbyreferencefromExhibitNo.3.1toONEOK,Inc.’sQuarterlyReportonForm10-Qfor thequarterendedJune30,2012,filedAugust1,2012(FileNo.1-13643)).

3.4CertificateofDesignation,PreferencesandRightsofSeriesENon-VotingPerpetualPreferredStockof ONEOK,Inc.filedApril20,2017(incorporatedbyreferencefromExhibitNo.3.1toONEOK,Inc.’s CurrentReportonForm8-KfiledApril20,2017(FileNo.1-13643)).

4FormofCommonStockCertificate(incorporatedbyreferencefromExhibit1toONEOK,Inc.’s RegistrationStatementonForm8-AfiledNovember21,1997(FileNo.1-13643)).

4.1SecondSupplementalIndenture,datedasofSeptember25,1998,betweenONEOK,Inc.andChaseBankof Texas,astrustee,withrespecttothe6.875%Debenturesdue2028(incorporatedbyreferencefromExhibit 5(b)toONEOK,Inc.’sCurrentReportonForm8-K/AfiledOctober2,1998(FileNo.1-13643)).

4.2FifthSupplementalIndenture,datedasofJune30,2017,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandTheBankofNewYorkMellonTrust,as trustee(incorporatedbyreferencefromExhibit4.1toONEOKInc.’sCurrentReportonForm8-KfiledJuly 3,2017(FileNo.1-13643)).

4.3SixthSupplementalIndenture,datedasofSeptember25,2023,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and TheBankofNewYorkMellonTrust,astrustee(incorporatedbyreferencefromExhibit4.1toONEOK Inc.’sCurrentReportonForm8-KfiledSeptember25,2023(FileNo.1-13643)).

4.4SeventhSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,ElkMergerSubII,L.L.C.andTheBankofNewYorkMellonTrust Company,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.10toONEOK,Inc.’s CurrentReportonForm8-KfiledFebruary5,2025(FileNo.1-13643)).

4.5Indenture,datedasofDecember28,2001,betweenONEOK,Inc.andSunTrustBank,astrustee (incorporatedbyreferencefromExhibit4.1toAmendmentNo.1toONEOK,Inc.’sRegistrationStatement onFormS-3filedDecember28,2001(FileNo.333-65392)).

4.6ThirdSupplementalIndenture,datedasofJune17,2005,betweenONEOK,Inc.andSunTrustBank,as trustee,withrespecttothe6.00%SeniorNotesdue2035(incorporatedbyreferencefromExhibit4.3to ONEOK,Inc.’sCurrentReportonForm8-KfiledJune17,2005(FileNo.1-13643)).

4.7FourthSupplementalIndenture,datedasofJune30,2017,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe6.00%SeniorNotesdue2035(incorporatedbyreferencefromExhibit4.3toONEOK Inc.’sCurrentReportonForm8-KfiledJuly3,2017(FileNo.1-13643)).

4.8SixthSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.,EnLink MidstreamPartners,LP,ElkMergerSubII,L.L.C.andU.S.BankTrustCompany,NationalAssociation,as trustee(incorporatedbyreferencetoExhibit4.13toONEOK,Inc.’sCurrentReportonForm8-K,filed February5,2025(FileNo.1-13643)).

4.9Indenture,datedasofSeptember25,2006,betweenONEOKPartners,L.P.andWellsFargoBank,N.A.,as trustee(incorporatedbyreferencetoExhibit4.1toONEOKPartners,L.P.’sCurrentReportonForm8-K filedSeptember26,2006(FileNo.1-12202)).

4.10ThirdSupplementalIndenture,datedasofSeptember25,2006,amongONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe6.65% SeniorNotesdue2036(incorporatedbyreferencetoExhibit4.4toONEOKPartners,L.P.’sCurrentReport onForm8-KfiledSeptember26,2006(FileNo.1-12202)).

4.11FourthSupplementalIndenture,datedasofSeptember28,2007,amongONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe6.85% SeniorNotesdue2037(incorporatedbyreferencetoExhibit4.2toONEOKPartners,L.P.’sCurrentReport onForm8-KfiledSeptember28,2007(FileNo.1-12202)).

4.12SeventhSupplementalIndenture,datedasofJanuary26,2011,amongONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe 6.125%SeniorNotesdue2041(incorporatedbyreferencefromExhibit4.3toONEOKPartners,L.P.’s CurrentReportonForm8-KfiledJanuary26,2011(FileNo.1-12202)).

4.13TwelfthSupplementalIndenture,datedasofSeptember12,2013,amongONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe 6.200%SeniorNotesdue2043(incorporatedbyreferencetoExhibit4.4toONEOKPartners,L.P.’sCurrent ReportonForm8-KfiledSeptember12,2013(FileNo.1-12202)).

4.14FourteenthSupplementalIndenture,datedasofMarch20,2015,amongONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe4.90% SeniorNotesdue2025(incorporatedbyreferencetoExhibit4.3toONEOKPartners,L.P.’sCurrentReport onForm8-KfiledonMarch20,2015(FileNo.1-12202)).

4.15FifteenthSupplementalIndenture,datedasofJune30,2017,byandamongONEOKPartners,L.P., ONEOK,Inc.,ONEOKPartnersIntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee (incorporatedbyreferencefromExhibit4.1toONEOK,Partners,L.P.’sCurrentReportonForm8-Kfiled July3,2017(FileNo.1-12202)).

4.16SixteenthSupplementalIndenture,datedasofSeptember25,2023,amongONEOKPartners,L.P.,ONEOK, Inc.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and ComputershareTrustCompany,N.A.,astrustee(incorporatedbyreferencefromExhibit4.4toONEOK Inc.’sCurrentReportonForm8-K,filedSeptember25,2023(FileNo.1-13643)).

4.17SeventeenthSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnership,ONEOK,Inc.,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,ElkMergerSubII,L.L.C.,andComputershareTrustCompany,N.A.,as trustee(incorporatedbyreferencetoExhibit4.15toONEOK,Inc.’sCurrentReportonForm8-K,filed February5,2025(FileNo.1-13643)).

4.18Indenture,datedasofJanuary26,2012,amongONEOK,Inc.andU.S.BankNationalAssociation,as trustee(incorporatedbyreferencetoExhibit4.1toONEOK,Inc.’sCurrentReportonForm8-Kfiled January26,2012(FileNo.1-13643)).

4.19ThirdSupplementalIndenture,datedasofJune30,2017,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee (incorporatedbyreferencefromExhibit4.2ofONEOK,Inc.’sCurrentReportonForm8-KfiledJuly3, 2017(FileNo.1-13643)).

4.20FourthSupplementalIndenture,datedasofJuly13,2017,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe4.00%SeniorNotesdue2027(incorporatedbyreferencefromExhibit4.1toONEOK Inc.’sCurrentReportonForm8-KfiledJuly13,2017(FileNo.1-13643)).

4.21FifthSupplementalIndenture,datedasofJuly13,2017,byandamongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe4.95%SeniorNotesdue2047(incorporatedbyreferencefromExhibit4.2toONEOK Inc.’sCurrentReportonForm8-KfiledJuly13,2017(FileNo.1-13643)).

4.22SixthSupplementalIndenture,datedasofJuly2,2018,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe4.55%SeniorNotesdue2028(incorporatedbyreferencefromExhibitNo.4.1toONEOK, Inc.’sCurrentReportonForm8-KfiledJuly2,2018(FileNo.1-13643)).

4.23SeventhSupplementalIndenture,datedasofJuly2,2018,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe5.20%SeniorNotesdue2048(incorporatedbyreferencefromExhibitNo.4.2toONEOK, Inc.’sCurrentReportonForm8-KfiledJuly2,2018(FileNo.1-13643).

4.24EighthSupplementalIndenture,datedasofMarch13,2019,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe4.35%SeniorNotesdue2029(incorporatedbyreferencefromExhibitNo.4.2toONEOK, Inc.’sCurrentReportonForm8-KfiledMarch13,2019(FileNo.1-13643)).

4.25NinthSupplementalIndenture,datedMarch13,2019,amongONEOKPartners,L.P.,ONEOKPartners IntermediateLimitedPartnershipandWellsFargoBank,N.A.,astrustee,withrespecttothe5.20%Senior Notesdue2048(incorporatedbyreferencefromExhibit4.3toONEOKPartners,L.P.’sCurrentReporton Form8-KfiledMarch13,2019(FileNo.1-12202)).

4.26EleventhSupplementalIndenture,datedasofAugust15,2019,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe3.40%SeniorNotesdue2029(incorporatedbyreferencefromExhibitNo.4.2to ONEOK,Inc.’sCurrentReportonForm8-KfiledAugust15,2019(FileNo.1-13643)).

4.27TwelfthSupplementalIndenture,datedasofAugust15,2019,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe4.45%SeniorNotesdue2049(incorporatedbyreferencefromExhibitNo.4.3toONEOK, Inc.’sCurrentReportonForm8-KfiledAugust.15,2019(FileNo.1-13643)).

4.28FourteenthSupplementalIndenture,datedasofMarch10,2020,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe3.100%SeniorNotesdue2030(incorporatedbyreferencefromExhibitNo.4.2to ONEOK,Inc.’sCurrentReportonForm8-KfiledMarch10,2020(FileNo.1-13643)).

4.29FifteenthIndenture,datedasofMarch10,2020,amongONEOK,Inc.,ONEOKPartners,L.P.,ONEOK PartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,withrespecttothe 4.500%SeniorNotesdue2050(incorporatedbyreferencefromExhibitNo.4.3toONEOK,Inc.’sCurrent ReportonForm8-KfiledMarch20,2020(FileNo.1-13643)).

4.30SixteenthSupplementalIndenture,datedasofMay7,2020,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe5.850%SeniorNotesdue2026(incorporatedbyreferencefromExhibitNo.4.1toONEOK, Inc.’sCurrentReportonForm8-KfiledMay7,2020(FileNo.1-13643)).

4.31SeventeenthSupplementalIndenture,datedasofMay7,2020,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe6.350%SeniorNotesdue2031(incorporatedbyreferencefromExhibitNo.4.2to ONEOK,Inc.’sCurrentReportonForm8-KfiledMay7,2020(FileNo.1-13643)).

4.32EighteenthSupplementalIndenture,datedasofMay7,2020,amongONEOK,Inc.,ONEOKPartners,L.P., ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee,with respecttothe7.150%SeniorNotesdue2051(incorporatedbyreferencefromExhibitNo.4.3toONEOK, Inc.’sCurrentReportonForm8-KfiledMay7,2020(FileNo.1-13643)).

4.33NineteenthSupplementalIndenture,datedasofNovember18,2022,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankTrustCompany,National Association(successorininteresttoU.S.BankNationalAssociation),astrustee,withrespecttothe6.100% SeniorNotesdue2032(incorporatedbyreferencefromExhibitNo.4.1toONEOK,Inc.’sCurrentReporton Form8-KfiledNovember18,2022(FileNo.1-13643)).

4.34TwentiethSupplementalIndenture,datedasofAugust24,2023,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe5.550%SeniorNotesdue2026(incorporatedbyreferencefromExhibit4.1toONEOK Inc.’sCurrentReportonForm8-K,filedAugust25,2023(FileNo.1-13643)).

4.35Twenty-FirstSupplementalIndenture,datedasofAugust24,2023,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,astrustee, withrespecttothe5.650%SeniorNotesdue2028(incorporatedbyreferencefromExhibit4.2toONEOK Inc.’sCurrentReportonForm8-K,filedAugust25,2023(FileNo.1-13643)).

4.36Twenty-SecondSupplementalIndenture,datedasofAugust24,2023,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,as trustee,withrespecttothe5.800%SeniorNotesdue2030(incorporatedbyreferencefromExhibit4.3to ONEOKInc.’sCurrentReportonForm8-K,filedAugust25,2023(FileNo.1-13643)).

4.37Twenty-ThirdSupplementalIndenture,datedasofAugust24,2023,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,as trustee,withrespecttothe6.050%SeniorNotesdue2033(incorporatedbyreferencefromExhibit4.4to ONEOKInc.’sCurrentReportonForm8-K,filedAugust25,2023(FileNo.1-13643)).

4.38Twenty-FourthSupplementalIndenture,datedasofAugust24,2023,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.BankNationalAssociation,as trustee,withrespecttothe6.625%SeniorNotesdue2053(incorporatedbyreferencefromExhibit4.5to ONEOKInc.’sCurrentReportonForm8-K,filedAugust25,2023(FileNo.1-13643)).

4.39Twenty-FifthSupplementalIndenture,datedasofSeptember25,2023,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee(incorporatedbyreferencefromExhibit4.3toONEOKInc.’s CurrentReportonForm8-K,filedSeptember25,2023(FileNo.1-13643)).

4.40Twenty-SixthSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespectto4.250%Notesdue2027(incorporatedby referencefromExhibit4.2toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(File No.1-13643)).

4.41Twenty-SeventhSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespectto4.400%Notesdue2029(incorporatedby referencefromExhibit4.3toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(File No.1-13643)).

4.42Twenty-EighthSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespectto4.750%Notesdue2031(incorporatedby referencefromExhibit4.4toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(File No.1-13643)).

4.43Twenty-NinthSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespectto5.050%Notesdue2034(incorporatedby referencefromExhibit4.5toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(File No.1-13643)).

4.44ThirtiethSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.andU.S.Bank NationalAssociation,astrustee,withrespectto5.700%Notesdue2054(incorporatedbyreferencefrom Exhibit4.6toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(FileNo.1-13643)).

4.45Thirty-FirstSupplementalIndenture,datedasofSeptember24,2024,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespectto5.850%Notesdue2064(incorporatedby referencefromExhibit4.7toONEOKInc.’sCurrentReportonForm8-K,filedSeptember24,2024(File No.1-13643)).

4.46Thirty-SecondSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,ElkMergerSubII,L.L.C.andU.S.BankTrustCompany,National Association,astrustee(incorporatedbyreferencetoExhibit4.14toONEOK,Inc.’sCurrentReportonForm 8-K,filedFebruary5,2025(FileNo.1-13643)).

4.47Thirty-ThirdSupplementalIndenture,datedasofAugust12,2025,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.,ElkMerger SubII,L.L.C.,EnLinkMidstreamPartners,LPandU.S.BankNationalAssociation,astrustee,withrespect to4.950%Notesdue2032(incorporatedbyreferencefromExhibit4.2toONEOKInc.’sCurrentReporton Form8-KfiledAugust13,2025(FileNo.1-13643)).

4.48Thirty-FourthSupplementalIndenture,datedasofAugust12,2025,amongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.,Elk MergerSubII,L.L.C.,EnLinkMidstreamPartners,LPandU.S.BankNationalAssociation,astrustee,with respectto5.400%Notesdue2035(incorporatedbyreferencefromExhibit4.3toONEOKInc.’sCurrent ReportonForm8-KfiledAugust13,2025(FileNo.1-13643)).

4.49Thirty-FifthSupplementalIndenture,datedasofAugust12,2025,amongONEOK,Inc.,ONEOKPartners, L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.,ElkMerger SubII,L.L.C.,EnLinkMidstreamPartners,LPandU.S.BankNationalAssociation,astrustee,withrespect to6.250%Notesdue2055(incorporatedbyreferencefromExhibit4.4toONEOKInc.’sCurrentReporton Form8-KfiledAugust13,2025(FileNo.1-13643)).

4.50Indenture,datedasofApril19,2007,betweenMagellanMidstreamPartners,L.P.andU.S.BankNational Association,astrustee(incorporatedbyreferencefromExhibit4.1toMagellanMidstreamPartners,L.P.’s Form8-K,filedApril20,2007(FileNo.1-16335)).

4.51FirstSupplementalIndenture,datedasofApril19,2007,betweenMagellanMidstreamPartners,L.P.and U.S.BankNationalAssociation,astrustee,withrespecttothe6.400%SeniorNotesdue2037(incorporated byreferencefromExhibit4.2toMagellanMidstreamPartners,L.P.’sForm8-K,filedApril20,2007(File No.1-16335)).

4.52SecondSupplementalIndenture,datedasofSeptember25,2023,amongMagellanMidstreamPartners,L.P., ONEOK,Inc.,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S.Bank TrustCompany,NationalAssociation,astrustee(incorporatedbyreferencefromExhibit4.5toONEOK Inc.’sCurrentReportonForm8-K,filedSeptember25,2023(FileNo.1-13643)).

4.53ThirdSupplementalIndenture,datedasofDecember13,2023,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankTrustCompany,NationalAssociation,astrustee(incorporatedbyreferencefromExhibit4.1to ONEOKInc.’sCurrentReportonForm8-KfiledDecember14,2023(FileNo.1-13643)).

4.54FourthSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,ElkMergerSubII,L.L.C.,andU.S.BankTrustCompany,National Association,astrustee(incorporatedbyreferencetoExhibit4.12toONEOK,Inc.’sCurrentReportonForm 8-K,filedFebruary5,2025(FileNo.1-13643)).

4.55Indenture,datedasofAugust11,2010,betweenMagellanMidstreamPartners,L.P.andU.S.BankNational Association,astrustee(incorporatedbyreferencefromExhibit4.1toMidstreamPartners,L.P.’sForm8-K, filedAugust16,2010(FileNo.1-16335)).

4.56SecondSupplementalIndenture,datedasofNovember9,2012,betweenONEOK,Inc.(successorininterest toMagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 4.200%SeniorNotesdue2042(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedNovember9,2012(FileNo.1-16335)).

4.57ThirdSupplementalIndenture,datedasofOctober.10,2013,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 5.15%SeniorNotesdue2043(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedOctober10,2013(FileNo.1-16335)).

4.58FifthSupplementalIndenture,datedasofMarch4,2015,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 4.20%SeniorNotesdue2045(incorporatedbyreferencefromExhibit4.3toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedMarch4,2015(FileNo.1-16335)).

4.59SixthSupplementalIndenture,datedasofFebruary29,2016,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 5.00%SeniorNotesdue2026(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedFebruary29,2016(FileNo.1-16335)).

4.60SeventhSupplementalIndenture,datedasofSeptember13,2016,betweenONEOK,Inc.(successorin interesttoMagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespect tothe4.25%SeniorNotesdue2046(incorporatedbyreferencefromExhibit4.2toMagellanMidstream Partners,L.P.’sCurrentReportonForm8-K,filedSeptember13,2016(FileNo.1-16335)).

4.61EighthSupplementalIndenture,datedasofOctober3,2017,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 4.200%SeniorNotesdue2047(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedOctober3,2017(FileNo.1-16335)).

4.62NinthSupplementalIndenture,datedasofJanuary18,2019,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 4.850%SeniorNotesdue2049(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedJanuary18,2019(FileNo.1-16335)).

4.63TenthSupplementalIndenture,datedasofAugust19,2019,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 3.950%SeniorNotesdue2050(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedAugust19,2019(FileNo.1-16335)).

4.64EleventhSupplementalIndenture,datedasofMay20,2020,betweenONEOK,Inc.(successorininterestto MagellanMidstreamPartners,L.P.),andU.S.BankNationalAssociation,astrustee,withrespecttothe 3.250%SeniorNotesdue2030(incorporatedbyreferencefromExhibit4.2toMagellanMidstreamPartners, L.P.’sCurrentReportonForm8-K,filedMay20,2020(FileNo.1-16335))

4.65TwelfthSupplementalIndenture,datedasofSeptember25,2023,amongMagellanMidstreamPartners, L.P.,ONEOK,Inc.,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimitedPartnershipandU.S. BankTrustCompany,NationalAssociation,astrustee(incorporatedbyreferencefromExhibit4.6to ONEOKInc.’sCurrentReportonForm8-K,filedSeptember25,2023(FileNo.1-13643)).

4.66ThirteenthSupplementalIndenture,datedasofDecember13,2023,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P.and U.S.BankTrustCompany,NationalAssociation,astrustee,(incorporatedbyreferencefromExhibit4.2to ONEOKInc.’sCurrentReportonForm8-KfiledDecember14,2023(FileNo.1-13643)).

4.67FourteenthSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,ElkMergerSubII,L.L.C.,andU.S.BankTrustCompany,National Association,astrustee(incorporatedbyreferencetoExhibit4.11toONEOK,Inc.’sCurrentReportonForm 8-K,filedFebruary5,2025(FileNo.1-13643)).

4.68Indenture,datedasofMarch19,2014,byandbetweenEnLinkMidstreamPartners,LPandWellsFargo Bank,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.2toEnLinkMidstream Partners,LP’sCurrentReportonForm8-K,filedMarch21,2014(FileNo.001-36340)).

4.69FirstSupplementalIndenture,datedasofMarch19,2014,byandbetweenEnLinkMidstreamPartners,LP andWellsFargoBank,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.3toEnLink MidstreamPartners,LP’sCurrentReportonForm8-K,filedMarch21,2014(FileNo.001-36340)).

4.70SecondSupplementalIndenture,datedasofNovember12,2014,byandbetweenEnLinkMidstream Partners,LPandWellsFargoBank,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit 4.3toEnLinkMidstreamPartners,LP’sCurrentReportonForm8-K,filedNovember12,2014(FileNo. 001-36340)).

4.71FourthSupplementalIndenture,datedasofJuly14,2016,byandbetweenEnLinkMidstreamPartners,LP andWellsFargoBank,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.2toEnLink MidstreamPartners,LP’sCurrentReportonForm8-K,filedJuly14,2016(FileNo.001-36340)).

4.72FifthSupplementalIndenture,datedasofMay11,2017,byandbetweenEnLinkMidstreamPartners,LP andWellsFargoBank,NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.2toEnLink MidstreamPartners,LP’sCurrentReportonForm8-K,filedMay11,2017(FileNo.001-36340)).

4.73SixthSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,EnLink MidstreamPartners,LP,ElkMergerSubII,L.L.C.,ONEOKPartners,L.P.,ONEOKPartnersIntermediate LimitedPartnership,MagellanMidstreamPartners,L.P.andComputershareTrustCompany,N.A.,as trustee(incorporatedbyreferencetoExhibit4.9toONEOK,Inc.’sCurrentReportonForm8-K,filed February5,2025(FileNo.1-13643)).

4.74Indenture,datedasofApril9,2019,byandbetweenEnLinkMidstream,LLCandWellsFargoBank, NationalAssociation,astrustee(incorporatedbyreferencetoExhibit4.1toEnLinkMidstream,LLC’s CurrentReportonForm8-K,filedApril9,2019(FileNo.001-36336)).

4.75FirstSupplementalIndenture,datedasofApril9,2019,byandamongEnLinkMidstream,LLC,EnLink MidstreamPartners,LP,andWellsFargoBank,NationalAssociation,astrustee(incorporatedbyreference toExhibit4.2toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filedApril9,2019(FileNo. 001-36336)).

4.76SecondSupplementalIndenture,datedasofJanuary31,2025,byandamongElkMergerSubII,L.L.C.,as issuer,EnLinkMidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.2toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filed January31,2025,FileNo.001-36336).

4.77ThirdSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ElkMergerSub II,L.L.C.,EnLinkMidstreamPartners,LP,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimited Partnership,MagellanMidstreamPartners,L.P.andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.5toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary5, 2025(FileNo.1-13643)).

4.78Indenture,datedasofDecember17,2020,byandamongEnLinkMidstream,LLC,asissuer,EnLink MidstreamPartners,LP,asguarantor,andWellsFargoBank,NationalAssociation,astrustee(incorporated byreferencetoExhibit4.1toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filedDecember18, 2020(FileNo.001-36336))

4.79FirstSupplementalIndenture,datedasofJanuary31,2025,byandamongElkMergerSubII,L.L.C.,as issuer,EnLinkMidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.1toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filed January31,2025,FileNo.001-36336).

4.80SecondSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ElkMergerSub II,L.L.C.,EnLinkMidstreamPartners,LP,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimited Partnership,MagellanMidstreamPartners,L.P.andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.6toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary5, 2025(FileNo.1-13643)).

4.81Indenture,datedasofAugust31,2022,byandamongEnLinkMidstream,LLC,asissuer,EnLink MidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee(incorporatedby referencetoExhibit4.1toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filedonAugust31,2022 (FileNo.001-36336)).

4.82FirstSupplementalIndenture,datedasofJanuary31,2025,byandamongElkMergerSubII,L.L.C.,as issuer,EnLinkMidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.3toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filed January31,2025,FileNo.001-36336).

4.83SecondSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ElkMergerSub II,L.L.C.,EnLinkMidstreamPartners,LP,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimited Partnership,MagellanMidstreamPartners,L.P.andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.7toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary5, 2025(FileNo.1-13643)).

4.84Indenture,datedasofAugust15,2024,byandamongEnLinkMidstream,LLC,asissuer,EnLink MidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee(incorporatedby referencetoExhibit4.1toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filedAugust15,2024 (FileNo.001-36336)).

4.85FirstSupplementalIndenture,datedasofAugust15,2024,byandamongEnLinkMidstream,LLC,as issuer,EnLinkMidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.2toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filed August15,2024(FileNo.001-36336)).

4.86SecondSupplementalIndenture,datedasofJanuary31,2025,byandamongElkMergerSubII,L.L.C.,as issuer,EnLinkMidstreamPartners,LP,asguarantor,andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.4toEnLinkMidstream,LLC’sCurrentReportonForm8-K,filed January31,2025,FileNo.001-36336).

4.87ThirdSupplementalIndenture,datedasofJanuary31,2025,byandamongONEOK,Inc.,ElkMergerSub II,L.L.C.,EnLinkMidstreamPartners,LP,ONEOKPartners,L.P.,ONEOKPartnersIntermediateLimited Partnership,MagellanMidstreamPartners,L.P.andComputershareTrustCompany,N.A.,astrustee (incorporatedbyreferencetoExhibit4.8toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary5, 2025(FileNo.1-13643)).

4.88Descriptionofsecurities.

10ONEOK,Inc.2005SupplementalExecutiveRetirementPlan,asamendedandrestated,datedasof December18,2008(incorporatedbyreferencefromExhibit10.3toONEOK,Inc.’sAnnualReportonForm 10-KforthefiscalyearendedDecember31,2008,filedFebruary25,2009(FileNo.1-13643)).

10.1FormofIndemnificationAgreementbetweenONEOK,Inc.andONEOK,Inc.officersanddirectors,as amended(incorporatedbyreferencefromExhibit10.5toONEOK,Inc.’sAnnualReportonForm10-Kfor thefiscalyearendedDecember31,2014,filedFebruary25,2015(FileNo.1-13643)).

10.2ONEOK,Inc.SupplementalExecutiveRetirementPlanterminatedandfrozenDecember31,2004 (incorporatedbyreferencefromExhibit10.1toONEOK,Inc’sCurrentReportonForm8-KfiledDecember 20,2004(FileNo.1-13643)).

10.3ONEOK,Inc.EmployeeNonqualifiedDeferredCompensationPlan,asamendedandrestatedDecember16, 2004(incorporatedbyreferencefromExhibit10.3toONEOK,Inc.’sCurrentReportonForm8-Kfiled December20,2004(FileNo.1-13643)).

10.4ONEOK,Inc.2005NonqualifiedDeferredCompensationPlan,asamendedandrestated,datedasof December18,2008(incorporatedbyreferencefromExhibit10.8toONEOK,Inc.’sAnnualReportonForm 10-KforthefiscalyearendedDecember31,2008,filedFebruary25,2009(FileNo.1-13643)).

10.5ONEOK,Inc.DeferredCompensationPlanforNon-EmployeeDirectors,asamendedandrestatedMay22, 2024.

10.6AmendedandRestatedLimitedLiabilityCompanyAgreementofOverlandPassPipelineCompanyLLC enteredintobetweenONEOKOverlandPassHoldings,L.L.C.andWilliamsFieldServicesCompany,LLC, datedasofMay31,2006(incorporatedbyreferencetoExhibit10.6toONEOKPartners,L.P.’sQuarterly ReportonForm10-QforthequarterendedJune30,2006,filedAugust4,2006(FileNo.1-12202)).

10.7ONEOK,Inc.OfficerChangeinControlSeverancePlan(incorporatedbyreferencefromExhibit10.1to ONEOK,Inc.’sCurrentReportonForm8-KfiledJuly22,2011(FileNo.1-13643)).

10.8Formof2023RestrictedUnitStockAwardAgreement,datedasofFebruary22,2023(incorporatedby referencefromExhibit10.15toONEOK,Inc.’sAnnualReportonForm10-K,filedFebruary28,2023(File No.1-13643)).

10.9Formof2023PerformanceUnitAwardAgreement,datedasofFebruary22,2023(incorporatedby referencefromExhibit10.16toONEOK,Inc.’sAnnualReportonForm10-K,filedFebruary28,2023(File No.1-13643)).

10.10ONEOK,Inc.EquityIncentivePlan(incorporatedbyreferencetoAppendixAtoONEOK,Inc.’sdefinitive proxystatementonSchedule14AfiledonApril5,2018(FileNo.1-13643)).

10.11ONEOK,Inc.EquityCompensationPlan,asamendedandrestated,datedasofDecember18,2008 (incorporatedbyreferencefromExhibit10.44toONEOK,Inc.’sAnnualReportonForm10-Kforthefiscal yearendedDecember31,2008,filedFebruary25,2009(FileNo.1-13643)).

10.12EquityDistributionAgreement,datedasofAugust3,2023,amongONEOK,Inc.,andBofASecurities,Inc., assalesagent,principalsand/orforwardsellers,asforwardpurchasers(incorporatedbyreferencefrom Exhibit1.1toONEOK,Inc.’sCurrentReportonForm8-KwithafiledAugust3,2023(FileNo.1-13643)).

10.13Formof2024RestrictedUnitAwardAgreement,datedasofFebruary21,2024(incorporatedbyreference fromExhibit10.24toONEOK,Inc.'sAnnualReportonForm10-KforthefiscalyearendedDecember31, 2023,filedFebruary27,2024(FileNo.1-13643)).

10.14Formof2024PerformanceUnitAwardAgreement,datedasofFebruary21,2024(incorporatedby referencefromExhibit10.25toONEOK,Inc.'sAnnualReportonForm10-Kforthefiscalyearended December31,2023,filedFebruary27,2024(FileNo.1-13643)).

10.15 ONEOK,Inc.,2025EquityIncentivePlan,effectiveasofMay21,2025(incorporatedbyreferencefrom Exhibit10.1toONEOK,Inc.’sCurrentReportonForm8-KfiledMay22,2025(FileNo.1-13643)).

10.16Formof2025RestrictedUnitAwardAgreement,datedasofFeb.19,2025(incorporatedbyreferencefrom Exhibit10.23toONEOK,Inc.’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2024, filedFebruary25,2025(FileNo.1-13643)).

10.17Formof2025PerformanceUnitAwardAgreement,datedasofFeb.19,2025(incorporatedbyreference fromExhibit10.24toONEOK,Inc.’sAnnualReportonForm10-KforthefiscalyearendedDecember31, 2024,filedFebruary25,2025(FileNo.1-13643)).

10.18Formof2025PerformanceUnitAwardAgreementpursuanttotheONEOK,Inc.2025EquityIncentive Plan(incorporatedbyreferencefromExhibit10.3toONEOK,Inc.’sQuarterlyReportonForm10-Qforthe quarterendedJune30,2025,filedAugust5,2025(FileNo.1-13643)).

10.19Formof2025RestrictedUnitAwardAgreementpursuanttotheONEOK,Inc.2025EquityIncentivePlan (incorporatedbyreferencefromExhibit10.4toONEOK,Inc.’sQuarterlyReportonForm10-Qforthe quarterendedJune30,2025,filedAugust5,2025(FileNo.1-13643)).

10.20Formof2026RestrictedUnitAwardAgreement.

10.21Formof2026PerformanceUnitAwardAgreement.

10.22ONEOK,Inc.2020NonqualifiedDeferredCompensationPlan,asamendedandrestatedJanuary1,2025.

10.23RestrictedUnitAwardAgreementbetweenONEOK,Inc.andDarrenWallis(incorporatedbyreferenceto Exhibit10.4toONEOK,Inc.’sQuarterlyReportonForm10-QforthequarterendedSeptember30,2022, filedNovember2,2022(FileNo.1-13643)).

10.24*SecondAmendedandRestatedCreditAgreement,datedasofFebruary14,2025,byandamountONEOK, Inc.,asborrower,Citibank,N.A.,asadministrativeagent,aswinglinelender,aletterofcreditissueranda lender,andeachoftheotherlenders,swinglinelendersandletterofcreditissuerspartythereto (incorporatedbyreferencefromExhibit10.1toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary 20,2025(FileNo.1-13643)).

10.25SecondAmendedandRestatedGuarantyAgreement,datedasofFebruary14,2025,byandamongONEOK Partners,L.P.,ONEOKPartnersIntermediateLimitedPartnership,MagellanMidstreamPartners,L.P., EnLinkMidstreamPartners,LP,andElkMergerSubII,L.L.C.,infavorofCitibank,N.A.(incorporatedby referencefromExhibit10.2toONEOK,Inc.’sCurrentReportonForm8-K,filedFebruary20,2025(File No.1-13643)).

10.26EnLinkMidstream,LLC2014Long-TermIncentivePlan,asamendedandrestated,datedDecember16, 2021(incorporatedbyreferencetoEnLinkMidstream,LLC’sExhibit10.3toForm10-K,filedFebruary16, 2022(FileNo.001-36336)).

10.27SupportAgreement,datedasofNovember24,2024,byandamongONEOK,Inc.andEnLinkMidstream, LLC(incorporatedbyreferencetoExhibit10.1toONEOK,Inc.’sCurrentReportonForm8-K,filed November25,2024(FileNo.1-13643)).

10.28ONEOK,Inc.AnnualOfficerIncentivePlan,asamendedandrestatedNovember6,2024.

19SecuritiesandInsiderTradingPolicy

21Requiredinformationconcerningtheregistrant’ssubsidiaries.

22.1Listofsubsidiaryguarantorsandissuersofguaranteedsecurities.

23ConsentofIndependentRegisteredPublicAccountingFirm-PricewaterhouseCoopersLLP.

31.1CertificationofPierceH.NortonIIpursuanttoSection302oftheSarbanes-OxleyActof2002.

31.2CertificationofWalterS.HulseIIIpursuanttoSection302oftheSarbanes-OxleyActof2002.

32.1CertificationofPierceH.NortonIIpursuantto18U.S.C.Section1350asadoptedpursuanttoSection906 oftheSarbanes-OxleyActof2002(furnishedonlypursuanttoRule13a-14(b)).

32.2CertificationofWalterS.HulseIIIpursuantto18U.S.C.Section1350asadoptedpursuanttoSection906 oftheSarbanes-OxleyActof2002(furnishedonlypursuanttoRule13a-14(b)).

97CompensationRecoupmentPolicyofONEOK,Inc.

101.INSInlineXBRLInstanceDocument-theinstancedocumentdoesnotappearintheInteractiveDataFile becauseitsXBRLtagsareembeddedwithintheInlineXBRLdocument.

101.SCHInlineXBRLTaxonomyExtensionSchemaDocument.

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104CoverPageInteractiveDataFile(formattedinInlineXBRLandcontainedinExhibit101).

*Certainannexes,schedulesandexhibitshavebeenomittedpursuanttoItem601(a)(5)ofRegulationS-K.ONEOK undertakestofurnishsupplementalcopiesofanyoftheomittedannexes,schedulesandexhibitstotheSECuponitsrequest.

AttachedasExhibit101tothisAnnualReportarethefollowingInlineXBRL-relateddocuments:(i)DocumentandEntity Information;(ii)ConsolidatedStatementsofIncomefortheyearsendedDecember31,2025,2024and2023;(iii)Consolidated StatementsofComprehensiveIncomefortheyearsendedDecember31,2025,2024and2023;(iv)ConsolidatedBalance SheetsatDecember31,2025and2024;(v)ConsolidatedStatementsofCashFlowsfortheyearsendedDecember31,2025, 2024and2023;(vi)ConsolidatedStatementsofChangesinEquityfortheyearsendedDecember31,2025,2024and2023and (vii)NotestoConsolidatedFinancialStatements.

ITEM16.FORM10-KSUMMARY

None.

SIGNATURES

PursuanttotherequirementsofSection13or15(d)oftheExchangeAct,theregistranthasdulycausedthisreporttobesigned onitsbehalfbytheundersigned,thereuntodulyauthorized.

ONEOK,Inc. Registrant

Date:February24,2026By:/s/WalterS.HulseIII

WalterS.HulseIII ChiefFinancialOfficer,Treasurerand ExecutiveVicePresident,InvestorRelations andCorporateDevelopment (PrincipalFinancialOfficer)

PursuanttotherequirementsoftheExchangeAct,thisreporthasbeensignedbelowbythefollowingpersonsonbehalfofthe registrantandinthecapacitiesindicatedonthis24thdayofFebruary2026.

/s/JulieH.Edwards/s/PierceH.NortonII

JulieH.EdwardsPierceH.NortonII BoardChairPresident,ChiefExecutiveOfficerand Director

/s/WalterS.HulseIII/s/MaryM.Spears WalterS.HulseIIIMaryM.Spears ChiefFinancialOfficer,TreasurerandSeniorVicePresidentandChief ExecutiveVicePresident,Investor AccountingOfficer,FinanceandTax RelationsandCorporateDevelopment

/s/BrianL.Derksen/s/PattyeL.Moore

BrianL.DerksenPattyeL.Moore DirectorDirector

/s/LoriA.Gobillot/s/PreciousW.Owodunni LoriA.GobillotPreciousW.Owodunni DirectorDirector

/s/MarkW.Helderman/s/EduardoA.Rodriguez

MarkW.HeldermanEduardoA.Rodriguez DirectorDirector

/s/RandallJ.Larson/s/GeraldB.Smith

RandallJ.LarsonGeraldB.Smith DirectorDirector

/s/MarkA.McCollum/s/WayneT.Smith

MarkA.McCollumWayneT.Smith Director Director

[THISPAGEINTENTIONALLYLEFTBLANK]

Positions as of February 24, 2026

Brian L. Derksen

Retired Global Deputy Chief Executive Officer, Deloitte Touche Tohmatsu Limited Dallas, Texas

Julie H. Edwards

Board Chair, ONEOK, Inc.

Former Chief Financial Officer, Frontier Oil Corporation and Southern Union Company Houston, Texas

Lori A. Gobillot

Business Consultant, Gobillot Advisors Houston, Texas

Mark W. Helderman

Retired Managing Director and Co-Portfolio Manager, Sasco Capital Inc. Westlake, Ohio

Positions as of February 24, 2026

Pierce H. Norton II

President and Chief Executive Officer

Walter S. Hulse III

Executive Vice President, Chief Financial Officer, Treasurer, Investor Relations and Corporate Development

Kevin L. Burdick

Executive Vice President and Chief Enterprise Services Officer

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U S and around the world

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma

For information about ONEOK, visit the website: www oneok com

For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram

ANNUAL MEETING

The 2026 annual meeting of shareholders will be held Wednesday, May 20, 2026, at 9 a m Central Daylight Time as a virtual meeting only. In order to virtually attend the annual meeting, shareholders must register online at www proxydocs com/oke

Randall J. Larson

Retired Chief Executive Officer, TransMontaigne Partners L.P. Tucson, Arizona

Mark A. McCollum

Former President and Chief Executive Officer, Weatherford International plc Waco, Texas

Pattye L. Moore

Former Board Chair, Red Robin Gourmet Burgers, Inc.; Former Board Chair and President, Sonic Corp. Broken Arrow, Oklahoma

Pierce H. Norton II

President and Chief Executive Officer, ONEOK, Inc. Tulsa, Oklahoma

Sheridan C. Swords

Executive Vice President and Chief Commercial Officer

Lyndon C. Taylor

Executive Vice President, Chief Legal Officer and Assistant Secretary

Randy N. Lentz

Executive Vice President and Chief Operating Officer

AUDITORS

PricewaterhouseCoopers LLP

Two Warren Place

6120 South Yale Avenue, Suite 1850 Tulsa, OK 74136

DIRECT STOCK PURCHASE AND DIVIDEND

REINVESTMENT PLAN

ONEOK's Direct Stock Purchase and Dividend Reinvestment Plan provides investors the opportunity to purchase shares of common stock without payment of any brokerage fees or service charges and to reinvest dividends automatically

TRANSFER

AGENT,

REGISTRAR AND DIVIDEND DISBURSING AGENT

EQ Shareowner Services

P O Box 64854

St Paul, MN 55164-0854

866-235-0232

www shareowneronline com

CREDIT RATINGS – OKE

Moody’s Investors Service, Inc

S&P Global Ratings

Fitch Ratings, Inc

INVESTOR RELATIONS

ONEOKInvestorRelations@oneok com

877-208-7318

Precious Williams Owodunni

Chief Executive Officer, Mountaintop Consulting Houston, Texas

Eduardo A. Rodriguez

President, Strategic Communications Consulting Group El Paso, Texas

Gerald B. Smith

Founder, Chairman and former Chief Executive Officer, Smith Graham & Company Investment Advisors Houston, Texas

Wayne T. Smith

Retired Chairman and Chief Executive Officer, BASF Corporation, North America Summit, New Jersey

Mary M. Spears

Senior Vice President and Chief Accounting Officer, Finance and Tax

Sarah M. Rechter

Vice President, Deputy General Counsel and Corporate Secretary

CORPORATE WEBSITE

www oneok com

FORWARD-LOOKING STATEMENTS

The statements in this annual report that are not historical information, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions, are forward-looking statements Forwardlooking statements may include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “project,” “scheduled,” “should,” “target,” “will,” “would” and other words and terms of similar meaning

Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part I, Item 1A, Risk Factors in the ONEOK, Inc Annual Report on Form 10-K for the year ended Dec 31, 2025, included in this annual report