OKEHIGH SIGNALFINANCIAL10-K

ONEOK completed a transformative acquisition of EnLink Midstream that substantially expanded the company's scale while dramatically reducing cash reserves and increasing debt levels.

The EnLink acquisition represents a major strategic expansion that grew revenue by over one-third and increased operating income, but came at the cost of depleting cash reserves by nearly 90% and adding significant debt burden. The company now operates at much larger scale but with meaningfully higher financial leverage, requiring careful monitoring of debt service capabilities and cash flow generation in the expanded entity.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

The financial profile reflects a company transformed by acquisition, with revenue growing over one-third to $22.4B and operating income expanding 15% to $5.7B, demonstrating the earnings accretion from the EnLink deal. However, the acquisition financing dramatically altered the balance sheet, with cash reserves falling 89% to just $78M while total debt grew 48% to $32.1B, creating a much more leveraged capital structure. The substantially higher capital expenditure of $3.2B and reduced share buybacks signal management's focus on integrating and investing in the expanded asset base while preserving cash.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-89.4%
$733.0M→$78.0M

Cash declined 89.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
+56%
$2.0B→$3.2B

Capital expenditure jumped 56% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
-52.8%
$159.0M→$75.0M

Buyback activity reduced 52.8% — capital being redeployed elsewhere or cash conservation underway.

Total Debt
Balance Sheet
+47.9%
$21.7B→$32.1B

Debt increased 47.9% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+35.3%
$16.5B→$22.4B

Strong top-line growth of 35.3% — accelerating demand or successful expansion into new markets.

Current Liabilities
Balance Sheet
+34.9%
$4.7B→$6.4B

Current liabilities surged 34.9% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
+32%
$17.0B→$22.5B

Equity base grew 32% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
+28.1%
$675.9M→$866.0M

Interest costs rose 28.1% — monitor debt levels and coverage ratio in rising rate environment.

Inventory
Balance Sheet
+26.7%
$748.0M→$948.0M

Inventory built 26.7% — monitor whether demand supports this build or if write-downs may follow.

Operating Income
P&L
+15.1%
$5.0B→$5.7B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
Aggregate market value of registrant s common stock held by non-affiliates based on the closing trade price on June 30, 2025, was $ 51.1 billion.
On February 16, 2026, the Company had 629,783,634 shares of common stock outstanding.
Risk-Management and Hedging Activities using Derivatives 87 E .
6 Table of C ontents EXECUTIVE SUMMARY EnLink Acquisition - On January 31, 2025, we completed the EnLink Acquisition.
Business Update and Market Conditions - Over the past year, we experienced earnings growth across our value chain due primarily to a full year of earnings from EnLink and Medallion across our segments and higher NGL and natural gas processing volumes.
With changes in the commodity price environment, we continue to monitor producers drilling and completion plans.
Our counterparties are primarily major and independent crude oil and natural gas producers that are able to produce in a lower commodity price environment and continue to find ways to lower costs or enhance production, resulting in profitable projects across our footprint.
With our large asset base, multi-basin exposure and continued asset integration, most of our growth opportunities are not contingent on improving commodity prices.
Although the energy industry has experienced many commodity cycles, we have positioned ourselves to reduce exposure to direct commodity price volatility.
In addition, our Natural Gas Gathering and Processing and Natural Gas Liquids segments are exposed to volumetric risk as a result of drilling and completion activity, severe weather disruptions, operational outages, global crude oil, NGL and natural gas demand and normal volumetric well declines.
REMOVED
Aggregate market value of registrant s common stock held by non-affiliates based on the closing trade price on June 30, 2024, was $ 47.3 billion.
17, 2025, the Company had 624,339,588 shares of common stock outstanding.
Risk-Management and Hedging Activities using Derivatives 87 F.
31, 2025, pursuant to which ONEOK acquired all of the publicly held EnLink Units in a tax-free transaction, pursuant to the EnLink Merger Agreement EnLink Acquisitions The EnLink Controlling Interest Acquisition and the EnLink Acquisition EnLink Controlling Interest Acquisition The transaction completed on Oct.
15, 2024, pursuant to which ONEOK acquired from GIP (i) approximately 43% of the outstanding EnLink Units and (ii) all of the outstanding limited liability company interests in EnLink Midstream Manager, LLC, pursuant to the EnLink Purchase Agreement EnLink Merger Agreement Agreement and Plan of Merger, dated as of Nov.
24, 2024, by and among ONEOK, Inc., Elk Merger Sub I, LLC., Elk Merger Sub II LLC., EnLink and EnLink Midstream Manager, LLC EnLink Partners EnLink Midstream Partners, LP, a wholly owned subsidiary of EnLink EnLink Purchase Agreement Purchase agreement of ONEOK, GIP III Stetson I, L.P., GIP III Stetson II, L.P.
Guardian Term Loan Agreement Guardian s senior unsecured three-year $120 million term loan agreement dated June 2022 Intermediate Partnership ONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK Magellan Magellan Midstream Partners, L.P., a wholly owned subsidiary of ONEOK Magellan Acquisition The transaction completed on Sept.
31, 2024, pursuant to which ONEOK (i) became general partner of Medallion and (ii) acquired all of the issued and outstanding limited Partner interests in Medallion from GIP Medallion Purchase and Sale Agreement Purchase and Sale Agreement of ONEOK, GIP III Trophy GP 2, LLC, GIP III Trophy Acquisition Partners, L.P., Medallion Management, L.P., dated Aug.
28, 2024 MMBbl Million barrels MMBtu Million British thermal units MMcf/d Million cubic feet per day Moody s Moody s Investors Service, Inc.
28, 2024, we entered into the EnLink Purchase Agreement with GIP to acquire GIP s interest in EnLink consisting of approximately 43% of the outstanding EnLink Units for $14.90 in cash per unit and 100% of the outstanding limited liability company interests in the managing member of EnLink for $300 million, for total cash consideration of $3.3 billion.
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