ONEOK (OKE) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-13643
Entity Registrant Name	ONEOK, Inc.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1520922
Entity Address, Address Line One	100 West Fifth Street,
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74103
City Area Code	918
Local Phone Number	588-7000
Title of 12(b) Security	Common stock, par value of $0.01
Trading Symbol	OKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		446,862,227
Entity Central Index Key	0001039684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Revenues	$ 5,996,721	$ 3,388,964	$ 11,441,330	$ 6,583,643
Cost of sales and fuel (exclusive of items shown separately below)	4,877,999	2,366,979	9,243,947	4,488,489
Operations and maintenance	230,687	212,319	445,093	419,477
Depreciation and amortization	157,757	156,921	311,615	314,041
General taxes	46,777	41,940	96,288	86,379
Other Operating Income (Expense), Net	(5,449)	(707)	(7,019)	(976)
Operating income	688,950	611,512	1,351,406	1,276,233
Equity in net earnings from investments	35,630	25,720	71,970	59,040
Allowance for equity funds used during construction	594	426	965	1,238
Other income (expense), net	(9,324)	(493)	(22,846)	(5,515)
Interest expense (net of capitalized interest of $13,519, $5,443, $25,239 and $10,538, respectively)	(170,751)	(184,957)	(342,805)	(370,480)
Income before income taxes	545,099	452,208	1,058,690	960,516
Income taxes	(130,721)	(110,069)	(253,141)	(232,201)
Net income	414,378	342,139	805,549	728,315
Less: Preferred stock dividends	275	275	550	550
Net income available to common shareholders	$ 414,103	$ 341,864	$ 804,999	$ 727,765
Basic earnings per common share (Note G)	$ 0.93	$ 0.77	$ 1.80	$ 1.63
Diluted earnings per common share (Note G)	$ 0.92	$ 0.77	$ 1.80	$ 1.63
Average shares (thousands)
Basic	447,451	446,337	447,288	446,116
Diluted	448,182	446,903	448,293	446,894
Commodity Sales
Revenues
Revenues	$ 5,650,803	$ 3,074,773	$ 10,756,014	$ 5,910,882
Services
Revenues
Revenues	$ 345,918	$ 314,191	$ 685,316	$ 672,761

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Income (Parenthetical) [Abstract]
Capitalized interest	$ 13,519	$ 5,443	$ 25,239	$ 10,538

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 414,378	$ 342,139	$ 805,549	$ 728,315
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $(6,639), $51,692, $14,798 and $41,835, respectively	22,226	(173,054)	(49,542)	(140,056)
Derivative amounts reclassified to net income, net of tax of $(21,036), $(10,516), $(40,760) and $(22,877), respectively	70,426	35,204	136,458	76,591
Change in retirement and other postretirement benefit plan obligations, net of tax of $(873), $(1,567), $(1,778) and $(2,654), respectively	2,922	5,247	5,952	8,885
Other comprehensive income (loss) of unconsolidated affiliates, net of tax of $(1,596), $970, $(3,503) and $(1,369), respectively	5,343	(3,244)	11,728	4,586
Total other comprehensive income (loss), net of tax	100,917	(135,847)	104,596	(49,994)
Comprehensive income	$ 515,295	$ 206,292	$ 910,145	$ 678,321

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARANTHETICAL) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Change in fair value of derivatives, tax	$ (6,639)	$ 51,692	$ 14,798	$ 41,835
Derivative amounts reclassified to net income, tax	(21,036)	(10,516)	(40,760)	(22,877)
Change in retirement and other postretirement benefit plan obligations, tax	(873)	(1,567)	(1,778)	(2,654)
Other comprehensive income (loss) of unconsolidated affiliates, tax	$ 1,596	$ (970)	$ 3,503	$ 1,369

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 135,774	$ 146,391
Accounts receivable, net	1,778,687	1,441,786
Materials and supplies	154,024	153,019
NGLs and natural gas in storage	619,880	427,880
Commodity imbalances	49,251	39,609
Other current assets	288,883	165,689
Total current assets	3,026,499	2,374,374
Property, plant and equipment
Property, plant and equipment	24,394,512	23,820,539
Accumulated depreciation and amortization	4,793,293	4,500,665
Net property, plant and equipment	19,601,219	19,319,874
Investments and other assets
Investments in unconsolidated affiliates	801,315	797,613
Goodwill and net intangible assets	758,081	763,295
Other assets	339,690	366,457
Total investments and other assets	1,899,086	1,927,365
Total assets	24,526,804	23,621,613
Current liabilities
Current maturities of long-term debt (Note D)	895,814	895,814
Accounts payable	1,923,761	1,332,391
Commodity imbalances	345,806	309,054
Accrued interest	235,068	235,602
Operating lease liability, current	12,305	13,783
Other current liabilities	242,079	397,975
Total current liabilities	3,654,833	3,184,619
Long-term debt, excluding current maturities (Note D)	12,872,692	12,747,636
Deferred credits and other liabilities
Deferred income taxes	1,425,818	1,166,690
Operating lease liability, noncurrent	71,212	75,636
Other deferred credits	387,620	431,869
Total deferred credits and other liabilities	1,884,650	1,674,195
Commitments and contingencies (Note I)
Equity (Note E)
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at June 30, 2022, and December 31, 2021	0	0
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding 446,856,499 shares at June 30, 2022; issued 474,916,234 shares and outstanding 446,138,177 shares at December 31, 2021	4,749	4,749
Paid-in capital	7,190,457	7,213,861
Accumulated other comprehensive loss (Note F)	(366,755)	(471,351)
Retained earnings	0	0
Treasury stock, at cost: 28,059,735 shares at June 30, 2022, and 28,778,057 shares at December 31, 2021	(713,822)	(732,096)
Total equity	6,114,629	6,015,163
Total liabilities and equity	$ 24,526,804	$ 23,621,613

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Equity (Note E)
Preferred stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares, authorized (in shares)	20,000	20,000
Preferred stock, shares, issued (in shares)	20,000	20,000
Common stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares, authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares, issued (in shares)	474,916,234	474,916,234
Common stock, shares, outstanding (in shares)	446,856,499	446,138,177
Treasury stock, shares, (in shares)	28,059,735	28,778,057

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 805,549	$ 728,315
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	311,615	314,041
Equity in net earnings from investments	(71,970)	(59,040)
Distributions received from unconsolidated affiliates	71,488	58,486
Deferred income taxes	227,897	226,963
Other, net	44,584	39,837
Changes in assets and liabilities:
Accounts receivable	(339,729)	(268,541)
NGLs and natural gas in storage, net of commodity imbalances	(164,890)	(171,654)
Accounts payable	568,705	363,694
Risk-management assets and liabilities	(130,873)	(158,927)
Other assets and liabilities, net	(72,792)	4,809
Cash provided by operating activities	1,249,584	1,077,983
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(559,310)	(324,122)
Distributions received from unconsolidated affiliates in excess of cumulative earnings	13,375	11,695
Other, net	3,148	(12,138)
Cash used in investing activities	(542,787)	(324,565)
Financing activities
Dividends paid	(835,309)	(833,083)
Issuance of long-term debt	120,000	0
Repayment of long-term debt	0	(68,787)
Other, net	(2,105)	(1,667)
Cash used in financing activities	(717,414)	(903,537)
Change in cash and cash equivalents	(10,617)	(150,119)
Cash and cash equivalents at beginning of period	146,391	524,496
Cash and cash equivalents at end of period	$ 135,774	$ 374,377

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Shares, issued, beginning balance at Dec. 31, 2020		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2020	$ 6,042,398	$ 0	$ 4,749	$ 7,353,396	$ (551,449)	$ 0	$ (764,298)
Net income	386,176	0	0	0	0	386,176	0
Other comprehensive income (loss)	85,853	0	0	0	85,853	0	0
Preferred stock dividends	(275)	0	$ 0	0	0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	6,677	0	$ 0	(10,159)	0	0	16,836
Common Stock Dividends	(416,135)	0	0	(30,234)	0	(385,901)	0
Other, net	(7,729)	$ 0	$ 0	(7,729)	0	0	0
Shares, issued, ending balance at Mar. 31, 2021		20,000	474,916,234
Total equity, ending balance at Mar. 31, 2021	6,096,965	$ 0	$ 4,749	7,305,274	(465,596)	0	(747,462)
Shares, issued, beginning balance at Dec. 31, 2020		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2020	6,042,398	$ 0	$ 4,749	7,353,396	(551,449)	0	(764,298)
Net income	728,315
Other comprehensive income (loss)	(49,994)
Shares, issued, ending balance at Jun. 30, 2021		20,000	474,916,234
Total equity, ending balance at Jun. 30, 2021	5,910,386	$ 0	$ 4,749	7,247,334	(601,443)	0	(740,254)
Shares, issued, beginning balance at Mar. 31, 2021		20,000	474,916,234
Total equity, beginning balance at Mar. 31, 2021	6,096,965	$ 0	$ 4,749	7,305,274	(465,596)	0	(747,462)
Net income	342,139	0	0	0	0	342,139	0
Other comprehensive income (loss)	(135,847)	0	0	0	(135,847)	0	0
Preferred stock dividends	(275)	0	$ 0		0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	14,323	0	$ 0	7,115	0	0	7,208
Common Stock Dividends	(416,629)	0	0	(74,765)	0	(341,864)	0
Other, net	9,710	$ 0	$ 0	9,710	0	0	0
Shares, issued, ending balance at Jun. 30, 2021		20,000	474,916,234
Total equity, ending balance at Jun. 30, 2021	5,910,386	$ 0	$ 4,749	7,247,334	(601,443)	0	(740,254)
Shares, issued, beginning balance at Dec. 31, 2021		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2021	6,015,163	$ 0	$ 4,749	7,213,861	(471,351)	0	(732,096)
Net income	391,171	0	0	0	0	391,171	0
Other comprehensive income (loss)	3,679	0	0	0	3,679	0	0
Preferred stock dividends	(275)	0	$ 0		0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	6,405	0	$ 0	(5,325)	0	0	11,730
Common Stock Dividends	(417,160)	0	0	(26,264)	0	(390,896)	0
Other, net	(5,289)	$ 0	$ 0	(5,289)	0	0	0
Shares, issued, ending balance at Mar. 31, 2022		20,000	474,916,234
Total equity, ending balance at Mar. 31, 2022	5,993,694	$ 0	$ 4,749	7,176,983	(467,672)	0	(720,366)
Shares, issued, beginning balance at Dec. 31, 2021		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2021	6,015,163	$ 0	$ 4,749	7,213,861	(471,351)	0	(732,096)
Net income	805,549
Other comprehensive income (loss)	104,596
Shares, issued, ending balance at Jun. 30, 2022		20,000	474,916,234
Total equity, ending balance at Jun. 30, 2022	6,114,629	$ 0	$ 4,749	7,190,457	(366,755)	0	(713,822)
Shares, issued, beginning balance at Mar. 31, 2022		20,000	474,916,234
Total equity, beginning balance at Mar. 31, 2022	5,993,694	$ 0	$ 4,749	7,176,983	(467,672)	0	(720,366)
Net income	414,378	0	0	0	0	414,378	0
Other comprehensive income (loss)	100,917	0	0	0	100,917	0	0
Preferred stock dividends	(275)	0	$ 0		0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	13,583	0	$ 0	7,039	0	0	6,544
Common Stock Dividends	(417,656)	0	0	(3,553)	0	(414,103)	0
Other, net	9,988	$ 0	$ 0	9,988	0	0	0
Shares, issued, ending balance at Jun. 30, 2022		20,000	474,916,234
Total equity, ending balance at Jun. 30, 2022	$ 6,114,629	$ 0	$ 4,749	$ 7,190,457	$ (366,755)	$ 0	$ (713,822)

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Preferred stock, dividends paid (in dollars per share)	$ 13.75	$ 13.75	$ 13.75	$ 13.75
Common stock dividends paid (in dollars per share)	$ 0.935	$ 0.935	$ 0.935	$ 0.935

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]		SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2021 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Subsequent Event - On July 9, 2022, a fire occurred at our 210 MBbl/d Medford, Oklahoma, natural gas liquids fractionation facility. All personnel are safe and accounted for with evacuations of local residents taken as a precautionary measure. While the facility is not currently operational, we are using our integrated NGL pipeline system between the Mid-Continent and Gulf Coast, along with our fractionation and storage assets and fractionation and storage arrangements with industry peers, to provide midstream services. We are working to reduce future impacts to our suppliers and customers. We are cooperating with government agencies, as applicable, and we continue our efforts to determine the cause of the event and expect the Medford facility to remain out of service for an extended period. Subject to the terms and conditions of the policies and any applicable sub-limits, we have property damage and business interruption insurance coverage with a combined per occurrence limit of $2 billion and deductibles of $5 million per occurrence for property damage and a 45-day waiting period per occurrence for business interruption coverage. We are in the early stages of determining the full extent of property damage and developing information to support a claim for property damage and business interruption losses. We expect our insurance coverage to mitigate our financial loss, which cannot be reasonably estimated at this time. As a result of our insurance coverage, we do not currently anticipate that the Medford incident will have a material effect on our financial condition, results of operations or cash flows. However, the timing of insurance proceeds may impact our results in a given quarter or year.
Subsequent Events	Subsequent Event - On July 9, 2022, a fire occurred at our 210 MBbl/d Medford, Oklahoma, natural gas liquids fractionation facility. All personnel are safe and accounted for with evacuations of local residents taken as a precautionary measure. While the facility is not currently operational, we are using our integrated NGL pipeline system between the Mid-Continent and Gulf Coast, along with our fractionation and storage assets and fractionation and storage arrangements with industry peers, to provide midstream services. We are working to reduce future impacts to our suppliers and customers. We are cooperating with government agencies, as applicable, and we continue our efforts to determine the cause of the event and expect the Medford facility to remain out of service for an extended period. Subject to the terms and conditions of the policies and any applicable sub-limits, we have property damage and business interruption insurance coverage with a combined per occurrence limit of $2 billion and deductibles of $5 million per occurrence for property damage and a 45-day waiting period per occurrence for business interruption coverage. We are in the early stages of determining the full extent of property damage and developing information to support a claim for property damage and business interruption losses. We expect our insurance coverage to mitigate our financial loss, which cannot be reasonably estimated at this time. As a result of our insurance coverage, we do not currently anticipate that the Medford incident will have a material effect on our financial condition, results of operations or cash flows. However, the timing of insurance proceeds may impact our results in a given quarter or year.

FAIR VALUE MEASUREMENTS (Notes)

FAIR VALUE MEASUREMENTS (Notes)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward SOFR, LIBOR or other yield curve, as appropriate. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of exchange-cleared derivatives to hedge natural gas basis and NGL price risk at certain market locations and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk at certain market locations. These commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at June 30, 2022, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements for the periods indicated: June 30, 2022 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 14,226 $ 130,446 $ 19,529 $ 164,201 $ (164,201) $ — Interest-rate contracts — 24,223 — 24,223 — 24,223 Total derivative assets $ 14,226 $ 154,669 $ 19,529 $ 188,424 $ (164,201) $ 24,223 Derivative liabilities Commodity contracts Financial contracts $ (104,080) $ (80,143) $ (129,925) $ (314,148) $ 314,148 $ — Interest-rate contracts — (25,455) — (25,455) — (25,455) Total derivative liabilities $ (104,080) $ (105,598) $ (129,925) $ (339,603) $ 314,148 $ (25,455) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2022, we held no cash and posted $287.8 million of cash with various counterparties, including $149.9 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $137.9 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Total derivative assets $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Derivative liabilities Commodity contracts Financial contracts $ (67,226) $ (112,922) $ (123,592) $ (303,740) $ 303,740 $ — Interest-rate contracts — (145,524) — (145,524) — (145,524) Total derivative liabilities $ (67,226) $ (258,446) $ (123,592) $ (449,264) $ 303,740 $ (145,524) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2021, we held no cash and posted $157.0 million of cash with various counterparties, including $99.6 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $57.4 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Derivative Assets (Liabilities) 2022 2021 2022 2021 ( Thousands of dollars ) Net liabilities at beginning of period $ (189,831) $ (41,794) $ (114,283) $ (31,321) Total changes in fair value: Settlements included in net income (a) 56,782 17,731 59,699 26,852 New Level 3 derivatives included in other comprehensive income (loss) (b) 9,430 (20,262) 9,442 (68,237) Unrealized change included in other comprehensive income (loss) (b) 13,223 (77,425) (65,254) (49,044) Net liabilities at end of period $ (110,396) $ (121,750) $ (110,396) $ (121,750) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. (b) - Included in change in fair value of derivatives in our Consolidated Statements of Comprehensive Income. During the three and six months ended June 30, 2022 and 2021, there were no transfers in or out of Level 3 of the fair value hierarchy. Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. We have investments associated with our supplemental executive retirement plan and nonqualified deferred compensation plan that are carried at fair value and primarily are composed of exchange-traded mutual funds classified as Level 1. The estimated fair value of our consolidated long-term debt, including current maturities, was $13.1 billion and $15.6 billion at June 30, 2022, and December 31, 2021, respectively. The book value of our consolidated long-term debt, including current maturities, was $13.8 billion and $13.6 billion at June 30, 2022, and December 31, 2021, respectively. The estimated fair value of the aggregate senior notes outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2.

RISK MANAGEMENT AND HEDGING ACT

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Notes)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES	RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Risk-management Activities - We are sensitive to changes in natural gas, crude oil and NGL prices, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, condensate and NGL products; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes. Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs and condensate. We may use the following commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of the forecasted sales of these commodities: • Futures contracts - Standardized contracts to purchase or sell natural gas and crude oil for future delivery or settlement under the provisions of exchange regulations; • Forward contracts - Nonstandardized commitments between two parties to purchase or sell natural gas, crude oil or NGLs for future physical delivery. These contracts are typically nontransferable and can only be canceled with the consent of both parties; • Swaps - Exchange of one or more payments based on the value of one or more commodities. These instruments transfer the financial risk associated with a future change in value between the counterparties of the transaction, without also conveying ownership interest in the asset or liability; • Options - Contractual agreements that give the holder the right, but not the obligation, to buy or sell a fixed quantity of a commodity at a fixed price within a specified period of time. Options may either be standardized and exchange-traded or customized and nonexchange-traded; and • Collars - Combination of a purchased put option and a sold call option, which places a floor and ceiling price for commodity sales being hedged. We may also use other instruments to mitigate commodity price risk. In our Natural Gas Gathering and Processing segment, we are exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts. Under certain fee with POP contracts, our fees and POP percentage may increase or decrease if production volumes, delivery pressures or commodity prices change relative to specified thresholds. In certain commodity price environments, our contractual fees on these fee with POP contracts may increase or decrease, which would impact the average fee rate in our Natural Gas Gathering and Processing segment. We also are exposed to basis risk between the various production and market locations where we buy and sell commodities. As part of our hedging strategy, we use the previously described commodity derivative financial instruments and physical-forward contracts to reduce the impact of price fluctuations related to natural gas, NGLs and condensate. In our Natural Gas Liquids segment, we are primarily exposed to commodity price risk resulting from the relative values of the various NGL products to each other, the value of NGLs in storage and the relative value of NGLs to natural gas. We are also exposed to location price differential risk as a result of the relative value of NGL purchases at one location and sales at another location, primarily related to our optimization and marketing activities. As part of our hedging strategy, we utilize physical-forward contracts and commodity derivative financial instruments to reduce the impact of price fluctuations related to NGLs. In our Natural Gas Pipelines segment, we are primarily exposed to commodity price risk on our intrastate pipelines because they consume natural gas in operations and retain natural gas from our customers for operations or as part of our fee for services provided. When the amount consumed in operations differs from the amount provided by our customers, our pipelines must buy or sell natural gas, or store or use natural gas inventory, which can expose this segment to commodity price risk depending on the regulatory treatment for this activity. To the extent that commodity price risk in our Natural Gas Pipelines segment is not mitigated by fuel cost-recovery mechanisms, we may use physical-forward sales or purchases to reduce the impact of natural gas price fluctuations. At June 30, 2022, and December 31, 2021, there were no financial derivative instruments with respect to our natural gas pipeline operations. Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-rate swaps. Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts. At June 30, 2022, and December 31, 2021, we had forward-starting interest-rate swaps with notional amounts totaling $1.1 billion to hedge the variability of interest payments on a portion of our forecasted debt issuances. All of our interest-rate swaps are designated as cash flow hedges. Fair Values of Derivative Instruments - See Note B for a discussion of the inputs associated with our fair value measurements. The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: June 30, 2022 December 31, 2021 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 164,201 $ (314,148) $ 204,161 $ (303,740) Interest-rate contracts Other current assets/liabilities 24,223 (25,455) — (145,524) Total derivatives designated as hedging instruments $ 188,424 $ (339,603) $ 204,161 $ (449,264) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. (b) - At June 30, 2022, and December 31, 2021, our derivative net liability positions under master-netting arrangements for financial contracts were fully offset by cash collateral of $149.9 million and $99.6 million, respectively. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated: June 30, December 31 Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (57.1) (32.3) - Crude oil and NGLs ( MMBbl ) Futures (10.9) (10.0) Basis - Natural gas ( Bcf ) Futures (57.0) (30.5) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1 Cash Flow Hedges - The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Commodity contracts $ (34,273) $ (175,477) $ (208,633) $ (238,907) Interest-rate contracts 63,138 (49,269) 144,293 57,016 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ 28,865 $ (224,746) $ (64,340) $ (181,891) The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Location of Gain (Loss) Reclassified from Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (257,774) $ (85,162) $ (468,568) $ (215,680) Cost of sales and fuel 175,935 49,357 310,303 135,793 Interest-rate contracts Interest expense (9,623) (9,915) (18,953) (19,581) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ (91,462) $ (45,720) $ (177,218) $ (99,468) Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize overall credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit ratings, bond yields and credit default swap rates), collateral requirements under certain circumstances and the use of standardized master-netting agreements that allow us to net the positive and negative exposures associated with a single counterparty. We use internally developed credit ratings for counterparties that do not have a credit rating. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. However, we may enter into financial derivative instruments that contain provisions that require us to maintain an investment-grade credit rating from S&P, Fitch and/or Moody’s. If our credit ratings on our senior unsecured long-term debt were to decline below investment grade, the counterparties to the derivative instruments could request collateralization on derivative instruments in net liability positions. There were no financial derivative instruments with contingent features related to credit risk at June 30, 2022. The counterparties to our derivative contracts typically consist of major energy companies, financial institutions and commercial and industrial end users. This concentration of counterparties may affect our overall exposure to credit risk, either positively or negatively, in that the counterparties may be affected similarly by changes in economic, regulatory or other conditions. Based on our policies, exposures, credit and other reserves, we do not anticipate a material adverse effect on our financial position or results of operations as a result of counterparty nonperformance. At June 30, 2022, the credit exposure from our derivative assets is with investment-grade companies in the financial services sector.

DEBT DEBT (Notes)

DEBT DEBT (Notes)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt [Text Block]	DEBT The following table sets forth our consolidated debt for the periods indicated: June 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 672,530 $500,000 at 4.5% due March 2050 443,015 443,015 $300,000 at 7.15% due January 2051 300,000 300,000 Guardian Pipeline $120,000 term loan, variable rate, due June 2025 120,000 — Total debt 13,876,709 13,756,709 Unamortized portion of terminated swaps 10,737 11,596 Unamortized debt issuance costs and discounts (118,940) (124,855) Current maturities of long-term debt (895,814) (895,814) Long-term debt $ 12,872,692 $ 12,747,636 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. $2.5 Billion Credit Agreement - In June 2022, we amended and restated our $2.5 Billion Credit Agreement, extending its maturity to June 2027. Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, beginning in June 2022, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In the first quarter 2022, we acquired assets for $30 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the first quarter 2022 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. As of June 30, 2022, we had no outstanding borrowings, our ratio of consolidated net indebtedness to adjusted EBITDA was 3.9 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. The $2.5 Billion Credit Agreement includes a $100 million sublimit for the issuance of standby letters of credit and a $200 million sublimit for swingline loans. Under the terms of the $2.5 Billion Credit Agreement, we may request up to an aggregate $1.0 billion increase in the size of the facility, upon satisfaction of customary conditions, including receipt of commitments from new lenders or increased commitments from existing lenders. The $2.5 Billion Credit Agreement contains provisions for an applicable margin rate and an annual facility fee, both of which adjust with changes in our credit ratings. Borrowings, if any, will accrue at Term SOFR plus an applicable margin based on our credit ratings at the time of determination plus an adjustment of 10 basis points. Under our current credit ratings, the applicable margin on any borrowings would be 110 basis points. We are required to pay an annual facility fee equal to the daily amount of aggregate commitments under the $2.5 Billion Credit Agreement times an applicable rate based on our credit rating at the time of determination. Under our current credit ratings, the applicable rate is 15 basis points. We have the option to request two one-year maturity extensions, subject to lender approvals. The $2.5 Billion Credit Agreement also contains various customary events of default, the occurrence of which could result in a termination of the lenders’ commitments and the acceleration of all of our obligations thereunder. Guardian Term Loan Agreement - In June 2022, Guardian Pipeline entered into a $120 million senior unsecured Term Loan Agreement. The Guardian Term Loan Agreement matures in June 2025, and bears interest at Term SOFR plus an applicable margin based on Guardian Pipeline’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Guardian Pipeline’s current credit ratings, the applicable margin is 112.5 basis points. The Guardian Term Loan Agreement allows prepayment of all or any portion outstanding without penalty or premium. During the second quarter 2022, Guardian Pipeline drew the full $120 million available under the agreement and used the proceeds to repay intercompany debt with ONEOK. The Guardian Term Loan Agreement contains certain affirmative and negative covenants, as well as customary events of default, the occurrence of which could result in a termination of lenders’ commitments and the accelerations of all of Guardian Pipeline’s obligations thereunder. Guardian Pipeline is in compliance with all covenants under the Guardian Term Loan Agreement. Debt Repayments - In July 2022, we redeemed the remaining $895.8 million of our $900 million, 3.375% senior notes due October 2022 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand and short-term borrowings. As of July 31, 2022, we had $860 million of short-term borrowings outstanding. Debt Guarantees - ONEOK, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. The Guardian Term Loan Agreement is not guaranteed by ONEOK, ONEOK Partners or the Intermediate Partnership.

EQUITY (Notes)

EQUITY (Notes)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	EQUITY Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid on our common stock in February 2022 and May 2022 were $0.935 per share. A common stock dividend of $0.935 per share was declared for shareholders of record at the close of business on August 1, 2022, payable August 15, 2022. Our Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February 2022 and May 2022. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable August 15, 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2022 $ (352,315) $ (107,659) $ (11,377) $ (471,351) Other comprehensive income (loss) before reclassifications (49,542) 149 10,956 (38,437) Amounts reclassified to net income (b) 136,458 5,803 772 143,033 Other comprehensive income 86,916 5,952 11,728 104,596 June 30, 2022 $ (265,399) $ (101,707) $ 351 $ (366,755) (a) - Includes amounts related to supplemental executive retirement plan. (b) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities. The following table sets forth information about the balance of accumulated other comprehensive loss at June 30, 2022, representing unrealized losses related to risk-management assets and liabilities, net of tax: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 30 months (a) $ (115,725) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b) (148,726) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (948) Accumulated other comprehensive loss at June 30, 2022 $ (265,399) (a) - Based on commodity prices on June 30, 2022, we expect net losses of $104.1 million, net of tax, will be reclassified into earnings during the next 12 months. (b) - We expect net losses of $21.7 million, net of tax, will be reclassified into earnings during the next 12 months. The remaining amounts in accumulated other comprehensive loss relate primarily to our retirement and other postretirement benefit plan obligations, which are expected to be amortized over the average remaining service period of employees participating in these plans.

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Notes)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended June 30, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 414,103 447,451 $ 0.93 Diluted EPS Effect of dilutive securities — 731 Net income available for common stock and common stock equivalents $ 414,103 448,182 $ 0.92 Three Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 341,864 446,337 $ 0.77 Diluted EPS Effect of dilutive securities — 566 Net income available for common stock and common stock equivalents $ 341,864 446,903 $ 0.77 Six Months Ended June 30, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 804,999 447,288 $ 1.80 Diluted EPS Effect of dilutive securities — 1,005 Net income available for common stock and common stock equivalents $ 804,999 448,293 $ 1.80 Six Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 727,765 446,116 $ 1.63 Diluted EPS Effect of dilutive securities — 778 Net income available for common stock and common stock equivalents $ 727,765 446,894 $ 1.63

UNCONSOLIDATED AFFILIATES (Note

UNCONSOLIDATED AFFILIATES (Notes)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
UNCONSOLIDATED AFFILIATES	UNCONSOLIDATED AFFILIATES Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (Thousands of dollars) Northern Border Pipeline $ 16,347 $ 12,586 $ 36,472 $ 32,825 Roadrunner 9,300 7,602 18,441 15,351 Overland Pass Pipeline 7,885 4,739 12,893 7,711 Other 2,098 793 4,164 3,153 Equity in net earnings from investments $ 35,630 $ 25,720 $ 71,970 $ 59,040 We incurred expenses in transactions with unconsolidated affiliates of $15.6 million and $12.5 million for the three months ended June 30, 2022 and 2021, respectively, and $30.1 million and $28.0 million for the six months ended June 30, 2022 and 2021, respectively, primarily related to Northern Border Pipeline and Overland Pass Pipeline. Revenue earned and accounts receivable from, and accounts payable to, our equity-method investees were not material. We have an operating agreement with Roadrunner that provides for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments from Roadrunner included in operating income in our Consolidated Statements of Income for all periods presented were not material.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Matters and Pipeline Safety - The operation of pipelines, plants and other facilities for the gathering, processing, fractionation, transportation and storage of natural gas, NGLs, condensate and other products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will affect adversely our consolidated results of operations, financial condition or cash flows. Legal Proceedings - We are a party to various legal proceedings that have arisen in the normal course of our operations. While the results of these proceedings cannot be predicted with certainty, we believe the reasonably possible losses from such proceedings, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such proceedings will not have a material adverse effect on our consolidated results of operations, financial position or cash flows.

REVENUE REVENUE (Notes)

REVENUE REVENUE (Notes)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUES Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation and storage contracts with tiered rates, which are not material. The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2021 (a) $ 51.5 Revenue recognized included in beginning balance (33.1) Net additions 43.3 Balance at June 30, 2022 (b) $ 61.7 (a) - Contract liabilities of $35.3 million and $16.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $33.2 million and $28.5 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at June 30, 2022, and December 31, 2021, relate to customer receivables. Revenues sources are disaggregated in Note K. Transaction Price Allocated to Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2022, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from two months to 22 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2022 $ 207.6 2023 390.8 2024 328.1 2025 240.2 2026 and beyond 882.9 Total estimated transaction price allocated to unsatisfied performance obligations $ 2,049.6 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the transaction price is not known and minimum volume agreements, which we consider to be fully constrained until invoiced.

SEGMENTS (Notes)

SEGMENTS (Notes)	6 Months Ended
	Jun. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
SEGMENTS	SEGMENTS Segment Descriptions - Our operations are divided into three reportable business segments as follows: • our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes NGL products; and • our Natural Gas Pipelines segment transports and stores natural gas via regulated intrastate and interstate natural gas transmission pipelines and natural gas storage facilities. Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company, which began in April 2022, and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,039,199 $ 5,010,571 $ — $ 6,049,770 Residue natural gas sales 659,735 — 945 660,680 Gathering, processing and exchange services revenue 36,056 139,928 — 175,984 Transportation and storage revenue — 40,282 130,711 170,993 Other 5,266 2,518 233 8,017 Total revenues (c) 1,740,256 5,193,299 131,889 7,065,444 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,398,624) (4,543,318) (744) (5,942,686) Operating costs (97,468) (143,043) (41,200) (281,711) Equity in net earnings from investments 1,596 8,387 25,647 35,630 Noncash compensation expense and other 6,442 2,051 396 8,889 Segment adjusted EBITDA $ 252,202 $ 517,376 $ 115,988 $ 885,566 Depreciation and amortization $ (65,127) $ (75,277) $ (16,244) $ (156,648) Capital expenditures $ 123,417 $ 150,165 $ 19,136 $ 292,718 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $617.1 million, of which $567.7 million related to revenues within the segment, and cost of sales and fuel of $152.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $74.7 million and cost of sales and fuel of $6.2 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,049,770 $ (1,062,412) $ 4,987,358 Residue natural gas sales 660,680 — 660,680 Gathering, processing and exchange services revenue 175,984 — 175,984 Transportation and storage revenue 170,993 (2,117) 168,876 Other 8,017 (4,194) 3,823 Total revenues (a) $ 7,065,444 $ (1,068,723) $ 5,996,721 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,942,686) $ 1,064,687 $ (4,877,999) Operating costs $ (281,711) $ 4,247 $ (277,464) Depreciation and amortization $ (156,648) $ (1,109) $ (157,757) Equity in net earnings from investments $ 35,630 $ — $ 35,630 Capital expenditures $ 292,718 $ 9,614 $ 302,332 (a) - Noncustomer revenue for the three months ended June 30, 2022, totaled $(132.7) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 566,383 $ 2,829,604 $ — $ 3,395,987 Residue natural gas sales 257,802 — 4 257,806 Gathering, processing and exchange services revenue 34,139 129,624 — 163,763 Transportation and storage revenue — 37,864 112,337 150,201 Other 5,128 2,386 103 7,617 Total revenues (c) 863,452 2,999,478 112,444 3,975,374 Cost of sales and fuel (exclusive of depreciation and operating costs) (550,486) (2,399,919) (544) (2,950,949) Operating costs (86,429) (128,834) (38,506) (253,769) Equity in net earnings from investments 442 5,090 20,188 25,720 Noncash compensation expense and other 2,287 4,476 1,114 7,877 Segment adjusted EBITDA $ 229,266 $ 480,291 $ 94,696 $ 804,253 Depreciation and amortization $ (67,268) $ (74,151) $ (14,489) $ (155,908) Capital expenditures $ 56,872 $ 59,967 $ 27,796 $ 144,635 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.1 million, of which $557.2 million related to revenues within the segment, and cost of sales and fuel of $153.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $69.4 million and cost of sales and fuel of $3.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $555.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,395,987 $ (582,140) $ 2,813,847 Residue natural gas sales 257,806 — 257,806 Gathering, processing and exchange services revenue 163,763 — 163,763 Transportation and storage revenue 150,201 (3,506) 146,695 Other 7,617 (764) 6,853 Total revenues (a) $ 3,975,374 $ (586,410) $ 3,388,964 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,950,949) $ 583,970 $ (2,366,979) Operating costs $ (253,769) $ (490) $ (254,259) Depreciation and amortization $ (155,908) $ (1,013) $ (156,921) Equity in net earnings from investments $ 25,720 $ — $ 25,720 Capital expenditures $ 144,635 $ 2,753 $ 147,388 (a) - Noncustomer revenue for the three months ended June 30, 2021, totaled $(76.0) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 2,043,548 $ 9,559,272 $ — $ 11,602,820 Residue natural gas sales 1,210,772 — 27,365 1,238,137 Gathering, processing and exchange services revenue 67,501 275,771 — 343,272 Transportation and storage revenue — 87,104 253,422 340,526 Other 10,105 5,387 439 15,931 Total revenues (c) 3,331,926 9,927,534 281,226 13,540,686 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,687,174) (8,632,442) (17,736) (11,337,352) Operating costs (191,179) (271,905) (82,408) (545,492) Equity in net earnings from investments 3,230 13,827 54,913 71,970 Noncash compensation expense and other 10,095 7,976 3,514 21,585 Segment adjusted EBITDA $ 466,898 $ 1,044,990 $ 239,509 $ 1,751,397 Depreciation and amortization $ (127,853) $ (150,307) $ (31,289) $ (309,449) Investments in unconsolidated affiliates $ 27,794 $ 414,967 $ 358,554 $ 801,315 Total assets $ 7,084,849 $ 15,183,170 $ 2,176,256 $ 24,444,275 Capital expenditures $ 216,715 $ 275,700 $ 42,491 $ 534,906 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $298.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $167.3 million and cost of sales and fuel of $22.3 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $2.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 11,602,820 $ (2,090,025) $ 9,512,795 Residue natural gas sales 1,238,137 (332) 1,237,805 Gathering, processing and exchange services revenue 343,272 — 343,272 Transportation and storage revenue 340,526 (4,142) 336,384 Other 15,931 (4,857) 11,074 Total revenues (a) $ 13,540,686 $ (2,099,356) $ 11,441,330 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (11,337,352) $ 2,093,405 $ (9,243,947) Operating costs $ (545,492) $ 4,111 $ (541,381) Depreciation and amortization $ (309,449) $ (2,166) $ (311,615) Equity in net earnings from investments $ 71,970 $ — $ 71,970 Investments in unconsolidated affiliates $ 801,315 $ — $ 801,315 Total assets $ 24,444,275 $ 82,529 $ 24,526,804 Capital expenditures $ 534,906 $ 24,404 $ 559,310 (a) - Noncustomer revenue for the six months ended June 30, 2022, totaled $(307.4) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,058,190 $ 5,244,434 $ — $ 6,302,624 Residue natural gas sales 570,049 — 115,459 685,508 Gathering, processing and exchange services revenue 65,826 242,855 — 308,681 Transportation and storage revenue — 86,592 245,284 331,876 Other 9,128 35,662 515 45,305 Total revenues (c) 1,703,193 5,609,543 361,258 7,673,994 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,105,792) (4,460,238) (10,557) (5,576,587) Operating costs (171,027) (253,203) (80,823) (505,053) Equity in net earnings from investments 2,170 8,694 48,176 59,040 Noncash compensation expense and other 5,438 11,123 2,817 19,378 Segment adjusted EBITDA $ 433,982 $ 915,919 $ 320,871 $ 1,670,772 Depreciation and amortization $ (134,300) $ (148,693) $ (28,965) $ (311,958) Investments in unconsolidated affiliates $ 23,529 $ 420,949 $ 355,873 $ 800,351 Total assets $ 6,564,118 $ 14,309,709 $ 2,110,459 $ 22,984,286 Capital expenditures $ 96,523 $ 171,988 $ 48,953 $ 317,464 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $289.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $250.8 million and cost of sales and fuel of $16.6 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,302,624 $ (1,082,204) $ 5,220,420 Residue natural gas sales 685,508 — 685,508 Gathering, processing and exchange services revenue 308,681 — 308,681 Transportation and storage revenue 331,876 (7,041) 324,835 Other 45,305 (1,106) 44,199 Total revenues (a) $ 7,673,994 $ (1,090,351) $ 6,583,643 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,576,587) $ 1,088,098 $ (4,488,489) Operating costs $ (505,053) $ (803) $ (505,856) Depreciation and amortization $ (311,958) $ (2,083) $ (314,041) Equity in net earnings from investments $ 59,040 $ — $ 59,040 Investments in unconsolidated affiliates $ 800,351 $ — $ 800,351 Total assets $ 22,984,286 $ 452,962 $ 23,437,248 Capital expenditures $ 317,464 $ 6,658 $ 324,122 (a) - Noncustomer revenue for the six months ended June 30, 2021, totaled $(208.2) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 414,378 $ 342,139 $ 805,549 $ 728,315 Add: Interest expense, net of capitalized interest 170,751 184,957 342,805 370,480 Depreciation and amortization 157,757 156,921 311,615 314,041 Income taxes 130,721 110,069 253,141 232,201 Noncash compensation expense 13,014 7,825 37,747 24,108 Other corporate costs and equity AFUDC (1,055) 2,342 540 1,627 Total segment adjusted EBITDA $ 885,566 $ 804,253 $ 1,751,397 $ 1,670,772

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2021 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us.

FAIR VALUE MEASUREMENTS FAIR VA

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Policies)	6 Months Ended
	Jun. 30, 2022
Fair Value Accounting Policy [Abstract]
Fair Value of Financial Instruments, Policy [Policy Text Block]	Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward SOFR, LIBOR or other yield curve, as appropriate. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of exchange-cleared derivatives to hedge natural gas basis and NGL price risk at certain market locations and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk at certain market locations. These commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at June 30, 2022, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements for the periods indicated: June 30, 2022 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 14,226 $ 130,446 $ 19,529 $ 164,201 $ (164,201) $ — Interest-rate contracts — 24,223 — 24,223 — 24,223 Total derivative assets $ 14,226 $ 154,669 $ 19,529 $ 188,424 $ (164,201) $ 24,223 Derivative liabilities Commodity contracts Financial contracts $ (104,080) $ (80,143) $ (129,925) $ (314,148) $ 314,148 $ — Interest-rate contracts — (25,455) — (25,455) — (25,455) Total derivative liabilities $ (104,080) $ (105,598) $ (129,925) $ (339,603) $ 314,148 $ (25,455) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2022, we held no cash and posted $287.8 million of cash with various counterparties, including $149.9 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $137.9 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Total derivative assets $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Derivative liabilities Commodity contracts Financial contracts $ (67,226) $ (112,922) $ (123,592) $ (303,740) $ 303,740 $ — Interest-rate contracts — (145,524) — (145,524) — (145,524) Total derivative liabilities $ (67,226) $ (258,446) $ (123,592) $ (449,264) $ 303,740 $ (145,524) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2021, we held no cash and posted $157.0 million of cash with various counterparties, including $99.6 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $57.4 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet.
Reconciliation of Level 3 Fair Value Measurements	The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Derivative Assets (Liabilities) 2022 2021 2022 2021 ( Thousands of dollars ) Net liabilities at beginning of period $ (189,831) $ (41,794) $ (114,283) $ (31,321) Total changes in fair value: Settlements included in net income (a) 56,782 17,731 59,699 26,852 New Level 3 derivatives included in other comprehensive income (loss) (b) 9,430 (20,262) 9,442 (68,237) Unrealized change included in other comprehensive income (loss) (b) 13,223 (77,425) (65,254) (49,044) Net liabilities at end of period $ (110,396) $ (121,750) $ (110,396) $ (121,750) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income.

RISK MANAGEMENT AND HEDGING A_2

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: June 30, 2022 December 31, 2021 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 164,201 $ (314,148) $ 204,161 $ (303,740) Interest-rate contracts Other current assets/liabilities 24,223 (25,455) — (145,524) Total derivatives designated as hedging instruments $ 188,424 $ (339,603) $ 204,161 $ (449,264) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us.
Notional Amounts of Derivative Instruments	The following table sets forth the notional quantities for derivative instruments held for the periods indicated: June 30, December 31 Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (57.1) (32.3) - Crude oil and NGLs ( MMBbl ) Futures (10.9) (10.0) Basis - Natural gas ( Bcf ) Futures (57.0) (30.5) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss)	The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Commodity contracts $ (34,273) $ (175,477) $ (208,633) $ (238,907) Interest-rate contracts 63,138 (49,269) 144,293 57,016 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ 28,865 $ (224,746) $ (64,340) $ (181,891)
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss)	The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Location of Gain (Loss) Reclassified from Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (257,774) $ (85,162) $ (468,568) $ (215,680) Cost of sales and fuel 175,935 49,357 310,303 135,793 Interest-rate contracts Interest expense (9,623) (9,915) (18,953) (19,581) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ (91,462) $ (45,720) $ (177,218) $ (99,468)

DEBT DEBT (Tables)

DEBT DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Instrument [Line Items]
Debt [Table Text Block]	The following table sets forth our consolidated debt for the periods indicated: June 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 672,530 $500,000 at 4.5% due March 2050 443,015 443,015 $300,000 at 7.15% due January 2051 300,000 300,000 Guardian Pipeline $120,000 term loan, variable rate, due June 2025 120,000 — Total debt 13,876,709 13,756,709 Unamortized portion of terminated swaps 10,737 11,596 Unamortized debt issuance costs and discounts (118,940) (124,855) Current maturities of long-term debt (895,814) (895,814) Long-term debt $ 12,872,692 $ 12,747,636 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Loss	The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2022 $ (352,315) $ (107,659) $ (11,377) $ (471,351) Other comprehensive income (loss) before reclassifications (49,542) 149 10,956 (38,437) Amounts reclassified to net income (b) 136,458 5,803 772 143,033 Other comprehensive income 86,916 5,952 11,728 104,596 June 30, 2022 $ (265,399) $ (101,707) $ 351 $ (366,755) (a) - Includes amounts related to supplemental executive retirement plan. (b) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities.
Schedule of Accumulated Other Comprehensive Loss for Risk-Management Assets/Liabilities [Table Text Block]	The following table sets forth information about the balance of accumulated other comprehensive loss at June 30, 2022, representing unrealized losses related to risk-management assets and liabilities, net of tax: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 30 months (a) $ (115,725) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b) (148,726) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (948) Accumulated other comprehensive loss at June 30, 2022 $ (265,399) (a) - Based on commodity prices on June 30, 2022, we expect net losses of $104.1 million, net of tax, will be reclassified into earnings during the next 12 months. (b) - We expect net losses of $21.7 million, net of tax, will be reclassified into earnings during the next 12 months.

EARNINGS PER SHARE EARNINGS P_2

EARNINGS PER SHARE EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended June 30, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 414,103 447,451 $ 0.93 Diluted EPS Effect of dilutive securities — 731 Net income available for common stock and common stock equivalents $ 414,103 448,182 $ 0.92 Three Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 341,864 446,337 $ 0.77 Diluted EPS Effect of dilutive securities — 566 Net income available for common stock and common stock equivalents $ 341,864 446,903 $ 0.77 Six Months Ended June 30, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 804,999 447,288 $ 1.80 Diluted EPS Effect of dilutive securities — 1,005 Net income available for common stock and common stock equivalents $ 804,999 448,293 $ 1.80 Six Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 727,765 446,116 $ 1.63 Diluted EPS Effect of dilutive securities — 778 Net income available for common stock and common stock equivalents $ 727,765 446,894 $ 1.63

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 2022
Equity In Net Earnings From Investments
Schedule of Equity Method Investments [Line Items]
Schedule of Equity Method Investments [Table Text Block]	The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (Thousands of dollars) Northern Border Pipeline $ 16,347 $ 12,586 $ 36,472 $ 32,825 Roadrunner 9,300 7,602 18,441 15,351 Overland Pass Pipeline 7,885 4,739 12,893 7,711 Other 2,098 793 4,164 3,153 Equity in net earnings from investments $ 35,630 $ 25,720 $ 71,970 $ 59,040

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability [Table Text Block]	The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2021 (a) $ 51.5 Revenue recognized included in beginning balance (33.1) Net additions 43.3 Balance at June 30, 2022 (b) $ 61.7 (a) - Contract liabilities of $35.3 million and $16.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $33.2 million and $28.5 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2022, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from two months to 22 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2022 $ 207.6 2023 390.8 2024 328.1 2025 240.2 2026 and beyond 882.9 Total estimated transaction price allocated to unsatisfied performance obligations $ 2,049.6

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segments	The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,039,199 $ 5,010,571 $ — $ 6,049,770 Residue natural gas sales 659,735 — 945 660,680 Gathering, processing and exchange services revenue 36,056 139,928 — 175,984 Transportation and storage revenue — 40,282 130,711 170,993 Other 5,266 2,518 233 8,017 Total revenues (c) 1,740,256 5,193,299 131,889 7,065,444 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,398,624) (4,543,318) (744) (5,942,686) Operating costs (97,468) (143,043) (41,200) (281,711) Equity in net earnings from investments 1,596 8,387 25,647 35,630 Noncash compensation expense and other 6,442 2,051 396 8,889 Segment adjusted EBITDA $ 252,202 $ 517,376 $ 115,988 $ 885,566 Depreciation and amortization $ (65,127) $ (75,277) $ (16,244) $ (156,648) Capital expenditures $ 123,417 $ 150,165 $ 19,136 $ 292,718 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $617.1 million, of which $567.7 million related to revenues within the segment, and cost of sales and fuel of $152.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $74.7 million and cost of sales and fuel of $6.2 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,049,770 $ (1,062,412) $ 4,987,358 Residue natural gas sales 660,680 — 660,680 Gathering, processing and exchange services revenue 175,984 — 175,984 Transportation and storage revenue 170,993 (2,117) 168,876 Other 8,017 (4,194) 3,823 Total revenues (a) $ 7,065,444 $ (1,068,723) $ 5,996,721 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,942,686) $ 1,064,687 $ (4,877,999) Operating costs $ (281,711) $ 4,247 $ (277,464) Depreciation and amortization $ (156,648) $ (1,109) $ (157,757) Equity in net earnings from investments $ 35,630 $ — $ 35,630 Capital expenditures $ 292,718 $ 9,614 $ 302,332 (a) - Noncustomer revenue for the three months ended June 30, 2022, totaled $(132.7) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 566,383 $ 2,829,604 $ — $ 3,395,987 Residue natural gas sales 257,802 — 4 257,806 Gathering, processing and exchange services revenue 34,139 129,624 — 163,763 Transportation and storage revenue — 37,864 112,337 150,201 Other 5,128 2,386 103 7,617 Total revenues (c) 863,452 2,999,478 112,444 3,975,374 Cost of sales and fuel (exclusive of depreciation and operating costs) (550,486) (2,399,919) (544) (2,950,949) Operating costs (86,429) (128,834) (38,506) (253,769) Equity in net earnings from investments 442 5,090 20,188 25,720 Noncash compensation expense and other 2,287 4,476 1,114 7,877 Segment adjusted EBITDA $ 229,266 $ 480,291 $ 94,696 $ 804,253 Depreciation and amortization $ (67,268) $ (74,151) $ (14,489) $ (155,908) Capital expenditures $ 56,872 $ 59,967 $ 27,796 $ 144,635 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.1 million, of which $557.2 million related to revenues within the segment, and cost of sales and fuel of $153.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $69.4 million and cost of sales and fuel of $3.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $555.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,395,987 $ (582,140) $ 2,813,847 Residue natural gas sales 257,806 — 257,806 Gathering, processing and exchange services revenue 163,763 — 163,763 Transportation and storage revenue 150,201 (3,506) 146,695 Other 7,617 (764) 6,853 Total revenues (a) $ 3,975,374 $ (586,410) $ 3,388,964 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,950,949) $ 583,970 $ (2,366,979) Operating costs $ (253,769) $ (490) $ (254,259) Depreciation and amortization $ (155,908) $ (1,013) $ (156,921) Equity in net earnings from investments $ 25,720 $ — $ 25,720 Capital expenditures $ 144,635 $ 2,753 $ 147,388 (a) - Noncustomer revenue for the three months ended June 30, 2021, totaled $(76.0) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 2,043,548 $ 9,559,272 $ — $ 11,602,820 Residue natural gas sales 1,210,772 — 27,365 1,238,137 Gathering, processing and exchange services revenue 67,501 275,771 — 343,272 Transportation and storage revenue — 87,104 253,422 340,526 Other 10,105 5,387 439 15,931 Total revenues (c) 3,331,926 9,927,534 281,226 13,540,686 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,687,174) (8,632,442) (17,736) (11,337,352) Operating costs (191,179) (271,905) (82,408) (545,492) Equity in net earnings from investments 3,230 13,827 54,913 71,970 Noncash compensation expense and other 10,095 7,976 3,514 21,585 Segment adjusted EBITDA $ 466,898 $ 1,044,990 $ 239,509 $ 1,751,397 Depreciation and amortization $ (127,853) $ (150,307) $ (31,289) $ (309,449) Investments in unconsolidated affiliates $ 27,794 $ 414,967 $ 358,554 $ 801,315 Total assets $ 7,084,849 $ 15,183,170 $ 2,176,256 $ 24,444,275 Capital expenditures $ 216,715 $ 275,700 $ 42,491 $ 534,906 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $298.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $167.3 million and cost of sales and fuel of $22.3 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $2.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 11,602,820 $ (2,090,025) $ 9,512,795 Residue natural gas sales 1,238,137 (332) 1,237,805 Gathering, processing and exchange services revenue 343,272 — 343,272 Transportation and storage revenue 340,526 (4,142) 336,384 Other 15,931 (4,857) 11,074 Total revenues (a) $ 13,540,686 $ (2,099,356) $ 11,441,330 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (11,337,352) $ 2,093,405 $ (9,243,947) Operating costs $ (545,492) $ 4,111 $ (541,381) Depreciation and amortization $ (309,449) $ (2,166) $ (311,615) Equity in net earnings from investments $ 71,970 $ — $ 71,970 Investments in unconsolidated affiliates $ 801,315 $ — $ 801,315 Total assets $ 24,444,275 $ 82,529 $ 24,526,804 Capital expenditures $ 534,906 $ 24,404 $ 559,310 (a) - Noncustomer revenue for the six months ended June 30, 2022, totaled $(307.4) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,058,190 $ 5,244,434 $ — $ 6,302,624 Residue natural gas sales 570,049 — 115,459 685,508 Gathering, processing and exchange services revenue 65,826 242,855 — 308,681 Transportation and storage revenue — 86,592 245,284 331,876 Other 9,128 35,662 515 45,305 Total revenues (c) 1,703,193 5,609,543 361,258 7,673,994 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,105,792) (4,460,238) (10,557) (5,576,587) Operating costs (171,027) (253,203) (80,823) (505,053) Equity in net earnings from investments 2,170 8,694 48,176 59,040 Noncash compensation expense and other 5,438 11,123 2,817 19,378 Segment adjusted EBITDA $ 433,982 $ 915,919 $ 320,871 $ 1,670,772 Depreciation and amortization $ (134,300) $ (148,693) $ (28,965) $ (311,958) Investments in unconsolidated affiliates $ 23,529 $ 420,949 $ 355,873 $ 800,351 Total assets $ 6,564,118 $ 14,309,709 $ 2,110,459 $ 22,984,286 Capital expenditures $ 96,523 $ 171,988 $ 48,953 $ 317,464 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $289.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $250.8 million and cost of sales and fuel of $16.6 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,302,624 $ (1,082,204) $ 5,220,420 Residue natural gas sales 685,508 — 685,508 Gathering, processing and exchange services revenue 308,681 — 308,681 Transportation and storage revenue 331,876 (7,041) 324,835 Other 45,305 (1,106) 44,199 Total revenues (a) $ 7,673,994 $ (1,090,351) $ 6,583,643 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,576,587) $ 1,088,098 $ (4,488,489) Operating costs $ (505,053) $ (803) $ (505,856) Depreciation and amortization $ (311,958) $ (2,083) $ (314,041) Equity in net earnings from investments $ 59,040 $ — $ 59,040 Investments in unconsolidated affiliates $ 800,351 $ — $ 800,351 Total assets $ 22,984,286 $ 452,962 $ 23,437,248 Capital expenditures $ 317,464 $ 6,658 $ 324,122 (a) - Noncustomer revenue for the six months ended June 30, 2021, totaled $(208.2) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 414,378 $ 342,139 $ 805,549 $ 728,315 Add: Interest expense, net of capitalized interest 170,751 184,957 342,805 370,480 Depreciation and amortization 157,757 156,921 311,615 314,041 Income taxes 130,721 110,069 253,141 232,201 Noncash compensation expense 13,014 7,825 37,747 24,108 Other corporate costs and equity AFUDC (1,055) 2,342 540 1,627 Total segment adjusted EBITDA $ 885,566 $ 804,253 $ 1,751,397 $ 1,670,772

FAIR VALUE MEASUREMENTS - Part

FAIR VALUE MEASUREMENTS - Part 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash held - offsetting derivative net asset positions under master-netting arrangements	$ 0	$ 0
Cash posted - total	287,800	157,000
Cash posted - offsetting derivative net liability positions under master-netting arrangements	149,900	99,600
Cash posted - remaining in excess of derivative net liability positions included in consolidated Balance Sheets	137,900	57,400
Long-term debt, fair value	13,100,000	15,600,000
Long-term debt	13,800,000	13,600,000
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member]
Derivative assets
Derivative asset, fair value, gross	188,424
Derivative liabilities
Derivative liability, fair value, gross	(339,603)
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member] | Financial Contracts
Derivative assets
Derivative asset, fair value, gross	164,201	204,161
Derivative liabilities
Derivative liability, fair value, gross	(314,148)	(303,740)
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member] | Interest Rate Contracts
Derivative assets
Interest-rate contracts	24,223
Derivative liabilities
Interest-rate contracts	(25,455)	(145,524)
Fair Value, Recurring [Member]
Derivative assets
Derivative assets	24,223	0
Derivative assets netting	(164,201)	(204,161)
Derivative liabilities
Derivative liabilities	(25,455)	(145,524)
Derivative liabilities netting	314,148	303,740
Fair Value, Recurring [Member] | Financial Contracts
Derivative assets
Derivative assets	0	0
Derivative assets netting	(164,201)	(204,161)
Derivative liabilities
Derivative liabilities	0	0
Derivative liabilities netting	314,148	303,740
Fair Value, Recurring [Member] | Interest Rate Contracts
Derivative assets
Interest-rate contracts	24,223
Derivative assets netting	0
Derivative liabilities
Interest-rate contracts	(25,455)	(145,524)
Derivative liabilities netting	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative assets
Derivative asset, fair value, gross	14,226	22,019
Derivative liabilities
Derivative liability, fair value, gross	(104,080)	(67,226)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Financial Contracts
Derivative assets
Derivative asset, fair value, gross	14,226	22,019
Derivative liabilities
Derivative liability, fair value, gross	(104,080)	(67,226)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Contracts
Derivative assets
Interest-rate contracts	0
Derivative liabilities
Interest-rate contracts	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative assets
Derivative asset, fair value, gross	154,669	172,833
Derivative liabilities
Derivative liability, fair value, gross	(105,598)	(258,446)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Contracts
Derivative assets
Derivative asset, fair value, gross	130,446	172,833
Derivative liabilities
Derivative liability, fair value, gross	(80,143)	(112,922)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Contracts
Derivative assets
Interest-rate contracts	24,223
Derivative liabilities
Interest-rate contracts	(25,455)	(145,524)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative assets
Derivative asset, fair value, gross	19,529	9,309
Derivative liabilities
Derivative liability, fair value, gross	(129,925)	(123,592)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Contracts
Derivative assets
Derivative asset, fair value, gross	19,529	9,309
Derivative liabilities
Derivative liability, fair value, gross	(129,925)	(123,592)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Contracts
Derivative assets
Interest-rate contracts	0
Derivative liabilities
Interest-rate contracts	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Par_2

FAIR VALUE MEASUREMENTS - Part 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Net assets (liabilities) at beginning of period	$ (189,831)	$ (41,794)	$ (114,283)	$ (31,321)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements	56,782	17,731	59,699	26,852
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, New Level 3 Derivatives	9,430	(20,262)	9,442	(68,237)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Unrealized Change Included in other comprehensive income (loss)	13,223	(77,425)	(65,254)	(49,044)
Net assets (liabilities) at end of period	(110,396)	(121,750)	$ (110,396)	$ (121,750)
Transfers in or out of level 3	$ 0	$ 0

RISK MANAGEMENT AND HEDGING A_3

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative, Fair Value [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value	$ 0
Cash posted - offsetting derivative net liability positions under master-netting arrangements	149,900	$ 99,600
Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	188,424	204,161
(Liabilities)	(339,603)	(449,264)
Natural Gas Pipelines
Derivative, Fair Value [Line Items]
Derivative, Fair Value, Net	0	0
Other Current Assets [Member] | Interest Rate Contracts | Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	24,223	0
Other Current Liabilities [Member] | Interest Rate Contracts | Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
(Liabilities)	(25,455)	(145,524)
Fully Netted Assets/Liabilities | Commodity Contracts | Financial contracts | Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	164,201	204,161
(Liabilities)	$ (314,148)	$ (303,740)

RISK MANAGEMENT AND HEDGING A_4

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES, Part 2 (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Bcf MMBbls	Dec. 31, 2021 USD ($) MMBbls Bcf
Derivatives designated as Hedging Instrument | Interest Rate Contracts | Purchased/ Payor
Derivative [Line Items]
Derivative, Notional Amount | $	$ 1,100	$ 1,100
Derivatives designated as Hedging Instrument | Future | - Natural gas (Bcf) | Fixed price | Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume | Bcf	57.1	32.3
Derivatives designated as Hedging Instrument | Future | - Natural gas (Bcf) | Basis | Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume | Bcf	57	30.5
Derivatives designated as Hedging Instrument | Future | - Crude oil and NGLs (MMBbl) | Fixed price | Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume | MMBbls	10.9	10
Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward contracts | Interest Rate Contracts
Derivative [Line Items]
Derivative, Notional Amount | $	$ 1,100	$ 1,100

RISK MANAGEMENT AND HEDGING A_5

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 3 (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	$ 28,865	$ (224,746)	$ (64,340)	$ (181,891)
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	(91,462)	(45,720)	(177,218)	(99,468)
Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	(34,273)	(175,477)	(208,633)	(238,907)
Commodity Contracts | Commodity sales revenues
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	(257,774)	(85,162)	(468,568)	(215,680)
Commodity Contracts | Cost of sales and fuel
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	175,935	49,357	310,303	135,793
Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	63,138	(49,269)	144,293	57,016
Interest Rate Contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	$ (9,623)	$ (9,915)	$ (18,953)	$ (19,581)

DEBT DEBT (Details)

DEBT DEBT (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 12, 2022 USD ($) Rate	Jun. 30, 2022 USD ($) Rate	Jun. 30, 2022 USD ($) Rate	Jul. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total debt		$ 13,876,709	$ 13,876,709		$ 13,756,709
Unamortized portion of terminated swaps		10,737	10,737		11,596
Unamortized debt issuance costs and discounts		(118,940)	(118,940)		(124,855)
Current maturities of long-term debt		(895,814)	(895,814)		(895,814)
Long-term debt		12,872,692	12,872,692		12,747,636
Asset Acquisition, Consideration Transferred		30,000
$2.5 Billion Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		2,500,000	$ 2,500,000
Debt Instrument, Covenant Description			Among other things, beginning in June 2022, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In the first quarter 2022, we acquired assets for $30 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the first quarter 2022 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1.
Line of Credit Facility, Amount Outstanding		$ 0	$ 0
Indebtedness To Adjusted EBITDA Current		3.9	3.9
Indebtedness To Adjusted EBITDA Maximum		5	5
Indebtedness To Adjusted EBITDA From Acquisitions Maximum		5.5	5.5
Line of Credit Facility Sublimit		$ 100,000	$ 100,000
Line of Credit Facility Swingline Subfacility		200,000	200,000
Line of Credit Facility Option To Increase Borrowing Capacity		$ 1,000,000	$ 1,000,000
Line of Credit Facility, Interest Rate Description			Borrowings, if any, will accrue at Term SOFR plus an applicable margin based on our credit ratings at the time of determination plus an adjustment of 10 basis points. Under our current credit ratings, the applicable margin on any borrowings would be 110 basis points.
Line Of Credit Facility, Annual Facility Fee Description			the applicable rate is 15 basis points.
Guardian Term Loan Agreement
Debt Instrument [Line Items]
Debt Instrument, Covenant Description		Guardian Term Loan Agreement - In June 2022, Guardian Pipeline entered into a $120 million senior unsecured Term Loan Agreement. The Guardian Term Loan Agreement matures in June 2025, and bears interest at Term SOFR plus an applicable margin based on Guardian Pipeline’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Guardian Pipeline’s current credit ratings, the applicable margin is 112.5 basis points. The Guardian Term Loan Agreement allows prepayment of all or any portion outstanding without penalty or premium. During the second quarter 2022, Guardian Pipeline drew the full $120 million available under the agreement and used the proceeds to repay intercompany debt with ONEOK. The Guardian Term Loan Agreement contains certain affirmative and negative covenants, as well as customary events of default, the occurrence of which could result in a termination of lenders’ commitments and the accelerations of all of Guardian Pipeline’s obligations thereunder. Guardian Pipeline is in compliance with all covenants under the Guardian Term Loan Agreement.
Guardian Pipeline [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description			bears interest at Term SOFR plus an applicable margin based on Guardian Pipeline’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Guardian Pipeline’s current credit ratings, the applicable margin is 112.5 basis points.
Notes Payable due 2025 | Guardian Pipeline [Member]
Debt Instrument [Line Items]
Total debt					0
Notes Payable due 2025 | Guardian Pipeline [Member] | Variable rate
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 120,000	$ 120,000
Total debt		120,000	120,000
Subsidiary Issuer [Member] | 3.375% Notes Payable due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 900,000	$ 900,000
Interest Rate (in hundredths) | Rate		3.375%	3.375%
Total debt		$ 895,814	$ 895,814		895,814
Subsidiary Issuer [Member] | 3.375% Notes Payable due 2022 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 900,000
Interest Rate (in hundredths) | Rate	3.375%
Repayments of Debt	$ 895,800
Debt Instrument, Redemption Price, Percentage	100%
Subsidiary Issuer [Member] | 5.0% Notes Payable due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 425,000	$ 425,000
Interest Rate (in hundredths) | Rate		5%	5%
Total debt		$ 425,000	$ 425,000		425,000
Subsidiary Issuer [Member] | 4.9% Notes Payable due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000	$ 500,000
Interest Rate (in hundredths) | Rate		4.90%	4.90%
Total debt		$ 500,000	$ 500,000		500,000
Subsidiary Issuer [Member] | 6.65% Notes Payable due 2036 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 600,000	$ 600,000
Interest Rate (in hundredths) | Rate		6.65%	6.65%
Total debt		$ 600,000	$ 600,000		600,000
Subsidiary Issuer [Member] | 6.85% Notes Payable due 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 600,000	$ 600,000
Interest Rate (in hundredths) | Rate		6.85%	6.85%
Total debt		$ 600,000	$ 600,000		600,000
Subsidiary Issuer [Member] | 6.125% Notes Payable due 2041 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 650,000	$ 650,000
Interest Rate (in hundredths) | Rate		6.125%	6.125%
Total debt		$ 650,000	$ 650,000		650,000
Subsidiary Issuer [Member] | 6.2% Notes Payable due 2043 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400,000	$ 400,000
Interest Rate (in hundredths) | Rate		6.20%	6.20%
Total debt		$ 400,000	$ 400,000		400,000
Parent Company
Debt Instrument [Line Items]
Commercial Paper		0	0		0
Parent Company | Subsequent Event [Member]
Debt Instrument [Line Items]
Commercial Paper				$ 860,000
Parent Company | 7.5% Notes Payable due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000	$ 500,000
Interest Rate (in hundredths) | Rate		7.50%	7.50%
Total debt		$ 500,000	$ 500,000		500,000
Parent Company | 2.75% Notes Payable due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000	$ 500,000
Interest Rate (in hundredths) | Rate		2.75%	2.75%
Total debt		$ 500,000	$ 500,000		500,000
Parent Company | 2.2% Notes Payable due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400,000	$ 400,000
Interest Rate (in hundredths) | Rate		2.20%	2.20%
Total debt		$ 387,000	$ 387,000		387,000
Parent Company | 5.85% Notes Payable due 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 600,000	$ 600,000
Interest Rate (in hundredths) | Rate		5.85%	5.85%
Total debt		$ 600,000	$ 600,000		600,000
Parent Company | 4.0% Notes Payable due 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000	$ 500,000
Interest Rate (in hundredths) | Rate		4%	4%
Total debt		$ 500,000	$ 500,000		500,000
Parent Company | 4.55% Notes Payable due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 800,000	$ 800,000
Interest Rate (in hundredths) | Rate		4.55%	4.55%
Total debt		$ 800,000	$ 800,000		800,000
Parent Company | 6.875% Notes Payable due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 100,000	$ 100,000
Interest Rate (in hundredths) | Rate		6.875%	6.875%
Total debt		$ 100,000	$ 100,000		100,000
Parent Company | 4.35% Notes Payable due 2029 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 700,000	$ 700,000
Interest Rate (in hundredths) | Rate		4.35%	4.35%
Total debt		$ 700,000	$ 700,000		700,000
Parent Company | 3.4% Notes Payable due 2029 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 750,000	$ 750,000
Interest Rate (in hundredths) | Rate		3.40%	3.40%
Total debt		$ 714,251	$ 714,251		714,251
Parent Company | 3.1% Notes Payable due 2030 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 850,000	$ 850,000
Interest Rate (in hundredths) | Rate		3.10%	3.10%
Total debt		$ 780,093	$ 780,093		780,093
Parent Company | 6.35% Notes Payable due 2031 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 600,000	$ 600,000
Interest Rate (in hundredths) | Rate		6.35%	6.35%
Total debt		$ 600,000	$ 600,000		600,000
Parent Company | 6.0% Notes Payable due 2035 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400,000	$ 400,000
Interest Rate (in hundredths) | Rate		6%	6%
Total debt		$ 400,000	$ 400,000		400,000
Parent Company | 4.95% Notes Payable due 2047 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 700,000	$ 700,000
Interest Rate (in hundredths) | Rate		4.95%	4.95%
Total debt		$ 689,006	$ 689,006		689,006
Parent Company | 5.2% Notes Payable due 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,000,000	$ 1,000,000
Interest Rate (in hundredths) | Rate		5.20%	5.20%
Total debt		$ 1,000,000	$ 1,000,000		1,000,000
Parent Company | 4.45% Notes Payable due 2049 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 750,000	$ 750,000
Interest Rate (in hundredths) | Rate		4.45%	4.45%
Total debt		$ 672,530	$ 672,530		672,530
Parent Company | 4.5% Notes Payable due 2050 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000	$ 500,000
Interest Rate (in hundredths) | Rate		4.50%	4.50%
Total debt		$ 443,015	$ 443,015		443,015
Parent Company | 7.15% Notes Payable due 2051 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 300,000	$ 300,000
Interest Rate (in hundredths) | Rate		7.15%	7.15%
Total debt		$ 300,000	$ 300,000		$ 300,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Common Stock, Dividends, Per Share, Cash Paid		$ 0.935	$ 0.935	$ 0.935	$ 0.935
Dividends, Preferred Stock, Cash Paid		$ 300	$ 300
Preferred Stock, Dividends, Declared		$ 275	$ 275	$ 275	$ 275
Series E Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage		5.50%
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.935
Dividends Payable, Date of Record	Aug. 01, 2022
Dividends Payable, Date to be Paid	Aug. 15, 2022
Preferred Stock, Dividends, Declared	$ 300

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Risk management assets/liabilities - January 1			$ (352,315)
Retirement and other postretirement benefit plan obligations - January 1			(107,659)
Risk-management assets/liabilities of unconsolidated affiliates - January 1			(11,377)
Accumulated other comprehensive loss - January 1			(471,351)
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities	$ 22,226	$ (173,054)	(49,542)	$ (140,056)
Other comprehensive income (loss) before reclassification, retirement and postretirement benefit plan obligations			149
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities of unconsolidated affiliates			10,956
Other comprehensive income (loss) before reclassifications			(38,437)
Other comprehensive income reclassification adjustment from AOCI for risk-management assets/liabilities, net of tax	70,426	35,204	136,458	76,591
Other comprehensive income, retirement and other postretirement benefit plans, reclassification adjustment from AOCI, net of tax			5,803
Other comprehensive income, reclassification adjustment from AOCI for other comprehensive income attributable to unconsolidated affiliates, net of tax			772
Other comprehensive income, reclassification adjustment included in net income, net of tax			143,033
Other comprehensive income (loss), risk-management assets/liabilities, after reclassification adjustment, net of tax			86,916
Other comprehensive (income) loss, retirement and other postretirement benefit plans, after reclassification adjustment, net of tax	2,922	$ 5,247	5,952	$ 8,885
Other comprehensive income (loss), risk-management assets/liabilities of unconsolidated affiliates, net of tax			11,728
Other comprehensive income (loss), net of tax			104,596
Risk management assets/liabilities - June 30	(265,399)		(265,399)
Retirement and other postretirement benefit plan obligations - June 30	(101,707)		(101,707)
Risk-management assets/liabilities of unconsolidated affiliates - June 30	351		351
Accumulated other comprehensive loss - June 30	(366,755)		(366,755)
Cash Flow Hedging [Member] | Commodity Contracts
Unrealized gain loss on cash flow hedges net of tax accumulated other comprehensive income (loss)	(115,725)		(115,725)
Price risk cash flow hedge unrealized gain (loss) to be reclassified during next 12 months	(104,100)		(104,100)
Cash Flow Hedging [Member] | Interest Rate Contracts
Amount of accumulated other comprehensive income (loss) attributable primarily to settled interest-rate swaps	(148,726)		(148,726)
Amount of accumulated other comprehensive income (loss) attributable primarily to forward starting interest-rate swaps	(948)		(948)
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ (21,700)		$ (21,700)

EARNINGS PER SHARE EARNINGS P_3

EARNINGS PER SHARE EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic EPS
Net income available for common stock	$ 414,103	$ 341,864	$ 804,999	$ 727,765
Shares	447,451	446,337	447,288	446,116
Earnings per share, basic	$ 0.93	$ 0.77	$ 1.80	$ 1.63
Diluted EPS
Effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities, number of shares	731	566	1,005	778
Net income available for common stock and common stock equivalents	$ 414,103	$ 341,864	$ 804,999	$ 727,765
Shares	448,182	446,903	448,293	446,894
Earnings per share, diluted	$ 0.92	$ 0.77	$ 1.80	$ 1.63

UNCONSOLIDATED AFFILIATES (Deta

UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 35,630	$ 25,720	$ 71,970	$ 59,040
Unconsolidated Affiliates [Member]
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Expenses from Transactions with Related Parties	15,600	12,500	30,100	28,000
Northern Border Pipeline
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	16,347	12,586	36,472	32,825
Roadrunner
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	9,300	7,602	18,441	15,351
Overland Pass Pipeline
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	7,885	4,739	12,893	7,711
Other Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 2,098	$ 793	$ 4,164	$ 3,153

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Liability [Abstract]
Contract with customer, liability	$ 61.7	$ 51.5
Revenue recognized included in beginning balance	(33.1)
Net additions	43.3
Contract with Customer, Liability, Current	33.2	35.3
Contract with Customer, Liability, Noncurrent	28.5	$ 16.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	2,049.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	207.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	390.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	328.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	240.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 882.9
Remaining Contract Terms [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Performance Obligation, Contract Term	two months to 22 years

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment disclosure [Abstract]
Revenues	$ 5,996,721		$ 3,388,964		$ 11,441,330	$ 6,583,643
Cost of sales and fuel (exclusive of depreciation and operating costs)	(4,877,999)		(2,366,979)		(9,243,947)	(4,488,489)
Operating costs	(277,464)		(254,259)		(541,381)	(505,856)
Equity in net earnings from investments	35,630		25,720		71,970	59,040
Depreciation and amortization	(157,757)		(156,921)		(311,615)	(314,041)
Investments in unconsolidated affiliates	801,315		800,351		801,315	800,351	$ 797,613
Total assets	24,526,804		23,437,248		24,526,804	23,437,248	$ 23,621,613
Capital expenditures	302,332		147,388		559,310	324,122
Net income	414,378	$ 391,171	342,139	$ 386,176	805,549	728,315
Interest expense, net of capitalized interest	170,751		184,957		342,805	370,480
Income tax expense	130,721		110,069		253,141	232,201
Noncash compensation expense	13,014		7,825		37,747	24,108
Other corporate costs and noncash items	(1,055)		2,342		540	1,627
Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	(1,068,723)		(586,410)		(2,099,356)	(1,090,351)
Cost of sales and fuel (exclusive of depreciation and operating costs)	1,064,687		583,970		2,093,405	1,088,098
Operating costs	4,247		(490)		4,111	(803)
Equity in net earnings from investments	0		0		0	0
Depreciation and amortization	(1,109)		(1,013)		(2,166)	(2,083)
Investments in unconsolidated affiliates	0		0		0	0
Total assets	82,529		452,962		82,529	452,962
Capital expenditures	9,614		2,753		24,404	6,658
Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	1,740,256		863,452		3,331,926	1,703,193
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,398,624)		(550,486)		(2,687,174)	(1,105,792)
Operating costs	(97,468)		(86,429)		(191,179)	(171,027)
Equity in net earnings from investments	1,596		442		3,230	2,170
Noncash compensation expense and other	6,442		2,287		10,095	5,438
Segment adjusted EBITDA	252,202		229,266		466,898	433,982
Depreciation and amortization	(65,127)		(67,268)		(127,853)	(134,300)
Investments in unconsolidated affiliates	27,794		23,529		27,794	23,529
Total assets	7,084,849		6,564,118		7,084,849	6,564,118
Capital expenditures	123,417		56,872		216,715	96,523
Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	5,193,299		2,999,478		9,927,534	5,609,543
Cost of sales and fuel (exclusive of depreciation and operating costs)	(4,543,318)		(2,399,919)		(8,632,442)	(4,460,238)
Operating costs	(143,043)		(128,834)		(271,905)	(253,203)
Equity in net earnings from investments	8,387		5,090		13,827	8,694
Noncash compensation expense and other	2,051		4,476		7,976	11,123
Segment adjusted EBITDA	517,376		480,291		1,044,990	915,919
Depreciation and amortization	(75,277)		(74,151)		(150,307)	(148,693)
Investments in unconsolidated affiliates	414,967		420,949		414,967	420,949
Total assets	15,183,170		14,309,709		15,183,170	14,309,709
Capital expenditures	150,165		59,967		275,700	171,988
Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	131,889		112,444		281,226	361,258
Cost of sales and fuel (exclusive of depreciation and operating costs)	(744)		(544)		(17,736)	(10,557)
Operating costs	(41,200)		(38,506)		(82,408)	(80,823)
Equity in net earnings from investments	25,647		20,188		54,913	48,176
Noncash compensation expense and other	396		1,114		3,514	2,817
Segment adjusted EBITDA	115,988		94,696		239,509	320,871
Depreciation and amortization	(16,244)		(14,489)		(31,289)	(28,965)
Investments in unconsolidated affiliates	358,554		355,873		358,554	355,873
Total assets	2,176,256		2,110,459		2,176,256	2,110,459
Capital expenditures	19,136		27,796		42,491	48,953
Total Segments [Member]
Segment disclosure [Abstract]
Revenues	7,065,444		3,975,374		13,540,686	7,673,994
Cost of sales and fuel (exclusive of depreciation and operating costs)	(5,942,686)		(2,950,949)		(11,337,352)	(5,576,587)
Operating costs	(281,711)		(253,769)		(545,492)	(505,053)
Equity in net earnings from investments	35,630		25,720		71,970	59,040
Noncash compensation expense and other	8,889		7,877		21,585	19,378
Segment adjusted EBITDA	885,566		804,253		1,751,397	1,670,772
Depreciation and amortization	(156,648)		(155,908)		(309,449)	(311,958)
Investments in unconsolidated affiliates	801,315		800,351		801,315	800,351
Total assets	24,444,275		22,984,286		24,444,275	22,984,286
Capital expenditures	292,718		144,635		534,906	317,464
Natural Gas Gathering and Processing Intersegment [Member] | Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	1,100,000		555,600		2,100,000	1,000,000
Natural Gas Liquids Regulated [Member] | Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	617,100		603,100		1,200,000	1,200,000
Cost of sales and fuel (exclusive of depreciation and operating costs)	(152,300)		(153,300)		(298,300)	(289,100)
Natural Gas Liquids Regulated [Member] | Natural Gas Liquids | Operating Segments [Member]
Segment disclosure [Abstract]
Revenues	567,700		557,200		1,100,000	1,100,000
Natural Gas Pipelines Regulated [Member] | Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	74,700		69,400		167,300	250,800
Cost of sales and fuel (exclusive of depreciation and operating costs)	(6,200)		(3,800)		(22,300)	(16,600)
Noncustomer [Domain]
Segment disclosure [Abstract]
Revenues	(132,700)		(76,000)		(307,400)	(208,200)
NGL and Condensate Sales [Member]
Segment disclosure [Abstract]
Revenues	4,987,358		2,813,847		9,512,795	5,220,420
NGL and Condensate Sales [Member] | Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	(1,062,412)		(582,140)		(2,090,025)	(1,082,204)
NGL and Condensate Sales [Member] | Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,039,199		566,383		2,043,548	1,058,190
NGL and Condensate Sales [Member] | Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,010,571		2,829,604		9,559,272	5,244,434
NGL and Condensate Sales [Member] | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0		0		0	0
NGL and Condensate Sales [Member] | Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,049,770		3,395,987		11,602,820	6,302,624
Residue Natural Gas Sales [Member]
Segment disclosure [Abstract]
Revenues	660,680		257,806		1,237,805	685,508
Residue Natural Gas Sales [Member] | Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	0		0		(332)	0
Residue Natural Gas Sales [Member] | Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	659,735		257,802		1,210,772	570,049
Residue Natural Gas Sales [Member] | Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0		0		0	0
Residue Natural Gas Sales [Member] | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	945		4		27,365	115,459
Residue Natural Gas Sales [Member] | Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	660,680		257,806		1,238,137	685,508
Gathering, Processing and Exchange Services Revenue
Segment disclosure [Abstract]
Revenues	175,984		163,763		343,272	308,681
Gathering, Processing and Exchange Services Revenue | Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	0		0		0	0
Gathering, Processing and Exchange Services Revenue | Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36,056		34,139		67,501	65,826
Gathering, Processing and Exchange Services Revenue | Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	139,928		129,624		275,771	242,855
Gathering, Processing and Exchange Services Revenue | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0		0		0	0
Gathering, Processing and Exchange Services Revenue | Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	175,984		163,763		343,272	308,681
Transportation and Storage Revenue [Member]
Segment disclosure [Abstract]
Revenues	168,876		146,695		336,384	324,835
Transportation and Storage Revenue [Member] | Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	(2,117)		(3,506)		(4,142)	(7,041)
Transportation and Storage Revenue [Member] | Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0		0		0	0
Transportation and Storage Revenue [Member] | Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,282		37,864		87,104	86,592
Transportation and Storage Revenue [Member] | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	130,711		112,337		253,422	245,284
Transportation and Storage Revenue [Member] | Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	170,993		150,201		340,526	331,876
Other [Member]
Segment disclosure [Abstract]
Revenues	3,823		6,853		11,074	44,199
Other [Member] | Consolidation, Eliminations
Segment disclosure [Abstract]
Revenues	(4,194)		(764)		(4,857)	(1,106)
Other [Member] | Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	5,266		5,128		10,105	9,128
Other [Member] | Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	2,518		2,386		5,387	35,662
Other [Member] | Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	233		103		439	515
Other [Member] | Total Segments [Member]
Segment disclosure [Abstract]
Revenues	$ 8,017		$ 7,617		$ 15,931	$ 45,305