ONEOK (OKE) 10-K 25 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 17, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 47.3
Entity Common Stock, Shares Outstanding		624,339,588
Documents Incorporated by Reference	Portions of the definitive proxy statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held May 21, 2025, are incorporated by reference in Part III.
Entity Central Index Key	0001039684
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Tulsa, Oklahoma
Auditor Firm ID	238

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues	$ 21,698	$ 17,677	$ 22,387
Cost of sales and fuel (exclusive of items shown separately below)	13,311	11,929	17,910
Operations and maintenance	2,162	1,319	958
Depreciation and amortization	1,134	769	626
General taxes	334	216	191
Transaction costs (Note B)	73	158	0
Other operating income, net (Notes B and C)	(305)	(786)	(105)
Operating income	4,989	4,072	2,807
Equity in net earnings from investments	439	202	148
Other income (expense), net	53	89	(29)
Interest expense (net of capitalized interest of $62, $43 and $57, respectively)	(1,371)	(866)	(676)
Income before income taxes	4,110	3,497	2,250
Income taxes (Note N)	(998)	(838)	(528)
Net income	3,112	2,659	1,722
Less: Net income attributable to noncontrolling interests	(77)	0	0
Net income attributable to ONEOK	3,035	2,659	1,722
Less: Preferred stock dividends	1	1	1
Net income available to common shareholders	$ 3,034	$ 2,658	$ 1,721
Basic EPS (in dollars per share)	$ 5.19	$ 5.49	$ 3.85
Diluted EPS (in dollars per share)	$ 5.17	$ 5.48	$ 3.84
Average shares (millions)
Basic (in shares)	584.6	484.3	447.5
Diluted (in shares)	586.5	485.4	448.4
Commodity sales
Revenues
Revenues	$ 17,780	$ 15,614	$ 20,976
Services and other
Revenues
Revenues	$ 3,918	$ 2,063	$ 1,411

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Interest expense (net of capitalized interest)	$ 62	$ 43	$ 57

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 3,112	$ 2,659	$ 1,722
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $16, $(46) and $(28), respectively	(53)	155	93
Derivative amounts reclassified to net income, net of tax of $5, $21 and $(60), respectively	(16)	(66)	201
Changes in benefit plan obligations and other, net of tax of $(2), $3 and $(21), respectively	6	(14)	69
Total other comprehensive income (loss), net of tax	(63)	75	363
Comprehensive income	3,049	2,734	2,085
Less: Comprehensive income attributable to noncontrolling interests	(77)	0	0
Comprehensive income attributable to ONEOK	$ 2,972	$ 2,734	$ 2,085

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Change in fair value of derivatives, tax	$ (16)	$ 46	$ 28
Derivative amounts reclassified to net income, tax	5	21	(60)
Change in retirement and other postretirement benefit plan obligations, tax	$ (2)	$ 3	$ (21)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 733	$ 338
Accounts receivable, net	2,326	1,705
Inventories	748	639
Other current assets	431	426
Total current assets	4,238	3,108
Property, plant and equipment
Property, plant and equipment	52,274	38,454
Accumulated depreciation and amortization	6,339	5,757
Net property, plant and equipment (Note F)	45,935	32,697
Other assets
Investments in unconsolidated affiliates (Note O)	2,316	1,874
Goodwill (Note G)	8,091	4,952
Intangible assets, net (Note G)	3,039	1,316
Other assets	450	319
Total other assets	13,896	8,461
Total assets	64,069	44,266
Current liabilities
Current maturities of long-term debt (Note H)	1,059	484
Accounts payable	2,187	1,564
Commodity imbalances	260	244
Accrued taxes	221	215
Accrued interest	511	381
Other current liabilities	481	564
Total current liabilities	4,719	3,452
Long-term debt, excluding current maturities (Note H)	31,018	21,183
Deferred credits and other liabilities
Deferred income taxes (Note N)	5,451	2,594
Other deferred credits	748	553
Total deferred credits and other liabilities	6,199	3,147
Commitments and contingencies (Note P)
Equity (Note I)
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at Dec. 31, 2024, and at Dec. 31, 2023	0	0
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 609,713,834 shares and outstanding 583,110,633 shares at Dec. 31, 2024; issued 609,713,834 shares and outstanding 583,093,100 shares at Dec. 31, 2023	6	6
Paid-in capital	16,354	16,320
Accumulated other comprehensive loss	(96)	(33)
Retained earnings	1,579	868
Treasury stock, at cost: 26,603,201 shares at Dec. 31, 2024, and 26,620,734 shares at Dec. 31, 2023	(807)	(677)
Total ONEOK shareholders’ equity	17,036	16,484
Noncontrolling interests in consolidated subsidiaries	5,097	0
Total equity	22,133	16,484
Total liabilities and equity	$ 64,069	$ 44,266

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Equity (Note I)
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)	609,713,834	609,713,834
Common stock, shares, outstanding (in shares)	583,110,633	583,093,100
Treasury stock, shares, (in shares)	26,603,201	26,620,734

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 3,112	$ 2,659	$ 1,722
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,134	769	626
Equity in net earnings from investments (Note O)	(439)	(202)	(148)
Distributions received from unconsolidated affiliates	390	202	147
Deferred income taxes (Note N)	889	829	464
Gain on sale of business (Note B)	(227)	0	0
Medford settlement gain (Note C)	0	(779)	0
Medford settlement proceeds (Note C)	0	502	61
Other, net	72	83	92
Changes in assets and liabilities:
Accounts receivable	49	107	(148)
Inventories, net of commodity imbalances	17	118	(62)
Accounts payable	114	(62)	(26)
Risk-management assets and liabilities	(58)	96	197
Other assets and liabilities, net	(165)	99	(19)
Cash provided by operating activities	4,888	4,421	2,906
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(2,021)	(1,595)	(1,202)
Cash paid for acquisitions, net of cash acquired (Note B)	(5,829)	(5,015)	0
Proceeds from the sale of business (Note B)	1,200	0	0
Purchases of and contributions to unconsolidated affiliates (Note O)	(111)	(207)	(3)
Distributions received from unconsolidated affiliates in excess of cumulative earnings	52	50	20
Medford settlement proceeds (Note C)	0	328	39
Other, net	97	35	7
Cash used in investing activities	(6,612)	(6,404)	(1,139)
Financing activities
Dividends paid	(2,313)	(1,839)	(1,672)
Issuance of long-term debt, net of discounts (Note H)	7,094	5,298	869
Repayment of long-term debt (Note H)	(2,003)	(1,300)	(896)
Debt financing costs	(67)	(71)	(8)
Repurchase of common stock (Note I)	(159)	0	0
Repurchase of EnLink’s Series C Preferred Units	(365)	0	0
Other, net	(68)	13	14
Cash provided by (used in) financing activities	2,119	2,101	(1,693)
Change in cash and cash equivalents	395	118	74
Cash and cash equivalents at beginning of period	338	220	146
Cash and cash equivalents at end of period	733	338	220
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	1,297	653	582
Cash paid for income taxes, net of refunds	$ 102	$ 37	$ 59

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	AOCI	Retained Earnings	Treasury Stock	Noncontrolling Interest
Total equity, beginning balance at Dec. 31, 2021	$ 6,016	$ 0	$ 5	$ 7,214	$ (471)	$ 0	$ (732)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,722					1,722
Other comprehensive income	363				363
Preferred stock dividends	(1)					(1)
Common stock issued	39			13			26
Common stock dividends	(1,671)					(1,671)
Other, net	26			26
Total equity, ending balance at Dec. 31, 2022	6,494	0	5	7,253	(108)	50	(706)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,659					2,659
Other comprehensive income	75				75
Preferred stock dividends	(1)					(1)
Magellan Acquisition consideration (Note B)	9,062		1	9,061
Common stock issued	38			9			29
Common stock dividends	(1,839)					(1,839)
Other, net	(4)			(3)		(1)
Total equity, ending balance at Dec. 31, 2023	16,484	0	6	16,320	(33)	868	(677)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,112					3,035		77
Other comprehensive income	(63)				(63)
Preferred stock dividends	(1)					(1)
Common stock issued	67			25			42
Common stock dividends	(2,318)					(2,318)
Repurchases of common stock (Note I)	(172)						(172)
Acquisition of EnLink noncontrolling interest (Note B)	5,076							5,076
Distributions to noncontrolling interests	(66)							(66)
Contributions from noncontrolling interests	3							3
Other, net	11			9		(5)		(7)
Total equity, ending balance at Dec. 31, 2024	$ 22,133	$ 0	$ 6	$ 16,354	$ (96)	$ 1,579	$ (807)	$ 5,097

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends paid (in dollars per share)	$ 55	$ 55	$ 55
Common stock dividends paid (in dollars per share)	$ 3.96	$ 3.82	$ 3.74

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Operations - We are a corporation incorporated under the laws of the state of Oklahoma. Our Natural Gas Gathering and Processing segment provides midstream services to producers in the Rocky Mountain region, the Mid-Continent region, the Permian Basin region and the the North Texas region. Raw natural gas is typically gathered at the wellhead, compressed and transported through pipelines to our processing facilities. Most raw natural gas produced at the wellhead also contains a mixture of NGL components, including ethane, propane, iso-butane, normal butane and natural gasoline. Gathered wellhead natural gas is directed to our processing plants to remove NGLs, resulting in residue natural gas (primarily methane). Residue natural gas is then recompressed and delivered to natural gas pipelines, storage facilities and end users. The NGLs separated from the raw natural gas are delivered through NGL pipelines to fractionation facilities for further processing. In our Natural Gas Liquids segment, NGLs are extracted at our own and third-party natural gas processing plants and are gathered by our NGL gathering pipelines. Gathered NGLs are directed to our downstream fractionators to be separated into Purity NGLs. Purity NGLs are stored or distributed to our customers, such as petrochemical companies, propane distributors, diluent users, ethanol producers, refineries and exporters. We provide midstream services to producers of NGLs in the Rocky Mountain region, Mid-Continent region, Permian Basin and Gulf Coast region (including Louisiana) and deliver those products to the market. Our primary markets include the Mid-Continent in Conway, Kansas, the Gulf Coast in Mont Belvieu, Texas, Louisiana and the upper Midwest. The majority of the pipeline-connected natural gas processing plants in the Williston Basin, Oklahoma, Kansas and the Texas Panhandle as well as a large number in the Permian Basin, Barnett Shale, East Texas and Louisiana regions are connected to our NGL gathering systems. In our Natural Gas Pipelines segment, we receive residue natural gas from third parties and our own natural gas processing plants and interconnecting pipelines. Residue natural gas is transported or stored for end users, such as large industrial customers, natural gas and electric utilities serving commercial and residential consumers and can ultimately reach international markets through liquified natural gas exports (Louisiana Gulf Coast) and cross border pipelines. Our assets are connected to key supply areas and demand centers, including export markets in Mexico via Roadrunner and supply areas in Canada and the United States via our interstate and intrastate natural gas pipelines and Northern Border, which enables us to provide essential natural gas transportation and storage services. Growing demand from data centers and continued demand from local distribution companies, electric-generation facilities and large industrial companies support low-cost expansions that position us well to provide additional services to our customers when needed. Our Refined Products and Crude segment is principally engaged in the transportation, storage and distribution of Refined Products and crude oil. As a result of the EnLink Acquisitions and the Medallion Acquisition, we are also engaged in the gathering of crude oil . Crude oil pipelines gather and transport crude oil to refineries, export facilities and demand centers. Throughout our distribution system, terminals play a key role in facilitating product movements and marketing by providing storage, distribution, blending and other ancillary services. Products transported on our Refined Products pipeline system include gasoline, distillates, aviation fuel and certain NGLs. Shipments originate on our Refined Products pipeline system from direct connections to refineries or through interconnections with other pipelines or terminals for transportation and ultimate distribution to retail fueling stations, convenience stores, travel centers, railroads, airports and other end users. Basis of Presentation - Our accompanying Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP. Consolidation - Our Consolidated Financial Statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. We account for investments where we control the investment using the consolidation method of accounting. Under this method, we consolidate all assets and liabilities of an investment on our Consolidated Balance Sheets and record noncontrolling interests for the portion of the investment we do not own. We include all of the investment’s results of operations on our Consolidated Statement of Income and record income attributable to noncontrolling interests for the portion of the investment that we do not own. Our noncontrolling interests for the year ended Dec. 31, 2024, are composed of approximately 57% of outstanding EnLink Units we did not own, Series B Preferred Units and the partially owned consolidated subsidiaries of EnLink. See Note I for disclosures of our noncontrolling interests. Investments in unconsolidated affiliates are accounted for using the equity method if we have the ability to exercise significant influence over operating and financial policies of our investee. Under this method, an investment is carried at its acquisition cost and adjusted each period for contributions made, distributions received and our share of the investee’s comprehensive income. The difference between the carrying value of an investment and our share of the investment’s underlying equity in net assets is referred to as a basis difference. Basis differences related to depreciable or amortizable assets are amortized through equity in net earnings from investments. The premium or excess cost over underlying fair value of net assets is referred to as equity-method goodwill. The portion of the basis difference that is attributable to our equity-method goodwill is not amortized. Impairment of equity investments is recorded when the impairments are other than temporary. These amounts are recorded as investments in unconsolidated affiliates on our accompanying Consolidated Balance Sheets. See Note O for disclosures of our unconsolidated affiliates. Distributions paid to us from our unconsolidated affiliates are classified as operating activities on our Consolidated Statements of Cash Flows until the cumulative distributions exceed our proportionate share of income from the unconsolidated affiliate since the date of our initial investment. The amount of cumulative distributions paid to us that exceeds our cumulative proportionate share of income in each period represents a return of investment and is classified as an investing activity on our Consolidated Statements of Cash Flows. Variable Interest Entities (VIE) - We evaluate all legal entities in which we hold an ownership interest to determine if the entity is a VIE. Variable interests are ownership interests in an entity that change with changes in the fair value of the VIE’s assets. When we conclude that we hold an interest in a VIE, we must determine if we are the entity’s primary beneficiary. A primary beneficiary is deemed to have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. We consolidate any VIE when we determine that we are the primary beneficiary. Significant judgment is exercised in determining that a legal entity is a VIE and in evaluating our interest in a VIE. We use primarily a qualitative analysis to determine if an entity is a VIE. We evaluate our interests in a VIE to determine whether we are the primary beneficiary. We continually monitor our interests in legal entities for changes in the design or activities of an entity and changes in our interests, including our status as the primary beneficiary to determine if the changes require us to revise our previous conclusions. See Note J for our VIE disclosures. Use of Estimates - The preparation of our Consolidated Financial Statements and related disclosures in accordance with GAAP requires us to make estimates and assumptions with respect to values or conditions that cannot be known with certainty that affect the reported amounts on our Consolidated Financial Statements. Items that may be estimated include, but are not limited to, the economic useful life of assets, fair value of assets, liabilities and equity-method investments, obligations under employee benefit plans, allowance for credit losses, expenses for services received but for which no invoice has been received, provision for income taxes, including any deferred tax valuation allowances, the results of litigation, environmental remediation and various other recorded or disclosed amounts. In addition, a portion of our revenues and cost of sales and fuel are recorded based on current month prices and estimated volumes. The estimates are reversed in the following month when we record actual volumes. We evaluate our estimates on an ongoing basis using historical experience, consultation with experts and other methods we consider reasonable based on the particular circumstances. Nevertheless, actual results may differ significantly from the estimates. Any effects on our financial position or results of operations from revisions to these estimates are recorded in the period when the facts that give rise to the revision become known. Fair Value Measurements - 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. Most of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are primarily settled through a NYMEX or Intercontinental Exchange 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 yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward SOFR 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, Refined Products 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 and over-the-counter derivatives to hedge natural gas, NGLs, Refined Products and crude oil price risk and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs. 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. See Note D for our fair value measurements disclosures. Cash and Cash Equivalents - Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Revenue Recognition - Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. Our payment terms vary by customer and contract type, including requiring payment before products or services are delivered to certain customers. However, the term between customer prepayments, completion of our performance obligations, invoicing and receipt of payment due is generally not significant. Performance Obligations and Revenue Sources - Revenue sources are disaggregated in Note S and are derived from commodity sales and services revenues, as described below: Commodity Sales (all segments) - We contract to deliver residue natural gas, unfractionated NGLs and/or Purity NGLs, Refined Products, condensate and crude oil to customers at a specified delivery point. Our sales agreements may be daily or longer-term contracts for a specified volume. We consider the sale and delivery of each unit of a commodity an individual performance obligation as the customer is expected to control, accept and benefit from each unit individually. We record revenue when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the contracted selling price, which is generally index-based and settled daily or monthly. Occasionally, we sell unfractionated NGLs to customers at an index-based price less third-party fractionation costs. These costs are included as a reduction to commodity sales revenue. Services Fee with POP contracts with producer take-in-kind rights ( Natural Gas Gathering and Processing segment ) - Under this type of contract, we do not control the stream of unprocessed natural gas that we receive at the wellhead due to the producer’s take-in-kind rights. We purchase a portion of the raw natural gas stream, charge fees for providing midstream services, which include gathering, treating, compressing and processing our customer’s natural gas. After performing these services, we return certain commodities to the producer, sell the remaining commodities and remit a portion of the commodity sales proceeds to the producer less our contractual fees. Our performance obligation begins with delivery of raw natural gas to our system. This service is treated as one performance obligation that is satisfied over time. We use the output method based on delivery of product to our system as the measure of progress, as our services are performed simultaneously. Transportation, exchange and terminal service contracts ( Natural Gas Liquids and Refined Products and Crude segments ) - Under this type of contract, we charge fees for providing midstream services, which may include a bundled combination of one or more of the following services: gathering, transporting, terminalling, fractionation or other ancillary services. Our performance obligation begins with delivery of product to our system. These services represent a series of distinct services that are treated as one performance obligation that is satisfied over time. We use the output method based on delivery of product to our system as the measure of progress, as our services are performed simultaneously. For transportation services under a tariff on our transportation pipelines, fees are recorded when the product reaches its destination. We have certain contracts that require counterparties to ship a minimum volume over an agreed-upon time period, which are contracted as minimum dollar or volume commitments. Revenue pursuant to these take-or-pay contracts is initially deferred and subsequently recognized when the customers utilize their committed volumes or when the likelihood of meeting the minimum volume commitment becomes remote. Storage contracts ( Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments ) - We reserve a stated storage capacity and inject/withdraw/store commodities for our customer. As these services represent a stand-ready obligation provided on a daily basis over the life of the agreement, the fixed capacity reservation fees are allocated and evenly recognized in revenue over the contract term. Capacity reservation fees that vary based on a stated or implied economic index and correspond with the costs to provide our services are recognized in revenue as invoiced to our customers. We use the output method based on the passage of time to measure satisfaction of the performance obligation associated with our daily stand-ready services. Other fees are recognized in revenue as those services are provided and are dependent on the volume moved, which is at our customer’s discretion. Firm service transportation contracts ( Natural Gas Pipelines segment ) - We reserve a stated transportation capacity and transport commodities for our customer. The capacity reservation and transportation services are considered a bundled service, as we integrate them into one stand-ready obligation provided on a daily basis over the life of the agreement and satisfied over time. Fixed capacity reservation fees are allocated and evenly recognized in revenue. Capacity reservation fees that vary based on a stated or implied economic index and correspond with the costs to provide our services are recognized in revenue based on a daily effective fee rate. If the capacity reservation fees vary solely as a contract feature, contract assets or liabilities are recorded for the difference between the amount recorded in revenue and the amount billed to the customer. Transportation fees are recognized in revenue as those services are provided and are dependent on the volume transported by our customer, which is at our customer’s discretion. We use the output method based on the passage of time to measure satisfaction of the performance obligation associated with our daily stand-ready services. Interruptible transportation contracts ( Natural Gas Pipelines segment ) - We agree to transport natural gas on our pipelines between the customer’s specified nominated-receipt and delivery points if capacity is available after satisfying firm transportation service obligations. The transaction price is based on the transportation fees times the volumes transported. We use the output method based on delivery of product to the customer to measure satisfaction of the performance obligation. The total consideration for delivered volumes is recorded in revenue at the time of delivery, when the customer obtains control. Many of the contract types described above contain additional fees or charges payable by customers for nonperformance (e.g., minimum volume commitments or product specifications), which are considered to be variable consideration. These fees and charges are not recorded until it is probable that a significant reversal of the associated revenue will not occur. Receivables from Customers - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Dec. 31, 2024, relate to customer receivables. Substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Dec. 31, 2023, related to customer receivables, excluding the insurance receivable related to the legal proceeding described in Note P. See Note R for our revenue disclosures. Contract Assets and Contract Liabilities - Contract assets and contract liabilities are recorded when the amount of revenue recognized from a contract with a customer differs from the amount billed to the customer and recorded in accounts receivable. Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation contracts with tiered rates, which are not material. Our contract liabilities primarily represent deferred revenue on Refined Products and crude transportation contracts and NGL storage contracts for which revenue is recognized over a one-year term, and deferred revenue on contributions in aid of construction received from customers for which revenue is recognized over the contract periods, which range from one year to 17 years, contract liabilities are not material. Cost of Sales and Fuel - Cost of sales and fuel primarily includes (i) the cost of purchased commodities, including natural gas, NGLs, Refined Products, condensate and crude oil, (ii) fees incurred for third-party transportation, fractionation and storage of commodities, (iii) fuel and power costs incurred to operate our own facilities that gather, process, transport and store commodities, (iv) product gains and losses and (v) an offset from the contractual fees deducted from the cost of purchased commodities under the contract types below: Fee with POP contracts with no producer take-in-kind rights (Natural Gas Gathering and Processing segment ) - We purchase raw natural gas and charge contractual fees for providing midstream services, which include gathering, treating, compressing and processing the producer’s natural gas. After performing these services, we sell the commodities and return a portion of the commodity sales proceeds to the producer less our contractual fees. Purchase with fee ( Natural Gas Liquids segment ) - Under this type of contract, we purchase raw, unfractionated NGLs at an index price and charge fees for providing midstream services, which may include a bundled combination of gathering, transporting and/or fractionation. Operations and Maintenance - Operations and maintenance primarily includes (i) payroll and benefit costs, (ii) third-party costs for operations, maintenance and integrity management, regulatory compliance and environmental and safety, and (iii) other business-related service costs. Accounts Receivable - Accounts receivable represent valid claims against nonaffiliated customers for products sold or services rendered. We present accounts receivable net of an allowance for credit losses to reflect the net amount expected to be collected. We assess the creditworthiness of our counterparties on an ongoing basis and require security, including prepayments and other forms of collateral, when appropriate. Outstanding customer receivables are reviewed regularly for possible nonpayment indicators, and allowances for credit losses are recorded based upon management’s estimate of collectability, current conditions and supportable forecasts at each balance sheet date. At Dec. 31, 2024, our allowance for credit losses was not material. Inventory - The values of current NGLs, natural gas, Refined Products and crude oil in storage are determined using the lower of weighted-average cost or net realizable value. Materials and supplies are valued at average cost. Commodity Imbalances - In our Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines segments, commodity imbalances represent amounts payable or receivable for NGL exchange contracts and natural gas pipeline imbalances and are valued at market prices. Under the majority of our NGL exchange agreements, we physically receive volumes of unfractionated NGLs, including the risk of loss and legal title to such volumes, from the exchange counterparty. In turn, we deliver Purity NGLs back to the customer and charge gathering, transportation and fractionation fees. To the extent that the volumes we receive under such agreements differ from those we deliver, we record a net exchange receivable or payable position with the counterparties. These net exchange receivables and payables are generally settled with movements of Purity NGLs rather than with cash. Natural gas pipeline imbalances are settled in cash or in-kind, subject to the terms of the pipelines’ tariffs or by agreement. In our Refined Products and Crude segment, commodity imbalances represent differences in product volumes in our pipeline systems and terminals, compared to the volumes of our customers’ inventories, as we do not take legal title to the majority of the products on our pipeline systems and terminals. To the extent the product volumes differ from the volumes of our customers’ book inventories, we record adjustments to our product inventories. When product shortages cause a net short inventory position in a product, a liability is recorded based on market prices. Refined Products and crude oil imbalances are generally settled in-kind through product purchases and sales. Derivatives and Risk Management - We utilize derivatives to reduce our market-risk exposure to commodity price and interest-rate fluctuations and to achieve more predictable cash flows. We record all derivative instruments at fair value, with the exception of normal purchases and normal sales transactions that are expected to result in physical delivery. Commodity price and interest-rate volatility may have a significant impact on the fair value of derivative instruments as of a given date. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The table below summarizes the various ways in which we account for our derivative instruments and the impact on our Consolidated Financial Statements: Recognition and Measurement Accounting Treatment Balance Sheet Income Statement Normal purchases and - Fair value not recorded - Change in fair value not recognized in earnings Mark-to-market - Recorded at fair value - Change in fair value recognized in earnings Cash flow hedge - The gain or loss on the - The gain or loss on the derivative instrument is reclassified out of accumulated other comprehensive income (loss) into earnings when the forecasted transaction affects earnings Fair value hedge - Recorded at fair value - The gain or loss on the derivative instrument is - Change in fair value of the hedged item is - Change in fair value of the hedged item is To reduce our exposure to fluctuations in natural gas, NGLs, Refined Products, condensate and crude oil prices, we periodically enter into futures, forward purchases and sales, options or swap transactions in order to hedge anticipated purchases and sales of natural gas, NGLs, Refined Products, condensate and crude oil. Treasury locks and interest-rate swaps are used from time to time to manage interest-rate risk. Under certain conditions, we designate our derivative instruments as a hedge of exposure to changes in fair values or cash flows. We formally document all relationships between hedging instruments and hedged items, as well as risk-management objectives and strategies for undertaking various hedge transactions, and methods for assessing and testing correlation and hedge effectiveness. We specifically identify the forecasted transaction that has been designated as the hedged item in a cash flow hedge relationship. We assess hedging relationships at the inception of the hedge, and periodically thereafter, to determine whether the hedging relationship is, and is expected to remain, highly effective. We also document our normal purchases and normal sales transactions that we expect to result in physical delivery and that we elect to exempt from derivative accounting treatment. The realized revenues and purchase costs of our derivative instruments not considered held for trading purposes and derivatives that qualify as normal purchases or normal sales that are expected to result in physical delivery are reported on a gross basis. Cash flows from futures, forwards, options and swaps that are accounted for as hedges are included in the same category as the cash flows from the related hedged items in our Consolidated Statements of Cash Flows. See Notes D and E for disclosures of our fair value measurements and risk-management and hedging activities, respectively. Property, Plant and Equipment - Our properties are stated at cost, including AFUDC and capitalized interest. In some cases, the cost of regulated property retired or sold, plus removal costs, less salvage, is charged to accumulated depreciation. Gains and losses from sales or transfers of nonregulated properties or an entire operating unit or system of our regulated properties are recognized in income. Maintenance and repairs are charged directly to expense. The interest portion of AFUDC and capitalized interest represent the cost of borrowed funds used to finance construction activities for regulated and nonregulated projects, respectively. We capitalize interest costs during the construction or upgrade of qualifying assets. These costs are recorded as a reduction to interest expense. The equity portion of AFUDC represents the capitalization of the estimated average cost of equity used during the construction of major projects and is recorded in the cost of our regulated properties and as a credit to the allowance for equity funds used during construction. Our properties are depreciated using the straight-line method over their estimated useful lives. Generally, we estimate the useful lives of individual assets or apply depreciation rates to functional groups of property having similar economic lives. We periodically conduct depreciation studies to assess the economic lives of our assets. For our regulated assets, these depreciation studies are completed as a part of our rate proceedings or tariff filings, and the changes in economic lives, if applicable, are implemented prospectively as of the approved effective date. For our nonregulated assets, if it is determined that the estimated economic life changes, the changes are made prospectively. Changes in the estimated economic lives of our property, plant and equipment could have a material effect on our financial position or results of operations. Property, plant and equipment on our Consolidated Balance Sheets includes construction work in process for capital projects that have not yet been placed in service and therefore are not being depreciated. Assets are transferred out of construction work in process when they are substantially complete and ready for their intended use. See Note F for our property, plant and equipment disclosures. Impairment of Goodwill and Long-Lived Assets, Including Intangible Assets and Equity Method Investments - We assess our goodwill for impairment at least annually as of July 1, unless events or changes in circumstances indicate an impairment may have occurred before that time. Our qualitative goodwill impairment analysis performed as of July 1, 2024, did not result in an impairment charge nor did our analysis reflect any reporting units at risk, and subsequent to that date, no event has occurred indicating that the implied fair value of our reporting units are less than the carrying value of their net assets. Goodwill - As part of our goodwill impairment test, we assess qualitative factors (including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance) to determine whether it was more likely than not that the fair value of our reporting units are less than their carrying amount. If further testing is necessary, or a quantitative test is elected, we perform a Step 1 analysis. In a Step 1 analysis, an assessment is made by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of a reporting unit exceeds its fair value, an impair

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES EnLink Controlling Interest Acquisition - On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition, acquiring GIP’s interest in EnLink consisting of approximately 43% of the outstanding EnLink Units for $14.90 in cash per unit and 100% of the outstanding limited liability company interests in the managing member of EnLink for $300 million, for total cash consideration of $3.3 billion. Through our 100% ownership of the managing member of EnLink, we obtained control of EnLink. We used a portion of the proceeds from our September 2024 underwritten public offering of $7.0 billion senior unsecured notes to fund this acquisition. For additional information on our long-term debt, see Note H. EnLink’s operations are principally composed of providing midstream services relating to natural gas, NGLs and crude oil. The assets of EnLink include approximately 14,000 miles of pipeline and rights of way, natural gas processing plants with approximately 3.9 Bcf/d of processing capacity, NGL fractionators with approximately 235 MBbl/d of operating capacity, barge and rail terminals, product storage facilities, including natural gas storage, purchasing and marketing capabilities and equity investments in certain joint ventures. EnLink’s operations are now reported across all four of our existing operating segments, allocated by the nature of the commodities and services provided. This acquisition meaningfully increases our scale and integrated value chain within the growing Permian Basin while expanding and extending our asset bases in the Mid-Continent, North Texas and Louisiana regions. We accounted for this acquisition using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management to make estimates, assumptions and judgments, and in some cases, management may also utilize third-party specialists to assist and advise on those estimates. The purchase price allocation presented below is substantially complete. However, management continues to refine the preliminary valuation of certain assets acquired and liabilities assumed, such as working capital liabilities and long-lived assets, and may adjust the allocation in subsequent periods. The final valuation will be completed as we obtain the information necessary to complete the analysis, but no later than one year from the acquisition date. The following tables set forth the acquisition consideration and preliminary purchase price allocation of assets acquired and liabilities assumed: At Oct. 15, 2024 (Millions of dollars and units, except per unit data) EnLink Units outstanding 43% of EnLink Units outstanding 200.3 Cash consideration per EnLink unit $14.90 Cash consideration for EnLink Units $ 2,985 100% of the outstanding liability company interests in the managing member of EnLink 300 Total cash consideration $ 3,285 At Oct. 15, 2024 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 446 Accounts receivables, net 548 Inventories 87 Other current assets 38 Property, plant and equipment 11,396 Investments in unconsolidated affiliates 342 Intangible assets 1,051 Other assets 131 Total assets acquired 14,039 Liabilities assumed: Current maturities of long-term debt 756 Accounts payable 465 Other current liabilities (a) 525 Long-term debt, excluding current maturities 4,577 Deferred income taxes 1,988 Other deferred credits and liabilities 84 Total liabilities assumed 8,395 Noncontrolling interests 5,076 Total identifiable net assets 568 Goodwill 2,717 Total purchase price $ 3,285 (a) - Includes obligation to repay Series C Preferred Units. See Note I. Property, plant and equipment: Property, plant and equipment consists primarily of pipeline and rights of way, pipeline-related equipment and processing plant and fractionators and will be depreciated on a straight-line basis over the estimated useful lives of the assets. Intangible assets: The preliminary value of net identifiable intangible assets relates to customer relationships that will be amortized over the period of expected benefit. Long-term debt, excluding current maturities: We utilized publicly traded prices to estimate the fair value. The debt comprises senior unsecured obligations with varying maturities and interest rates as outlined in Note H. Recognizing the debt at its acquisition date fair value resulted in a discount from the notional value. The discount was immaterial and will be amortized into interest expense over the remaining life of the debt. Deferred income taxes: The EnLink Controlling Interest Acquisition resulted in a difference between the carrying value of the underlying assets acquired and the carryover tax basis of assets, which resulted in a deferred tax liability recorded as part of the purchase price allocation. Goodwill: We established deferred income tax liabilities resulting from carryover tax basis, which increased goodwill. The remainder of the goodwill balance primarily represents commercial synergies. Goodwill will not be deductible for tax purposes. For additional information on goodwill, see Note G. Noncontrolling interest: Represents the approximately 57% of EnLink Units not acquired in the EnLink Controlling Interest Acquisition, valued at the acquisition date closing price of EnLink, the Series B Preferred Units and partially owned consolidated subsidiaries. Results of operations: The results of operations attributable to the EnLink Controlling Interest Acquisition have been included in our Consolidated Financial Statements since the date of acquisition through Dec. 31, 2024. Revenue and income before income taxes attributable to the net assets acquired for the period Oct. 15, 2024, through Dec. 31, 2024, were $1.5 billion and $173 million, respectively. Subsequent event - On Jan. 31, 2025, we completed the EnLink Acquisition. Pursuant to the EnLink Merger Agreement, we acquired all of the EnLink outstanding publicly held common units in a fixed ratio exchange of 0.1412 shares of ONEOK Common stock, including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior to closing. We issued 41 million shares of common stock, with a fair value of $4.0 billion. EnLink is now a wholly owned subsidiary. As we controlled EnLink prior to the EnLink Acquisition, the change in our ownership interest was accounted for as an equity transaction. Medallion Acquisition - On Oct. 31, 2024, we completed the Medallion Acquisition with GIP, acquiring all of the equity interests in Medallion for total cash consideration of $2.6 billion, inclusive of the purchase of additional interests in a Medallion joint venture owned by a separate third party. We used a portion of the proceeds from our September 2024 underwritten public offering of $7.0 billion senior unsecured notes to fund this acquisition. For additional information on our long-term debt, see Note H. This acquisition expands our midstream services for crude oil and condensate in West Texas, specifically the Midland Basin. The assets of Medallion include crude oil gathering and transportation pipelines and crude oil storage facilities. Medallion’s assets and operations are reported in our Refined Products and Crude segment. We accounted for this acquisition using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed will be recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management to make estimates, assumptions and judgments, and in some cases management may also utilize third-party specialists to assist and advise on those estimates. The purchase price allocation presented below is substantially complete. However, management continues to refine the preliminary valuation of certain assets acquired and liabilities assumed, such as working capital liabilities and long-lived assets, and may adjust the allocation in subsequent periods. The final valuation will be completed as we obtain the information necessary to complete the analysis, but no later than one year from the acquisition date. The following table sets forth the preliminary purchase price allocation of assets acquired and liabilities assumed: At Oct. 31, 2024 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 36 Accounts receivables, net 114 Inventories 21 Other current assets 2 Property, plant and equipment 1,600 Intangible assets 730 Other assets 3 Total assets acquired 2,506 Liabilities assumed: Accounts payable 103 Other current liabilities 5 Other deferred credits and liabilities 40 Total liabilities assumed 148 Total identifiable net assets 2,358 Goodwill 259 Total purchase price $ 2,617 Property, plant and equipment: Property, plant and equipment consists primarily of pipeline and pump station equipment and will be depreciated on a straight-line basis over the estimated useful lives of the assets. Intangible assets: The preliminary value of net identifiable intangible assets relates to customer relationships that will be amortized over the period of expected benefit. Goodwill: Goodwill represents commercial synergies, and is expected to be fully deductible for tax purposes. For additional information on goodwill, see Note G. Results of operations: The results of operations attributable to the Medallion Acquisition have been included in our Consolidated Financial Statements since the date of acquisition through Dec. 31, 2024. Revenue and income before income taxes attributable to the net assets acquired for the period Nov. 1, 2024, through Dec. 31, 2024, were $256 million and $43 million, respectively. Gulf Coast NGL Pipelines Acquisition - On June 17, 2024, we completed the acquisition of a system of NGL pipelines from Easton Energy, a Houston-based midstream company, for approximately $280 million. This acquisition in our Natural Gas Liquids segment includes approximately 450 miles of liquids products pipelines located in the strategic Gulf Coast market centers for NGLs, Refined Products and crude oil. A portion of the Easton assets are already connected to our Mont Belvieu assets. We expect to add connections to our Houston-based assets beginning in mid-2025 through the end of 2025. Interstate Natural Gas Pipeline Divestiture - On Dec. 31, 2024, we sold three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. for total cash consideration of $1.2 billion and recognized a gain of $227 million in other operating income, net, within the Consolidated Statement of Income. This transaction aligns and enhances our capital allocation priorities within our integrated value chain. These pipeline systems have previously been reported in our Natural Gas Pipelines segment. Magellan Acquisition - On Sept. 25, 2023, we completed the Magellan Acquisition. This acquisition strategically diversifies our complementary asset base and allows for significant expected synergies as a combined entity. Each common unit of Magellan was exchanged for a fixed ratio of 0.667 shares of ONEOK common stock and $25.00 of cash, for a total consideration of $14.1 billion. A total of approximately 135 million shares of common stock were issued, with a fair value of approximately $9.0 billion as of the closing date of the Magellan Acquisition. We funded the cash portion of this acquisition with an underwritten public offering of $5.25 billion senior unsecured notes. For additional information on our long-term debt, please see Note H. The Magellan Acquisition was accounted for using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Determining the fair value of acquired assets and liabilities assumed requires management’s judgment and the use of independent valuation specialists. The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed: Sept. 25, 2023 (Millions of dollars and shares/units, except per share/unit data) Magellan public common units outstanding 202.1 Cash consideration per Magellan unit $25.00 Cash consideration $ 5,052 Magellan public common units outstanding 202.1 ONEOK exchange ratio per Magellan unit 0.667 Shares of ONEOK common stock issued 134.8 ONEOK common stock closing price on Sept. 25, 2023 $66.54 Fair value of common stock issued $ 8,969 Fair value of Magellan replacement equity awards 93 Equity consideration $ 9,062 Total consideration $ 14,114 Sept. 25, 2023 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 37 Accounts receivables, net 333 Inventories 352 Other current assets 140 Property, plant and equipment 11,644 Investments in unconsolidated affiliates 922 Intangible assets 1,124 Other assets 121 Total assets acquired 14,673 Liabilities assumed: Accounts payable 213 Other current liabilities (a) 721 Long-term debt, excluding current maturities 4,013 Other deferred credits and liabilities 201 Total liabilities assumed 5,148 Total identifiable net assets 9,525 Goodwill 4,589 Total purchase price $ 14,114 (a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note P. In 2024, we recorded adjustments to the preliminary purchase price allocation that resulted in an increase to goodwill of $165 million due to additional information received during the measurement period. The adjustment is due primarily to a decrease in property, plant and equipment of approximately $100 million, and an increase to certain contingencies that existed as of the acquisition date. Property, plant and equipment: Property, plant and equipment consists primarily of pipeline, pipeline-related equipment, storage tanks and processing equipment and will be depreciated on a straight-line basis over the estimated useful lives of the assets. Intangible assets: The preliminary value of net identifiable intangible assets relates to customer relationships that will be amortized over the period of expected benefit. Long-term debt, excluding current maturities: We assumed the outstanding debt of Magellan and utilized publicly traded prices to estimate the fair value. The debt comprises senior unsecured obligations with varying maturities and interest rates as outlined in Note H. Recognizing the debt at its acquisition date fair value resulted in a discount from the notional value. The discount will be amortized into interest expense over the remaining life of the debt. Goodwill: Goodwill primarily represents expected tax benefits from future depreciation and amortization of acquired assets and commercial synergies, and is expected to be fully deductible for tax purposes. For additional information on goodwill, see Note G. Transaction Costs - The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated: Years Ended Dec. 31, 2024 (a) 2023 (b) (Millions of dollars) Transaction costs $ 73 $ 158 Interest expense 23 21 Total $ 96 $ 179 (a) - Primarily non-recurring costs related to advisory fees and bridge commitment fees associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition. (b) - Primarily non-recurring costs related to advisory fees, severance and settlement of share based awards for certain Magellan employees and integrations costs, as well as bridge facility commitment fees associated with the Magellan Acquisition. Pro Forma Financial Information (unaudited) The following table sets forth the unaudited supplemental pro forma financial information for the years ended Dec. 31, 2024, 2023 and 2022, as if we had completed the Magellan Acquisition on Jan. 1, 2022, and the EnLink Controlling Interest Acquisition and the Medallion Acquisition on Jan. 1, 2023: Year Ended Dec. 31, 2024 Pro Forma Pro Forma Medallion Acquisition Pro Forma Combined As reported (Millions of dollars) Revenues $ 21,698 $ 4,891 $ 1,078 $ 27,667 Net income $ 3,112 $ 288 $ 81 $ 3,481 Year Ended Dec. 31, 2023 Pro Forma EnLink Controlling Interest Acquisition Pro Forma Medallion Acquisition Pro Forma Magellan Acquisition Pro Forma Combined As reported (Millions of dollars) Revenues $ 17,677 $ 6,671 $ 947 $ 2,322 $ 27,617 Net income $ 2,659 $ 383 $ (16) $ 232 $ 3,258 The summarized unaudited pro forma information reflects the following adjustments: • Reflects depreciation and amortization based on the preliminary fair values of property, plant and equipment, and intangible assets; • Reflects non-recurring transaction costs incurred presented above that were reclassified and included in pro forma net income as if they had been incurred as of the earliest period presented for each respective acquisition; • Reflects interest expense related to the underwritten public offerings of senior unsecured notes used to fund the cash consideration and other costs related to the acquisitions; • Reflects the amortization of excess fair value of Magellan and EnLink share-based awards; • Reflects the income tax effect of the pro forma adjustments; • Reflects the elimination of historical activity between ONEOK, EnLink and Medallion.

MEDFORD INCIDENT

MEDFORD INCIDENT	12 Months Ended
	Dec. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
MEDFORD INCIDENT	MEDFORD INCIDENT In 2022, a fire occurred at our 210 MBbl/d Medford, Oklahoma, NGL fractionation facility. In the first quarter of 2023, we reached an agreement with our insurers to settle all claims for physical damage and business interruption related to the Medford incident. Under the terms of the settlement agreement, we agreed to resolve the claims for total insurance payments of $930 million, $100 million of which was received in 2022. The remaining $830 million was received in the first quarter of 2023. The proceeds serve as settlement for property damage, business interruption claims to the date of the settlement and as payment in lieu of future business interruption insurance claims. We applied the $830 million received to our outstanding insurance receivable at Dec. 31, 2022, of $51 million, and recorded an operational gain for the remaining $779 million in other operating income, net, within the Consolidated Statement of Income. We classified proceeds received within the Consolidated Statement of Cash Flows based on our assessment of the nature of the loss (property and business interruption) included in the settlement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated: Dec. 31, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars ) Derivative assets Commodity contracts $ 41 $ 34 $ — $ 75 $ (72) $ 3 Total derivative assets $ 41 $ 34 $ — $ 75 $ (72) $ 3 Derivative liabilities Commodity contracts $ (40) $ (46) $ — $ (86) $ 81 $ (5) Total derivative liabilities $ (40) $ (46) $ — $ (86) $ 81 $ (5) (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 Dec. 31, 2024, we held no cash and posted cash of $45 million with a counterparty, including $10 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $35 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheet. Dec. 31, 2023 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 109 $ 68 $ — $ 177 $ (125) $ 52 Total derivative assets $ 109 $ 68 $ — $ 177 $ (125) $ 52 Derivative liabilities Commodity contracts $ (40) $ (44) $ — $ (84) $ 84 $ — Total derivative liabilities $ (40) $ (44) $ — $ (84) $ 84 $ — (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 Dec. 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master-netting arrangements as shown in the table above. 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 mutual funds, municipal bonds and other fixed income securities classified as Level 1 and Level 2. The estimated fair value of our consolidated long-term debt, including current maturities, was $30.8 billion and $21.4 billion at Dec. 31, 2024 and 2023, respectively. The book value of our consolidated long-term debt, including current maturities, was $32.1 billion and $21.7 billion at Dec. 31, 2024 and 2023, 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	12 Months Ended
	Dec. 31, 2024
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 the prices of natural gas, NGLs, Refined Products and crude oil, 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, NGLs, Refined Products, condensate and crude oil purchases and sales; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. Additionally, we may use physical-forward purchases and financial derivatives to reduce commodity price risk associated with power and natural gas used to operate our facilities. 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, Refined Products and crude oil. We may use the following commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of our forecasted purchases and 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, NGLs, Refined Products, condensate and crude oil 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. 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 Purity NGLs 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 business. 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 compression 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 Dec. 31, 2024 and 2023, there were no financial derivative instruments with respect to our natural gas pipeline operations. In our Refined Products and Crude segment, we are primarily exposed to commodity price risk from our liquids blending and marketing activities, as well as product retained during the operations of our pipelines and terminals. 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 NGLs, Refined Products and crude oil. Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt, Treasury locks and interest-rate swaps. Treasury locks are agreements to pay the difference between the benchmark Treasury rate and the rate that is designated in the terms of the agreement. In the third quarter of 2024, we entered into $1.5 billion of Treasury locks to hedge the variability of interest payments on a portion of our forecasted debt issuances. In the same quarter, we settled all of our $1.5 billion Treasury locks related to our underwritten public offering of $7.0 billion senior unsecured notes associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition. All of our Treasury locks were designated as cash flow hedges. At Dec. 31, 2024, and Dec. 31, 2023, we h ad no outsta nding Treasury lock agreements. Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts. EnLink previously entered into $400 million interest rate swaps associated with the EnLink Revolving Credit Facility and the EnLink AR Facility. In December 2024, EnLink terminated the $400 million interest rate swaps upon repayment of outstanding amounts under the EnLink Revolving Credit Facility and the termination of the EnLink AR Facility. At Dec. 31, 2024, and Dec. 31, 2023, we h ad no outsta nding interest-rate swap agreements. Fair Values of Derivative Instruments - See Note A 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 as of the dates indicated: Dec. 31, 2024 Dec. 31, 2023 Location in our Consolidated Balance Sheets Assets (Liabilities) Assets (Liabilities) (Millions of dollars ) Derivatives designated as hedging instruments Commodity contracts (a)(b) Other current assets $ 39 $ (47) $ 163 $ (78) Total derivatives designated as hedging instruments 39 (47) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a)(b) Other current assets/liabilities 36 (33) 14 (6) Other deferred credits — (6) — — Total derivatives not designated as hedging instruments 36 (39) 14 (6) Total derivatives $ 75 $ (86) $ 177 $ (84) (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 Dec. 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $10 million. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: Dec. 31, Dec. 31, Contract Net Purchased/Payor (Sold/Receiver) Derivatives designated as hedging instruments: Cash flow hedges Fixed price -Natural gas ( Bcf ) Futures and swaps (12.2) (16.0) -NGLs, Refined Products and crude oil (MMBbl) Futures and swaps (12.2) (14.5) -Power (Gigawatt hour) Futures and swaps — 22.1 Basis -Natural gas ( Bcf ) Futures and swaps (11.2) (16.0) Derivatives not designated as hedging instruments: Fixed price -Natural gas ( Bcf ) Futures and swaps (8.0) (0.7) -NGLs, Refined Products and crude oil (MMBbl) Futures and swaps (2.7) 0.1 Basis -Natural gas ( Bcf ) Futures and swaps (3.7) (0.7) -NGLs, Refined Products, and crude oil (MMBbl) Futures and swaps (0.2) (0.1) Swing swaps -Natural gas ( Bcf ) Futures and swaps (0.2) — Cash Flow Hedges - At Dec. 31, 2024 and 2023, the accumulated other comprehensive income (loss) relating to risk-management assets and liabilities, net of taxes, was $(38) million and $31 million, respectively. Corresponding unrealized gains (losses) related to risk-management assets and liabilities at Dec. 31, 2024, are not material. The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Commodity contracts $ (50) $ 147 $ (85) Interest-rate contracts (19) 54 206 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (69) $ 201 $ 121 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 Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Commodity contracts Commodity sales revenues $ 60 $ 201 $ (484) Cost of sales and fuel (19) (93) 257 Interest-rate contracts Interest expense (20) (21) (34) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ 21 $ 87 $ (261) 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 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 primarily settled through a NYMEX or Intercontinental Exchange 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. 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 Dec. 31, 2024, the credit exposure from our derivative assets is with investment-grade companies in the financial services sector.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The following table sets forth our property, plant and equipment by property type, as of the dates indicated: Estimated Useful Dec. 31, Dec. 31, (Millions of dollars ) Gathering pipelines and related equipment 5 to 40 $ 11,643 $ 5,077 Processing and fractionation and related equipment 3 to 40 12,406 8,591 Storage and related equipment 5 to 54 3,684 3,330 Transmission pipelines and related equipment 5 to 87 21,315 18,551 General plant and other 2 to 60 1,316 1,002 Land — 592 375 Construction work in process — 1,318 1,528 Property, plant and equipment 52,274 38,454 Accumulated depreciation and amortization (6,339) (5,757) Net property, plant and equipment $ 45,935 $ 32,697 The depreciation expense for the years ended Dec. 31, 2024 and 2023, was $1.1 billion and $736 million, respectively. We incurred costs for construction work in process that had not been paid at Dec. 31, 2024, 2023 and 2022, of $179 million, $242 million and $171 million, respectively. Such amounts are not included in capital expenditures (less AFUDC) on the Consolidated Statements of Cash Flows. EnLink Controlling Interest Acquisition - In October 2024, we completed the EnLink Controlling Interest Acquisition and acquired property, plant and equipment, which primarily include pipeline and rights of way, pipeline-related equipment, processing plant and fractionators valued at $11.4 billion. Medallion Acquisition - In October 2024, we completed the Medallion Acquisition and acquired property, plant and equipment, which primarily include pipeline and pump station equipment, valued at $1.6 billion. Interstate Natural Gas Pipeline Divestiture - In December 2024, we completed the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. These assets, which are primarily transmission pipelines and related equipment, had a gross cost basis of $1.3 billion. Magellan Acquisition

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill - The following table sets forth our goodwill, by segment, for the period indicated: Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Gross goodwill $ 153 $ 371 $ 157 $ 4,424 $ 5,105 Accumulated impairment losses (153) — — — (153) Dec. 31, 2023 — 371 157 4,424 4,952 Magellan Acquisition measurement period adjustments (a) — — — 165 165 EnLink Controlling Interest Acquisition (b) 486 1,461 229 541 2,717 Medallion Acquisition (c) — — — 259 259 Gulf Coast NGL pipeline acquisition — 31 — — 31 Interstate natural gas pipeline divestiture — — (33) — (33) Dec. 31, 2024 $ 486 $ 1,863 $ 353 $ 5,389 $ 8,091 (a) - During the remaining measurement period subsequent to Dec. 31, 2023, we recorded adjustments to the Magellan preliminary purchase price allocation that resulted in an increase to goodwill of $165 million. (b) - We established deferred income tax liabilities resulting from the carryover tax basis, which increased goodwill. The remainder of the goodwill primarily represents commercial synergies. Goodwill will not be deductible for tax purposes. The allocation of goodwill is preliminary and may be updated as we continue to evaluate the benefits of expected commercial synergies to our segments. (c) - Goodwill represents commercial synergies. The allocation of goodwill is preliminary and may be updated as we continue to evaluate the benefits of expected commercial synergies to our segments. Intangible Assets - Our intangible assets relate primarily to acquired customer relationships from our recent acquisitions and are being amortized on a straight-line basis over a weighted average life of 27 years. Amortization expense for intangible assets was $62 million in 2024, $33 million in 2023 and $10 million in 2022. The amortization expense for each of the next five years is estimated to be $130 million. The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented: Dec. 31, 2024 2023 (Millions of dollars ) Gross intangible assets (a) $ 3,290 $ 1,505 Accumulated amortization (251) (189) Intangible assets, net $ 3,039 $ 1,316 (a) - Increases to gross intangible assets primarily represent customer relationships associated with the EnLink Controlling Interest Acquisition and the Medallion Acquisition.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The following table sets forth ONEOK and ONEOK Partners debt as of the dates indicated: Dec. 31, 2024 Dec. 31, 2023 (Millions of dollars) Commercial paper outstanding (a) $ — $ — Senior unsecured obligations: $500 at 2.75% due September 2024 — 484 $500 at 4.9% due March 2025 — 500 $250 at 3.2% due March 2025 250 250 $400 at 2.2% due September 2025 387 387 $600 at 5.85% due January 2026 600 600 $650 at 5.0% due March 2026 650 650 $750 at 5.55% due November 2026 750 750 $500 at 4.0% due July 2027 500 500 $1,250 at 4.25% due September 2027 1,250 — $800 at 4.55% due July 2028 800 800 $100 at 6.875% due September 2028 100 100 $750 at 5.65% due November 2028 750 750 $700 at 4.35% due March 2029 700 700 $750 at 3.4% due September 2029 714 714 $600 at 4.4% due October 2029 600 — $850 at 3.1% due March 2030 780 780 $500 at 3.25% due June 2030 500 500 $500 at 5.8% due November 2030 500 500 $600 at 6.35% due January 2031 600 600 $1,250 at 4.75% due October 2031 1,250 — $750 at 6.1% due November 2032 750 750 $1,500 at 6.05% due September 2033 1,500 1,500 $1,600 at 5.05% due November 2034 1,600 — $400 at 6.0% due June 2035 400 400 $600 at 6.65% due October 2036 600 600 $250 at 6.4% due May 2037 250 250 $600 at 6.85% due October 2037 600 600 $650 at 6.125% due February 2041 650 650 $250 at 4.2% due December 2042 250 250 $400 at 6.2% due September 2043 400 400 $550 at 5.15% due October 2043 550 550 $250 at 4.2% due March 2045 250 250 $500 at 4.25% due September 2046 500 500 $700 at 4.95% due July 2047 564 564 $500 at 4.2% due October 2047 500 500 $1,000 at 5.2% due July 2048 919 919 $500 at 4.85% due February 2049 500 500 $750 at 4.45% due September 2049 576 576 $500 at 4.5% due March 2050 443 443 $800 at 3.95% due March 2050 797 797 $300 at 7.15% due January 2051 300 300 $1,750 at 6.625% due September 2053 1,750 1,750 $1,500 at 5.7% due November 2054 1,500 — $800 at 5.85% due November 2064 800 — Guardian $120 term loan, rate of 6.58% as of Dec. 31, 2023 (b) — 120 Viking $60 term loan, rate of 6.71% as of Dec. 31, 2023 (b) — 60 Total ONEOK and ONEOK Partners debt 28,630 22,794 Unamortized debt discounts (992) (1,015) Unamortized debt issuance costs and terminated swaps (166) (112) Current maturities of long-term debt (637) (484) Long-term ONEOK and ONEOK Partners debt $ 26,835 $ 21,183 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. (b) - In December 2024, we repaid the Guardian $120 million and the Viking $60 million term loan agreements, plus accrued and unpaid interest, with cash on hand, as part of the interstate natural gas pipeline divestiture. The following table sets forth EnLink and EnLink Partners’ debt, which was acquired in the EnLink Controlling Interest Acquisition on Oct. 15, 2024: Dec. 31, 2024 (Millions of dollars) Senior unsecured obligations: (a) $750 at 4.15% due June 2025 $ 422 $500 at 4.85% due July 2026 491 $500 at 5.625% due January 2028 500 $500 at 5.375% due June 2029 499 $1,000 at 6.5% due September 2030 1,000 $500 at 5.65% due September 2034 500 $350 at 5.6% due April 2044 340 $450 at 5.05% due April 2045 413 $500 at 5.45% due June 2047 448 Total EnLink debt 4,613 Unamortized debt discounts, net (8) Current maturities of long-term debt (422) Long-term EnLink debt $ 4,183 (a) - Amounts are presented at face value with discount to fair value included in unamortized debt discounts, net. Debt Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership and Magellan (Obligated Group) have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. At Dec. 31, 2024, EnLink was a subsidiary of ONEOK, did not guarantee ONEOK or ONEOK Partners’ indebtedness and was excluded from the Obligated Group. EnLink and EnLink Partners’ outstanding debt securities presented in the table above were not guaranteed by the Obligated Group as of Dec. 31, 2024. Subsequent event - At the completion of the EnLink Acquisition on Jan. 31, 2025, ONEOK assumed the outstanding debt of EnLink and EnLink Partners (the Assumed Debt) such that EnLink and EnLink Partners were each released from all debt obligations and provided a guarantee for our and ONEOK Partners’ indebtedness to the holders of each series of outstanding securities, including for the Assumed Debt. EnLink and EnLink Partners are now included in the Obligated Group. $2.5 Billion Credit Agreement - 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, 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 addition, adjusted EBITDA as defined in our $2.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of the acquired business. In May 2024, we entered into an amendment to our $2.5 Billion Credit Agreement that extended the maturity date by one year, from June 2027 to June 2028. All other terms and conditions of our $2.5 Billion Credit Agreement remain unchanged. In June 2024, we completed the acquisition of a system of NGL pipelines, 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. In October 2024, we completed the EnLink Controlling Interest Acquisition and Medallion Acquisition, which effectively extended our acquisition adjustment period until the quarter ending June 30, 2025, after which it will decrease to 5.0 to 1. 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 an additional one-year maturity extension, 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. As of Dec. 31, 2024, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.0 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Subsequent event - In February 2025, we amended and restated our $2.5 Billion Credit Agreement to increase the size to $3.5 billion, extend the term to February 2030 and make other non-material modifications. All other terms and conditions are substantially the same. EnLink Revolving Credit Facility - In October 2024, we completed the EnLink Controlling Interest Acquisition and as a result, we acquired the EnLink Revolving Credit Facility. The EnLink Revolving Credit Facility, which matures in June 2027, is a $1.4 billion unsecured revolving credit facility which includes a $500 million letter of credit subfacility. Borrowings under the EnLink Revolving Credit Facility bear interest at Term SOFR plus a Term SOFR spread adjustment of 0.10% per annum and an applicable margin (ranging from 1.125% to 2.00%) or the Base Rate (the highest of the federal funds rate plus 0.50%, one-month Adjusted Term SOFR plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.125% to 1.00%). The EnLink Revolving Credit Facility contains certain financial, operational and legal covenants. As of Dec. 31, 2024, we had no borrowings outstanding and we were in compliance with the financial covenants of the EnLink Revolving Credit Facility. Subsequent event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, the EnLink Revolving Credit Facility was terminated. EnLink AR Facility - In October 2024, we completed the EnLink Controlling Interest Acquisition and as a result, we acquired the $500 million EnLink AR Facility. In December 2024, EnLink terminated the AR Facility, and we entered into an agreement to provide revolving unsecured loans to EnLink through a promissory note at an interest rate of 4.85% at Dec. 31, 2024. This is a floating rate agreement, which bears interest at ONEOK’s current short-term borrowing rate plus 0.25%. At Dec. 31, 2024, we held a promissory note receivable of $510 million, which was eliminated in consolidation. Interest earned from this agreement was not material. Subsequent Event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, we effectively terminated the agreement to provide revolving unsecured loans to EnLink. Senior Unsecured Obligations - All notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness, and are structurally subordinate to any of the existing and future debt and other liabilities of any nonguarantor subsidiaries. Debt Issuances - We completed the following underwritten public offerings for the periods presented: 2024 (a) 2023 (b) 2022 (c) Coupon Interest Coupon Interest Coupon Interest (Millions of dollars) (Millions of dollars) (Millions of dollars) 3 year note $ 1,250 4.25% $ 750 5.55% 5 year note 600 4.4% 750 5.65% 7 year note 1,250 4.75% 500 5.80% 10 year note 1,600 5.05% 1,500 6.05% $ 750 6.1% 30 year note 1,500 5.7% 1,750 6.625% 40 year note 800 5.85% $ 7,000 $ 5,250 $ 750 (a) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $6.9 billion. The net proceeds from this offering were used to fund the EnLink Controlling Interest Acquisition and the Medallion Acquisition, purchase additional interests in a Medallion joint venture owned by a separate third party, to pay fees and expenses related to the acquisitions and to repay outstanding indebtedness. (b) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $5.2 billion. The net proceeds were used to fund the cash consideration and other costs related to the Magellan Acquisition. (c) - The proceeds were used primarily to repay all outstanding amounts under our commercial paper program. The remainder was used for general corporate purposes. Debt Repayments - In December 2024, we redeemed our $500 million, 4.9% senior notes due March 2025 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In December 2024, we repaid $120 million of borrowings under the Guardian Term Loan Agreement and $60 million of borrowings under the Viking Term Loan Agreement, plus accrued and unpaid interest, with cash on hand, as part of the interstate natural gas pipeline divestiture. Subsequent to the EnLink Controlling Interest Acquisition, we repaid $465 million of borrowings under the EnLink Revolving Credit Facility with cash on hand. Subsequent to the EnLink Controlling Interest Acquisition, we repaid $374 million of borrowings under the EnLink AR Facility with cash on hand and terminated the EnLink AR Facility. In September 2024, we repaid the remaining $484 million of our $500 million, 2.75% senior notes at maturity with cash on hand. In 2023, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $322 million for an aggregate repurchase price of $280 million, including accrued and unpaid interest, with cash on hand. In connection with these open market repurchases, we recognized $41 million of net gains on extinguishment of debt, which is included in other income (expense), net in our Consolidated Statement of Income for the year ended Dec. 31, 2023. In 2023, we redeemed our $500 million, 7.5% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In 2023, we redeemed our $425 million, 5.0% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. In 2022, we redeemed the remaining $896 million of our 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. The aggregate maturities of long-term debt outstanding and interest payments on total debt outstanding as of Dec. 31, 2024, for the years 2025 through 2029 are shown below: Senior Interest Total (Millions of dollars) 2025 $ 1,059 $ 1,708 $ 2,767 2026 $ 2,491 $ 1,615 $ 4,106 2027 $ 1,750 $ 1,537 $ 3,287 2028 $ 2,150 $ 1,435 $ 3,585 2029 $ 2,513 $ 1,320 $ 3,833 Compliance with Debt Covenants - As of Dec. 31, 2024, we were in compliance with the covenants contained in our various debt agreements. Other - We amortize premiums, discounts and expenses incurred in connection with the issuance of long-term debt consistent with the terms of the respective debt instrument.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Noncontrolling Interests - In October 2024, we completed the EnLink Controlling Interest Acquisition, acquiring GIP’s interest in EnLink consisting of approximately 43% of the outstanding EnLink Units. In connection with the EnLink Controlling Interest Acquisition, we recorded noncontrolling interest with a fair value of $5.1 billion representing the approximately 57% of outstanding EnLink Units we did not own, the Series B Preferred Units and partially owned consolidated subsidiaries of EnLink. Included within noncontrolling interest are Series B Preferred Units, which were issued under EnLink Partners’ partnership agreement and represent noncontrolling ownership interests in EnLink Partners. EnLink Partners is a controlled subsidiary of EnLink in which EnLink owns all of the outstanding common units. Series B Preferred Units are exchangeable for EnLink Units in an amount equal to the number of outstanding Series B Preferred Units multiplied by an exchange ratio of 1.15, subject to certain adjustments. The exchange is subject to our option to pay cash instead of issuing additional EnLink common units. As of Dec. 31, 2024, $515 million of noncontrolling interest on our Consolidated Balance Sheet relate to Series B Preferred Units, and there were 27.4 million units outstanding. There were no Series B Preferred Units converted or redeemed during the ownership period of Oct. 15, 2024 through Dec. 31, 2024. Distributions made on Series B Preferred Units were not material. EnLink owns a 50.1% interest in the Delaware Basin JV, which owns processing facilities located in the Delaware Basin in Texas. Noncontrolling interest includes the other owner’s minority interest in the Delaware Basin JV. As of Dec. 31, 2024, $684 million of noncontrolling interest on our Consolidated Balance Sheet relates to the Delaware Basin JV. The other partially owned consolidated subsidiary of EnLink is not material. Subsequent event - On Jan. 31, 2025, we completed the EnLink Acquisition. Pursuant to the EnLink Merger Agreement, each common unit of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK Common stock, including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior to closing. We issued 41 million shares of common stock, with a fair value of $4.0 billion. There are no remaining Series B Preferred Units outstanding. Series A and B Convertible Preferred Stock - There are no shares of Series A or Series B Preferred Stock currently issued or outstanding. EnLink Series C Preferred Units - Series C Preferred Units represented noncontrolling ownership interests in EnLink Partners. In September 2024, EnLink gave notice to redeem all of its outstanding Series C Preferred Units, and reclassified the obligation to a liability on their Consolidated Balance Sheet. On Oct. 17, 2024, EnLink redeemed all outstanding Series C Preferred Units at $1,000 per Series C Preferred Unit, plus $8.28 per Series C Preferred Unit of unpaid distributions, for $365 million with proceeds received from borrowings under the EnLink Revolving Credit Facility. As of Dec. 31. 2024, there are no remaining Series C Preferred Units outstanding. Equity Issuances - In September 2023, we completed the Magellan Acquisition. Pursuant to the Merger Agreement, each common unit of Magellan was exchanged for a fixed ratio of 0.667 shares of ONEOK common stock and $25.00 of cash. We issued approximately 135 million shares of common stock, with a fair value of approximately $9.0 billion as of the closing date of the Magellan Acquisition. We have an “at-the-market” equity program for the offer and sale from time to time of our common stock up to an aggregate offering price of $1.0 billion. The program allows us to offer and sell common stock at prices we deem appropriate through a sales agent, in forward sales transactions through a forward seller or directly to one or more of the program’s managers acting as principals. Sales of our common stock may be made by means of ordinary brokers’ transactions on the NYSE, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. As of Dec. 31, 2024, no shares have been sold through our “at-the-market” program. Share Repurchase Program - In January 2024, our Board of Directors authorized a share repurchase program to buy up to $2.0 billion of our outstanding common stock. We expect shares to be acquired from time to time in open-market transactions or through privately negotiated transactions at our discretion, subject to market conditions and other factors. The program will terminate upon completion of the repurchase of $2.0 billion of common stock or on Jan. 1, 2029, whichever occurs first. As of Dec. 31, 2024, we repurchased $172 million of our outstanding common stock under the program, which were funded by cash on hand and short-term borrowings. 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 totaled $2.3 billion, $1.8 billion and $1.7 billion for 2024, 2023 and 2022, respectively. The following table sets forth the quarterly dividends per share paid on our common stock in the periods indicated: Years Ended Dec. 31, 2024 2023 2022 First Quarter $ 0.99 $ 0.955 $ 0.935 Second Quarter 0.99 0.955 0.935 Third Quarter 0.99 0.955 0.935 Fourth Quarter 0.99 0.955 0.935 Total $ 3.96 $ 3.82 $ 3.74 Additionally, a common stock dividend of $1.03 per share ($4.12 per share on an annualized basis) was declared for shareholders of record at the close of business on Feb. 3, 2025, payable Feb. 14, 2025.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities (VIE)s - As of Dec. 31, 2024, we consolidate the following VIEs: EnLink - We control EnLink through our ownership of its managing member. EnLink is a VIE because the holders of the membership interest do not have substantive kick-out rights or participating rights over the managing member. We are the primary beneficiary of EnLink because we have the power through our 100% ownership of the managing member, to control decisions that most significantly impact EnLink. We consolidate EnLink and record a noncontrolling interest for the interest that we do not own. We also record a noncontrolling interest related to EnLink’s Series B Preferred Units. Subsequent Event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, EnLink is no longer considered a VIE. Delaware Basin JV - EnLink owns a 50.1% interest in the Delaware Basin JV, which owns processing facilities located in the Delaware Basin in Texas. The Delaware Basin JV is a VIE because the other owner does not have substantive kick-out rights or participating rights over the managing member. As the managing member, we are the primary beneficiary because we control the decisions that most significantly impact the Delaware Basin JV. After June 30, 2025, our joint venture partner has the right to cause the Delaware Basin JV to commence a sale process to sell all of the outstanding interests or assets of the Delaware Basin JV for the best available price. If our joint venture partner exercises this right, we are permitted to purchase their interest at a certain call price. Ascension Pipeline Company, LLC (Ascension) - EnLink owns a 50% interest in Ascension, which owns an NGL transmission pipeline that connects EnLink’s Riverside fractionator to the other owner’s refinery. Ascension is a VIE because the other owner does not have the ability to remove us as the managing member. They also do not have the ability to participate or block our decisions as the managing member, which makes us the primary beneficiary because we control the decisions that most significantly impact Ascension. The following table presents the balance sheet information for the assets and liabilities of our consolidated VIEs, which are included in our Consolidated Balance Sheet: Dec. 31, 2024 (Millions of dollars) Assets: Cash and cash equivalents $ 46 Accounts receivable, net 735 Inventories 54 Other current assets 39 Property, plant and equipment, net 11,397 Investments in unconsolidated affiliates 317 Goodwill 2,717 Intangible assets, net 1,047 Other assets 134 Liabilities: Current maturities of long-term debt $ 422 Accounts payable 639 Commodity imbalances 10 Accrued taxes 5 Accrued interest 73 Other current liabilities 85 Long-term debt, excluding current maturities 4,693 Deferred income taxes 2,041 Other deferred credits 97

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Year Ended Dec. 31, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 3,034 584.6 $ 5.19 Diluted EPS Effect of dilutive securities — 1.9 Net income attributable to ONEOK available for common stock and common stock equivalents $ 3,034 586.5 $ 5.17 Year Ended Dec. 31, 2023 Income Shares Per Share (Millions, except per share amounts ) Basic EPS Net income available for common stock $ 2,658 484.3 $ 5.49 Diluted EPS Effect of dilutive securities — 1.1 Net income available for common stock and common stock equivalents $ 2,658 485.4 $ 5.48 Year Ended Dec. 31, 2022 Income Shares Per Share (Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,721 447.5 $ 3.85 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,721 448.4 $ 3.84

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED PAYMENTS	SHARE-BASED PAYMENTS Our Equity Incentive Plan (EIP) provides for the granting of stock-based compensation, including restricted stock unit awards and performance unit awards, to eligible employees and the granting of stock awards to non-employee directors. We have reserved 8.5 million shares of common stock for issuance under the EIP and at Dec. 31, 2024, we had 3.2 million shares available for issuance under the plan. This calculation of available shares reflects shares issued and estimated shares expected to be issued upon vesting of outstanding awards granted under the EIP, excluding estimated forfeitures expected to be returned to the plan. EnLink Controlling Interest Acquisition - As discussed in Note B, we completed the EnLink Controlling Interest Acquisition on Oct. 15, 2024. EnLink has previously issued restricted incentive units and performance units that vest at the end of a designated period, typically three years. The fair value of these awards attributable to pre-combination service was allocated to consideration transferred and was included as part of the purchase price. The portion attributable to post-combination service is being recognized as compensation expense on a straight-line basis over the remaining vesting period of the awards. Compensation expense for the unit-based awards of EnLink for the ownership period is not material. In addition, unrecognized compensation expense related to the outstanding EnLink restricted incentive units and performance units is not material. Magellan Acquisition - As discussed in Note B, we completed the Magellan Acquisition on Sept. 25, 2023. Prior to the acquisition, Magellan had previously issued unit-based awards consisting of time-vested phantom units and performance phantom units, that vested at the end of a designated period, typically three years. Pursuant to the terms of the Merger Agreement, each outstanding unit-based award was converted into a restricted stock unit and measured at their acquisition date fair value as if they were vested and issued on the acquisition date. The fair value attributable to pre-combination service was allocated to consideration transferred and was included as part of the purchase price. The portion attributable to post- combination service is being recognized as compensation expense on a straight-line basis over the remaining vesting period of the awards. Converted restricted stock unit awards accrue dividend equivalents that are paid out in cash at vesting. Restricted Stock Units - We have granted restricted stock units to key employees that vest at the end of a designated period, typically three years, and entitle the grantee to receive shares of our common stock. Restricted stock unit awards are measured at fair value as if they were vested and issued on the grant date and adjusted for estimated forfeitures. Restricted stock unit awards accrue dividend equivalents in the form of additional restricted stock units prior to vesting. Compensation expense is recognized on a straight-line basis over the vesting period of the award. Performance Unit Awards - We have granted performance unit awards to key employees that vest at the end of a three Stock Compensation for Non-Employee Directors - The EIP provides for the granting of nonstatutory stock options and stock bonus awards to non-employee directors, including performance unit awards and restricted stock unit awards. Under the EIP, awards may be granted by the Executive Compensation Committee at any time, until grants have been made for all shares authorized under the EIP. The maximum number of shares of common stock and cash-based awards that can be issued to a participant under the EIP during any year is limited to $0.8 million in value as of the grant date. No performance unit awards or restricted stock unit awards have been made to non-employee directors, and there are no options outstanding. General - For all awards outstanding, we used a 3% forfeiture rate based on historical forfeitures under our share-based payment plans. We currently use treasury stock to satisfy our share-based payment obligations. Compensation expense, exclusive of those recognized within transaction costs, for our share-based payment plans was $102 million, $63 million and $53 million during 2024, 2023 and 2022, respectively, before related tax benefits of $36 million, $14 million and $13 million, respectively. Restricted Stock Unit Activity - As of Dec. 31, 2024, we had $43 million of total unrecognized compensation cost related to our nonvested restricted stock unit awards, which is expected to be recognized over a weighted-average period of 1.7 years. The following tables set forth activity and various statistics for our restricted stock unit awards: Number of Weighted Nonvested Dec. 31, 2023 (a) 1,724,565 $ 62.08 Granted 512,427 $ 75.42 Released to participants (b) (808,544) $ 58.60 Forfeited (b) (68,326) $ 71.14 Nonvested Dec. 31, 2024 (c) 1,360,122 $ 68.71 (a) - Includes 847,120 unvested restricted stock unit awards granted in conjunction with the Magellan Acquisition. (b) - Includes 509,077 restricted stock unit awards released to participants and forfeited in conjunction with the Magellan Acquisition. (c) - Includes 338,043 restricted stock that remain unvested related to the Magellan Acquisition. 2024 2023 2022 Weighted-average grant date fair value (per share) $ 75.42 $ 66.50 $ 60.96 Fair value of units granted (millions of dollars) $ 39 $ 111 $ 20 Grant date fair value of units vested (millions of dollars) $ 47 $ 48 $ 14 Performance Unit Activity - As of Dec. 31, 2024, we had $38 million of tot al unrecognized compensation cost related to the nonvested performance unit awards, which is expected to be recognized over a weighted-average period of 1.8 years. The following tables set forth activity and various statistics related to the performance unit awards and the assumptions used in the valuations at the respective grant dates: Number of Weighted Nonvested Dec. 31, 2023 1,094,940 $ 75.22 Granted 452,360 $ 85.69 Released to participants (418,357) $ 62.32 Forfeited (29,244) $ 82.10 Nonvested Dec. 31, 2024 1,099,699 $ 84.25 2024 2023 2022 Volatility (a) 29.00% 63.30% 61.10% Dividend yield 5.40% 5.75% 6.15% Risk-free interest rate 4.46% 4.43% 1.78% (a) - Volatility was based on historical volatility over three years using daily stock price observations. 2024 2023 2022 Weighted-average grant date fair value (per share) $ 85.69 $ 87.46 $ 79.05 Fair value of units granted (millions of dollars) $ 39 $ 32 $ 32 Grant date fair value of units vested (millions of dollars) $ 26 $ 21 $ 20 Employee Stock Purchase Plan - We have reserved a total of 12 million shares of common stock for issuance under our Employee Stock Purchase Plan (the ESPP). Subject to certain exclusions, all employees are eligible to participate in the ESPP. Employees can choose to have up to 10% of their base pay withheld from each paycheck during the offering period to purchase our common stock, subject to terms and limitations of the plan. The purchase price of the stock is 85% of the lower of its grant date or exercise date market price. Approximately 59%, 69% and 68% of employees participated in the plan in 2024, 2023 and 2022, respectively. Under the plan, we sold 275,874 shares at a weighted average of $64.38 per share in 2024, 236,108 shares at a weighted average of $52.70 per share in 2023 and 235,583 shares at a weighted average of $47.21 per share in 2022. Employee Stock Award Program - Under our Employee Stock Award Program, we issued, for no monetary consideration, to all eligible employees one share of our common stock when the per-share closing price of our common stock on the NYSE is at or above each one-dollar increment above its previous high closing price. We originally reserved a total of 900,000 shares of common stock for issuance under this program. Shares issued to employees under this program during 2024 totaled 127,825 and we have fully awarded all shares allocated to the program. We expect to request additional shares be issued and allocated to the program during the 2025 Annual Meeting of Shareholders. Employees have received awards through the $103 milestone. No shares were issued to employees under this program in 2023 or 2022. Deferred Compensation Plan for Non-Employee Directors - Our Deferred Compensation Plan for Non-Employee Directors provides our non-employee directors the option to defer all or a portion of their compensation for their service on our Board of Directors. Under the plan, directors may elect either a cash deferral option or a phantom stock option. Under the cash deferral option, directors may elect to defer the receipt of all or a portion of their annual retainer fees, which will be credited with interest during the deferral period. Under the phantom stock option, directors may defer all or a portion of their annual retainer fees and receive such fees on a deferred basis in the form of shares of common stock under our EIP, which earn the equivalent of dividends declared on our common stock. Shares are distributed to non-employee directors at the fair market value of our common stock at the date of distribution.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plan [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Retirement and Other Postretirement Benefit Plans ONEOK Legacy Retirement Plan - We have a legacy defined benefit pension plan covering certain employees and former employees, which closed to new participants in 2005. In addition, we have a supplemental executive retirement plan for the benefit of certain officers who participate in our defined benefit pension plan. Our supplemental executive retirement plan is closed to new participants. We fund our defined benefit pension plan at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended. Magellan Legacy Retirement Plans - As a result of the Magellan Acquisition, we assumed the pension plan assets and obligations of Magellan in 2023. These obligations are composed of two defined benefit pension plans, including one for non-union employees and one for union employees. The pension plan for non-union employees closed to new participants upon the closing of the acquisition. The pension plan for union employees closed to new participants in January 2024. We fund these defined benefit pension plans at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended. Other Postretirement Benefit Plans - We sponsor legacy health and welfare plans that provide postretirement medical and life insurance benefits to employees hired prior to 2017 who retire with at least five years of full-time consecutive service. The postretirement medical plan for pre-Medicare participants is contributory, with retiree contributions adjusted periodically, and contains other cost-sharing features such as deductibles and coinsurance. The postretirement medical plan for Medicare-eligible participants is an account-based plan under which participants may elect to purchase private insurance policies under a private exchange and/or seek reimbursement of other eligible medical expenses. In 2023, we also assumed the postretirement benefit obligations of Magellan which covers certain employees of Magellan. Obligations and Funded Status - The following table sets forth our retirement and other postretirement benefit plans benefit obligations and fair value of plan assets for the periods indicated: Retirement Benefits Other Postretirement Benefits Dec. 31, Dec. 31, 2024 2023 2024 2023 Change in benefit obligation (Millions of dollars ) Benefit obligation, beginning of period $ 702 $ 423 $ 51 $ 38 Service cost 21 7 — — Interest cost 37 27 2 2 Plan participants’ contributions — — 1 1 Actuarial (gain) loss (35) 38 (5) 3 Benefits paid (36) (33) (3) (4) Magellan Acquisition — 240 — 11 Benefit obligation, end of period (a) 689 702 46 51 Change in plan assets Fair value of plan assets, beginning of period 554 322 16 17 Actual return on plan assets 12 60 1 2 Employer contributions 5 — — — Plan participants’ contributions — — 1 1 Benefits paid (36) (33) (3) (4) Magellan Acquisition — 205 — — Fair value of plan assets, end of period (b) 535 554 15 16 Balance at Dec. 31 $ (154) $ (148) $ (31) $ (35) Current liabilities $ (5) $ (5) $ — $ — Noncurrent liabilities (149) (143) (31) (35) Balance at Dec. 31 $ (154) $ (148) $ (31) $ (35) (a) - The benefit obligation for Retirement Benefits at Dec. 31, 2024 and 2023, include the supplemental executive retirement plan obligation. (b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $92 million and $89 million at Dec. 31, 2024 and 2023, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan. The accumulated benefit obligation for our retirement plans was $628 million and $637 million at Dec. 31, 2024 and 2023, respectively. The components of net periodic benefit cost and related assumptions, and amounts recognized in other comprehensive income related to our retirement and other postretirement benefit plans are not material. The balance in accumulated other comprehensive loss at Dec. 31, 2024 and 2023, was $58 million and $64 million, respectively. This balance is expected to be amortized over the average remaining service period of employees participating in these plans. Actuarial Assumptions - The following table sets forth the weighted-average assumptions used to determine benefit obligations for retirement and other postretirement benefits for the periods indicated: Retirement Benefits Other Postretirement Benefits Dec. 31, Dec. 31, 2024 2023 2024 2023 Discount rate 5.80% 5.40% 5.80% 5.50% Compensation increase rate 3.65% 3.65% NA NA Interest credit rating (a) 4.78% 4.03% NA NA (a) - This actuarial assumption is only applicable to the pension plans assumed with the Magellan Acquisition. We determine our discount rates annually utilizing portfolios of high-quality bonds matched to the estimated benefit cash flows of our retirement and other postretirement benefit plans. Bonds selected to be included in the portfolios are only those rated by S&P or Moody’s as an AA or Aa2 rating or better and exclude callable bonds, bonds with less than a minimum issue size, yield outliers and other filtering criteria to remove unsuitable bonds. Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals. The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. The investment allocation for our ONEOK legacy defined benefit pension plan follows a glide path approach of liability-driven investing that shifts a higher portfolio weighting to fixed income as the plan’s funded status increases. A majority of the legacy Magellan pension assets are allocated to fixed income securities and invested to match the duration of the plans’ short, intermediate and long-term liabilities, with the remaining amount allocated to equity securities. Our pension plans utilize a diversified mix of investments that may include domestic and international equities, short, intermediate and long term corporate and government obligations, real estate and hedge funds. The combined target allocation for the assets of our pension plans as of Dec. 31, 2024, is as follows: Domestic and international equities 32 % Long duration fixed income 55 % Return-seeking credit 5 % Hedge funds 5 % Real estate funds 3 % Total 100 % As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. The fair value of the plan assets for our other postretirement benefit plans as of Dec. 31, 2024, are not material. The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension plans: Pension Benefits Dec. 31, 2024 Asset Category Level 1 Level 2 Level 3 Subtotal Measured at NAV (d) Total ( Millions of dollars ) Investments: Equity securities $ 64 $ — $ — $ 64 $ — $ 64 Cash and money market funds 7 — — 7 — 7 Government obligations 36 — — 36 — 36 Corporate obligations 101 — — 101 — 101 Common/collective trusts Equity securities (a) — — — — 107 107 Real estate funds — — — — 18 18 Government obligations — — — — 50 50 Corporate obligations (b) — — — — 118 118 Short-term investments — — — — 5 5 Other investments (c) — — — — 29 29 Fair value of plan assets $ 208 $ — $ — $ 208 $ 327 $ 535 (a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share. Pension Benefits Dec. 31, 2023 Asset Category Level 1 Level 2 Level 3 Subtotal Measured at NAV (d) Total ( Millions of dollars ) Investments: Equity securities $ 65 $ — $ — $ 65 $ — $ 65 Cash and money market funds 9 — — 9 — 9 Government obligations 45 — — 45 — 45 Corporate obligations 100 — — 100 — 100 Common/collective trusts Equity securities (a) — — — — 109 109 Real estate funds — — — — 17 17 Government obligations — — — — 60 60 Corporate obligations (b) — — — — 114 114 Short-term investments — — — — 6 6 Other investments (c) — — — — 29 29 Fair value of plan assets $ 219 $ — $ — $ 219 $ 335 $ 554 (a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share. Contributions - During 2024, we contributed $5 million to our legacy ONEOK defined benefit pension and made no contributions to our legacy Magellan defined benefit pension plans and other post retirement benefit plans. We contributed $9 million to our legacy ONEOK defined benefit pension, $17 million to our legacy Magellan non-union plan and $3 million to our legacy Magellan union plan in February 2025. We do not expect to make any contributions to our other postretirement benefit plans in 2025. Pension and Other Postretirement Benefit Payments - Benefit payments for our defined benefit pensions and other postretirement benefit plans for the period ending Dec. 31, 2024, were $36 million and $3 million, respectively. The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2025 through 2034: Pension Other Postretirement Benefits to be paid in: ( Millions of dollars ) 2025 $ 44 $ 5 2026 $ 45 $ 4 2027 $ 47 $ 4 2028 $ 48 $ 4 2029 $ 51 $ 4 2030 through 2034 $ 272 $ 17 The expected benefits to be paid are based on the same assumptions used to measure our benefit obligation at Dec. 31, 2024, and include estimated future employee service. Other Employee Benefit Plans 401(k) Plan - We have a 401(k) Plan covering all employees, and employee contributions are discretionary. We match 100% of employee 401(k) Plan contributions up to 6% of each participant’s eligible compensation each payroll period, subject to certain limits. We also make profit-sharing contributions under our 401(k) Plan for employees who do not participate in our defined benefit pension plans. We generally make a quarterly profit-sharing contribution equal to 1% of each profit-sharing participant’s eligible compensation during the quarter and an annual discretionary profit-sharing contribution equal to a percentage of each profit-sharing participant’s eligible compensation. Effective Jan. 1, 2025, the profit-sharing quarterly contributions will increase to 6% from 1% of quarterly eligible compensation. We will continue to make annual discretionary contributions of up to 2% of eligible compensation. Our contributions made to the plan, including profit-sharing contributions, were $66 million, $44 million and $35 million in 2024, 2023 and 2022, respectively. Medallion terminated the legacy Medallion 401(k) Plan effective Oct. 30, 2024, prior to the closing of the Medallion Acquisition on Oct. 31, 2024. Legacy Medallion employees may roll their Medallion 401(k) Plan account balance to the ONEOK 401(k) Plan or an individual retirement account or take a distribution. In September 2023, the legacy Magellan 401(k) Plan was terminated as a result of the Magellan Acquisition, and legacy Magellan employees were given the option to roll their 401(k) balances into the existing ONEOK 401(k) Plan or to their individual retirement accounts. The Magellan 401(k) plan was liquidated and closed in September 2024. Subsequent event - EnLink terminated the EnLink 401(k) Plan effective Jan. 30, 2025, prior to the closing of the EnLink Acquisition. Legacy EnLink employees may roll their EnLink 401(k) Plan account balance to the ONEOK 401(k) Plan, an individual retirement account or take a distribution. Nonqualified Deferred Compensation Plan - The 2020 Nonqualified Deferred Compensation Plan and its predecessor nonqualified deferred compensation plans (collectively, the NQDC Plan) provide a select group of management and highly compensated employees, as approved by our chief executive officer, with the option to defer portions of their compensation and receive notional employer contributions that generally are not available due to limitations on employer and employee contributions to qualified defined contribution plans under federal tax laws. Our investments which are included in other assets on the Consolidated Balance Sheets related to the NQDC Plan are not material. These investments are maintained in a rabbi trust. Our contributions to the plan were not material.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table sets forth our provision for income taxes for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Current tax expense (benefit) Federal $ 89 $ (3) $ 52 State 20 12 12 Total current tax expense 109 9 64 Deferred tax expense Federal 792 739 423 State 97 90 41 Total deferred tax expense 889 829 464 Total provision for income taxes $ 998 $ 838 $ 528 The following table is a reconciliation of our income tax provision for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Income before income taxes $ 4,110 $ 3,497 $ 2,250 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Provision for federal income taxes 863 734 472 State income taxes, net of federal benefit 93 100 54 Change in valuation allowance 12 2 (1) Deferred tax rate change 20 — — Excess tax benefits from share-based compensation (13) 1 (1) Other, net 23 1 4 Income tax provision $ 998 $ 838 $ 528 The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of the dates indicated: Dec. 31, Dec. 31, Deferred tax assets ( Millions of dollars ) Employee benefits and other accrued liabilities $ 99 $ 88 Federal net operating loss 2,818 2,534 State net operating loss and benefits 515 492 Derivative instruments 15 — Interest expense limitation 407 210 Other 39 20 Total deferred tax assets 3,893 3,344 Valuation allowance for state net operating loss and tax credits Carryforward expected to expire prior to utilization (252) (240) Net deferred tax assets 3,641 3,104 Deferred tax liabilities Excess of tax over book depreciation 58 104 Derivative instruments — 7 Investment in partnerships (a) 9,034 5,587 Total deferred tax liabilities 9,092 5,698 Net deferred tax liabilities $ 5,451 $ 2,594 (a) Due primarily to excess of tax over book depreciation. On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition resulting in a difference between the carrying value of the underlying assets acquired and the carryover tax basis in the assets, which resulted in a deferred tax liability of $2.0 billion recorded as part of the purchase price allocation. Subsequent event - On Jan. 31, 2025, we completed the EnLink Acquisition by acquiring all of the remaining and outstanding publicly held EnLink Units. EnLink is now a wholly owned subsidiary and included in our consolidated income tax returns. As of Dec. 31, 2024, we have federal net operating loss carryforwards of $13.4 billion, the majority of which have an indefinite carryforward period. We expect to generate taxable income and utilize these net operating loss carryforwards in future periods. We also have loss and credit carryovers in multiple states, $11.0 billion of which, have an indefinite carryforward period and $2.3 billion of which will expire between 2026 and 2044. We have deferred tax assets related to federal and state net operating loss and credit carryforwards of $3.3 billion and $3.0 billion in 2024 and 2023, respectively. We believe that it is more likely than not that the tax benefits of certain state carryforwards will not be utilized; therefore, we recorded a valuation allowance, which was increased by $12 million and $165 million in 2024 and 2023, respectively, a nd reduced by $1 million in 2022 through net income.

UNCONSOLIDATED AFFILIATES

UNCONSOLIDATED AFFILIATES	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
UNCONSOLIDATED AFFILIATES	UNCONSOLIDATED AFFILIATES EnLink Controlling Interest Acquisition - As a result of the EnLink Controlling Interest Acquisition, our investments in unconsolidated affiliates includes EnLink’s three unconsolidated affiliates. These investments include EnLink’s 15% ownership interest in Matterhorn, which is a bidirectional pipeline that transports natural gas from the Waha Hub to Katy, Texas. The other unconsolidated affiliates acquired are not material. Investments in Unconsolidated Affiliates - The following table sets forth our investments in unconsolidated affiliates as of the dates indicated: Net Dec. 31, Dec. 31, ( Millions of dollars ) Overland Pass 50% $ 400 $ 402 Saddlehorn (a) 40% 373 288 Northern Border 50% 333 338 BridgeTex 30% 250 193 Matterhorn (b) 15% 248 — MVP 25% 235 241 Roadrunner 50% 183 188 Other Various 294 224 Investments in unconsolidated affiliates (c) $ 2,316 $ 1,874 (a) - In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest. (b) - As of Dec. 31, 2024, the 15% interest represents EnLink’s ownership interest in Matterhorn. (c) - Includes basis differences of $368 million and $148 million at Dec. 31, 2024 and 2023, respectively, related to property, plant and equipment and equity-method goodwill (Note A). Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) BridgeTex (a) $ 127 $ (1) $ — Northern Border 95 75 71 Overland Pass 86 56 33 Saddlehorn (a) 50 10 — Roadrunner 40 43 37 MVP (a) 14 4 — Matterhorn (b) 8 — — Other 19 15 7 Equity in net earnings from investments $ 439 $ 202 $ 148 (a) - For the year ended Dec. 31, 2023, includes equity in net earnings from the period Sept. 25, 2023 through Dec. 31, 2023. (b) - For the year ended Dec. 31, 2024, includes equity in net earnings from the period Oct. 15, 2024 through Dec. 31, 2024. We incurred expenses in transactions with unconsolidated affiliates of $254 million, $132 million and $83 million for 2024, 2023 and 2022, respectively, primarily related to Overland Pass and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our equity-method investees were not material. We have agreements with our unconsolidated affiliates which provide that distributions to members are made, primarily, on a pro rata basis according to each member’s ownership interest. We are the operator of Roadrunner, BridgeTex, MVP and Saddlehorn. In each case, we have operating agreements that provide for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments included in operating income in our Consolidated Statements of Income for all periods presented were not material.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments - The following table sets forth our transportation, volume and storage commitments for the periods indicated: Commitments ( Millions of dollars ) 2025 $ 144 2026 160 2027 144 2028 140 2029 135 Thereafter 708 Total $ 1,431 Regulatory, Environmental and Safety Matters - The operation of pipelines, terminals, plants and other facilities for the gathering, processing, fractionation, transportation and storage of 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, terminals, 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 - Corpus Christi Terminal Personal Injury Proceeding - Ismael Garcia, Andrew Ramirez, and Jesus Juarez Quintero, et al. brought personal injury cases against Magellan and co-defendants Triton Industrial Services, LLC, Tidal Tank, Inc. and Cleveland Integrity Services, Inc. in Nueces County Court in Texas. The claims were originally brought in three different actions but were consolidated into a single case on Mar. 2, 2021. Claims were asserted by or on behalf of seven individuals, and certain beneficiaries, who were employed by a contractor of Magellan and were injured, one fatally, as a result of a fire that occurred on Dec. 5, 2020, while they were cleaning a tank at our Corpus Christi terminal. In 2024, we reached settlement with all remaining claimants, and all settlement payments were made, and were fully offset by insurance proceeds received. We are a party to various other 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.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES Lessee activity - The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated: Leases Location in our Consolidated Balance Sheets Dec. 31, 2024 Dec. 31, 2023 ( Millions of dollars ) Operating leases assets Other assets $ 220 $ 104 Operating leases liabilities Current Other current liabilities $ 62 $ 23 Noncurrent Other deferred credits 154 74 Total operating lease liabilities $ 216 $ 97 The weighted average remaining lease term for our operating leases was 9.1 years and 6.3 years at Dec. 31, 2024 and 2023, respectively. The weighted average discount rate for our operating leases was 5.51% and 5.78% at Dec. 31, 2024 and 2023, respectively. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of Dec. 31, 2024: Operating Leases ( Millions of dollars ) 2025 $ 72 2026 52 2027 30 2028 25 2029 21 2030 and beyond 75 Total lease payments 275 Less: Interest 59 Present value of lease liabilities $ 216
LEASES	LEASES Lessee activity - The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated: Leases Location in our Consolidated Balance Sheets Dec. 31, 2024 Dec. 31, 2023 ( Millions of dollars ) Operating leases assets Other assets $ 220 $ 104 Operating leases liabilities Current Other current liabilities $ 62 $ 23 Noncurrent Other deferred credits 154 74 Total operating lease liabilities $ 216 $ 97 The weighted average remaining lease term for our operating leases was 9.1 years and 6.3 years at Dec. 31, 2024 and 2023, respectively. The weighted average discount rate for our operating leases was 5.51% and 5.78% at Dec. 31, 2024 and 2023, respectively. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of Dec. 31, 2024: Operating Leases ( Millions of dollars ) 2025 $ 72 2026 52 2027 30 2028 25 2029 21 2030 and beyond 75 Total lease payments 275 Less: Interest 59 Present value of lease liabilities $ 216

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES 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 Dec. 31, 2024, 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 to16 years: Expected Period of Recognition in Revenue ( Millions of dollars ) 2025 $ 1,230 2026 1,058 2027 993 2028 917 2029 and beyond 3,314 Total estimated transaction price allocated to unsatisfied performance obligations $ 7,512 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. Information on the nature of the variable consideration excluded and the nature of the performance obligations to which the variable consideration relates can be found in the description of the major contract types discussed in Note A. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the value is not known and minimum volume agreements, which we consider to be fully constrained until invoiced.

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Segment Descriptions - Our operations are divided into four reportable business segments, as follows: • our Natural Gas Gathering and Processing segment gathers, treats, processes and markets natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs; • our Natural Gas Pipelines segment transports, stores and markets natural gas; and • our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil. On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition. EnLink’s results of operations are reported across all four of our existing operating segments from the period of Oct. 15, 2024, to Dec. 31, 2024. On Oct. 31, 2024, we completed the Medallion Acquisition. Medallion’s results of operations are reported in our Refined Products and Crude segment from the period of Nov. 1, 2024, to Dec. 31, 2024. Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. For the years ended Dec. 31, 2024, and Dec. 31, 2022, we had no single customer from which we received 10% or more of our consolidated revenues. For the year ended Dec. 31, 2023, revenues from one customer impacting all our segments represented approximately 11% of our consolidated revenues. The significant expense categories and amounts included in the table below align with the segment-level information that is regularly provided to the chief operating decision maker. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Year Ended Dec. 31, 2024 Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 3,033 $ 14,446 $ — $ 2,258 $ 19,737 Residue natural gas sales 1,203 — 137 — 1,340 Exchange services and natural gas gathering and processing revenue 260 500 — — 760 Transportation and storage revenue 70 207 684 2,082 3,043 Other revenue 23 14 1 120 158 Total revenues (a) 4,589 15,167 822 4,460 25,038 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,600) (11,994) (112) (1,949) (16,655) Operating costs (603) (762) (233) (888) (2,486) Adjusted EBITDA from unconsolidated affiliates 3 95 187 247 532 Noncash compensation expense 20 34 8 31 93 Other (b) 75 3 228 (9) 297 Segment adjusted EBITDA $ 1,484 $ 2,543 $ 900 $ 1,892 $ 6,819 Depreciation and amortization $ (325) $ (361) $ (88) $ (354) $ (1,128) Equity in net earnings from investments $ — $ 85 $ 143 $ 211 $ 439 Investments in unconsolidated affiliates $ 33 $ 484 $ 764 $ 1,031 $ 2,312 Total assets $ 15,856 $ 19,797 $ 5,041 $ 23,181 $ 63,875 Capital expenditures $ 492 $ 987 $ 258 $ 216 $ 1,953 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a gain of $227 million for the Natural Gas Pipelines segment related to the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. Year Ended Dec. 31, 2024 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 19,737 $ (3,287) $ 16,450 Residue natural gas sales 1,340 (10) 1,330 Exchange services and natural gas gathering and processing revenue 760 — 760 Transportation and storage revenue 3,043 (23) 3,020 Other revenue 158 (20) 138 Total revenues (a) $ 25,038 $ (3,340) $ 21,698 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (16,655) $ 3,344 $ (13,311) Operating costs $ (2,486) $ (10) $ (2,496) Depreciation and amortization $ (1,128) $ (6) $ (1,134) Equity in net earnings from investments $ 439 $ — $ 439 Investments in unconsolidated affiliates $ 2,312 $ 4 $ 2,316 Total assets $ 63,875 $ 194 $ 64,069 Capital expenditures $ 1,953 $ 68 $ 2,021 (a) - Substantially all of our revenues relate to contracts with customers. Year Ended Dec. 31, 2023 Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 2,479 $ 13,666 $ — $ 502 $ 16,647 Residue natural gas sales 1,398 — 39 — 1,437 Gathering, processing and exchange services revenue 147 549 — — 696 Transportation and storage revenue — 204 582 535 1,321 Other revenue 32 10 2 34 78 Total revenues (a) 4,056 14,429 623 1,071 20,179 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,364) (11,592) (28) (450) (14,434) Operating costs (467) (666) (202) (198) (1,533) Adjusted EBITDA from unconsolidated affiliates 1 67 160 36 264 Noncash compensation expense 19 29 8 6 62 Other (b) (1) 778 (2) — 775 Segment adjusted EBITDA $ 1,244 $ 3,045 $ 559 $ 465 $ 5,313 Depreciation and amortization $ (272) $ (334) $ (67) $ (92) $ (765) Equity in net earnings from investments $ (2) $ 58 $ 118 $ 28 $ 202 Investments in unconsolidated affiliates $ 24 $ 419 $ 526 $ 903 $ 1,872 Total assets $ 7,078 $ 14,974 $ 2,624 $ 19,531 $ 44,207 Capital expenditures $ 448 $ 818 $ 228 $ 52 $ 1,546 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $2.4 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a settlement gain of $779 million for the Natural Gas Liquids segment related to the Medford incident. Year Ended Dec. 31, 2023 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 16,647 $ (2,480) $ 14,167 Residue natural gas sales 1,437 — 1,437 Gathering, processing and exchange services revenue 696 — 696 Transportation and storage revenue 1,321 (15) 1,306 Other revenue 78 (7) 71 Total revenues (a) $ 20,179 $ (2,502) $ 17,677 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (14,434) $ 2,505 $ (11,929) Operating costs $ (1,533) $ (2) $ (1,535) Depreciation and amortization $ (765) $ (4) $ (769) Equity in net earnings from investments $ 202 $ — $ 202 Investments in unconsolidated affiliates $ 1,872 $ 2 $ 1,874 Total assets $ 44,207 $ 59 $ 44,266 Capital expenditures $ 1,546 $ 49 $ 1,595 (a) - Substantially all of our revenues relate to contracts with customers. Year Ended Dec. 31, 2022 Natural Gas Natural Gas Natural Gas Total ( Millions of dollars ) NGL and condensate sales $ 3,690 $ 18,329 $ — $ 22,019 Residue natural gas sales 2,674 — 39 2,713 Gathering, processing and exchange services revenue 144 547 — 691 Transportation and storage revenue — 180 539 719 Other revenue 25 11 1 37 Total revenues (a) 6,533 19,067 579 26,179 Cost of sales and fuel (exclusive of depreciation and operating costs) (5,117) (16,546) (25) (21,688) Operating costs (403) (576) (181) (1,160) Equity in net earnings from investments 5 35 108 148 Noncash compensation expense 17 27 7 51 Other 2 88 — 90 Segment adjusted EBITDA $ 1,037 $ 2,095 $ 488 $ 3,620 Depreciation and amortization $ (257) $ (302) $ (62) $ (621) Investments in unconsolidated affiliates $ 28 $ 415 $ 359 $ 802 Total assets $ 6,980 $ 14,643 $ 2,254 $ 23,877 Capital expenditures $ 445 $ 581 $ 123 $ 1,149 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $3.7 billion and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments. Year Ended Dec. 31, 2022 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 22,019 $ (3,759) $ 18,260 Residue natural gas sales 2,713 (8) 2,705 Gathering, processing and exchange services revenue 691 — 691 Transportation and storage revenue 719 (9) 710 Other revenue 37 (16) 21 Total revenues (a) $ 26,179 $ (3,792) $ 22,387 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (21,688) $ 3,778 $ (17,910) Operating costs $ (1,160) $ 11 $ (1,149) Depreciation and amortization $ (621) $ (5) $ (626) Equity in net earnings from investments $ 148 $ — $ 148 Investments in unconsolidated affiliates $ 802 $ — $ 802 Total assets $ 23,877 $ 502 $ 24,379 Capital expenditures $ 1,149 $ 53 $ 1,202 (a) - Substantially all of our revenues relate to contracts with customers. Years Ended Dec. 31, 2024 2023 2022 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 3,112 $ 2,659 $ 1,722 Interest expense, net of capitalized interest 1,371 866 676 Depreciation and amortization 1,134 769 626 Income taxes 998 838 528 Adjusted EBITDA from unconsolidated affiliates (a) 532 264 — Equity in net earnings from investments (a) (439) (202) — Noncash compensation expense and other 76 49 68 Other corporate costs (b) 35 70 — Total segment adjusted EBITDA (a)(c)(d) $ 6,819 $ 5,313 $ 3,620 (a) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. In prior periods, our calculation included equity in net earnings from investments. This change resulted in an additional $62 million of adjusted EBITDA in 2023, and we have not restated prior periods. (b) - The year ended Dec. 31, 2024, includes transaction costs related primarily to the EnLink Acquisitions and Medallion Acquisition of $73 million, offset partially by interest income of $39 million. The year ended Dec. 31, 2023, includes transaction costs related to the Magellan Acquisition of $158 million, offset partially by interest income of $49 million and corporate net gains of $41 million on extinguishment of debt related to open market repurchases. (c) - The year ended Dec. 31, 2023, includes $633 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $146 million of third-party fractionation costs. (d) - The year ended Dec. 31, 2024, includes a gain of $227 million from the interstate natural gas pipeline divestiture.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,035	$ 2,659	$ 1,722

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We take a cross-disciplinary approach to cybersecurity and physical security. Our annual Enterprise Risk Management (ERM) process encompasses the identification and assessment of a broad range of risks, including cybersecurity, and the development and testing of controls to mitigate these risks. Our ERM assessment is designed to enable our Board of Directors to establish a mutual understanding with management of the effectiveness of our risk-management practices and capabilities, to review our risk exposures and to elevate certain key risks for discussion at the board level. Our ERM program is overseen by our chief financial officer. Our cybersecurity risk management program is integrated with our ERM program and shares common methodologies, reporting channels and governance processes that apply across the ERM program to other legal compliance, strategic, operational and financial risk areas. Our security program generally incorporates the guidelines of the widely utilized National Institute of Standards and Technology Cybersecurity Framework, though this does not imply we meet any particular technical standards, specifications or requirements. In addition, we conduct risk assessments of enterprise third-party software and cloud vendors by utilizing security questionnaires prior to procurement. On a regular basis, we engage consultants, including external counsel and cybersecurity firms, to conduct penetration tests and architecture design reviews.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated with our ERM program and shares common methodologies, reporting channels and governance processes that apply across the ERM program to other legal compliance, strategic, operational and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	As part of its oversight responsibilities, our Board of Directors also receives frequent updates from executive management on our company’s physical and cybersecurity efforts.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Cybersecurity risks are communicated and discussed with our Board of Directors at least annually in conjunction with our overall ERM program. Internal Audit provides periodic updates to the Audit Committee on testing completed to meet TSA requirements. As part of its oversight responsibilities, our Board of Directors also receives frequent updates from executive management on our company’s physical and cybersecurity efforts.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Cybersecurity risks are communicated and discussed with our Board of Directors at least annually in conjunction with our overall ERM program. Internal Audit provides periodic updates to the Audit Committee on testing completed to meet TSA requirements. As part of its oversight responsibilities, our Board of Directors also receives frequent updates from executive management on our company’s physical and cybersecurity efforts.
Cybersecurity Risk Role of Management [Text Block]	Security is governed by the Security Advisory team, an executive advisory committee composed of company officers, including our chief executive officer, our chief financial officer and our chief enterprise services officer. The Security Advisory team meets regularly to evaluate ongoing security threats and incidents, to define policy and to prioritize initiatives. Identified cybersecurity threats and incidents are monitored and assessed for materiality by this cross-functional Security Advisory Team. This assessment includes whether our Board of Directors should be informed of a threat or incident. The Security Advisory team is chaired by our vice president of cybersecurity and physical security who has more than twenty years of relevant experience in the field of cyber and physical security. In his role, our vice president of cybersecurity and physical security also supervises efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel, alerts and reports produced by security tools deployed in our technology infrastructure and threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers. Our vice president of cybersecurity and physical security reports to our executive vice president and chief enterprise services officer, responsible for cybersecurity, information technology, enterprise optimization and innovation, among other responsibilities. Before joining ONEOK, our executive vice president and chief enterprise services officer held information technology positions of increasing responsibility. Cybersecurity risks are communicated and discussed with our Board of Directors at least annually in conjunction with our overall ERM program. Internal Audit provides periodic updates to the Audit Committee on testing completed to meet TSA requirements. As part of its oversight responsibilities, our Board of Directors also receives frequent updates from executive management on our company’s physical and cybersecurity efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Security Advisory team is chaired by our vice president of cybersecurity and physical security who has more than twenty years of relevant experience in the field of cyber and physical security. In his role, our vice president of cybersecurity and physical security also supervises efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel, alerts and reports produced by security tools deployed in our technology infrastructure and threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers. Our vice president of cybersecurity and physical security reports to our executive vice president and chief enterprise services officer, responsible for cybersecurity, information technology, enterprise optimization and innovation, among other responsibilities.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Security Advisory team is chaired by our vice president of cybersecurity and physical security who has more than twenty years of relevant experience in the field of cyber and physical security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Security Advisory team meets regularly to evaluate ongoing security threats and incidents, to define policy and to prioritize initiatives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Consolidation	Consolidation - Our Consolidated Financial Statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. We account for investments where we control the investment using the consolidation method of accounting. Under this method, we consolidate all assets and liabilities of an investment on our Consolidated Balance Sheets and record noncontrolling interests for the portion of the investment we do not own. We include all of the investment’s results of operations on our Consolidated Statement of Income and record income attributable to noncontrolling interests for the portion of the investment that we do not own. Our noncontrolling interests for the year ended Dec. 31, 2024, are composed of approximately 57% of outstanding EnLink Units we did not own, Series B Preferred Units and the partially owned consolidated subsidiaries of EnLink. See Note I for disclosures of our noncontrolling interests. Investments in unconsolidated affiliates are accounted for using the equity method if we have the ability to exercise significant influence over operating and financial policies of our investee. Under this method, an investment is carried at its acquisition cost and adjusted each period for contributions made, distributions received and our share of the investee’s comprehensive income. The difference between the carrying value of an investment and our share of the investment’s underlying equity in net assets is referred to as a basis difference. Basis differences related to depreciable or amortizable assets are amortized through equity in net earnings from investments. The premium or excess cost over underlying fair value of net assets is referred to as equity-method goodwill. The portion of the basis difference that is attributable to our equity-method goodwill is not amortized. Impairment of equity investments is recorded when the impairments are other than temporary. These amounts are recorded as investments in unconsolidated affiliates on our accompanying Consolidated Balance Sheets. See Note O for disclosures of our unconsolidated affiliates. Distributions paid to us from our unconsolidated affiliates are classified as operating activities on our Consolidated Statements of Cash Flows until the cumulative distributions exceed our proportionate share of income from the unconsolidated affiliate since the date of our initial investment. The amount of cumulative distributions paid to us that exceeds our cumulative proportionate share of income in each period represents a return of investment and is classified as an investing activity on our Consolidated Statements of Cash Flows.
Variable Interest Entities (VIE)	Variable Interest Entities (VIE) - We evaluate all legal entities in which we hold an ownership interest to determine if the entity is a VIE. Variable interests are ownership interests in an entity that change with changes in the fair value of the VIE’s assets. When we conclude that we hold an interest in a VIE, we must determine if we are the entity’s primary beneficiary. A primary beneficiary is deemed to have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. We consolidate any VIE when we determine that we are the primary beneficiary. Significant judgment is exercised in determining that a legal entity is a VIE and in evaluating our interest in a VIE. We use primarily a qualitative analysis to determine if an entity is a VIE. We evaluate our interests in a VIE to determine whether we are the primary beneficiary. We continually monitor our interests in legal entities for changes in the design or activities of an entity and changes in our interests, including our status as the primary beneficiary to determine if the changes require us to revise our previous conclusions.
Use of Estimates	Use of Estimates - The preparation of our Consolidated Financial Statements and related disclosures in accordance with GAAP requires us to make estimates and assumptions with respect to values or conditions that cannot be known with certainty that affect the reported amounts on our Consolidated Financial Statements. Items that may be estimated include, but are not limited to, the economic useful life of assets, fair value of assets, liabilities and equity-method investments, obligations under employee benefit plans, allowance for credit losses, expenses for services received but for which no invoice has been received, provision for income taxes, including any deferred tax valuation allowances, the results of litigation, environmental remediation and various other recorded or disclosed amounts. In addition, a portion of our revenues and cost of sales and fuel are recorded based on current month prices and estimated volumes. The estimates are reversed in the following month when we record actual volumes. We evaluate our estimates on an ongoing basis using historical experience, consultation with experts and other methods we consider reasonable based on the particular circumstances. Nevertheless, actual results may differ significantly from the estimates. Any effects on our financial position or results of operations from revisions to these estimates are recorded in the period when the facts that give rise to the revision become known.
Fair Value Measurements	Fair Value Measurements - 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. Most of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are primarily settled through a NYMEX or Intercontinental Exchange 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 yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward SOFR 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, Refined Products 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 and over-the-counter derivatives to hedge natural gas, NGLs, Refined Products and crude oil price risk and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs. 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. See Note D for our fair value measurements disclosures.
Cash and Cash Equivalents	Cash and Cash Equivalents - Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
Revenue Recognition and Contract Assets and Contract Liabilities	Revenue Recognition - Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. Our payment terms vary by customer and contract type, including requiring payment before products or services are delivered to certain customers. However, the term between customer prepayments, completion of our performance obligations, invoicing and receipt of payment due is generally not significant. Performance Obligations and Revenue Sources - Revenue sources are disaggregated in Note S and are derived from commodity sales and services revenues, as described below: Commodity Sales (all segments) - We contract to deliver residue natural gas, unfractionated NGLs and/or Purity NGLs, Refined Products, condensate and crude oil to customers at a specified delivery point. Our sales agreements may be daily or longer-term contracts for a specified volume. We consider the sale and delivery of each unit of a commodity an individual performance obligation as the customer is expected to control, accept and benefit from each unit individually. We record revenue when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the contracted selling price, which is generally index-based and settled daily or monthly. Occasionally, we sell unfractionated NGLs to customers at an index-based price less third-party fractionation costs. These costs are included as a reduction to commodity sales revenue. Services Fee with POP contracts with producer take-in-kind rights ( Natural Gas Gathering and Processing segment ) - Under this type of contract, we do not control the stream of unprocessed natural gas that we receive at the wellhead due to the producer’s take-in-kind rights. We purchase a portion of the raw natural gas stream, charge fees for providing midstream services, which include gathering, treating, compressing and processing our customer’s natural gas. After performing these services, we return certain commodities to the producer, sell the remaining commodities and remit a portion of the commodity sales proceeds to the producer less our contractual fees. Our performance obligation begins with delivery of raw natural gas to our system. This service is treated as one performance obligation that is satisfied over time. We use the output method based on delivery of product to our system as the measure of progress, as our services are performed simultaneously. Transportation, exchange and terminal service contracts ( Natural Gas Liquids and Refined Products and Crude segments ) - Under this type of contract, we charge fees for providing midstream services, which may include a bundled combination of one or more of the following services: gathering, transporting, terminalling, fractionation or other ancillary services. Our performance obligation begins with delivery of product to our system. These services represent a series of distinct services that are treated as one performance obligation that is satisfied over time. We use the output method based on delivery of product to our system as the measure of progress, as our services are performed simultaneously. For transportation services under a tariff on our transportation pipelines, fees are recorded when the product reaches its destination. We have certain contracts that require counterparties to ship a minimum volume over an agreed-upon time period, which are contracted as minimum dollar or volume commitments. Revenue pursuant to these take-or-pay contracts is initially deferred and subsequently recognized when the customers utilize their committed volumes or when the likelihood of meeting the minimum volume commitment becomes remote. Storage contracts ( Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments ) - We reserve a stated storage capacity and inject/withdraw/store commodities for our customer. As these services represent a stand-ready obligation provided on a daily basis over the life of the agreement, the fixed capacity reservation fees are allocated and evenly recognized in revenue over the contract term. Capacity reservation fees that vary based on a stated or implied economic index and correspond with the costs to provide our services are recognized in revenue as invoiced to our customers. We use the output method based on the passage of time to measure satisfaction of the performance obligation associated with our daily stand-ready services. Other fees are recognized in revenue as those services are provided and are dependent on the volume moved, which is at our customer’s discretion. Firm service transportation contracts ( Natural Gas Pipelines segment ) - We reserve a stated transportation capacity and transport commodities for our customer. The capacity reservation and transportation services are considered a bundled service, as we integrate them into one stand-ready obligation provided on a daily basis over the life of the agreement and satisfied over time. Fixed capacity reservation fees are allocated and evenly recognized in revenue. Capacity reservation fees that vary based on a stated or implied economic index and correspond with the costs to provide our services are recognized in revenue based on a daily effective fee rate. If the capacity reservation fees vary solely as a contract feature, contract assets or liabilities are recorded for the difference between the amount recorded in revenue and the amount billed to the customer. Transportation fees are recognized in revenue as those services are provided and are dependent on the volume transported by our customer, which is at our customer’s discretion. We use the output method based on the passage of time to measure satisfaction of the performance obligation associated with our daily stand-ready services. Interruptible transportation contracts ( Natural Gas Pipelines segment ) - We agree to transport natural gas on our pipelines between the customer’s specified nominated-receipt and delivery points if capacity is available after satisfying firm transportation service obligations. The transaction price is based on the transportation fees times the volumes transported. We use the output method based on delivery of product to the customer to measure satisfaction of the performance obligation. The total consideration for delivered volumes is recorded in revenue at the time of delivery, when the customer obtains control. Many of the contract types described above contain additional fees or charges payable by customers for nonperformance (e.g., minimum volume commitments or product specifications), which are considered to be variable consideration. These fees and charges are not recorded until it is probable that a significant reversal of the associated revenue will not occur. Receivables from Customers - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Dec. 31, 2024, relate to customer receivables. Substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Dec. 31, 2023, related to customer receivables, excluding the insurance receivable related to the legal proceeding described in Note P. See Note R for our revenue disclosures. Contract Assets and Contract Liabilities - Contract assets and contract liabilities are recorded when the amount of revenue recognized from a contract with a customer differs from the amount billed to the customer and recorded in accounts receivable. Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation contracts with tiered rates, which are not material. Our contract liabilities primarily represent deferred revenue on Refined Products and crude transportation contracts and NGL storage contracts for which revenue is recognized over a one-year term, and deferred revenue on contributions in aid of construction received from customers for which revenue is recognized over the contract periods, which range from one year to 17 years, contract liabilities are not material.
Cost of Sales and Fuel	Cost of Sales and Fuel - Cost of sales and fuel primarily includes (i) the cost of purchased commodities, including natural gas, NGLs, Refined Products, condensate and crude oil, (ii) fees incurred for third-party transportation, fractionation and storage of commodities, (iii) fuel and power costs incurred to operate our own facilities that gather, process, transport and store commodities, (iv) product gains and losses and (v) an offset from the contractual fees deducted from the cost of purchased commodities under the contract types below: Fee with POP contracts with no producer take-in-kind rights (Natural Gas Gathering and Processing segment ) - We purchase raw natural gas and charge contractual fees for providing midstream services, which include gathering, treating, compressing and processing the producer’s natural gas. After performing these services, we sell the commodities and return a portion of the commodity sales proceeds to the producer less our contractual fees. Purchase with fee ( Natural Gas Liquids segment
Operations and Maintenance	Operations and Maintenance - Operations and maintenance primarily includes (i) payroll and benefit costs, (ii) third-party costs for operations, maintenance and integrity management, regulatory compliance and environmental and safety, and (iii) other business-related service costs.
Accounts Receivable	Accounts Receivable
Inventory	Inventory
Commodity Imbalances	Commodity Imbalances - In our Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines segments, commodity imbalances represent amounts payable or receivable for NGL exchange contracts and natural gas pipeline imbalances and are valued at market prices. Under the majority of our NGL exchange agreements, we physically receive volumes of unfractionated NGLs, including the risk of loss and legal title to such volumes, from the exchange counterparty. In turn, we deliver Purity NGLs back to the customer and charge gathering, transportation and fractionation fees. To the extent that the volumes we receive under such agreements differ from those we deliver, we record a net exchange receivable or payable position with the counterparties. These net exchange receivables and payables are generally settled with movements of Purity NGLs rather than with cash. Natural gas pipeline imbalances are settled in cash or in-kind, subject to the terms of the pipelines’ tariffs or by agreement.
Derivatives and Risk Management	Derivatives and Risk Management - We utilize derivatives to reduce our market-risk exposure to commodity price and interest-rate fluctuations and to achieve more predictable cash flows. We record all derivative instruments at fair value, with the exception of normal purchases and normal sales transactions that are expected to result in physical delivery. Commodity price and interest-rate volatility may have a significant impact on the fair value of derivative instruments as of a given date. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The table below summarizes the various ways in which we account for our derivative instruments and the impact on our Consolidated Financial Statements: Recognition and Measurement Accounting Treatment Balance Sheet Income Statement Normal purchases and - Fair value not recorded - Change in fair value not recognized in earnings Mark-to-market - Recorded at fair value - Change in fair value recognized in earnings Cash flow hedge - The gain or loss on the - The gain or loss on the derivative instrument is reclassified out of accumulated other comprehensive income (loss) into earnings when the forecasted transaction affects earnings Fair value hedge - Recorded at fair value - The gain or loss on the derivative instrument is - Change in fair value of the hedged item is - Change in fair value of the hedged item is To reduce our exposure to fluctuations in natural gas, NGLs, Refined Products, condensate and crude oil prices, we periodically enter into futures, forward purchases and sales, options or swap transactions in order to hedge anticipated purchases and sales of natural gas, NGLs, Refined Products, condensate and crude oil. Treasury locks and interest-rate swaps are used from time to time to manage interest-rate risk. Under certain conditions, we designate our derivative instruments as a hedge of exposure to changes in fair values or cash flows. We formally document all relationships between hedging instruments and hedged items, as well as risk-management objectives and strategies for undertaking various hedge transactions, and methods for assessing and testing correlation and hedge effectiveness. We specifically identify the forecasted transaction that has been designated as the hedged item in a cash flow hedge relationship. We assess hedging relationships at the inception of the hedge, and periodically thereafter, to determine whether the hedging relationship is, and is expected to remain, highly effective. We also document our normal purchases and normal sales transactions that we expect to result in physical delivery and that we elect to exempt from derivative accounting treatment. The realized revenues and purchase costs of our derivative instruments not considered held for trading purposes and derivatives that qualify as normal purchases or normal sales that are expected to result in physical delivery are reported on a gross basis. Cash flows from futures, forwards, options and swaps that are accounted for as hedges are included in the same category as the cash flows from the related hedged items in our Consolidated Statements of Cash Flows.
Property, Plant and Equipment	Property, Plant and Equipment - Our properties are stated at cost, including AFUDC and capitalized interest. In some cases, the cost of regulated property retired or sold, plus removal costs, less salvage, is charged to accumulated depreciation. Gains and losses from sales or transfers of nonregulated properties or an entire operating unit or system of our regulated properties are recognized in income. Maintenance and repairs are charged directly to expense. The interest portion of AFUDC and capitalized interest represent the cost of borrowed funds used to finance construction activities for regulated and nonregulated projects, respectively. We capitalize interest costs during the construction or upgrade of qualifying assets. These costs are recorded as a reduction to interest expense. The equity portion of AFUDC represents the capitalization of the estimated average cost of equity used during the construction of major projects and is recorded in the cost of our regulated properties and as a credit to the allowance for equity funds used during construction. Our properties are depreciated using the straight-line method over their estimated useful lives. Generally, we estimate the useful lives of individual assets or apply depreciation rates to functional groups of property having similar economic lives. We periodically conduct depreciation studies to assess the economic lives of our assets. For our regulated assets, these depreciation studies are completed as a part of our rate proceedings or tariff filings, and the changes in economic lives, if applicable, are implemented prospectively as of the approved effective date. For our nonregulated assets, if it is determined that the estimated economic life changes, the changes are made prospectively. Changes in the estimated economic lives of our property, plant and equipment could have a material effect on our financial position or results of operations. Property, plant and equipment on our Consolidated Balance Sheets includes construction work in process for capital projects that have not yet been placed in service and therefore are not being depreciated. Assets are transferred out of construction work in process when they are substantially complete and ready for their intended use.
Impairment of Goodwill and Long-Lived Assets, including Intangible Assets	Impairment of Goodwill and Long-Lived Assets, Including Intangible Assets and Equity Method Investments - We assess our goodwill for impairment at least annually as of July 1, unless events or changes in circumstances indicate an impairment may have occurred before that time. Our qualitative goodwill impairment analysis performed as of July 1, 2024, did not result in an impairment charge nor did our analysis reflect any reporting units at risk, and subsequent to that date, no event has occurred indicating that the implied fair value of our reporting units are less than the carrying value of their net assets. Goodwill - As part of our goodwill impairment test, we assess qualitative factors (including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance) to determine whether it was more likely than not that the fair value of our reporting units are less than their carrying amount. If further testing is necessary, or a quantitative test is elected, we perform a Step 1 analysis. In a Step 1 analysis, an assessment is made by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. To estimate the fair value of our reporting units, we use two generally accepted valuation approaches, an income approach and a market approach, using assumptions consistent with a market participant’s perspective. Under the income approach, we use anticipated cash flows over a period of years plus a terminal value and discount these amounts to their present value using appropriate discount rates. The forecasted cash flows are based on probability weighted-average possible future cash flows for a reporting unit over a period of years. Under the market approach, we apply EBITDA multiples to forecasted EBITDA. The multiples used are consistent with recent market transactions. Long-lived assets - We assess our long-lived asset groups for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. An impairment is indicated if the carrying amount of a long-lived asset group exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset group. If an impairment is indicated, we record an impairment loss equal to the difference between the carrying value and the fair value of the long-lived asset group. Investments in unconsolidated affiliates - The impairment test for equity-method investments considers whether the fair value of the equity investment as a whole, not the underlying net assets, has declined and whether that decline is other than temporary. Therefore, we periodically evaluate the amount at which we carry our equity-method investments to determine whether current events or circumstances warrant adjustments to our carrying values.
Leases	Leases - We lease certain buildings, warehouses, office space, land and equipment, including pipeline equipment, pipeline capacity, rail cars and information technology equipment. In addition, as a result of the EnLink Controlling Interest Acquisition, we acquired lessee arrangements that primarily include office space, compression, field equipment and land. Acquired office space lease arrangements typically include variable lease cost related to utility expenses, which are determined based on our pro-rata share of building expenses each month and are expensed as incurred. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. We apply the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. Our finance lease assets and liabilities are not material.
Leases	Leases - We lease certain buildings, warehouses, office space, land and equipment, including pipeline equipment, pipeline capacity, rail cars and information technology equipment. In addition, as a result of the EnLink Controlling Interest Acquisition, we acquired lessee arrangements that primarily include office space, compression, field equipment and land. Acquired office space lease arrangements typically include variable lease cost related to utility expenses, which are determined based on our pro-rata share of building expenses each month and are expensed as incurred. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. We apply the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. Our finance lease assets and liabilities are not material.
Regulation	Regulation - Depending on the specific service provided, our natural gas transmission pipelines, NGL, Refined Products and crude oil pipelines and certain natural gas storage facilities are subject to rate regulation and/or accounting requirements by one or more of the FERC, Oklahoma Corporation Commission, Kansas Corporation Commission, Louisiana Public Service Commission, Railroad Commission of Texas, Wyoming Public Service Commission and Colorado Public Utilities Commission. Accordingly, portions of our Natural Gas Liquids and Natural Gas Pipelines segments follow the accounting and reporting guidance for regulated operations as defined pursuant to Financial Accounting Standards Board’s (FASB) Accounting Standards Codification 980, Regulated Operations. During the rate-making process for certain of our assets, regulatory authorities set the framework for what we can charge customers for our services and establish the manner that our costs are accounted for, including allowing us to defer recognition of certain costs and permitting recovery of the amounts through rates over time as opposed to expensing such costs as incurred. Certain examples of types of regulatory guidance include costs for fuel and losses, acquisition costs, contributions in aid of construction, charges for depreciation, and gains or losses on disposition of assets. This allows us to stabilize rates over time rather than passing such costs on to the customer for immediate recovery. Actions by regulatory authorities could have an effect on the amounts we may charge our customers. Any difference in the amount recoverable and the amount deferred is recorded as income or expense at the time of the regulatory action. A write-off of regulatory assets and costs not recovered may be required if all or a portion of the regulated operations have rates that are no longer (i) established by independent, third-party regulators and (ii) set at levels that will recover our costs when considering the demand and competition for our services.
Retirement and Other Postretirement Employee Benefits	Retirement and Other Postretirement Employee Benefits - We have a legacy ONEOK defined benefit retirement plan covering certain employees and former employees, as well as two defined benefit pension plans for non-union and union legacy Magellan employees. We sponsor legacy ONEOK welfare plans that provide postretirement medical and life insurance benefits to certain employees hired prior to 2017 who retire with at least five years of service of full-time consecutive service. We also sponsor the postretirement benefit obligations, which cover certain legacy Magellan employees. The expense and liability related to these plans is calculated using statistical and other factors that attempt to anticipate future events. These factors include assumptions about the discount rate, expected return on plan assets, rate of future compensation increases, interest credit rating, mortality and employment length. In determining the projected benefit obligations and costs, assumptions can change from period to period and may result in changes in the costs and liabilities we recognize.
Income Taxes	Income Taxes - Deferred income taxes are provided for the difference between the financial statement and income tax basis of assets and liabilities and carryforward items based on income tax laws and rates existing at the time the temporary differences are expected to reverse. Generally, the effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of the rate change. We utilize a more-likely-than-not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position that is taken or expected to be taken in a tax return. We reflect penalties and interest as part of income tax expense as they become applicable for tax provisions that do not meet the more-likely-than-not recognition threshold and measurement attribute. For all periods presented, we had no uncertain tax positions that required the establishment of a material reserve. We utilize the “with-and-without” approach for intra-period tax allocation for purposes of allocating total tax expense (or benefit) for the year among the various financial statement components.
Asset Retirement Obligations	Asset Retirement Obligations - Asset retirement obligations represent legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset. Certain of our gathering and processing and pipeline facilities are subject to agreements or regulations that give rise to our asset retirement obligations for removal or other disposition costs associated with retiring the assets in place upon the discontinued use of the assets. We recognize the fair value of a liability for an asset retirement obligation in the period when it is incurred if a reasonable estimate of the fair value can be made. We are not able to estimate reasonably the fair value of the asset retirement obligations for portions of our assets, primarily certain pipeline assets, because the settlement dates are indeterminable given our expected continued use of the assets with proper maintenance. We expect our pipeline assets, for which we are unable to estimate reasonably the fair value of the asset retirement obligation, will continue in operation as long as supply and demand for natural gas, NGLs, Refined Products and crude oil exist. Based on the widespread use of these products in the medical, transportation, synthetics and agriculture industries, as well as for residential and industrial customers and electric generation, we expect supply and demand to exist for the foreseeable future. For assets in which we are able to make an estimate, the fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If the obligation is settled for an amount other than the carrying amount of the liability, we will recognize a gain or loss on settlement. The depreciation and accretion expense are immaterial to our Consolidated Financial Statements.
Contingencies	Contingencies
Share-Based Payments	Share-Based Payments - We expense the fair value of share-based payments net of estimated forfeitures. We estimate forfeiture rates based on historical forfeitures under our share-based payment plans.
Earnings per Common Share	Earnings per Common Share - Basic EPS is calculated based on the daily weighted-average number of shares of common stock outstanding during the period, vested restricted and performance units that have been deferred and share awards deferred under the compensation plan for non-employee directors. Diluted EPS is calculated based on the daily weighted-average number of shares of common stock outstanding during the period plus potentially dilutive components. The dilutive components are calculated based on the dilutive effect for each quarter. For fiscal-year periods, the dilutive components for each quarter are averaged to arrive at the fiscal year-to-date dilutive component.
Segment Reporting	Segment Reporting - In accordance with the “Segment Reporting” Topic 280, our chief operating decision-maker has been identified as the chief executive officer, who reviews the financial performance of each of our four segments to make decisions about allocating resources and assessing our financial performance as a whole, on a regular basis. Adjusted EBITDA by segment is the single measure of profit and loss utilized in this evaluation by our chief executive officer and is provided through monthly and quarterly review packages. Forecasted and actual adjusted EBITDA is used in the evaluation and approval of capital projects. We believe this financial measure is useful because it and similar measures are used by many companies in our industry as a measurement of financial performance and are commonly employed by financial analysts and others to evaluate our financial performance and to compare financial performance among companies in our industry. Adjusted EBITDA for each segment is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and certain other noncash items. Following the Magellan Acquisition, we performed a review of our calculation methodology of adjusted EBITDA, and beginning in 2023, we updated our calculation to include adjusted EBITDA related to our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. In prior periods, our calculation included equity in net earnings from investments. This change resulted in an additional $62 million of adjusted EBITDA in 2023, and we have not restated prior periods. Adjusted EBITDA from our unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest, depreciation, income taxes and other noncash items. Although the amounts related to our unconsolidated affiliates are included in the calculation of adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated affiliates. This calculation may not be comparable with similarly titled measures of other companies.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards Update - Changes to GAAP are established by the FASB in the form of Accounting Standards Update (ASUs) to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein were assessed and determined to be either not applicable or clarifications of ASUs previously issued. Except as discussed below, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose significant expense categories and amounts for each reportable segment on both an interim and annual basis, consisting of expenses regularly reported to the chief operating decision maker and included in a segment's reported measure of segment profit or loss. The standard also requires disclosing an amount of other segment items as well as all annual disclosures in interim periods. ASU 2023-07 is effective for fiscal years beginning after Dec. 15, 2023, and for interim periods within fiscal years beginning after Dec. 15, 2024, with early adoption permitted. The adoption of this standard did not materially impact us. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific disaggregated information about the reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after Dec. 15, 2024, with early adoption permitted. We do not expect the adoption of this standard to materially impact us. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires public entities to provide disaggregated information for certain types of costs and expenses included in each income statement caption, such as inventory purchases, employee compensation, depreciation, intangible asset amortization and depletion. ASU 2024-03 is effective for fiscal years beginning after Dec. 15, 2026, and interim periods beginning after Dec. 15, 2027, with early adoption permitted. We are currently evaluating the impact of this standard on us.
Debt	We amortize premiums, discounts and expenses incurred in connection with the issuance of long-term debt consistent with the terms of the respective debt instrument.
Employee Benefit Plans	Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals. The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. The investment allocation for our ONEOK legacy defined benefit pension plan follows a glide path approach of liability-driven investing that shifts a higher portfolio weighting to fixed income as the plan’s funded status increases. A majority of the legacy Magellan pension assets are allocated to fixed income securities and invested to match the duration of the plans’ short, intermediate and long-term liabilities, with the remaining amount allocated to equity securities. Our pension plans utilize a diversified mix of investments that may include domestic and international equities, short, intermediate and long term corporate and government obligations, real estate and hedge funds. The combined target allocation for the assets of our pension plans as of Dec. 31, 2024, is as follows: Domestic and international equities 32 % Long duration fixed income 55 % Return-seeking credit 5 % Hedge funds 5 % Real estate funds 3 % Total 100 % As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The table below summarizes the various ways in which we account for our derivative instruments and the impact on our Consolidated Financial Statements: Recognition and Measurement Accounting Treatment Balance Sheet Income Statement Normal purchases and - Fair value not recorded - Change in fair value not recognized in earnings Mark-to-market - Recorded at fair value - Change in fair value recognized in earnings Cash flow hedge - The gain or loss on the - The gain or loss on the derivative instrument is reclassified out of accumulated other comprehensive income (loss) into earnings when the forecasted transaction affects earnings Fair value hedge - Recorded at fair value - The gain or loss on the derivative instrument is - Change in fair value of the hedged item is - Change in fair value of the hedged item is

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following tables set forth the acquisition consideration and preliminary purchase price allocation of assets acquired and liabilities assumed: At Oct. 15, 2024 (Millions of dollars and units, except per unit data) EnLink Units outstanding 43% of EnLink Units outstanding 200.3 Cash consideration per EnLink unit $14.90 Cash consideration for EnLink Units $ 2,985 100% of the outstanding liability company interests in the managing member of EnLink 300 Total cash consideration $ 3,285 At Oct. 15, 2024 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 446 Accounts receivables, net 548 Inventories 87 Other current assets 38 Property, plant and equipment 11,396 Investments in unconsolidated affiliates 342 Intangible assets 1,051 Other assets 131 Total assets acquired 14,039 Liabilities assumed: Current maturities of long-term debt 756 Accounts payable 465 Other current liabilities (a) 525 Long-term debt, excluding current maturities 4,577 Deferred income taxes 1,988 Other deferred credits and liabilities 84 Total liabilities assumed 8,395 Noncontrolling interests 5,076 Total identifiable net assets 568 Goodwill 2,717 Total purchase price $ 3,285 (a) - Includes obligation to repay Series C Preferred Units. See Note I. The following table sets forth the preliminary purchase price allocation of assets acquired and liabilities assumed: At Oct. 31, 2024 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 36 Accounts receivables, net 114 Inventories 21 Other current assets 2 Property, plant and equipment 1,600 Intangible assets 730 Other assets 3 Total assets acquired 2,506 Liabilities assumed: Accounts payable 103 Other current liabilities 5 Other deferred credits and liabilities 40 Total liabilities assumed 148 Total identifiable net assets 2,358 Goodwill 259 Total purchase price $ 2,617 The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed: Sept. 25, 2023 (Millions of dollars and shares/units, except per share/unit data) Magellan public common units outstanding 202.1 Cash consideration per Magellan unit $25.00 Cash consideration $ 5,052 Magellan public common units outstanding 202.1 ONEOK exchange ratio per Magellan unit 0.667 Shares of ONEOK common stock issued 134.8 ONEOK common stock closing price on Sept. 25, 2023 $66.54 Fair value of common stock issued $ 8,969 Fair value of Magellan replacement equity awards 93 Equity consideration $ 9,062 Total consideration $ 14,114 Sept. 25, 2023 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 37 Accounts receivables, net 333 Inventories 352 Other current assets 140 Property, plant and equipment 11,644 Investments in unconsolidated affiliates 922 Intangible assets 1,124 Other assets 121 Total assets acquired 14,673 Liabilities assumed: Accounts payable 213 Other current liabilities (a) 721 Long-term debt, excluding current maturities 4,013 Other deferred credits and liabilities 201 Total liabilities assumed 5,148 Total identifiable net assets 9,525 Goodwill 4,589 Total purchase price $ 14,114
Schedule of Business Acquisition, Pro Forma Information	The following table sets forth the unaudited supplemental pro forma financial information for the years ended Dec. 31, 2024, 2023 and 2022, as if we had completed the Magellan Acquisition on Jan. 1, 2022, and the EnLink Controlling Interest Acquisition and the Medallion Acquisition on Jan. 1, 2023: Year Ended Dec. 31, 2024 Pro Forma Pro Forma Medallion Acquisition Pro Forma Combined As reported (Millions of dollars) Revenues $ 21,698 $ 4,891 $ 1,078 $ 27,667 Net income $ 3,112 $ 288 $ 81 $ 3,481 Year Ended Dec. 31, 2023 Pro Forma EnLink Controlling Interest Acquisition Pro Forma Medallion Acquisition Pro Forma Magellan Acquisition Pro Forma Combined As reported (Millions of dollars) Revenues $ 17,677 $ 6,671 $ 947 $ 2,322 $ 27,617 Net income $ 2,659 $ 383 $ (16) $ 232 $ 3,258
Schedule of Business Acquisitions, by Acquisition	The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated: Years Ended Dec. 31, 2024 (a) 2023 (b) (Millions of dollars) Transaction costs $ 73 $ 158 Interest expense 23 21 Total $ 96 $ 179 (a) - Primarily non-recurring costs related to advisory fees and bridge commitment fees associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition. (b) - Primarily non-recurring costs related to advisory fees, severance and settlement of share based awards for certain Magellan employees and integrations costs, as well as bridge facility commitment fees associated with the Magellan Acquisition.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements as of the dates indicated: Dec. 31, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars ) Derivative assets Commodity contracts $ 41 $ 34 $ — $ 75 $ (72) $ 3 Total derivative assets $ 41 $ 34 $ — $ 75 $ (72) $ 3 Derivative liabilities Commodity contracts $ (40) $ (46) $ — $ (86) $ 81 $ (5) Total derivative liabilities $ (40) $ (46) $ — $ (86) $ 81 $ (5) (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 Dec. 31, 2024, we held no cash and posted cash of $45 million with a counterparty, including $10 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $35 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheet. Dec. 31, 2023 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 109 $ 68 $ — $ 177 $ (125) $ 52 Total derivative assets $ 109 $ 68 $ — $ 177 $ (125) $ 52 Derivative liabilities Commodity contracts $ (40) $ (44) $ — $ (84) $ 84 $ — Total derivative liabilities $ (40) $ (44) $ — $ (84) $ 84 $ — (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 Dec. 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master-netting arrangements as shown in the table above.

RISK MANAGEMENT AND HEDGING A_2

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The following table sets forth the fair values of our derivative instruments presented on a gross basis as of the dates indicated: Dec. 31, 2024 Dec. 31, 2023 Location in our Consolidated Balance Sheets Assets (Liabilities) Assets (Liabilities) (Millions of dollars ) Derivatives designated as hedging instruments Commodity contracts (a)(b) Other current assets $ 39 $ (47) $ 163 $ (78) Total derivatives designated as hedging instruments 39 (47) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a)(b) Other current assets/liabilities 36 (33) 14 (6) Other deferred credits — (6) — — Total derivatives not designated as hedging instruments 36 (39) 14 (6) Total derivatives $ 75 $ (86) $ 177 $ (84) (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 Dec. 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $10 million.
Schedule of Notional Amounts of Derivative Instruments	The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: Dec. 31, Dec. 31, Contract Net Purchased/Payor (Sold/Receiver) Derivatives designated as hedging instruments: Cash flow hedges Fixed price -Natural gas ( Bcf ) Futures and swaps (12.2) (16.0) -NGLs, Refined Products and crude oil (MMBbl) Futures and swaps (12.2) (14.5) -Power (Gigawatt hour) Futures and swaps — 22.1 Basis -Natural gas ( Bcf ) Futures and swaps (11.2) (16.0) Derivatives not designated as hedging instruments: Fixed price -Natural gas ( Bcf ) Futures and swaps (8.0) (0.7) -NGLs, Refined Products and crude oil (MMBbl) Futures and swaps (2.7) 0.1 Basis -Natural gas ( Bcf ) Futures and swaps (3.7) (0.7) -NGLs, Refined Products, and crude oil (MMBbl) Futures and swaps (0.2) (0.1) Swing swaps -Natural gas ( Bcf ) Futures and swaps (0.2) —
Schedule of Cash Flow Hedging Instruments Effect on 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: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Commodity contracts $ (50) $ 147 $ (85) Interest-rate contracts (19) 54 206 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (69) $ 201 $ 121 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 Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Commodity contracts Commodity sales revenues $ 60 $ 201 $ (484) Cost of sales and fuel (19) (93) 257 Interest-rate contracts Interest expense (20) (21) (34) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ 21 $ 87 $ (261)

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment by Property Type	The following table sets forth our property, plant and equipment by property type, as of the dates indicated: Estimated Useful Dec. 31, Dec. 31, (Millions of dollars ) Gathering pipelines and related equipment 5 to 40 $ 11,643 $ 5,077 Processing and fractionation and related equipment 3 to 40 12,406 8,591 Storage and related equipment 5 to 54 3,684 3,330 Transmission pipelines and related equipment 5 to 87 21,315 18,551 General plant and other 2 to 60 1,316 1,002 Land — 592 375 Construction work in process — 1,318 1,528 Property, plant and equipment 52,274 38,454 Accumulated depreciation and amortization (6,339) (5,757) Net property, plant and equipment $ 45,935 $ 32,697

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Segment	The following table sets forth our goodwill, by segment, for the period indicated: Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Gross goodwill $ 153 $ 371 $ 157 $ 4,424 $ 5,105 Accumulated impairment losses (153) — — — (153) Dec. 31, 2023 — 371 157 4,424 4,952 Magellan Acquisition measurement period adjustments (a) — — — 165 165 EnLink Controlling Interest Acquisition (b) 486 1,461 229 541 2,717 Medallion Acquisition (c) — — — 259 259 Gulf Coast NGL pipeline acquisition — 31 — — 31 Interstate natural gas pipeline divestiture — — (33) — (33) Dec. 31, 2024 $ 486 $ 1,863 $ 353 $ 5,389 $ 8,091 (a) - During the remaining measurement period subsequent to Dec. 31, 2023, we recorded adjustments to the Magellan preliminary purchase price allocation that resulted in an increase to goodwill of $165 million. (b) - We established deferred income tax liabilities resulting from the carryover tax basis, which increased goodwill. The remainder of the goodwill primarily represents commercial synergies. Goodwill will not be deductible for tax purposes. The allocation of goodwill is preliminary and may be updated as we continue to evaluate the benefits of expected commercial synergies to our segments. (c) - Goodwill represents commercial synergies. The allocation of goodwill is preliminary and may be updated as we continue to evaluate the benefits of expected commercial synergies to our segments.
Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented: Dec. 31, 2024 2023 (Millions of dollars ) Gross intangible assets (a) $ 3,290 $ 1,505 Accumulated amortization (251) (189) Intangible assets, net $ 3,039 $ 1,316 (a) - Increases to gross intangible assets primarily represent customer relationships associated with the EnLink Controlling Interest Acquisition and the Medallion Acquisition.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	The following table sets forth ONEOK and ONEOK Partners debt as of the dates indicated: Dec. 31, 2024 Dec. 31, 2023 (Millions of dollars) Commercial paper outstanding (a) $ — $ — Senior unsecured obligations: $500 at 2.75% due September 2024 — 484 $500 at 4.9% due March 2025 — 500 $250 at 3.2% due March 2025 250 250 $400 at 2.2% due September 2025 387 387 $600 at 5.85% due January 2026 600 600 $650 at 5.0% due March 2026 650 650 $750 at 5.55% due November 2026 750 750 $500 at 4.0% due July 2027 500 500 $1,250 at 4.25% due September 2027 1,250 — $800 at 4.55% due July 2028 800 800 $100 at 6.875% due September 2028 100 100 $750 at 5.65% due November 2028 750 750 $700 at 4.35% due March 2029 700 700 $750 at 3.4% due September 2029 714 714 $600 at 4.4% due October 2029 600 — $850 at 3.1% due March 2030 780 780 $500 at 3.25% due June 2030 500 500 $500 at 5.8% due November 2030 500 500 $600 at 6.35% due January 2031 600 600 $1,250 at 4.75% due October 2031 1,250 — $750 at 6.1% due November 2032 750 750 $1,500 at 6.05% due September 2033 1,500 1,500 $1,600 at 5.05% due November 2034 1,600 — $400 at 6.0% due June 2035 400 400 $600 at 6.65% due October 2036 600 600 $250 at 6.4% due May 2037 250 250 $600 at 6.85% due October 2037 600 600 $650 at 6.125% due February 2041 650 650 $250 at 4.2% due December 2042 250 250 $400 at 6.2% due September 2043 400 400 $550 at 5.15% due October 2043 550 550 $250 at 4.2% due March 2045 250 250 $500 at 4.25% due September 2046 500 500 $700 at 4.95% due July 2047 564 564 $500 at 4.2% due October 2047 500 500 $1,000 at 5.2% due July 2048 919 919 $500 at 4.85% due February 2049 500 500 $750 at 4.45% due September 2049 576 576 $500 at 4.5% due March 2050 443 443 $800 at 3.95% due March 2050 797 797 $300 at 7.15% due January 2051 300 300 $1,750 at 6.625% due September 2053 1,750 1,750 $1,500 at 5.7% due November 2054 1,500 — $800 at 5.85% due November 2064 800 — Guardian $120 term loan, rate of 6.58% as of Dec. 31, 2023 (b) — 120 Viking $60 term loan, rate of 6.71% as of Dec. 31, 2023 (b) — 60 Total ONEOK and ONEOK Partners debt 28,630 22,794 Unamortized debt discounts (992) (1,015) Unamortized debt issuance costs and terminated swaps (166) (112) Current maturities of long-term debt (637) (484) Long-term ONEOK and ONEOK Partners debt $ 26,835 $ 21,183 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. (b) - In December 2024, we repaid the Guardian $120 million and the Viking $60 million term loan agreements, plus accrued and unpaid interest, with cash on hand, as part of the interstate natural gas pipeline divestiture. The following table sets forth EnLink and EnLink Partners’ debt, which was acquired in the EnLink Controlling Interest Acquisition on Oct. 15, 2024: Dec. 31, 2024 (Millions of dollars) Senior unsecured obligations: (a) $750 at 4.15% due June 2025 $ 422 $500 at 4.85% due July 2026 491 $500 at 5.625% due January 2028 500 $500 at 5.375% due June 2029 499 $1,000 at 6.5% due September 2030 1,000 $500 at 5.65% due September 2034 500 $350 at 5.6% due April 2044 340 $450 at 5.05% due April 2045 413 $500 at 5.45% due June 2047 448 Total EnLink debt 4,613 Unamortized debt discounts, net (8) Current maturities of long-term debt (422) Long-term EnLink debt $ 4,183 (a) - Amounts are presented at face value with discount to fair value included in unamortized debt discounts, net.
Schedule of Long-Term Debt Instruments	We completed the following underwritten public offerings for the periods presented: 2024 (a) 2023 (b) 2022 (c) Coupon Interest Coupon Interest Coupon Interest (Millions of dollars) (Millions of dollars) (Millions of dollars) 3 year note $ 1,250 4.25% $ 750 5.55% 5 year note 600 4.4% 750 5.65% 7 year note 1,250 4.75% 500 5.80% 10 year note 1,600 5.05% 1,500 6.05% $ 750 6.1% 30 year note 1,500 5.7% 1,750 6.625% 40 year note 800 5.85% $ 7,000 $ 5,250 $ 750 (a) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $6.9 billion. The net proceeds from this offering were used to fund the EnLink Controlling Interest Acquisition and the Medallion Acquisition, purchase additional interests in a Medallion joint venture owned by a separate third party, to pay fees and expenses related to the acquisitions and to repay outstanding indebtedness. (b) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $5.2 billion. The net proceeds were used to fund the cash consideration and other costs related to the Magellan Acquisition. (c) - The proceeds were used primarily to repay all outstanding amounts under our commercial paper program. The remainder was used for general corporate purposes.
Aggregate Maturities of Long-Term Debt Outstanding	The aggregate maturities of long-term debt outstanding and interest payments on total debt outstanding as of Dec. 31, 2024, for the years 2025 through 2029 are shown below: Senior Interest Total (Millions of dollars) 2025 $ 1,059 $ 1,708 $ 2,767 2026 $ 2,491 $ 1,615 $ 4,106 2027 $ 1,750 $ 1,537 $ 3,287 2028 $ 2,150 $ 1,435 $ 3,585 2029 $ 2,513 $ 1,320 $ 3,833

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Quarterly Dividends Per Share Paid on Common Stock	The following table sets forth the quarterly dividends per share paid on our common stock in the periods indicated: Years Ended Dec. 31, 2024 2023 2022 First Quarter $ 0.99 $ 0.955 $ 0.935 Second Quarter 0.99 0.955 0.935 Third Quarter 0.99 0.955 0.935 Fourth Quarter 0.99 0.955 0.935 Total $ 3.96 $ 3.82 $ 3.74

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents the balance sheet information for the assets and liabilities of our consolidated VIEs, which are included in our Consolidated Balance Sheet: Dec. 31, 2024 (Millions of dollars) Assets: Cash and cash equivalents $ 46 Accounts receivable, net 735 Inventories 54 Other current assets 39 Property, plant and equipment, net 11,397 Investments in unconsolidated affiliates 317 Goodwill 2,717 Intangible assets, net 1,047 Other assets 134 Liabilities: Current maturities of long-term debt $ 422 Accounts payable 639 Commodity imbalances 10 Accrued taxes 5 Accrued interest 73 Other current liabilities 85 Long-term debt, excluding current maturities 4,693 Deferred income taxes 2,041 Other deferred credits 97

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following tables set forth the computation of basic and diluted EPS for the periods indicated: Year Ended Dec. 31, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 3,034 584.6 $ 5.19 Diluted EPS Effect of dilutive securities — 1.9 Net income attributable to ONEOK available for common stock and common stock equivalents $ 3,034 586.5 $ 5.17 Year Ended Dec. 31, 2023 Income Shares Per Share (Millions, except per share amounts ) Basic EPS Net income available for common stock $ 2,658 484.3 $ 5.49 Diluted EPS Effect of dilutive securities — 1.1 Net income available for common stock and common stock equivalents $ 2,658 485.4 $ 5.48 Year Ended Dec. 31, 2022 Income Shares Per Share (Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,721 447.5 $ 3.85 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,721 448.4 $ 3.84

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Activity	The following tables set forth activity and various statistics for our restricted stock unit awards: Number of Weighted Nonvested Dec. 31, 2023 (a) 1,724,565 $ 62.08 Granted 512,427 $ 75.42 Released to participants (b) (808,544) $ 58.60 Forfeited (b) (68,326) $ 71.14 Nonvested Dec. 31, 2024 (c) 1,360,122 $ 68.71 (a) - Includes 847,120 unvested restricted stock unit awards granted in conjunction with the Magellan Acquisition. (b) - Includes 509,077 restricted stock unit awards released to participants and forfeited in conjunction with the Magellan Acquisition. (c) - Includes 338,043 restricted stock that remain unvested related to the Magellan Acquisition. 2024 2023 2022 Weighted-average grant date fair value (per share) $ 75.42 $ 66.50 $ 60.96 Fair value of units granted (millions of dollars) $ 39 $ 111 $ 20 Grant date fair value of units vested (millions of dollars) $ 47 $ 48 $ 14 Number of Weighted Nonvested Dec. 31, 2023 1,094,940 $ 75.22 Granted 452,360 $ 85.69 Released to participants (418,357) $ 62.32 Forfeited (29,244) $ 82.10 Nonvested Dec. 31, 2024 1,099,699 $ 84.25 2024 2023 2022 Volatility (a) 29.00% 63.30% 61.10% Dividend yield 5.40% 5.75% 6.15% Risk-free interest rate 4.46% 4.43% 1.78% (a) - Volatility was based on historical volatility over three years using daily stock price observations. 2024 2023 2022 Weighted-average grant date fair value (per share) $ 85.69 $ 87.46 $ 79.05 Fair value of units granted (millions of dollars) $ 39 $ 32 $ 32 Grant date fair value of units vested (millions of dollars) $ 26 $ 21 $ 20

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plan [Abstract]
Schedule of Pension and Postretirement Benefit Plans Obligations and Fair Value of Plan Assets	The following table sets forth our retirement and other postretirement benefit plans benefit obligations and fair value of plan assets for the periods indicated: Retirement Benefits Other Postretirement Benefits Dec. 31, Dec. 31, 2024 2023 2024 2023 Change in benefit obligation (Millions of dollars ) Benefit obligation, beginning of period $ 702 $ 423 $ 51 $ 38 Service cost 21 7 — — Interest cost 37 27 2 2 Plan participants’ contributions — — 1 1 Actuarial (gain) loss (35) 38 (5) 3 Benefits paid (36) (33) (3) (4) Magellan Acquisition — 240 — 11 Benefit obligation, end of period (a) 689 702 46 51 Change in plan assets Fair value of plan assets, beginning of period 554 322 16 17 Actual return on plan assets 12 60 1 2 Employer contributions 5 — — — Plan participants’ contributions — — 1 1 Benefits paid (36) (33) (3) (4) Magellan Acquisition — 205 — — Fair value of plan assets, end of period (b) 535 554 15 16 Balance at Dec. 31 $ (154) $ (148) $ (31) $ (35) Current liabilities $ (5) $ (5) $ — $ — Noncurrent liabilities (149) (143) (31) (35) Balance at Dec. 31 $ (154) $ (148) $ (31) $ (35) (a) - The benefit obligation for Retirement Benefits at Dec. 31, 2024 and 2023, include the supplemental executive retirement plan obligation. (b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $92 million and $89 million at Dec. 31, 2024 and 2023, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan.
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following table sets forth the weighted-average assumptions used to determine benefit obligations for retirement and other postretirement benefits for the periods indicated: Retirement Benefits Other Postretirement Benefits Dec. 31, Dec. 31, 2024 2023 2024 2023 Discount rate 5.80% 5.40% 5.80% 5.50% Compensation increase rate 3.65% 3.65% NA NA Interest credit rating (a) 4.78% 4.03% NA NA (a) - This actuarial assumption is only applicable to the pension plans assumed with the Magellan Acquisition.
Schedule of Allocation Plan Assets	The combined target allocation for the assets of our pension plans as of Dec. 31, 2024, is as follows: Domestic and international equities 32 % Long duration fixed income 55 % Return-seeking credit 5 % Hedge funds 5 % Real estate funds 3 % Total 100 % As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. The fair value of the plan assets for our other postretirement benefit plans as of Dec. 31, 2024, are not material. The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension plans: Pension Benefits Dec. 31, 2024 Asset Category Level 1 Level 2 Level 3 Subtotal Measured at NAV (d) Total ( Millions of dollars ) Investments: Equity securities $ 64 $ — $ — $ 64 $ — $ 64 Cash and money market funds 7 — — 7 — 7 Government obligations 36 — — 36 — 36 Corporate obligations 101 — — 101 — 101 Common/collective trusts Equity securities (a) — — — — 107 107 Real estate funds — — — — 18 18 Government obligations — — — — 50 50 Corporate obligations (b) — — — — 118 118 Short-term investments — — — — 5 5 Other investments (c) — — — — 29 29 Fair value of plan assets $ 208 $ — $ — $ 208 $ 327 $ 535 (a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share. Pension Benefits Dec. 31, 2023 Asset Category Level 1 Level 2 Level 3 Subtotal Measured at NAV (d) Total ( Millions of dollars ) Investments: Equity securities $ 65 $ — $ — $ 65 $ — $ 65 Cash and money market funds 9 — — 9 — 9 Government obligations 45 — — 45 — 45 Corporate obligations 100 — — 100 — 100 Common/collective trusts Equity securities (a) — — — — 109 109 Real estate funds — — — — 17 17 Government obligations — — — — 60 60 Corporate obligations (b) — — — — 114 114 Short-term investments — — — — 6 6 Other investments (c) — — — — 29 29 Fair value of plan assets $ 219 $ — $ — $ 219 $ 335 $ 554 (a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share.
Schedule of Pension Benefits and Post Retirement Benefit Payments Expected to Be Paid	The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2025 through 2034: Pension Other Postretirement Benefits to be paid in: ( Millions of dollars ) 2025 $ 44 $ 5 2026 $ 45 $ 4 2027 $ 47 $ 4 2028 $ 48 $ 4 2029 $ 51 $ 4 2030 through 2034 $ 272 $ 17

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table sets forth our provision for income taxes for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Current tax expense (benefit) Federal $ 89 $ (3) $ 52 State 20 12 12 Total current tax expense 109 9 64 Deferred tax expense Federal 792 739 423 State 97 90 41 Total deferred tax expense 889 829 464 Total provision for income taxes $ 998 $ 838 $ 528
Schedule of Reconciliation of Income Tax Provision	The following table is a reconciliation of our income tax provision for the periods indicated: Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) Income before income taxes $ 4,110 $ 3,497 $ 2,250 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Provision for federal income taxes 863 734 472 State income taxes, net of federal benefit 93 100 54 Change in valuation allowance 12 2 (1) Deferred tax rate change 20 — — Excess tax benefits from share-based compensation (13) 1 (1) Other, net 23 1 4 Income tax provision $ 998 $ 838 $ 528
Schedule of Deferred Tax Assets and Liabilities	The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of the dates indicated: Dec. 31, Dec. 31, Deferred tax assets ( Millions of dollars ) Employee benefits and other accrued liabilities $ 99 $ 88 Federal net operating loss 2,818 2,534 State net operating loss and benefits 515 492 Derivative instruments 15 — Interest expense limitation 407 210 Other 39 20 Total deferred tax assets 3,893 3,344 Valuation allowance for state net operating loss and tax credits Carryforward expected to expire prior to utilization (252) (240) Net deferred tax assets 3,641 3,104 Deferred tax liabilities Excess of tax over book depreciation 58 104 Derivative instruments — 7 Investment in partnerships (a) 9,034 5,587 Total deferred tax liabilities 9,092 5,698 Net deferred tax liabilities $ 5,451 $ 2,594 (a) Due primarily to excess of tax over book depreciation.

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table sets forth our investments in unconsolidated affiliates as of the dates indicated: Net Dec. 31, Dec. 31, ( Millions of dollars ) Overland Pass 50% $ 400 $ 402 Saddlehorn (a) 40% 373 288 Northern Border 50% 333 338 BridgeTex 30% 250 193 Matterhorn (b) 15% 248 — MVP 25% 235 241 Roadrunner 50% 183 188 Other Various 294 224 Investments in unconsolidated affiliates (c) $ 2,316 $ 1,874 (a) - In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest. (b) - As of Dec. 31, 2024, the 15% interest represents EnLink’s ownership interest in Matterhorn. (c) - Includes basis differences of $368 million and $148 million at Dec. 31, 2024 and 2023, respectively, related to property, plant and equipment and equity-method goodwill (Note A). Years Ended Dec. 31, 2024 2023 2022 ( Millions of dollars ) BridgeTex (a) $ 127 $ (1) $ — Northern Border 95 75 71 Overland Pass 86 56 33 Saddlehorn (a) 50 10 — Roadrunner 40 43 37 MVP (a) 14 4 — Matterhorn (b) 8 — — Other 19 15 7 Equity in net earnings from investments $ 439 $ 202 $ 148 (a) - For the year ended Dec. 31, 2023, includes equity in net earnings from the period Sept. 25, 2023 through Dec. 31, 2023.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments for Firm Transportation, Storage Contracts and Capital Leases	The following table sets forth our transportation, volume and storage commitments for the periods indicated: Commitments ( Millions of dollars ) 2025 $ 144 2026 160 2027 144 2028 140 2029 135 Thereafter 708 Total $ 1,431

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease Assets And Liabilities In Balance Sheet	The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated: Leases Location in our Consolidated Balance Sheets Dec. 31, 2024 Dec. 31, 2023 ( Millions of dollars ) Operating leases assets Other assets $ 220 $ 104 Operating leases liabilities Current Other current liabilities $ 62 $ 23 Noncurrent Other deferred credits 154 74 Total operating lease liabilities $ 216 $ 97
Lessee, Operating Lease, Liability, Maturity	The following table sets forth the maturity of our lease liabilities as of Dec. 31, 2024: Operating Leases ( Millions of dollars ) 2025 $ 72 2026 52 2027 30 2028 25 2029 21 2030 and beyond 75 Total lease payments 275 Less: Interest 59 Present value of lease liabilities $ 216

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table presents aggregate value allocated to unsatisfied performance obligations as of Dec. 31, 2024, 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 to16 years: Expected Period of Recognition in Revenue ( Millions of dollars ) 2025 $ 1,230 2026 1,058 2027 993 2028 917 2029 and beyond 3,314 Total estimated transaction price allocated to unsatisfied performance obligations $ 7,512

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segments	The following tables set forth certain selected financial information for our operating segments for the periods indicated: Year Ended Dec. 31, 2024 Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 3,033 $ 14,446 $ — $ 2,258 $ 19,737 Residue natural gas sales 1,203 — 137 — 1,340 Exchange services and natural gas gathering and processing revenue 260 500 — — 760 Transportation and storage revenue 70 207 684 2,082 3,043 Other revenue 23 14 1 120 158 Total revenues (a) 4,589 15,167 822 4,460 25,038 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,600) (11,994) (112) (1,949) (16,655) Operating costs (603) (762) (233) (888) (2,486) Adjusted EBITDA from unconsolidated affiliates 3 95 187 247 532 Noncash compensation expense 20 34 8 31 93 Other (b) 75 3 228 (9) 297 Segment adjusted EBITDA $ 1,484 $ 2,543 $ 900 $ 1,892 $ 6,819 Depreciation and amortization $ (325) $ (361) $ (88) $ (354) $ (1,128) Equity in net earnings from investments $ — $ 85 $ 143 $ 211 $ 439 Investments in unconsolidated affiliates $ 33 $ 484 $ 764 $ 1,031 $ 2,312 Total assets $ 15,856 $ 19,797 $ 5,041 $ 23,181 $ 63,875 Capital expenditures $ 492 $ 987 $ 258 $ 216 $ 1,953 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a gain of $227 million for the Natural Gas Pipelines segment related to the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. Year Ended Dec. 31, 2024 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 19,737 $ (3,287) $ 16,450 Residue natural gas sales 1,340 (10) 1,330 Exchange services and natural gas gathering and processing revenue 760 — 760 Transportation and storage revenue 3,043 (23) 3,020 Other revenue 158 (20) 138 Total revenues (a) $ 25,038 $ (3,340) $ 21,698 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (16,655) $ 3,344 $ (13,311) Operating costs $ (2,486) $ (10) $ (2,496) Depreciation and amortization $ (1,128) $ (6) $ (1,134) Equity in net earnings from investments $ 439 $ — $ 439 Investments in unconsolidated affiliates $ 2,312 $ 4 $ 2,316 Total assets $ 63,875 $ 194 $ 64,069 Capital expenditures $ 1,953 $ 68 $ 2,021 (a) - Substantially all of our revenues relate to contracts with customers. Year Ended Dec. 31, 2023 Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 2,479 $ 13,666 $ — $ 502 $ 16,647 Residue natural gas sales 1,398 — 39 — 1,437 Gathering, processing and exchange services revenue 147 549 — — 696 Transportation and storage revenue — 204 582 535 1,321 Other revenue 32 10 2 34 78 Total revenues (a) 4,056 14,429 623 1,071 20,179 Cost of sales and fuel (exclusive of depreciation and operating costs) (2,364) (11,592) (28) (450) (14,434) Operating costs (467) (666) (202) (198) (1,533) Adjusted EBITDA from unconsolidated affiliates 1 67 160 36 264 Noncash compensation expense 19 29 8 6 62 Other (b) (1) 778 (2) — 775 Segment adjusted EBITDA $ 1,244 $ 3,045 $ 559 $ 465 $ 5,313 Depreciation and amortization $ (272) $ (334) $ (67) $ (92) $ (765) Equity in net earnings from investments $ (2) $ 58 $ 118 $ 28 $ 202 Investments in unconsolidated affiliates $ 24 $ 419 $ 526 $ 903 $ 1,872 Total assets $ 7,078 $ 14,974 $ 2,624 $ 19,531 $ 44,207 Capital expenditures $ 448 $ 818 $ 228 $ 52 $ 1,546 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $2.4 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a settlement gain of $779 million for the Natural Gas Liquids segment related to the Medford incident. Year Ended Dec. 31, 2023 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 16,647 $ (2,480) $ 14,167 Residue natural gas sales 1,437 — 1,437 Gathering, processing and exchange services revenue 696 — 696 Transportation and storage revenue 1,321 (15) 1,306 Other revenue 78 (7) 71 Total revenues (a) $ 20,179 $ (2,502) $ 17,677 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (14,434) $ 2,505 $ (11,929) Operating costs $ (1,533) $ (2) $ (1,535) Depreciation and amortization $ (765) $ (4) $ (769) Equity in net earnings from investments $ 202 $ — $ 202 Investments in unconsolidated affiliates $ 1,872 $ 2 $ 1,874 Total assets $ 44,207 $ 59 $ 44,266 Capital expenditures $ 1,546 $ 49 $ 1,595 (a) - Substantially all of our revenues relate to contracts with customers. Year Ended Dec. 31, 2022 Natural Gas Natural Gas Natural Gas Total ( Millions of dollars ) NGL and condensate sales $ 3,690 $ 18,329 $ — $ 22,019 Residue natural gas sales 2,674 — 39 2,713 Gathering, processing and exchange services revenue 144 547 — 691 Transportation and storage revenue — 180 539 719 Other revenue 25 11 1 37 Total revenues (a) 6,533 19,067 579 26,179 Cost of sales and fuel (exclusive of depreciation and operating costs) (5,117) (16,546) (25) (21,688) Operating costs (403) (576) (181) (1,160) Equity in net earnings from investments 5 35 108 148 Noncash compensation expense 17 27 7 51 Other 2 88 — 90 Segment adjusted EBITDA $ 1,037 $ 2,095 $ 488 $ 3,620 Depreciation and amortization $ (257) $ (302) $ (62) $ (621) Investments in unconsolidated affiliates $ 28 $ 415 $ 359 $ 802 Total assets $ 6,980 $ 14,643 $ 2,254 $ 23,877 Capital expenditures $ 445 $ 581 $ 123 $ 1,149 (a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $3.7 billion and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments. Year Ended Dec. 31, 2022 Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 22,019 $ (3,759) $ 18,260 Residue natural gas sales 2,713 (8) 2,705 Gathering, processing and exchange services revenue 691 — 691 Transportation and storage revenue 719 (9) 710 Other revenue 37 (16) 21 Total revenues (a) $ 26,179 $ (3,792) $ 22,387 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (21,688) $ 3,778 $ (17,910) Operating costs $ (1,160) $ 11 $ (1,149) Depreciation and amortization $ (621) $ (5) $ (626) Equity in net earnings from investments $ 148 $ — $ 148 Investments in unconsolidated affiliates $ 802 $ — $ 802 Total assets $ 23,877 $ 502 $ 24,379 Capital expenditures $ 1,149 $ 53 $ 1,202 (a) - Substantially all of our revenues relate to contracts with customers. Years Ended Dec. 31, 2024 2023 2022 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 3,112 $ 2,659 $ 1,722 Interest expense, net of capitalized interest 1,371 866 676 Depreciation and amortization 1,134 769 626 Income taxes 998 838 528 Adjusted EBITDA from unconsolidated affiliates (a) 532 264 — Equity in net earnings from investments (a) (439) (202) — Noncash compensation expense and other 76 49 68 Other corporate costs (b) 35 70 — Total segment adjusted EBITDA (a)(c)(d) $ 6,819 $ 5,313 $ 3,620 (a) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. In prior periods, our calculation included equity in net earnings from investments. This change resulted in an additional $62 million of adjusted EBITDA in 2023, and we have not restated prior periods. (b) - The year ended Dec. 31, 2024, includes transaction costs related primarily to the EnLink Acquisitions and Medallion Acquisition of $73 million, offset partially by interest income of $39 million. The year ended Dec. 31, 2023, includes transaction costs related to the Magellan Acquisition of $158 million, offset partially by interest income of $49 million and corporate net gains of $41 million on extinguishment of debt related to open market repurchases. (c) - The year ended Dec. 31, 2023, includes $633 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $146 million of third-party fractionation costs. (d) - The year ended Dec. 31, 2024, includes a gain of $227 million from the interstate natural gas pipeline divestiture.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) pensionPlan segment	Dec. 31, 2023 USD ($)	Oct. 15, 2024
Entity [Line Items]
Contract liability, term (in years)	1 year
Number of years of service, term (in years)	5 years
Number of segments | segment	4
Additional adjusted EBITDA | $	$ 62	$ 62
Number of defined benefit pension plans | pensionPlan	2
EnLink Acquisition
Entity [Line Items]
Percentage of voting interests acquired			100%
Minimum
Entity [Line Items]
Contract liability, term (in years)	1 year
Maximum
Entity [Line Items]
Contract liability, term (in years)	17 years

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ / shares in Units, $ in Millions					1 Months Ended	2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) system	Oct. 31, 2024 USD ($)	Oct. 15, 2024 USD ($) mi $ / shares MMBbls Bcf	Sep. 25, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) mi	Dec. 31, 2024 USD ($) system	Dec. 31, 2024 USD ($) system	Dec. 31, 2024 USD ($) system	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Number of wholly owned natural gas pipeline systems sold | system	3					3	3	3
Proceeds from the sale of business (Note B)	$ 1,200							$ 1,200	$ 0	$ 0
Gain of other operating income								227	0	0
Magellan Acquisition measurement period adjustments								165
Business combination, total costs								96	179
Enlink
Business Acquisition [Line Items]
Subsidiary, ownership percentage, parent			57%
Senior Notes
Business Acquisition [Line Items]
Debt instrument, face amount	$ 7,000					$ 7,000	$ 7,000	7,000	5,250	$ 750	$ 7,000
Proceeds from issuance of senior debt								6,900	$ 5,200
EnLink Controlling Interest Acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired			100%
Cash consideration			$ 3,300
Miles of pipeline acquired | mi			14,000
Operating storage processing capacity | Bcf			3.9
Operating storage fractionators capacity, per day | MMBbls			0.235
Goodwill, expected tax deductible amount			$ 0
Business combination, revenue							1,500
Business combination, net income							$ 173
EnLink Controlling Interest Acquisition | Common Stock
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares			$ 14.90
Cash consideration			$ 300
Medallion Acquisition
Business Acquisition [Line Items]
Business combination, revenue						256
Business combination, net income						$ 43
Consideration transferred		$ 2,600
Magellan Acquisition
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares				$ 25
Cash consideration				$ 5,052
Exchange ratio per acquiree share (in shares) | shares				0.667
Shares of ONEOK common stock issued (in shares) | shares				134,800,000
Equity consideration				$ 9,062
Consideration transferred				14,114
Proceeds from issuance of senior debt				5,250
Magellan Acquisition measurement period adjustments								165
Property, plant and equipment, adjustment								$ 100
Magellan Acquisition | Common Stock
Business Acquisition [Line Items]
Equity consideration				$ 8,969
Gulf Coast NGL Pipelines Acquisition
Business Acquisition [Line Items]
Consideration transferred					$ 280
Length of natural gas pipeline | mi					450
GIP | EnLink Controlling Interest Acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired			43%

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 15, 2024	Sep. 25, 2023
EnLink Acquisition
Business Combination Segment Allocation [Line Items]
Public common units outstanding (in shares)	200,300,000
Business acquisition, share price (in dollars per share)	$ 14.90
Cash consideration	$ 2,985
Liabilities incurred	300
Total consideration	$ 3,285
Percentage of voting interests acquired	100%
EnLink Acquisition | GIP
Business Combination Segment Allocation [Line Items]
Percentage of voting interests acquired	43%
Magellan Acquisition
Business Combination Segment Allocation [Line Items]
Public common units outstanding (in shares)		202,100,000
Business acquisition, share price (in dollars per share)		$ 25
Cash consideration		$ 5,052
ONEOK exchange ratio per Magellan unit (in shares)		0.667
Shares of ONEOK common stock issued (in shares)		134,800,000
ONEOK common stock closing price on Sept (USD per share)		$ 66.54
Equity consideration		$ 9,062
Total consideration		14,114
Magellan Acquisition | Common Stock
Business Combination Segment Allocation [Line Items]
Equity consideration		8,969
Magellan Acquisition | Replacement Equity Awards
Business Combination Segment Allocation [Line Items]
Equity consideration		$ 93

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES -Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2024	Oct. 31, 2024	Oct. 15, 2024	Dec. 31, 2023	Sep. 25, 2023
Liabilities assumed:
Goodwill (Note G)	$ 8,091			$ 4,952
EnLink Controlling Interest Acquisition
Assets acquired:
Cash and cash equivalents			$ 446
Accounts receivables, net			548
Inventories			87
Other current assets			38
Property, plant and equipment		$ 11,400	11,396
Investments in unconsolidated affiliates			342
Intangible assets			1,051
Other assets			131
Total assets acquired			14,039
Liabilities assumed:
Current maturities of long-term debt			756
Accounts payable			465
Other current liabilities			525
Long-term debt, excluding current maturities			4,577
Deferred income taxes			1,988
Other deferred credits and liabilities			84
Total liabilities assumed			8,395
Noncontrolling interests	$ 5,100		5,076
Total identifiable net assets			568
Goodwill (Note G)			2,717
Total purchase price			$ 3,285
Medallion Acquisition
Assets acquired:
Cash and cash equivalents		36
Accounts receivables, net		114
Inventories		21
Other current assets		2
Property, plant and equipment		1,600
Intangible assets		730
Other assets		3
Total assets acquired		2,506
Liabilities assumed:
Accounts payable		103
Other current liabilities		5
Other deferred credits and liabilities		40
Total liabilities assumed		148
Total identifiable net assets		2,358
Goodwill (Note G)		259
Total purchase price		$ 2,617
Magellan Acquisition
Assets acquired:
Cash and cash equivalents					$ 37
Accounts receivables, net					333
Inventories					352
Other current assets					140
Property, plant and equipment					11,644
Investments in unconsolidated affiliates					922
Intangible assets					1,124
Other assets					121
Total assets acquired					14,673
Liabilities assumed:
Accounts payable					213
Other current liabilities					721
Long-term debt, excluding current maturities					4,013
Other deferred credits and liabilities					201
Total liabilities assumed					5,148
Total identifiable net assets					9,525
Goodwill (Note G)					4,589
Total purchase price					$ 14,114

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Related Transaction Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Transaction costs	$ 73	$ 158	$ 0
Interest expense	23	21
Total	$ 96	179
Magellan Acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Transaction costs		$ 158

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES - Schedule of Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
As reported
Revenues	$ 21,698	$ 17,677	$ 22,387
Net income	3,112	2,659	$ 1,722
Pro Forma [Abstract]
Revenues	27,667	27,617
Net income	3,481	3,258
Medallion Acquisition
Pro Forma [Abstract]
Revenues	1,078	947
Net income	81	(16)
Magellan Acquisition
Pro Forma [Abstract]
Revenues		2,322
Net income		232
EnLink Controlling Interest Acquisition
Pro Forma [Abstract]
Revenues	4,891	6,671
Net income	$ 288	$ 383

MEDFORD INCIDENT (Details)

MEDFORD INCIDENT (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Interruption Loss [Line Items]
Medford settlement gain (Note C)		$ 0	$ 779	$ 0
Medford Incident | Insurance Recoveries
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds				930
Medford Incident | Insurance Recoveries in 2022
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds				100
Medford Incident | Business Interruption - Settlement Proceeds Received in 2023
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds	$ 830
Medford Incident | Business Interruption - Settlement Proceeds
Business Interruption Loss [Line Items]
Outstanding insurance receivable				$ 51
Medford settlement gain (Note C)	$ 779	$ 779	$ 779

FAIR VALUE MEASUREMENTS -Schedu

FAIR VALUE MEASUREMENTS -Schedule of Recurring Fair Value Measurements (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Derivative liabilities
Cash held - offsetting derivative net asset positions under master-netting arrangements	$ 0	$ 0
Cash posted - total	45,000,000	41,000,000
Cash posted - offsetting derivative net liability positions under master-netting arrangements	10,000,000
Current Assets
Derivative liabilities
Cash posted - offsetting derivative net liability positions under master-netting arrangements	35,000,000
Fair Value, Recurring
Assets:
Derivative assets netting	(72,000,000)	(125,000,000)
Derivative assets	3,000,000	52,000,000
Derivative liabilities
Derivative liabilities netting	81,000,000	84,000,000
Derivative liabilities	(5,000,000)	0
Fair Value, Recurring | Commodity contracts
Assets:
Derivative assets netting	(72,000,000)	(125,000,000)
Derivative assets	3,000,000	52,000,000
Derivative liabilities
Derivative liabilities netting	81,000,000	84,000,000
Derivative liabilities	(5,000,000)	0
Fair Value, Recurring | Gross Fair Value Measurement
Assets:
Derivative asset, fair value, gross	75,000,000	177,000,000
Derivative liabilities
Derivative liability, fair value, gross	(86,000,000)	(84,000,000)
Fair Value, Recurring | Gross Fair Value Measurement | Commodity contracts
Assets:
Derivative asset, fair value, gross	75,000,000	177,000,000
Derivative liabilities
Derivative liability, fair value, gross	(86,000,000)	(84,000,000)
Fair Value, Recurring | Fair Value, Inputs, Level 1
Assets:
Derivative asset, fair value, gross	41,000,000	109,000,000
Derivative liabilities
Derivative liability, fair value, gross	(40,000,000)	(40,000,000)
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Commodity contracts
Assets:
Derivative asset, fair value, gross	41,000,000	109,000,000
Derivative liabilities
Derivative liability, fair value, gross	(40,000,000)	(40,000,000)
Fair Value, Recurring | Fair Value, Inputs, Level 2
Assets:
Derivative asset, fair value, gross	34,000,000	68,000,000
Derivative liabilities
Derivative liability, fair value, gross	(46,000,000)	(44,000,000)
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Commodity contracts
Assets:
Derivative asset, fair value, gross	34,000,000	68,000,000
Derivative liabilities
Derivative liability, fair value, gross	(46,000,000)	(44,000,000)
Fair Value, Recurring | Fair Value, Inputs, Level 3
Assets:
Derivative asset, fair value, gross	0	0
Derivative liabilities
Derivative liability, fair value, gross	0	0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Commodity contracts
Assets:
Derivative asset, fair value, gross	0	0
Derivative liabilities
Derivative liability, fair value, gross	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long term debt, fair value	$ 30.8	$ 21.4
Long-term debt	$ 32.1	$ 21.7

RISK MANAGEMENT AND HEDGING A_3

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge, cumulative gain (loss)		$ (38)	$ 31
Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount	$ 7,000	7,000	$ 5,250	$ 750
Treasury Lock | Cash Flow Hedging | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount, new contracts	1,500
Derivative, notional amount settled	$ 1,500
Interest Rate Swap | Enlink
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		400
Derivative, notional amount, terminated		$ 400

RISK MANAGEMENT AND HEDGING A_4

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Assets	$ 75	$ 177
(Liabilities)	(86)	$ (84)
Cash posted - offsetting derivative net liability positions under master-netting arrangements	$ 10
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	$ 39	$ 163
(Liabilities)	(47)	(78)
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	36	14
(Liabilities)	(39)	(6)
Other current assets | Commodity contracts | Derivatives designated as hedging instruments | Financial contracts
Derivatives, Fair Value [Line Items]
Assets	39	163
(Liabilities)	(47)	(78)
Other current assets/liabilities | Commodity contracts | Derivatives not designated as hedging instruments | Financial contracts
Derivatives, Fair Value [Line Items]
Assets	36	14
(Liabilities)	(33)	(6)
Other deferred credits | Commodity contracts | Derivatives not designated as hedging instruments | Financial contracts
Derivatives, Fair Value [Line Items]
Assets	0	0
(Liabilities)	$ (6)	$ 0

RISK MANAGEMENT AND HEDGING A_5

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Notional Quantities For Derivative Instruments (Details) - Futures and Swaps	12 Months Ended
	Dec. 31, 2024 GWh Bcf MMBbls	Dec. 31, 2023 GWh MMBbls Bcf
Fixed price | Sold/Receiver | Natural gas (Bcf) | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume	12.2	16
Fixed price | Sold/Receiver | Natural gas (Bcf) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume	8	0.7
Fixed price | Sold/Receiver | Crude oils and NGLs (MMBbl) | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	12.2	14.5
Fixed price | Sold/Receiver | Crude oils and NGLs (MMBbl) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	2.7
Fixed price | Purchased/Payor | Crude oils and NGLs (MMBbl) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls		0.1
Fixed price | Purchased/Payor | Power (GWs) | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, energy measure | GWh	0	22,100,000
Basis | Sold/Receiver | Natural gas (Bcf) | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume	11.2	16
Basis | Sold/Receiver | Natural gas (Bcf) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume	3.7	0.7
Basis | Sold/Receiver | Crude oils and NGLs (MMBbl) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	0.2	0.1
Swing swaps | Sold/Receiver | Natural gas (Bcf) | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount, volume	0.2	0

RISK MANAGEMENT AND HEDGING A_6

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	$ (69)	$ 201	$ 121
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	21	87	(261)
Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	(50)	147	(85)
Commodity Contract | Commodity sales revenues
Derivative Instruments, Gain (Loss) [Line Items]
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	60	201	(484)
Commodity Contract | Cost of sales and fuel
Derivative Instruments, Gain (Loss) [Line Items]
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	(19)	(93)	257
Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	(19)	54	206
Interest Rate Contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	$ (20)	$ (21)	$ (34)

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Property Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 52,274	$ 38,454
Accumulated depreciation and amortization	(6,339)	(5,757)
Net property, plant and equipment (Note F)	45,935	32,697
Gathering pipelines and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 11,643	5,077
Gathering pipelines and related equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Gathering pipelines and related equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Processing and fractionation and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 12,406	8,591
Processing and fractionation and related equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Processing and fractionation and related equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Storage and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,684	3,330
Storage and related equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Storage and related equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	54 years
Transmission pipelines and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 21,315	18,551
Transmission pipelines and related equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Transmission pipelines and related equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	87 years
General plant and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,316	1,002
General plant and other | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
General plant and other | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	60 years
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 592	375
Construction work in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,318	$ 1,528

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) system	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2024 USD ($)	Oct. 15, 2024 USD ($)	Sep. 25, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation	$ 1,100	$ 736
Incurred costs for construction work in process	$ 179	$ 242	$ 171
Number of wholly owned natural gas pipeline systems sold | system	3
Natural gas pipeline systems, gross cost basis	$ 1,300
EnLink Controlling Interest Acquisition
Property, Plant and Equipment [Line Items]
Property, plant and equipment				$ 11,400	$ 11,396
Medallion Acquisition
Property, Plant and Equipment [Line Items]
Property, plant and equipment				$ 1,600
Magellan Acquisition
Property, Plant and Equipment [Line Items]
Property, plant and equipment						$ 11,644

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Gross goodwill		$ 5,105
Accumulated impairment losses		(153)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 4,952
Magellan Acquisition measurement period adjustments	165
Interstate natural gas pipeline divestiture	(33)
Goodwill, ending balance	8,091
Magellan Acquisition
Goodwill [Roll Forward]
Magellan Acquisition measurement period adjustments	165
EnLink Controlling Interest Acquisition
Goodwill [Roll Forward]
Acquisitions	2,717
Medallion Acquisition
Goodwill [Roll Forward]
Acquisitions	259
Gulf Coast NGL Pipelines Acquisition
Goodwill [Roll Forward]
Acquisitions	31
Natural Gas Gathering and Processing
Goodwill [Line Items]
Gross goodwill		153
Accumulated impairment losses		(153)
Goodwill [Roll Forward]
Goodwill beginning balance	0
Magellan Acquisition measurement period adjustments	0
Interstate natural gas pipeline divestiture	0
Goodwill, ending balance	486
Natural Gas Gathering and Processing | EnLink Controlling Interest Acquisition
Goodwill [Roll Forward]
Acquisitions	486
Natural Gas Gathering and Processing | Medallion Acquisition
Goodwill [Roll Forward]
Acquisitions	0
Natural Gas Gathering and Processing | Gulf Coast NGL Pipelines Acquisition
Goodwill [Roll Forward]
Acquisitions	0
Natural Gas Liquids
Goodwill [Line Items]
Gross goodwill		371
Accumulated impairment losses		0
Goodwill [Roll Forward]
Goodwill beginning balance	371
Magellan Acquisition measurement period adjustments	0
Interstate natural gas pipeline divestiture	0
Goodwill, ending balance	1,863
Natural Gas Liquids | EnLink Controlling Interest Acquisition
Goodwill [Roll Forward]
Acquisitions	1,461
Natural Gas Liquids | Medallion Acquisition
Goodwill [Roll Forward]
Acquisitions	0
Natural Gas Liquids | Gulf Coast NGL Pipelines Acquisition
Goodwill [Roll Forward]
Acquisitions	31
Natural Gas Pipelines
Goodwill [Line Items]
Gross goodwill		157
Accumulated impairment losses		0
Goodwill [Roll Forward]
Goodwill beginning balance	157
Magellan Acquisition measurement period adjustments	0
Interstate natural gas pipeline divestiture	(33)
Goodwill, ending balance	353
Natural Gas Pipelines | EnLink Controlling Interest Acquisition
Goodwill [Roll Forward]
Acquisitions	229
Natural Gas Pipelines | Medallion Acquisition
Goodwill [Roll Forward]
Acquisitions	0
Natural Gas Pipelines | Gulf Coast NGL Pipelines Acquisition
Goodwill [Roll Forward]
Acquisitions	0
Refined Products and Crude
Goodwill [Line Items]
Gross goodwill		4,424
Accumulated impairment losses		$ 0
Goodwill [Roll Forward]
Goodwill beginning balance	4,424
Magellan Acquisition measurement period adjustments	165
Interstate natural gas pipeline divestiture	0
Goodwill, ending balance	5,389
Refined Products and Crude | EnLink Controlling Interest Acquisition
Goodwill [Roll Forward]
Acquisitions	541
Refined Products and Crude | Medallion Acquisition
Goodwill [Roll Forward]
Acquisitions	259
Refined Products and Crude | Gulf Coast NGL Pipelines Acquisition
Goodwill [Roll Forward]
Acquisitions	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, useful life (in years)	27 years
Amortization expense for intangible assets	$ 62	$ 33	$ 10
Future amortization expense for next five years [Abstract]
Future amortization expense, year one	130
Future amortization expense, year two	130
Future amortization expense, year three	130
Future amortization expense, year four	130
Future amortization expense, year five	130
Gross intangible assets and accumulated amortization [Abstract]
Gross intangible assets	3,290	1,505
Accumulated amortization	(251)	(189)
Net intangible assets	$ 3,039	$ 1,316

DEBT - Schedule of Consolidated

DEBT - Schedule of Consolidated Debt (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Commercial Paper	$ 0	$ 0	$ 0
Current maturities of long-term debt	(1,059)	(1,059)	(484)
Long-term debt, excluding current maturities (Note H)	31,018	31,018	21,183
EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Total ONEOK and ONEOK Partners debt	4,613	4,613
Unamortized debt discounts	(8)	(8)
Current maturities of long-term debt	(422)	(422)
Long-term debt, excluding current maturities (Note H)	4,183	4,183
$500 at 2.75% due September 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	2.75%	2.75%
Total ONEOK and ONEOK Partners debt	$ 0	$ 0	484
$500 at 4.9% due March 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.90%	4.90%
Total ONEOK and ONEOK Partners debt	$ 0	$ 0	500
Repayments of long-term debt	500
$250 at 3.2% due March 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250	$ 250
Interest rate	3.20%	3.20%
Total ONEOK and ONEOK Partners debt	$ 250	$ 250	250
$400 at 2.2% due September 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400	$ 400
Interest rate	2.20%	2.20%
Total ONEOK and ONEOK Partners debt	$ 387	$ 387	387
$600 at 5.85% due January 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600	$ 600
Interest rate	5.85%	5.85%
Total ONEOK and ONEOK Partners debt	$ 600	$ 600	600
$650 at 5.0% due March 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650	$ 650
Interest rate	5%	5%
Total ONEOK and ONEOK Partners debt	$ 650	$ 650	650
$750 at 5.55% due November 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	5.55%	5.55%
Total ONEOK and ONEOK Partners debt	$ 750	$ 750	750
$500 at 4.0% due July 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4%	4%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$1,250 at 4.25% due September 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250	$ 1,250
Interest rate	4.25%	4.25%
Total ONEOK and ONEOK Partners debt	$ 1,250	$ 1,250	0
$800 at 4.55% due July 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800	$ 800
Interest rate	4.55%	4.55%
Total ONEOK and ONEOK Partners debt	$ 800	$ 800	800
$100 at 6.875% due September 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100	$ 100
Interest rate	6.875%	6.875%
Total ONEOK and ONEOK Partners debt	$ 100	$ 100	100
$750 at 5.65% due November 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	5.65%	5.65%
Total ONEOK and ONEOK Partners debt	$ 750	$ 750	750
$700 at 4.35% due March 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700	$ 700
Interest rate	4.35%	4.35%
Total ONEOK and ONEOK Partners debt	$ 700	$ 700	700
$750 at 3.4% due September 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	3.40%	3.40%
Total ONEOK and ONEOK Partners debt	$ 714	$ 714	714
$600 at 4.4% due October 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600	$ 600
Interest rate	4.40%	4.40%
Total ONEOK and ONEOK Partners debt	$ 600	$ 600	0
$850 at 3.1% due March 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 850	$ 850
Interest rate	3.10%	3.10%
Total ONEOK and ONEOK Partners debt	$ 780	$ 780	780
$500 at 3.25% due June 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	3.25%	3.25%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$500 at 5.8% due November 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	5.80%	5.80%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$600 at 6.35% due January 2031
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600	$ 600
Interest rate	6.35%	6.35%
Total ONEOK and ONEOK Partners debt	$ 600	$ 600	600
$1,250 at 4.75% due October 2031
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250	$ 1,250
Interest rate	4.75%	4.75%
Total ONEOK and ONEOK Partners debt	$ 1,250	$ 1,250	0
$750 at 6.1% due November 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	6.10%	6.10%
Total ONEOK and ONEOK Partners debt	$ 750	$ 750	750
$1,500 at 6.05% due September 2033
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500	$ 1,500
Interest rate	6.05%	6.05%
Total ONEOK and ONEOK Partners debt	$ 1,500	$ 1,500	1,500
$1,600 at 5.05% due November 2034
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,600	$ 1,600
Interest rate	5.05%	5.05%
Total ONEOK and ONEOK Partners debt	$ 1,600	$ 1,600	0
$400 at 6.0% due June 2035
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400	$ 400
Interest rate	6%	6%
Total ONEOK and ONEOK Partners debt	$ 400	$ 400	400
$600 at 6.65% due October 2036
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600	$ 600
Interest rate	6.65%	6.65%
Total ONEOK and ONEOK Partners debt	$ 600	$ 600	600
$250 at 6.4% due May 2037
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250	$ 250
Interest rate	6.40%	6.40%
Total ONEOK and ONEOK Partners debt	$ 250	$ 250	250
$600 at 6.85% due October 2037
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600	$ 600
Interest rate	6.85%	6.85%
Total ONEOK and ONEOK Partners debt	$ 600	$ 600	600
$650 at 6.125% due February 2041
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650	$ 650
Interest rate	6.125%	6.125%
Total ONEOK and ONEOK Partners debt	$ 650	$ 650	650
$250 at 4.2% due December 2042
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250	$ 250
Interest rate	4.20%	4.20%
Total ONEOK and ONEOK Partners debt	$ 250	$ 250	250
$400 at 6.2% due September 2043
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400	$ 400
Interest rate	6.20%	6.20%
Total ONEOK and ONEOK Partners debt	$ 400	$ 400	400
$550 at 5.15% due October 2043
Debt Instrument [Line Items]
Debt instrument, face amount	$ 550	$ 550
Interest rate	5.15%	5.15%
Total ONEOK and ONEOK Partners debt	$ 550	$ 550	550
$250 at 4.2% due March 2045
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250	$ 250
Interest rate	4.20%	4.20%
Total ONEOK and ONEOK Partners debt	$ 250	$ 250	250
$500 at 4.25% due September 2046
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.25%	4.25%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$700 at 4.95% due July 2047
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700	$ 700
Interest rate	4.95%	4.95%
Total ONEOK and ONEOK Partners debt	$ 564	$ 564	564
$500 at 4.2% due October 2047
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.20%	4.20%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$1,000 at 5.2% due July 2048
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000	$ 1,000
Interest rate	5.20%	5.20%
Total ONEOK and ONEOK Partners debt	$ 919	$ 919	919
$500 at 4.85% due February 2049
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.85%	4.85%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500	500
$750 at 4.45% due September 2049
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	4.45%	4.45%
Total ONEOK and ONEOK Partners debt	$ 576	$ 576	576
$500 at 4.5% due March 2050
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.50%	4.50%
Total ONEOK and ONEOK Partners debt	$ 443	$ 443	443
$800 at 3.95% due March 2050
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800	$ 800
Interest rate	3.95%	3.95%
Total ONEOK and ONEOK Partners debt	$ 797	$ 797	797
$300 at 7.15% due January 2051
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300	$ 300
Interest rate	7.15%	7.15%
Total ONEOK and ONEOK Partners debt	$ 300	$ 300	300
$1,750 at 6.625% due September 2053
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,750	$ 1,750
Interest rate	6.625%	6.625%
Total ONEOK and ONEOK Partners debt	$ 1,750	$ 1,750	1,750
$1,500 at 5.7% due November 2054
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500	$ 1,500
Interest rate	5.70%	5.70%
Total ONEOK and ONEOK Partners debt	$ 1,500	$ 1,500	0
$800 at 5.85% due November 2064
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800	$ 800
Interest rate	5.85%	5.85%
Total ONEOK and ONEOK Partners debt	$ 800	$ 800	0
$750 at 4.15% due June 2025 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750	$ 750
Interest rate	4.15%	4.15%
Total ONEOK and ONEOK Partners debt	$ 422	$ 422
$500 at 4.85% due July 2026 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	4.85%	4.85%
Total ONEOK and ONEOK Partners debt	$ 491	$ 491
$500 at 5.625% due January 2028 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	5.625%	5.625%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500
$500 at 5.375% due June 2029 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	5.375%	5.375%
Total ONEOK and ONEOK Partners debt	$ 499	$ 499
$1,000 at 6.5% due September 2030 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000	$ 1,000
Interest rate	6.50%	6.50%
Total ONEOK and ONEOK Partners debt	$ 1,000	$ 1,000
$500 at 5.65% due September 2034 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	5.65%	5.65%
Total ONEOK and ONEOK Partners debt	$ 500	$ 500
$350 at 5.6% due April 2044 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350	$ 350
Interest rate	5.60%	5.60%
Total ONEOK and ONEOK Partners debt	$ 340	$ 340
$450 at 5.05% due April 2045 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450	$ 450
Interest rate	5.05%	5.05%
Total ONEOK and ONEOK Partners debt	$ 413	$ 413
$500 at 5.45% due June 2047 | EnLink Controlling Interest Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500	$ 500
Interest rate	5.45%	5.45%
Total ONEOK and ONEOK Partners debt	$ 448	$ 448
Guardian 6.58% Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount			120
Total ONEOK and ONEOK Partners debt	0	0	$ 120
Debt instrument, interest rate (as a percent)			6.58%
Repayments of long-term debt		120
Viking 6.71% Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount			$ 60
Total ONEOK and ONEOK Partners debt	0	0	$ 60
Debt instrument, interest rate (as a percent)			6.71%
Repayments of long-term debt		60
Excluding Enlink Debt
Debt Instrument [Line Items]
Total ONEOK and ONEOK Partners debt	28,630	28,630	$ 22,794
Unamortized debt discounts	(992)	(992)	(1,015)
Unamortized debt issuance costs and terminated swaps	(166)	(166)	(112)
Current maturities of long-term debt	(637)	(637)	(484)
Long-term debt, excluding current maturities (Note H)	$ 26,835	$ 26,835	$ 21,183

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 25, 2025 USD ($)	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt						$ 2,003	$ 1,300	$ 896
$500 at 4.9% due March 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500				$ 500	$ 500
Interest rate	4.90%				4.90%	4.90%
Repayments of long-term debt	$ 500
Debt instrument, redemption price (as a percent)						100%
2.75% Senior Notes Due March 2025
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500
Interest rate			2.75%
Repayments of long-term debt			$ 484
7.5% Notes Payable due 2023
Debt Instrument [Line Items]
Interest rate							7.50%
Repayments of long-term debt							$ 500
Debt instrument, redemption price (as a percent)							100%
5.0% Notes Payable due 2023
Debt Instrument [Line Items]
Interest rate							5%
Repayments of long-term debt							$ 425
Debt instrument, redemption price (as a percent)							100%
3.375% Notes Payable due 2022
Debt Instrument [Line Items]
Interest rate								3.375%
Repayments of long-term debt								$ 896
Debt instrument, redemption price (as a percent)								100%
Guardian Term Loan Agreement
Debt Instrument [Line Items]
Repayments of long-term debt						$ 120
Viking Term Loan Agreement
Debt Instrument [Line Items]
Repayments of long-term debt						$ 60
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500
Promissory Notes
Debt Instrument [Line Items]
Applicable margin						0.25%
Interest rate	4.85%				4.85%	4.85%
Promissory notes receivable	$ 510				$ 510	$ 510
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	7,000		$ 7,000		7,000	7,000	$ 5,250	$ 750
Extinguishment of debt							322
Repayments of long-term debt							280
Gain (loss) on extinguishment of debt							$ 41
Revolving Credit Facility | EnLink Acquisition
Debt Instrument [Line Items]
Debt instrument, face amount	0				0	0
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Applicable margin		0.125%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Applicable margin		1%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.10%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Applicable margin		1.125%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Applicable margin		2%
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin		0.50%
Revolving Credit Facility | One-Month Adjusted TermSecured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		1%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,400
Repayments of long-term debt					465
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500
Letter of Credit | Unsecured Debt
Debt Instrument [Line Items]
Repayments of long-term debt					374
$2.5 Billion Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,500			$ 2,500	$ 2,500	$ 2,500				$ 2,500
Line of credit facility, extension term				1 year
Debt instrument, covenant, indebtedness to adjusted EBITDA, maximum from acquisitions										5.5
Decrease to indebtedness to adjusted EBITDA	5				5	5
Option to increase borrowing capacity	$ 1,000				$ 1,000	$ 1,000
Variable rate applicable margin						0.0010
Applicable margin						1.10%
Line of credit facility, annual facility fee						0.15%
Term of extension (in years)						1 year
Current indebtedness to adjusted EBITDA	4				4	4
$2.5 Billion Credit Agreement | Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100				$ 100	$ 100
$2.5 Billion Credit Agreement | Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200				$ 200	$ 200
$3.5 Billion Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 3,500

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt Instruments (Details) - Senior Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,000	$ 5,250	$ 7,000	$ 750
Proceeds from issuance of senior debt	6,900	5,200
4.25% Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250
Interest rate	4.25%
4.4% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600
Interest rate	4.40%
4.75% Senior Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250
Interest rate	4.75%
5.05% Senior Notes Due 2034
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,600
Interest rate	5.05%
5.7% Senior Notes Due 2054
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500
Interest rate	5.70%
5.85% Senior Notes Due 2064
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800
Interest rate	5.85%
5.55% Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, face amount		$ 750
Interest rate		5.55%
5.65% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, face amount		$ 750
Interest rate		5.65%
5.80% Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500
Interest rate		5.80%
6.05% Senior Notes Due 2033
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500
Interest rate		6.05%
6.625% Senior Notes Due 2053
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,750
Interest rate		6.625%
6.1% Senior Notes Due 2032
Debt Instrument [Line Items]
Debt instrument, face amount				$ 750
Interest rate				6.10%

DEBT - Aggregate Maturities of

DEBT - Aggregate Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 2,767
2026	4,106
2027	3,287
2028	3,585
2029	3,833
Interest Obligations on Debt
Debt Instrument [Line Items]
2025	1,708
2026	1,615
2027	1,537
2028	1,435
2029	1,320
Senior Notes
Debt Instrument [Line Items]
2025	1,059
2026	2,491
2027	1,750
2028	2,150
2029	$ 2,513

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)				3 Months Ended	12 Months Ended
	Feb. 03, 2025	Jan. 31, 2025	Sep. 25, 2023	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 17, 2024	Oct. 15, 2024	Jan. 31, 2024
Noncontrolling interests in consolidated subsidiaries				$ 5,097,000,000	$ 5,097,000,000	$ 0
Aggregate amount of common shares available for issuance and sale under equity distribution agreement					$ 1,000,000,000
Sale of stock, number of shares issued in transaction (in shares)					0
Share repurchase, authorized amount										$ 2,000,000,000
Repurchase of common stock					$ 172,000,000
Cash, dividends					2,300,000,000	$ 1,800,000,000	$ 1,700,000,000
Delaware Basin Joint Venture Gathering Limited Liability Company
Noncontrolling Interest in Variable Interest Entity				$ 684,000,000	$ 684,000,000
Delaware Basin Joint Venture Gathering Limited Liability Company | Enlink
Ownership percentage in variable interest entity					50.10%
Series B Preferred Stock
Preferred stock, convertible, conversion ratio				1.15	1.15
Noncontrolling interests in consolidated subsidiaries				$ 515,000,000	$ 515,000,000
Outstanding units (in shares)				27,400,000	27,400,000
Conversion of stock (in shares)				0
Preferred stock, shares outstanding (in shares)				0	0
Series A Preferred Stock
Preferred stock, shares outstanding (in shares)				0	0
Series C Preferred Stock
Preferred stock, shares outstanding (in shares)				0	0
Subsequent Event
Dividends declared (in dollars per share)	$ 1.03
Common stock, dividends, declared, annualized (in dollars per share)	$ 4.12
EnLink Controlling Interest Acquisition
Percentage of voting interests acquired									100%
Noncontrolling interests				$ 5,100,000,000	$ 5,100,000,000				$ 5,076,000,000
Business combination, acquisition of less than 100 percent, noncontrolling interest, percentage				57%	57%
EnLink Controlling Interest Acquisition | Common Stock
Business acquisition, share price (in dollars per share)									$ 14.90
EnLink Controlling Interest Acquisition | Subsequent Event
Exchange ratio per acquiree share (in shares)		0.1412
EnLink Controlling Interest Acquisition | Subsequent Event | Common Stock
Shares of ONEOK common stock issued (in shares)		41,000,000
Equity consideration		$ 4,000,000,000
Magellan Acquisition
Exchange ratio per acquiree share (in shares)			0.667
Shares of ONEOK common stock issued (in shares)			134,800,000
Equity consideration			$ 9,062,000,000
Business acquisition, share price (in dollars per share)			$ 25
Magellan Acquisition | Common Stock
Equity consideration			$ 8,969,000,000
GIP | EnLink Controlling Interest Acquisition
Percentage of voting interests acquired									43%
EnLink Controlling Interest Acquisition | Series C Preferred Stock
Preferred stock, redemption price per share (in dollars per share)								$ 1,000
Partners capital account, redemption price unpaid distributions (us dollars per share)								$ 8.28
Preferred stock, redemption amount								$ 365,000,000

EQUITY - Quarterly Dividends (D

EQUITY - Quarterly Dividends (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock dividends paid (in dollars per share)	$ 0.99	$ 0.99	$ 0.99	$ 0.99	$ 0.955	$ 0.955	$ 0.955	$ 0.955	$ 0.935	$ 0.935	$ 0.935	$ 0.935	$ 3.96	$ 3.82	$ 3.74

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Delaware Basin Joint Venture Gathering Limited Liability Company | Enlink
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	50.10%
Ascension | Enlink
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	50%
Enlink
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	100%

VARIABLE INTEREST ENTITIES - Ba

VARIABLE INTEREST ENTITIES - Balance Sheet Information for Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 733	$ 338
Accounts receivable, net	2,326	1,705
Inventories	748	639
Other current assets	431	426
Net property, plant and equipment	45,935	32,697
Investments in unconsolidated affiliates	2,316	1,874	$ 802
Goodwill (Note G)	8,091	4,952
Intangible assets, net (Note G)	3,039	1,316
Other assets	450	319
Liabilities:
Current maturities of long-term debt (Note H)	1,059	484
Accounts payable	2,187	1,564
Commodity imbalances	260	244
Accrued taxes	221	215
Accrued interest	511	381
Other current liabilities	481	564
Long-term debt, excluding current maturities (Note H)	31,018	21,183
Deferred income taxes (Note N)	5,451	2,594
Other deferred credits	748	$ 553
Variable Interest Entity, Primary Beneficiary
Assets:
Cash and cash equivalents	46
Accounts receivable, net	735
Inventories	54
Other current assets	39
Net property, plant and equipment	11,397
Investments in unconsolidated affiliates	317
Goodwill (Note G)	2,717
Intangible assets, net (Note G)	1,047
Other assets	134
Liabilities:
Current maturities of long-term debt (Note H)	422
Accounts payable	639
Commodity imbalances	10
Accrued taxes	5
Accrued interest	73
Other current liabilities	85
Long-term debt, excluding current maturities (Note H)	4,693
Deferred income taxes (Note N)	2,041
Other deferred credits	$ 97

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic EPS
Net income attributable to ONEOK available for common stock	$ 3,034	$ 2,658	$ 1,721
Net income attributable to ONEOK available for common stock (in shares)	584.6	484.3	447.5
Net income attributable to ONEOK available for common stock (in dollars per share)	$ 5.19	$ 5.49	$ 3.85
Diluted EPS
Effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1.9	1.1	0.9
Net income attributable to ONEOK available for common stock and common stock equivalents	$ 3,034	$ 2,658	$ 1,721
Net income attributable to ONEOK available for common stock and common stock equivalents (in shares)	586.5	485.4	448.4
Net income attributable to ONEOK available for common stock and common stock equivalents (in dollars per share)	$ 5.17	$ 5.48	$ 3.84

SHARE-BASED PAYMENTS - Narrativ

SHARE-BASED PAYMENTS - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	8,500,000
Shares available for issuance (in shares)	3,200,000
Forfeiture rate maximum (in hundredths)	3%
Allocated share-based compensation expense | $	$ 102	$ 63	$ 53
Tax benefit | $	36	$ 14	$ 13
Non-employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum value of shares for which awards may be issued | $	$ 0.8
Granted (in shares)	0
Options outstanding (in shares)	0
Restricted Incentive Units & Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Time-Vested Phantom Units & Performance Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	512,427
Unrecognized compensation costs | $	$ 43
Cost not recognized, period for recognition (in years)	1 year 8 months 12 days
Performance-Unit Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	452,360
Unrecognized compensation costs | $	$ 38
Cost not recognized, period for recognition (in years)	1 year 9 months 18 days
Performance-Unit Activity | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock as a percentage of performance units granted (as a percent)	0
Performance-Unit Activity | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock as a percentage of performance units granted (as a percent)	2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	12,000,000
Maximum allowable percentage of annual base pay withheld to purchase our common stock	10%
Purchase price percentage of the lower of its grant date or exercise date market price	85%
Employee participation in the plan (in hundredths)	59%	69%	68%
Shares sold under the Employee Stock Purchase Plan (in shares)	275,874	236,108	235,583
Weighted average share price of shares sold under the employee stock purchase plan (in dollars per share) | $ / shares	$ 64.38	$ 52.70	$ 47.21
Employee Stock Award Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	900,000
Stock issued during period (in shares)	127,825	0	0
Employee stock award program, per share milestone (in dollars per share) | $ / shares	$ 103

SHARE-BASED PAYMENTS - Stock Ac

SHARE-BASED PAYMENTS - Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Price
Historical volatility (in years)	3 years
Restricted Stock Units (RSUs)
Number of Units
Nonvested, beginning of period (in shares)	1,724,565
Granted (in shares)	512,427
Released to participants (in shares)	(808,544)
Forfeited (in shares)	(68,326)
Nonvested, ending of period (in shares)	1,360,122	1,724,565
Weighted Average Price
Nonvested, weighted average price, beginning of period (in dollars per share)	$ 62.08
Granted, weighted average price (in dollars per share)	75.42	$ 66.50	$ 60.96
Vested, weighted average price (in dollars per share)	58.60
Forfeitures, weighted average price (in dollars per share)	71.14
Nonvested, weighted average price, ending of period (in dollars per share)	$ 68.71	$ 62.08
Fair value of units granted	$ 39	$ 111	$ 20
Grant date fair value of units vested	$ 47	$ 48	$ 14
Restricted Stock Units (RSUs) | Magellan Acquisition
Number of Units
Granted (in shares)	847,120
Forfeited (in shares)	(509,077)
Nonvested, ending of period (in shares)	338,043
Performance-Unit Activity
Number of Units
Nonvested, beginning of period (in shares)	1,094,940
Granted (in shares)	452,360
Released to participants (in shares)	(418,357)
Forfeited (in shares)	(29,244)
Nonvested, ending of period (in shares)	1,099,699	1,094,940
Weighted Average Price
Nonvested, weighted average price, beginning of period (in dollars per share)	$ 75.22
Granted, weighted average price (in dollars per share)	85.69	$ 87.46	$ 79.05
Vested, weighted average price (in dollars per share)	62.32
Forfeitures, weighted average price (in dollars per share)	82.10
Nonvested, weighted average price, ending of period (in dollars per share)	$ 84.25	$ 75.22
Fair value of units granted	$ 39	$ 32	$ 32
Grant date fair value of units vested	$ 26	$ 21	$ 20
Volatility	29%	63.30%	61.10%
Dividend yield	5.40%	5.75%	6.15%
Risk-free interest rate	4.46%	4.43%	1.78%

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details)		1 Months Ended	12 Months Ended
	Jan. 01, 2025	Jan. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) pensionPlan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of defined benefit pension plans | pensionPlan			2
AOCI, defined benefit plan, after tax			$ (58,000,000)	$ (64,000,000)
Annual discretionary contributions (as a percent)			2%
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Percent of employee matched of eligible compensation (as a percent)			100%
Percentage of each participants eligible compensation (as a percent)			6%
Contributions made to the plan			$ 66,000,000	44,000,000	$ 35,000,000
Profit-sharing contribution
Defined Contribution Plan Disclosure [Line Items]
Percentage of each participants eligible compensation (as a percent)			1%
Profit-sharing contribution | Subsequent Event
Defined Contribution Plan Disclosure [Line Items]
Percentage of each participants eligible compensation (as a percent)	6%
Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Number of year of service (in years)			5 years
Employer contributions			$ 0	0
Benefits paid			3,000,000	4,000,000
Retirement Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Accumulated benefit obligation			628,000,000	637,000,000
Employer contributions			5,000,000	0
Benefits paid			36,000,000	$ 33,000,000
Magellan Non-Union Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		$ 17,000,000
Magellan Union Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		$ 3,000,000
ONEOK Defined Benefit Pension
Defined Contribution Plan Disclosure [Line Items]
Employer contributions			9,000,000
Other Pension Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions			$ 0

EMPLOYEE BENEFIT PLANS - Obliga

EMPLOYEE BENEFIT PLANS - Obligations and Fair Value of Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 554,000,000
Ending balance	535,000,000	$ 554,000,000
Retirement Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	702,000,000	423,000,000
Service cost	21,000,000	7,000,000
Interest cost	37,000,000	27,000,000
Plan participants’ contributions	0	0
Actuarial (gain) loss	(35,000,000)	38,000,000
Benefits paid	(36,000,000)	(33,000,000)
Magellan Acquisition	0	240,000,000
Ending balance	689,000,000	702,000,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	554,000,000	322,000,000
Actual return on plan assets	12,000,000	60,000,000
Employer contributions	5,000,000	0
Plan participants’ contributions	0	0
Benefits paid	(36,000,000)	(33,000,000)
Magellan Acquisition	0	205,000,000
Ending balance	535,000,000	554,000,000
Balance at Dec. 31	(154,000,000)	(148,000,000)
Balance at Dec. 31	(154,000,000)	(148,000,000)
Current liabilities	(5,000,000)	(5,000,000)
Noncurrent liabilities	(149,000,000)	(143,000,000)
Other Postretirement Benefits Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	51,000,000	38,000,000
Service cost	0	0
Interest cost	2,000,000	2,000,000
Plan participants’ contributions	1,000,000	1,000,000
Actuarial (gain) loss	(5,000,000)	3,000,000
Benefits paid	(3,000,000)	(4,000,000)
Magellan Acquisition	0	11,000,000
Ending balance	46,000,000	51,000,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	16,000,000	17,000,000
Actual return on plan assets	1,000,000	2,000,000
Employer contributions	0	0
Plan participants’ contributions	1,000,000	1,000,000
Benefits paid	(3,000,000)	(4,000,000)
Magellan Acquisition	0	0
Ending balance	15,000,000	16,000,000
Balance at Dec. 31	(31,000,000)	(35,000,000)
Balance at Dec. 31	(31,000,000)	(35,000,000)
Current liabilities	0	0
Noncurrent liabilities	(31,000,000)	(35,000,000)
Supplemental Executive Retirement Plan Investments Included in Other Assets
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Balance at Dec. 31	$ 92,000,000	$ 89,000,000

EMPLOYEE BENEFIT PLANS - Actuar

EMPLOYEE BENEFIT PLANS - Actuarial Assumptions & Weighted Average Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023
Retirement Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Discount rate	5.80%	5.40%
Compensation increase rate	3.65%	3.65%
Interest credit rating	4.78%	4.03%
Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Discount rate	5.80%	5.50%

EMPLOYEE BENEFIT PLANS - Plan A

EMPLOYEE BENEFIT PLANS - Plan Assets (Details)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Domestic and international equities	32%
Long duration fixed income	55%
Return-seeking credit	5%
Hedge funds	5%
Real estate funds	3%
Total	100%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Value Category as of Measurement Date for Defined Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 535,000	$ 554,000
Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	208,000	219,000
Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	208,000	219,000
Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	327,000	335,000
Equity securities | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	64,000	65,000
Equity securities | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities | Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities | Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	64,000	65,000
Equity securities | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	107,000	109,000
Cash and money market funds | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7,000	9,000
Cash and money market funds | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and money market funds | Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and money market funds | Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7,000	9,000
Government obligations | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,000	45,000
Government obligations | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Government obligations | Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Government obligations | Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,000	45,000
Government obligations | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	50,000	60,000
Corporate obligations | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	101,000	100,000
Corporate obligations | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate obligations | Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate obligations | Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	101,000	100,000
Corporate obligations | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,000	114,000
Real Estate Funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18,000	17,000
Short-term Investments | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,000	6,000
Other Investments
Defined Benefit Plan Disclosure [Line Items]
Unfunded capital commitments	0	0
Other Investments | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Other Investments | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Other Investments | Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Other Investments | Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Other Investments | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 29,000	$ 29,000

EMPLOYEE BENEFIT PLANS - Pensio

EMPLOYEE BENEFIT PLANS - Pension and Other Postretirement Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Retirement Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2025	$ 44
2026	45
2027	47
2028	48
2029	51
2030 through 2034	272
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
2025	5
2026	4
2027	4
2028	4
2029	4
2030 through 2034	$ 17

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense (benefit)
Federal	$ 89	$ (3)	$ 52
State	20	12	12
Total current tax expense	109	9	64
Deferred tax expense
Federal	792	739	423
State	97	90	41
Total deferred tax expense	889	829	464
Income taxes	$ 998	$ 838	$ 528

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 4,110	$ 3,497	$ 2,250
Federal statutory income tax rate	21%	21%	21%
Provision for federal income taxes	$ 863	$ 734	$ 472
State income taxes, net of federal benefit	93	100	54
Change in valuation allowance	12	2	(1)
Deferred tax rate change	20	0	0
Excess tax benefits from share-based compensation	(13)	1	(1)
Other, net	23	1	4
Income taxes	$ 998	$ 838	$ 528

INCOME TAXES - Temporary Differ

INCOME TAXES - Temporary Differences of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Employee benefits and other accrued liabilities	$ 99	$ 88
Federal net operating loss	2,818	2,534
State net operating loss and benefits	515	492
Derivative instruments	15	0
Interest expense limitation	407	210
Other	39	20
Total deferred tax assets	3,893	3,344
Carryforward expected to expire prior to utilization	(252)	(240)
Net deferred tax assets	3,641	3,104
Deferred tax liabilities
Excess of tax over book depreciation	58	104
Derivative instruments	0	7
Investments in partnerships	9,034	5,587
Total deferred tax liabilities	9,092	5,698
Net deferred tax liabilities	$ 5,451	$ 2,594

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 15, 2024
Income Tax Contingency [Line Items]
Federal net operating loss	$ 2,818	$ 2,534
Decrease (increase) in valuation allowance, DTA	12	165	$ (1)
EnLink Controlling Interest Acquisition
Income Tax Contingency [Line Items]
Deferred income taxes				$ 1,988
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	13,400
State and Local Jurisdiction | Operating Loss Carryforwards, Indefinite Carryforward Period
Income Tax Contingency [Line Items]
Operating loss carryforwards	11,000
State and Local Jurisdiction | Operating Loss Carryforwards, Subject to Expiration
Income Tax Contingency [Line Items]
Operating loss carryforwards	2,300
Federal and State
Income Tax Contingency [Line Items]
Federal net operating loss	$ 3,300	$ 3,000

UNCONSOLIDATED AFFILIATES (Deta

UNCONSOLIDATED AFFILIATES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) unconsolidated_affiliate	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated affiliates | unconsolidated_affiliate	3
Investments in unconsolidated affiliates	$ 2,316	$ 1,874	$ 802
Equity method goodwill	368	148
Equity in net earnings from investments	439	202	148
Incurred expenses	254	132	83
Purchases of and contributions to unconsolidated affiliates (Note O)	$ 111	207	3
Overland Pass
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	50%
Investments in unconsolidated affiliates	$ 400	402
Equity in net earnings from investments	$ 86	56	33
Saddlehorn
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	40%			40%
Investments in unconsolidated affiliates	$ 373	288
Equity method investment, additional ownership percentage acquired				10%
Equity in net earnings from investments	$ 50	10	0
Northern Border
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	50%
Investments in unconsolidated affiliates	$ 333	338
Equity in net earnings from investments	$ 95	75	71
Purchases of and contributions to unconsolidated affiliates (Note O)		91
BridgeTex
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	30%
Investments in unconsolidated affiliates	$ 250	193
Equity in net earnings from investments	$ 127	(1)	0
Matterhorn
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	15%
Investments in unconsolidated affiliates	$ 248	0
Equity in net earnings from investments	$ 8	0	0
MVP
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	25%
Investments in unconsolidated affiliates	$ 235	241
Equity in net earnings from investments	$ 14	4	0
Roadrunner
Schedule of Equity Method Investments [Line Items]
Net ownership percentage	50%
Investments in unconsolidated affiliates	$ 183	188
Equity in net earnings from investments	40	43	37
Purchases of and contributions to unconsolidated affiliates (Note O)		105
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	294	224
Equity in net earnings from investments	$ 19	$ 15	$ 7

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) individual action
Commitments and Contingencies Disclosure [Abstract]
2025	$ 144
2026	160
2027	144
2028	140
2029	135
Thereafter	708
Total	$ 1,431
Number of actions | action	3
Number of individuals that filed claims | individual	7

LEASES - Lease Assets and Liabi

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease assets - Other assets	$ 220	$ 104
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
Derivative liabilities
Operating lease liability - current	$ 62	$ 23
Operating lease liability - noncurrent	154	74
Total lease liabilities	$ 216	$ 97

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease (in years)	9 years 1 month 6 days	6 years 3 months 18 days
Operating lease, weighted average discount rate (as a percent)	5.51%	5.78%

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liability (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Liability [Abstract]
2025	$ 72
2026	52
2027	30
2028	25
2029	21
2030 and beyond	75
Total lease payments	275
Less: Interest	59
Present value of lease liabilities	$ 216	$ 97

REVENUES - Expected Period of R

REVENUES - Expected Period of Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 7,512
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	16 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 1,230
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 1,058
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 993
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 917
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated transaction price allocated to unsatisfied performance obligations	$ 3,314
Revenue, remaining performance obligation, expected timing of satisfaction, period

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	4
Customer Concentration Risk | Revenue Benchmark | One Customer
Segment Reporting Information [Line Items]
Concentration risk		11%

SEGMENTS - Operating Informatio

SEGMENTS - Operating Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) system	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 21,698	$ 17,677	$ 22,387
Cost of sales and fuel (exclusive of depreciation and operating costs)	(13,311)	(11,929)	(17,910)
Operating costs	(2,496)	(1,535)	(1,149)
Other	305	786	105
Segment adjusted EBITDA	6,819	5,313	3,620
Depreciation and amortization	(1,134)	(769)	(626)
Equity in net earnings from investments	439	202	148
Investments in unconsolidated affiliates	2,316	1,874	802
Total assets	64,069	44,266	24,379
Capital expenditures	$ 2,021	1,595	1,202
Number of wholly owned natural gas pipeline systems sold | system	3
Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	$ 16,450	14,167
Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	1,330	1,437	2,705
Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	760
Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		696	691
Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	3,020	1,306	710
Other
Segment Reporting Information [Line Items]
Revenues	138	71	21
NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues			18,260
Operating Segments
Segment Reporting Information [Line Items]
Revenues	25,038	20,179	26,179
Cost of sales and fuel (exclusive of depreciation and operating costs)	(16,655)	(14,434)	(21,688)
Operating costs	(2,486)	(1,533)	(1,160)
Adjusted EBITDA from unconsolidated affiliates	532	264
Noncash compensation expense	93	62	51
Other	297	775	90
Segment adjusted EBITDA	6,819	5,313	3,620
Depreciation and amortization	(1,128)	(765)	(621)
Equity in net earnings from investments	439	202	148
Investments in unconsolidated affiliates	2,312	1,872	802
Total assets	63,875	44,207	23,877
Capital expenditures	1,953	1,546	1,149
Operating Segments | Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	19,737	16,647
Operating Segments | Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	1,340	1,437	2,713
Operating Segments | Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	760
Operating Segments | Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		696	691
Operating Segments | Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	3,043	1,321	719
Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	158	78	37
Operating Segments | NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues			22,019
Natural Gas Gathering and Processing | Natural Gas Gathering and Processing Intersegment
Segment Reporting Information [Line Items]
Revenues	3,000	2,400	3,700
Natural Gas Gathering and Processing | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,589	4,056	6,533
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,600)	(2,364)	(5,117)
Operating costs	(603)	(467)	(403)
Adjusted EBITDA from unconsolidated affiliates	3	1
Noncash compensation expense	20	19	17
Other	75	(1)	2
Segment adjusted EBITDA	1,484	1,244	1,037
Depreciation and amortization	(325)	(272)	(257)
Equity in net earnings from investments	0	(2)	5
Investments in unconsolidated affiliates	33	24	28
Total assets	15,856	7,078	6,980
Capital expenditures	492	448	445
Natural Gas Gathering and Processing | Operating Segments | Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	3,033	2,479
Natural Gas Gathering and Processing | Operating Segments | Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	1,203	1,398	2,674
Natural Gas Gathering and Processing | Operating Segments | Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	260
Natural Gas Gathering and Processing | Operating Segments | Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		147	144
Natural Gas Gathering and Processing | Operating Segments | Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	70	0	0
Natural Gas Gathering and Processing | Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	23	32	25
Natural Gas Gathering and Processing | Operating Segments | NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues			3,690
Natural Gas Liquids | Natural Gas Gathering and Processing Intersegment
Segment Reporting Information [Line Items]
Revenues	300
Natural Gas Liquids | Operating Segments
Segment Reporting Information [Line Items]
Revenues	15,167	14,429	19,067
Cost of sales and fuel (exclusive of depreciation and operating costs)	(11,994)	(11,592)	(16,546)
Operating costs	(762)	(666)	(576)
Adjusted EBITDA from unconsolidated affiliates	95	67
Noncash compensation expense	34	29	27
Other	3	778	88
Segment adjusted EBITDA	2,543	3,045	2,095
Depreciation and amortization	(361)	(334)	(302)
Equity in net earnings from investments	85	58	35
Investments in unconsolidated affiliates	484	419	415
Total assets	19,797	14,974	14,643
Capital expenditures	987	818	581
Natural Gas Liquids | Operating Segments | Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	14,446	13,666
Natural Gas Liquids | Operating Segments | Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	0	0	0
Natural Gas Liquids | Operating Segments | Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	500
Natural Gas Liquids | Operating Segments | Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		549	547
Natural Gas Liquids | Operating Segments | Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	207	204	180
Natural Gas Liquids | Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	14	10	11
Natural Gas Liquids | Operating Segments | NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues			18,329
Natural Gas Pipelines | Natural Gas Gathering and Processing Intersegment
Segment Reporting Information [Line Items]
Settlement gain	227
Natural Gas Pipelines | Operating Segments
Segment Reporting Information [Line Items]
Revenues	822	623	579
Cost of sales and fuel (exclusive of depreciation and operating costs)	(112)	(28)	(25)
Operating costs	(233)	(202)	(181)
Adjusted EBITDA from unconsolidated affiliates	187	160
Noncash compensation expense	8	8	7
Other	228	(2)	0
Segment adjusted EBITDA	900	559	488
Depreciation and amortization	(88)	(67)	(62)
Equity in net earnings from investments	143	118	108
Investments in unconsolidated affiliates	764	526	359
Total assets	5,041	2,624	2,254
Capital expenditures	258	228	123
Natural Gas Pipelines | Operating Segments | Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	0	0
Natural Gas Pipelines | Operating Segments | Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	137	39	39
Natural Gas Pipelines | Operating Segments | Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	0
Natural Gas Pipelines | Operating Segments | Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		0	0
Natural Gas Pipelines | Operating Segments | Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	684	582	539
Natural Gas Pipelines | Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	1	2	1
Natural Gas Pipelines | Operating Segments | NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues			$ 0
Refined Products and Crude | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,460	1,071
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,949)	(450)
Operating costs	(888)	(198)
Adjusted EBITDA from unconsolidated affiliates	247	36
Noncash compensation expense	31	6
Other	(9)	0
Segment adjusted EBITDA	1,892	465
Depreciation and amortization	(354)	(92)
Equity in net earnings from investments	211	28
Investments in unconsolidated affiliates	1,031	903
Total assets	23,181	19,531
Capital expenditures	216	52
Refined Products and Crude | Operating Segments | Liquids Commodity
Segment Reporting Information [Line Items]
Revenues	2,258	502
Refined Products and Crude | Operating Segments | Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues	0	0
Refined Products and Crude | Operating Segments | Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues	0
Refined Products and Crude | Operating Segments | Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues		0
Refined Products and Crude | Operating Segments | Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues	2,082	535
Refined Products and Crude | Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 120	$ 34

SEGMENTS - Reconciliations for

SEGMENTS - Reconciliations for Segments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues		$ 21,698	$ 17,677	$ 22,387
Cost of sales and fuel (exclusive of depreciation and operating costs)		(13,311)	(11,929)	(17,910)
Operating costs		(2,496)	(1,535)	(1,149)
Depreciation and amortization		(1,134)	(769)	(626)
Equity in net earnings from investments		439	202	148
Investments in unconsolidated affiliates		2,316	1,874	802
Total assets		64,069	44,266	24,379
Capital expenditures		2,021	1,595	1,202
Medford settlement gain (Note C)		0	779	0
Medford Incident | Business Interruption - Settlement Proceeds
Segment Reporting Information [Line Items]
Medford settlement gain (Note C)	$ 779	779	779
Operating Segments
Segment Reporting Information [Line Items]
Revenues		25,038	20,179	26,179
Cost of sales and fuel (exclusive of depreciation and operating costs)		(16,655)	(14,434)	(21,688)
Operating costs		(2,486)	(1,533)	(1,160)
Depreciation and amortization		(1,128)	(765)	(621)
Equity in net earnings from investments		439	202	148
Investments in unconsolidated affiliates		2,312	1,872	802
Total assets		63,875	44,207	23,877
Capital expenditures		1,953	1,546	1,149
Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		(3,340)	(2,502)	(3,792)
Cost of sales and fuel (exclusive of depreciation and operating costs)		3,344	2,505	3,778
Operating costs		(10)	(2)	11
Depreciation and amortization		(6)	(4)	(5)
Equity in net earnings from investments		0	0	0
Investments in unconsolidated affiliates		4	2	0
Total assets		194	59	502
Capital expenditures		68	49	53
NGL and Condensate Sales
Segment Reporting Information [Line Items]
Revenues				18,260
NGL and Condensate Sales | Operating Segments
Segment Reporting Information [Line Items]
Revenues				22,019
NGL and Condensate Sales | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues				(3,759)
Liquids Commodity
Segment Reporting Information [Line Items]
Revenues		16,450	14,167
Liquids Commodity | Operating Segments
Segment Reporting Information [Line Items]
Revenues		19,737	16,647
Liquids Commodity | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		(3,287)	(2,480)
Residue Natural Gas Sales
Segment Reporting Information [Line Items]
Revenues		1,330	1,437	2,705
Residue Natural Gas Sales | Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,340	1,437	2,713
Residue Natural Gas Sales | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		(10)	0	(8)
Gathering and Exchange Services Revenue
Segment Reporting Information [Line Items]
Revenues			696	691
Gathering and Exchange Services Revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues			696	691
Gathering and Exchange Services Revenue | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues			0	0
Exchange Services and Natural Gas Gathering and Processing Revenue
Segment Reporting Information [Line Items]
Revenues		760
Exchange Services and Natural Gas Gathering and Processing Revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues		760
Exchange Services and Natural Gas Gathering and Processing Revenue | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		0
Transportation and Storage Revenue
Segment Reporting Information [Line Items]
Revenues		3,020	1,306	710
Transportation and Storage Revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues		3,043	1,321	719
Transportation and Storage Revenue | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		(23)	(15)	(9)
Other
Segment Reporting Information [Line Items]
Revenues		138	71	21
Other | Operating Segments
Segment Reporting Information [Line Items]
Revenues		158	78	37
Other | Other and Eliminations
Segment Reporting Information [Line Items]
Revenues		$ (20)	$ (7)	$ (16)

SEGMENTS - Reconciliation of Ne

SEGMENTS - Reconciliation of Net Income to Total Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net income		$ 3,112	$ 2,659	$ 1,722
Interest expense, net of capitalized interest		1,371	866	676
Depreciation and amortization		1,134	769	626
Income taxes		998	838	528
Equity in net earnings from investments (Note O)		(439)	(202)	(148)
Segment adjusted EBITDA		6,819	5,313	3,620
Additional adjusted EBITDA		62	62
Transaction costs (Note B)		73	158	0
Medford settlement gain (Note C)		0	779	0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Interest expense, net of capitalized interest		1,371	866	676
Depreciation and amortization		1,134	769	626
Income taxes		998	838	528
Adjusted EBITDA from unconsolidated affiliates		532	264	0
Equity in net earnings from investments (Note O)		(439)	(202)	0
Noncash compensation expense		76	49	68
Other corporate costs		35	70	$ 0
Magellan Acquisition
Segment Reporting Information [Line Items]
Transaction costs (Note B)			158
Interest income. other			49
Gain (loss) on extinguishment of debt			41
Enlink and Medallion acquisition
Segment Reporting Information [Line Items]
Transaction costs (Note B)		73
Interest income. other		39
Medford Incident
Segment Reporting Information [Line Items]
Segment adjusted EBITDA		633
Business Interruption - Settlement Proceeds | Medford Incident
Segment Reporting Information [Line Items]
Medford settlement gain (Note C)	$ 779	779	$ 779
Business Interruption - Settlement Proceeds Less Third Party Frac Costs | Medford Incident
Segment Reporting Information [Line Items]
Third party fractionation costs		$ 146