The company completed the EnLink and Medallion acquisitions, expanding its services in the Permian Basin and other regions. Additionally, new joint ventures with MPLX will create an export terminal and pipeline in Texas.

The sale of three interstate natural gas pipeline systems to DT Midstream for $1.2 billion allows ONEOK to focus on core operations and improve capital allocation, resulting in a gain of $227 million.

The acquisition of a system of NGL pipelines from Easton Energy for $280 million adds approximately 450 miles of liquids products pipelines in the Gulf Coast, enhancing ONEOK's NGL infrastructure.

In January 2025, the Board of Directors increased the quarterly dividend to $1.03 per share, an increase of 4% compared with the same quarter in the prior year, signaling confidence in future cash flows.

In January 2024, the Board of Directors authorized a share repurchase program to buy up to $2.0 billion of outstanding common stock, with $172 million repurchased as of Dec. 31, 2024.

ONEOK's gathering and transportation systems depend on production from natural gas and crude oil wells, which naturally decline over time. Reduced drilling activity, driven by factors like low commodity prices or limited access to capital, could negatively impact throughput.

Lower commodity prices could reduce crude oil, natural gas and NGL production, which could decrease the demand for our services. Historically, commodity prices have been volatile and can change quickly. It is likely that commodity prices will continue to be volatile in the future.

Changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change through reducing GHG emissions may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use of alternative energy sources.

In 2021, ONEOK announced a companywide absolute GHG emissions reduction target of 2.2 million metric tons of carbon dioxide equivalents from our combined Scope 1 and Scope 2 GHG emissions by 2030 for our legacy ONEOK assets.

ONEOK is a participant in the American Petroleum Institute's The Environmental Partnership and are enrolled in environmental performance programs that are designed to further reduce emissions using proven, cost-effective controls.

Rebuilding at Medford provides strategic benefits that include expansion options that will allow our integrated system to accommodate volume growth from the Permian Basin and the Rocky Mountain and Mid-Continent regions.

Cybersecurity, physical security and the continued development and enhancement of our controls, processes and practices designed to protect our enterprise, information systems and data from attack, damage or unauthorized access and to identify and appropriately report cyberattacks, remain a priority for us.

ONEOK is exposed to market risk due to commodity price and interest-rate volatility. Market risk is the risk of loss arising from adverse changes in market rates and prices.

ONEOK is dependent on producers, gathering systems, refineries and pipelines owned and operated by others to supply our assets, and any closures, interruptions or reduced activity levels at these facilities may adversely affect our business, results of operations, financial position and cash flows.

ONEOK is committed to developing processes to drive a zero-incident culture for the well-being of our employees, contractors and communities. Safety and environmental responsibility continue to be primary areas of focus for us.

ONEOK is striving to be an employer of choice and continue to focus on attracting, selecting and retaining talent, advancing an inclusive, diverse and engaged culture and developing individuals and leaders.