The EnLink Acquisition, completed on January 31, 2025, exchanged each publicly held common unit of EnLink for 0.1412 shares of ONEOK common stock, issuing 41 million shares with a fair value of $4.0 billion. This acquisition significantly expands ONEOK's presence in NGL and natural gas markets.

ONEOK formed joint ventures with MPLX to construct a 400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas, and a new 24-inch pipeline from Mont Belvieu, Texas, with ONEOK investing approximately $1.0 billion in these projects. These projects are expected to enhance export capabilities and connectivity.

Despite recent changes in the commodity price environment, management maintained its capital expenditure guidance of $2.8 - $3.2 billion for 2025. They are monitoring producer drilling plans but do not expect material changes to volume expectations.

Earnings increased in the first quarter of 2025, compared with the first quarter of 2024, due primarily to the positive impact of the EnLink and Medallion Acquisitions across our segments. This indicates successful initial integration efforts.

Management is proactively monitoring lead times on materials and equipment used in constructing capital projects and entering into procurement agreements for long-lead items. They do not expect the announced tariffs to have a material impact on capital expenditures in 2025.

Each of ONEOK's four reportable segments are primarily fee-based, and management expects consolidated earnings to be approximately 90% fee-based in 2025. This demonstrates a commitment to stable and predictable revenue streams.

The company acknowledges that certain counterparties may be impacted by a relatively low commodity price environment and could experience financial problems, which could result in nonpayment and/or nonperformance. They assess creditworthiness and require security when appropriate.

The company identifies the impact of increased attention to ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change as a risk factor. This highlights the growing importance of sustainability considerations.

The company acknowledges the risk of a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage.

ONEOK highlights that its extensive and integrated assets are located in, and connected with, some of the most productive shale basins, as well as refineries and demand centers, giving them a competitive advantage.

The company acknowledges its dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities.

The company acknowledges the risk of excess capacity on its pipelines, processing, fractionation, terminal and storage assets, which could negatively affect profitability.

Natural gas processed volumes increased for the three months ended March 31, 2025, compared with the same period in 2024, due primarily to incremental volumes from the EnLink Acquisition. This indicates improved throughput.

Crude oil volume shipped increased for the three months ended March 31, 2025, compared with the same period in 2024, due primarily to incremental volumes from the Medallion and EnLink Acquisitions.

Management is proactively monitoring lead times on materials and equipment used in constructing capital projects and entering into procurement agreements for long-lead items. They do not expect the announced tariffs to have a material impact on capital expenditures in 2025.

The 10-Q filing does not contain specific details regarding R&D investments, technological capabilities, digital transformation efforts, or intellectual property position.

For the three months ended March 31, 2025, ONEOK repurchased $17 million of its outstanding common stock under the existing share repurchase program. This indicates a continued commitment to returning capital to shareholders.

In February 2025, ONEOK paid a quarterly common stock dividend of $1.03 per share ($4.12 per share on an annualized basis), an increase of 4% compared with the same quarter in the prior year. This demonstrates a commitment to dividend growth.

The company expects total capital expenditures of $2.8 - $3.2 billion in 2025. This reflects continued investment in growth projects.

The company identifies the impact of increased attention to ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change as a risk factor. This highlights the growing importance of sustainability considerations.

The 10-Q filing does not contain specific details regarding environmental commitments, social responsibility initiatives, governance practices, or sustainability risks and opportunities.

Due to recent changes in the commodity price environment, ONEOK is monitoring producers' drilling, completion and production plans, but does not currently anticipate material changes to volume expectations. This indicates awareness and responsiveness to market conditions.

ONEOK is also monitoring the impact of the tariffs announced by the federal government in 2025, which could increase costs for materials and equipment. This shows awareness of potential regulatory and economic headwinds.