ONEOK INC /NEW/OKE
ONEOK INC /NEW/ Debt Disclosure
DEBT
The following table sets forth our consolidated debt as of the dates indicated:
| December 31, 2025 | December 31, 2024 | ||||||||||
| (Millions of dollars) | |||||||||||
Commercial paper outstanding, bearing a weighted-average interest rate of 3.91% as of December 31, 2025 (a) | $ | 820 | $ | — | |||||||
| Senior unsecured obligations: | |||||||||||
$250 at 3.2% due March 2025 | — | 250 | |||||||||
$750 at 4.15% due June 2025 (b) | — | 422 | |||||||||
$400 at 2.2% due September 2025 | — | 387 | |||||||||
$600 at 5.85% due January 2026 | — | 600 | |||||||||
$650 at 5.0% due March 2026 | — | 650 | |||||||||
$500 at 4.85% due July 2026 (b) | 491 | 491 | |||||||||
$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 | 1,250 | |||||||||
$500 at 5.625% due January 2028 (b) | 500 | 500 | |||||||||
$800 at 4.55% due July 2028 | 800 | 800 | |||||||||
$100 at 6.875% due September 2028 | 100 | 100 | |||||||||
$750 at 5.650% due November 2028 | 750 | 750 | |||||||||
$700 at 4.35% due March 2029 | 700 | 700 | |||||||||
$500 at 5.375% due June 2029 (b) | 499 | 499 | |||||||||
$750 at 3.4% due September 2029 | 714 | 714 | |||||||||
$600 at 4.4% due October 2029 | 600 | 600 | |||||||||
$850 at 3.1% due March 2030 | 780 | 780 | |||||||||
$500 at 3.25% due June 2030 | 500 | 500 | |||||||||
$1,000 at 6.5% due September 2030 (b) | 1,000 | 1,000 | |||||||||
$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 | 1,250 | |||||||||
$750 at 4.95% due October 2032 | 750 | — | |||||||||
$750 at 6.1% due November 2032 | 750 | 750 | |||||||||
$1,500 at 6.05% due September 2033 | 1,500 | 1,500 | |||||||||
$500 at 5.65% due September 2034 (b) | 500 | 500 | |||||||||
$1,600 at 5.05% due November 2034 | 1,600 | 1,600 | |||||||||
$400 at 6.0% due June 2035 | 400 | 400 | |||||||||
$1,000 at 5.4% due October 2035 | 1,000 | — | |||||||||
$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 | |||||||||
$350 at 5.6% due April 2044 (b) | 340 | 340 | |||||||||
$250 at 4.2% due March 2045 | 250 | 250 | |||||||||
$450 at 5.05% due April 2045 (b) | 413 | 413 | |||||||||
$500 at 4.25% due September 2046 | 500 | 500 | |||||||||
$500 at 5.45% due June 2047 (b) | 448 | 448 | |||||||||
$700 at 4.95% due July 2047 | 407 | 564 | |||||||||
$500 at 4.2% due October 2047 | 500 | 500 | |||||||||
$1,000 at 5.2% due July 2048 | 753 | 919 | |||||||||
$500 at 4.85% due February 2049 | 500 | 500 | |||||||||
$750 at 4.45% due September 2049 | 380 | 576 | |||||||||
$500 at 4.5% due March 2050 | 271 | 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 | 1,480 | 1,500 | |||||||||
$1,250 at 6.25% due October 2055 | 1,250 | — | |||||||||
$800 at 5.85% due November 2064 | 722 | 800 | |||||||||
| Total debt | 33,965 | 33,243 | |||||||||
| Unamortized debt discounts | (979) | (1,000) | |||||||||
| Unamortized debt issuance costs and terminated swaps | (170) | (166) | |||||||||
| Current maturities of long-term debt | (1,241) | (1,059) | |||||||||
| Short-term borrowings (a) | (820) | — | |||||||||
| Long-term debt | $ | 30,755 | $ | 31,018 | |||||||
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.
(b) - As of December 31, 2024, amounts represent EnLink and EnLink Partners’ debt acquired in the EnLink Controlling Interest Acquisition on October 15, 2024. At the completion of the EnLink Acquisition on January 31, 2025, ONEOK assumed the outstanding debt of EnLink and EnLink Partners.
Commercial Paper Program - In September 2025, we increased the size of our commercial paper program to $3.5 billion from $2.5 billion.
$3.5 Billion Credit Agreement - 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 nonmaterial modifications. Our $3.5 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 $3.5 Billion Credit Agreement, adjusted for all noncash items and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $3.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of an acquired business. In December 2025, we completed the acquisition of a system of gas gathering assets, which allowed us to effectively extend the acquisition adjustment period under our $3.5 Billion Credit Agreement and, as a result, our leverage ratio covenant of 5.5 to 1 was extended through the quarter ending June 30, 2026, after which it will decrease to 5.0 to 1.
The $3.5 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 $3.5 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 $3.5 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 $3.5 Billion Credit Agreement times an applicable rate based on our credit rating at the time of determination. Under our current credit ratings, the applicable rate is 15 basis points. We have the option to request two additional one-year maturity extensions, subject to lender approvals. The $3.5 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 December 31, 2025, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.3 to 1, and we were in compliance with all covenants under our $3.5 Billion Credit Agreement.
EnLink Acquisitions - 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 would have matured in June 2027, was a $1.4 billion unsecured revolving credit facility that included a $500 million letter of credit subfacility. Borrowings under the EnLink Revolving Credit Facility bore 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%). Upon closing of the EnLink Acquisition on January 31, 2025, the EnLink Revolving Credit Facility was terminated.
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 EnLink 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 December 31, 2024. This was a floating rate agreement, which bore interest at ONEOK’s current short-term borrowing rate plus 0.25%. At December 31, 2024, we held a promissory note receivable of $510 million, which was eliminated in consolidation. Interest earned from this agreement was not material. Upon closing of the EnLink Acquisition on January 31, 2025, we terminated the agreement to provide revolving unsecured loans to EnLink through a promissory note.
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:
| 2025 (a) | 2024 (b) | 2023 (c) | ||||||||||||||||||
| Principal | Interest | Principal | Interest | Principal | Interest | |||||||||||||||
| (Millions of dollars, except for percentages) | ||||||||||||||||||||
| 3 year note | $ | 1,250 | 4.25% | $ | 750 | 5.55% | ||||||||||||||
| 5 year note | 600 | 4.4% | 750 | 5.65% | ||||||||||||||||
| 7 year note | $ | 750 | 4.95% | 1,250 | 4.75% | 500 | 5.80% | |||||||||||||
| 10 year note | 1,000 | 5.4% | 1,600 | 5.05% | 1,500 | 6.05% | ||||||||||||||
| 30 year note | 1,250 | 6.25% | 1,500 | 5.7% | 1,750 | 6.625% | ||||||||||||||
| 40 year note | 800 | 5.85% | ||||||||||||||||||
| Total | $ | 3,000 | $ | 7,000 | $ | 5,250 | ||||||||||||||
(a) - The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $2.96 billion. The net proceeds from this offering were partially used to repay our commercial paper outstanding and repay in full at maturity our senior notes due September 2025. The remaining net proceeds from the offering were used for general corporate purposes, including the repurchase and redemption of existing notes.
(b) - 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.
(c) - 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.
Debt Extinguishments - We completed the following debt extinguishments for the periods presented:
| 2025 | 2024 | 2023 | |||||||||||||||
| Principal | Principal | Principal | |||||||||||||||
| (Millions of dollars, except for percentages) | |||||||||||||||||
$250 at 3.2% due March 2025 | $ | 250 | $500 at 2.75% due September 2024 | $ | 484 | $500 at 7.5% due September 2023 (a) | $ | 500 | |||||||||
$750 at 4.15% due June 2025 | 422 | $500 at 4.9% due March 2025 (a) | 500 | $425 at 5.0% due September 2023 (a) | 425 | ||||||||||||
$400 at 2.2% due September 2025 | 387 | Guardian Term Loan Agreement | 120 | Open Market Repurchases (c) | 322 | ||||||||||||
$600 at 5.85% due January 2026 (a) | 600 | Viking Term Loan Agreement | 60 | ||||||||||||||
$650 at 5.0% due March 2026 (a) | 650 | EnLink Revolving Credit Facility | 465 | ||||||||||||||
Open Market Repurchases (b) | 789 | EnLink AR Facility | 374 | ||||||||||||||
Total | $ | 3,098 | $ | 2,003 | $ | 1,247 | |||||||||||
(a) - Amounts redeemed at 100% of principal plus accrued and unpaid interest.
(b) - In 2025, we repurchased in the open market certain of our senior notes in the principal amount of $789 million for an aggregate repurchase price of $681 million, including accrued and unpaid interest. In connection with these open market repurchases, we recognized $106 million of net gains on extinguishment of debt which is included in other income, net in our Consolidated Statement of Income for the year ended December 31, 2025.
(c) - In 2023, we repurchased in the open market certain of our senior notes in the principal amount of $322 million for an aggregate repurchase price of $280 million, including accrued and unpaid interest. In connection with these open market repurchases, we recognized $41 million of net gains on extinguishment of debt which is included in other income, net in our Consolidated Statement of Income for the year ended December 31, 2023.
The aggregate maturities of long-term debt outstanding and interest payments on total debt outstanding as of December 31, 2025, for the years 2026 through 2030 are shown below:
| Senior Unsecured Obligations | Interest Obligations on Debt | Total | ||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||
| 2026 | $ | 1,241 | $ | 1,739 | $ | 2,980 | ||||||||||||||
| 2027 | $ | 1,750 | $ | 1,668 | $ | 3,418 | ||||||||||||||
| 2028 | $ | 2,150 | $ | 1,566 | $ | 3,716 | ||||||||||||||
| 2029 | $ | 2,513 | $ | 1,451 | $ | 3,964 | ||||||||||||||
| 2030 | $ | 2,780 | $ | 1,341 | $ | 4,121 | ||||||||||||||
Compliance with Debt Covenants - As of December 31, 2025, 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.
Debt Guarantees - At the completion of the EnLink Acquisition on January 31, 2025, ONEOK assumed the outstanding debt of EnLink and EnLink Partners (the “Assumed Debt”). EnLink and EnLink Partners were released as primary obligors from all debt obligations under the Assumed Debt, but each entity provided a guarantee for our and ONEOK Partners’ indebtedness to the holders of each series of outstanding securities, including for the Assumed Debt.
ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 23, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.