ONEOK said its board approved in November 2023 modifications to the financial measures of its Annual Officer Incentive Plan to neutralize the impact of its acquisition of Magellan Midstream Partners, L.P.

1. 01

   ONEOK said its board approved in November 2023 modifications to the financial measures of its Annual Officer Incentive Plan to neutralize the impact of its acquisition of Magellan Midstream Partners, L.P.

2. 02

   The company defined the modified earnings per share as full-year earnings for the legacy ONEOK business, net of the adjustments below, divided by weighted-average diluted shares outstanding from January 1, 2023 through September 24.

3. 03

   The company set the modified return on invested capital as full-year earnings before interest and taxes for the legacy ONEOK business, net of adjustments, divided by daily average invested capital for the same period. It said it applied adjustments to exclude transaction costs of the acquisition and to adjust for the effect on interest income and interest expense of borrowing to fund the cash portion of the purchase price.

4. 04

   ONEOK said it did not modify its operational measures, Total Recordable Incident Rate and Agency Reportable Environmental Event Rate, and that its board finalized and approved plan payouts under the modified approach on February 20, 2024 and 21.

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