The company said it completed the Magellan Acquisition on September 25, 2023. Under the merger agreement, each Magellan common unit was exchanged for 0.667 ONEOK common shares per 1 unit plus $25.00 in cash, for a total consideration of $14.1 billion. The company also said it assumed Magellan's debt at a fair value of $4.0 billion.

1. 01

   The company said it completed the Magellan Acquisition on September 25, 2023. Under the merger agreement, each Magellan common unit was exchanged for 0.667 ONEOK common shares per 1 unit plus $25.00 in cash, for a total consideration of $14.1 billion. The company also said it assumed Magellan's debt at a fair value of $4.0 billion.

2. 02

   ONEOK said it reached an agreement with its insurers in January 2023 to settle all claims related to the Medford incident for total insurance payments of $930 million. It said it received $830 million of that amount in Q1 2023, which resulted in a one-time settlement gain of $779 million. The company said the incident increased its operating income and adjusted EBITDA by $663 million.

3. 03

   In August 2023, the company completed an underwritten public offering of $5.25 billion in senior unsecured notes. It said the net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $5.2 billion, and that they were used to fund the cash consideration and other costs related to the Magellan Acquisition.

4. 04

   ONEOK said its Board of Directors authorized a share repurchase program of up to $2.0 billion in January 2024, and that the company targets largely using the program over the next 4 years. The company said no shares had been repurchased under the program as of February 20, 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$17.7B

Operating income

$4.1B

EPS

$5.48

Operating cash flow

$4.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.