On October 15, 2024, ONEOK completed the EnLink Controlling Interest Acquisition, acquiring GIP's interest in EnLink consisting of approximately 43% of the outstanding EnLink Units for $14.90 in cash per unit and 100% of the outstanding limited liability company interests in the managing member of EnLink for $300 million, for total cash consideration of $3.3 billion.

1. 01

   On October 15, 2024, ONEOK completed the EnLink Controlling Interest Acquisition, acquiring GIP's interest in EnLink consisting of approximately 43% of the outstanding EnLink Units for $14.90 in cash per unit and 100% of the outstanding limited liability company interests in the managing member of EnLink for $300 million, for total cash consideration of $3.3 billion.

2. 02

   On January 31, 2025, ONEOK completed the EnLink Acquisition, exchanging each common unit of EnLink for a fixed ratio of 0.1412 shares of ONEOK common stock per 1 EnLink Units. The company issued 41 million shares with a fair value of $4.0 billion.

3. 03

   In September 2024, ONEOK completed an underwritten public offering of $7.0 billion senior unsecured notes. The company said the net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $6.9 billion, which it 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, pay fees and expenses related to the acquisitions and repay outstanding indebtedness.

4. 04

   On October 31, 2024, ONEOK completed the Medallion Acquisition for total consideration of $2.6 billion. On December 31, 2024, the company completed the sale of 3 wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. for total cash consideration of $1.2 billion and recognized a gain of $227 million.

Key figures

Fiscal year ended December 31, 2024

Revenue

$21.7B

Operating income

$5.0B

Net income

$3.0B

EPS

$5.17

Operating cash flow

$4.9B

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.