Form 10-Q · Quarterly report
Oneok 10-Q, filed Oct 28, 2026
- Filed
- CIK
- 0001039684
- Accession no.
- 0001039684-26-000039
Summary
Oneok reported that it closed the ONEOK Holdings transaction on September 10, 2026, in which Apollo made a $9 billion cash contribution for Class B Units and Oneok contributed the equity of its operating subsidiary in exchange for Class A Units, and that it completed the roughly $4.6 billion acquisition of Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets on October 6, 2026. Following the transaction and related debt repayments, S&P and Fitch upgraded Oneok's long-term credit ratings to BBB+ from BBB with stable outlooks.
Key points
- Oneok used $5 billion of the transaction proceeds to repay debt, extinguishing about $5.46 billion in principal including term loan, commercial paper and senior notes repurchased through cash tender offers.
- Oneok paid quarterly common dividends of $1.07 per share in February, May and August 2026, a 4% increase year over year, and declared the same amount in October 2026 payable November 16.
- Oneok said third-quarter 2026 earnings rose from a year earlier on higher NGL, refined products and natural gas volumes and higher optimization and marketing activity.
- Oneok expects consolidated earnings to be approximately 90% fee-based in 2026, and listed capital projects including the Bighorn plant, Texas City Logistics export terminal and Eiger Express Pipeline.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
ITEM 2.MANAGEMENT’S DISCUSSION RECENT DEVELOPMENTS Please refer to the “Financial Results and Operating Information” and “Liquidity and Capital Resources” sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report for additional information. ONEOK Holdings Transaction - On September 10, 2026, we announced the closing of the ONEOK Holdings Transaction. Subsequent to the Reorganization and pursuant to the Contribution Agreement, (i) Apollo made a $9 billion cash contribution to ONEOK Holdings in exchange for Class B Units and became the sole Class B Member of ONEOK Holdings and (ii) ONEOK contributed the equity interests in…
An excerpt of the text as filed with the SEC, cut for length.
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