v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Current Maturities - At September 30, 2026, our current maturities of long-term debt consisted of the following:

(Millions of dollars)
$500 at 4.0% due July 2027
$500 
$1,250 at 4.25% due September 2027
1,000 
Current maturities of long-term debt $1,500 

Debt Extinguishments - In April 2026, we redeemed the remaining $491 million of our $500 million, 4.85% senior notes due July 2026 at 100% of the outstanding principal amount, plus accrued and unpaid interest, with short-term borrowings.

In September 2026, we completed the following debt extinguishments with proceeds received from the ONEOK Holdings Transaction:
Principal Extinguished
(Millions of dollars, except for percentages or where specified)
$1.2 Billion Term Loan Agreement
$1,200 
Commercial paper800 
$750 at 5.55% due November 2026
750 
$1,250 at 4.25% due September 2027
250 
Cash tender offers accepted (a):
$800 at 3.95% due March 2050
368 
$500 at 4.2% due October 2047
197 
$500 at 4.5% due March 2050
101 
$250 at 4.2% due March 2045
64 
$500 at 4.25% due September 2046
203 
$750 at 4.45% due September 2049
86 
$250 at 4.2% due December 2042
25 
$500 at 4.85% due February 2049
195 
$700 at 4.95% due July 2047
159 
$450 at 5.05% due April 2045
167 
$1,000 at 5.2% due July 2048
370 
$550 at 5.15% due October 2043
150 
$500 at 5.45% due June 2047
297 
$1,500 at 5.7% due November 2054
80 
Total$5,462 
(a) - In September 2026, pursuant to cash tender offers in connection with the ONEOK Holdings Transaction, we repurchased certain of our senior notes with an aggregate principal amount of $2.5 billion for total consideration of $2.0 billion, including accrued and unpaid interest. Many of the tendered notes were previously recorded at fair value upon acquisition. Therefore, net gains on debt extinguishment were not material.

Commercial Paper Program - At September 30, 2026, we had $85 million of commercial paper outstanding, bearing a weighted-average interest rate of 4.13%. At December 31, 2025, we had $820 million of commercial paper outstanding, bearing a weighted-average interest rate of 3.91%. In September 2026, we repaid $800 million of our then-outstanding commercial paper balance with proceeds received from the ONEOK Holdings Transaction.

$3.5 Billion Credit Agreement - 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. We completed the Brazos Midland Acquisition in the fourth quarter of 2026, which allows for an acquisition adjustment period under our $3.5 Billion Credit Agreement and, as a result, our leverage ratio covenant will increase to 5.5 to 1 beginning in October 2026 and extend through the quarter ending June 30, 2027, after which it will decrease to 5.0 to 1. As of September 30, 2026, we had no outstanding borrowings, our ratio of consolidated net indebtedness to adjusted EBITDA was 3.4 to 1, and we were in compliance with all covenants under our $3.5 Billion Credit Agreement.
$1.2 Billion Term Loan Agreement - In April 2026, we entered into a $1.2 Billion Term Loan Agreement, which was available to be drawn in up to two borrowings within 90 days of the closing date. Borrowings under the $1.2 Billion Term Loan Agreement bore interest at Term SOFR plus an applicable margin of 95 basis points. The $1.2 Billion Term Loan Agreement was scheduled to mature 364 days after June 23, 2026, the date of the initial borrowing, and was used for working capital, capital expenditures and other general corporate purposes. The $1.2 Billion Term Loan Agreement allowed prepayment of all or any portion outstanding, without penalty or premium, and contained substantially the same covenants as those contained in our $3.5 Billion Credit Agreement. As of July 2026, borrowings available under the $1.2 Billion Term Loan Agreement were fully drawn and no additional amounts could be borrowed. In September 2026, we repaid the $1.2 billion balance outstanding on the $1.2 Billion Term Loan Agreement with proceeds received from the ONEOK Holdings Transaction, and the agreement was terminated upon repayment.

Debt Guarantees - In connection with the Reorganization, as discussed in Note F, ONEOK, L.L.C. assumed all of the obligations of Legacy ONEOK and ONEOK Partners under their respective outstanding senior notes such that all debt is now held at ONEOK L.L.C, and ONEOK provided a parent guarantee for ONEOK, L.L.C.’s indebtedness. ONEOK’s guarantee of ONEOK, L.L.C.’s indebtedness is full, irrevocable, unconditional and absolute. Liabilities under the guarantee rank equally in right of payment with all of ONEOK’s existing and future senior unsecured indebtedness.