ONEOK, INC.

Red flags

• Total debt increased to $33.965 billion at December 31, 2025, from $33.243 billion a year earlier; commercial paper outstanding was $820 million, while cash was only $78 million.
• The EnLink Acquisition required issuing 41 million ONEOK shares with a $4.0 billion fair value, creating dilution and integration exposure; the Delaware Basin JV acquisition added approximately 4.9 million shares and $550 million of cash funding.
• ONEOK issued $3.0 billion of senior unsecured notes in August 2025, including $1.25 billion at 6.25% due 2055, while also committing to roughly $2.3 billion of listed capital projects through 2028.
• Gathering and processing volumes depend on continued third-party drilling; sustained low commodity prices or producer curtailments could reduce throughput and facility utilization despite the company’s approximately 90% fee-based earnings mix.
• The company has only $3.5 billion of available revolving-credit capacity against significant debt, project spending, and near-term maturities, increasing sensitivity to financing conditions and interest rates.