欧尼克 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December31, 2025.OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________.Commission file number001-13643 ONEOK, Inc.(Exact name of registrant as specified in its charter) 73-1520922 Oklahoma (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 100 West Fifth Street,Tulsa,OK74103(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code(918) 588-7000Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act.Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐ Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒. Aggregate market value of registrant’s common stock held by non-affiliates based on the closing trade price on June 30, 2025, was $51.1 billion. On February16, 2026, the Company had 629,783,634 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the definitive proxy statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held May 20,2026, are incorporated by reference in Part III. ONEOK, Inc.2025 ANNUAL REPORTTABLE OF CONTENTS Part I. Item 1.Item 1A.Item 1B.Item 1C.Item 2.Item 3.Item 4.Part II.Item 5. BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities46[Reserved]47Management’s Discussion and Analysis of Financial Condition and Results of Operations48Quantitative and Qualitative Disclosures about Market Risk62Financial Statements and Supplementary DataNotes to Consolidated Financial StatementsA. Summary of Significant Accounting Policies71B. Acquisitions and Divestitures80C. Fair Value Measurements87D. Risk-Management and Hedging Activities using Derivatives87E. Property, Plant and Equipment91F. Goodwill and Intangible Assets92G. Debt93H.Equity96I. Variable Interest Entities98J. Earnings Per Share99K. Share-Based Payments99L. Employee Benefit Plans102M. Income Taxes106N. Unconsolidated Affiliates108O. Commitments and Contingencies109P. Leases110Q. Revenues110R. Segments111Changes in and Disagreements with Accountants on Accounting and Financial Disclosure