SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

The following tables set forth certain selected financial information for our operating segments for the periods indicated:


Three Months Ended September 30, 2025	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	1,066	$	3,746	$	—	$	3,010	$	7,822
Residue natural gas sales	468		—		296		—		764
Exchange services and natural gas gathering and processing revenue	298		111		—		—		409
Transportation and storage revenue	—		36		154		590		780
Other revenue	9		2		—		29		40
Total revenues (a)	1,841		3,895		450		3,629		9,815
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,038)		(2,977)		(255)		(2,873)		(7,143)
Operating costs	(244)		(202)		(59)		(231)		(736)
Adjusted EBITDA from unconsolidated affiliates	1		26		63		40		130
Noncash compensation expense and other	6		6		1		17		30
Segment adjusted EBITDA	$	566	$	748	$	200	$	582	$	2,096
Depreciation and amortization	$	(126)	$	(116)	$	(25)	$	(108)	$	(375)
Equity in net earnings from investments	$	1	$	24	$	39	$	28	$	92
Capital expenditures	$	302	$	218	$	55	$	214	$	789

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $1.1 billion for the Natural Gas Gathering and Processing segment, $99 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.


Three Months Ended September 30, 2025	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	7,822	$	(1,157)	$	6,665
Residue natural gas sales	764		(13)		751
Exchange services and natural gas gathering and processing revenue	409		(3)		406
Transportation and storage revenue	780		(5)		775
Other revenue	40		(3)		37
Total revenues (a)	$	9,815	$	(1,181)	$	8,634
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(7,143)	$	1,181	$	(5,962)
Operating costs	$	(736)	$	(2)	$	(738)
Depreciation and amortization	$	(375)	$	(3)	$	(378)
Equity in net earnings from investments	$	92	$	—	$	92
Capital expenditures	$	789	$	15	$	804

(a) - Substantially all of our revenues are related to contracts with customers.


Three Months Ended September 30, 2024	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	648	$	3,496	$	—	$	407	$	4,551
Residue natural gas sales	219		—		—		—		219
Gathering, processing and exchange services revenue	35		129		—		—		164
Transportation and storage revenue	—		50		171		526		747
Other revenue	3		4		—		30		37
Total revenues (a)	905		3,679		171		963		5,718
Cost of sales and fuel (exclusive of depreciation and operating costs)	(464)		(2,906)		(1)		(352)		(3,723)
Operating costs	(129)		(183)		(52)		(217)		(581)
Adjusted EBITDA from unconsolidated affiliates	—		26		45		41		112
Noncash compensation expense and other	6		8		3		6		23
Segment adjusted EBITDA	$	318	$	624	$	166	$	441	$	1,549
Depreciation and amortization	$	(71)	$	(89)	$	(21)	$	(93)	$	(274)
Equity in net earnings (loss) from investments	$	(1)	$	24	$	34	$	35	$	92
Capital expenditures	$	102	$	247	$	56	$	45	$	450

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $657 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.


Three Months Ended September 30, 2024	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	4,551	$	(691)	$	3,860
Residue natural gas sales	219		—		219
Gathering, processing and exchange services revenue	164		—		164
Transportation and storage revenue	747		(4)		743
Other revenue	37		—		37
Total revenues (a)	$	5,718	$	(695)	$	5,023
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(3,723)	$	696	$	(3,027)
Operating costs	$	(581)	$	(1)	$	(582)
Depreciation and amortization	$	(274)	$	—	$	(274)
Equity in net earnings from investments	$	92	$	—	$	92
Capital expenditures	$	450	$	18	$	468

(a) - Substantially all of our revenues are related to contracts with customers.


Nine Months Ended September 30, 2025	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	3,393	$	11,598	$	—	$	7,227	$	22,218
Residue natural gas sales	1,615		—		872		—		2,487
Exchange services and natural gas gathering and processing revenue	852		307		—		—		1,159
Transportation and storage revenue	—		121		447		1,692		2,260
Other revenue	26		8		—		86		120
Total revenues (a)	5,886		12,034		1,319		9,005		28,244
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,576)		(9,464)		(735)		(6,883)		(20,658)
Operating costs	(737)		(615)		(167)		(672)		(2,191)
Adjusted EBITDA from unconsolidated affiliates	4		76		179		122		381
Noncash compensation expense and other	20		25		4		38		87
Segment adjusted EBITDA	$	1,597	$	2,056	$	600	$	1,610	$	5,863
Depreciation and amortization	$	(374)	$	(341)	$	(73)	$	(330)	$	(1,118)
Equity in net earnings from investments	$	3	$	69	$	116	$	93	$	281
Investments in unconsolidated affiliates	$	40	$	597	$	860	$	1,271	$	2,768
Total assets	$	16,266	$	20,047	$	4,610	$	24,225	$	65,148
Capital expenditures	$	884	$	524	$	169	$	539	$	2,116

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.4 billion for the Natural Gas Gathering and Processing segment, $239 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.


Nine Months Ended September 30, 2025	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	22,218	$	(3,604)	$	18,614
Residue natural gas sales	2,487		(47)		2,440
Exchange services and natural gas gathering and processing revenue	1,159		(3)		1,156
Transportation and storage revenue	2,260		(15)		2,245
Other revenue	120		(11)		109
Total revenues (a)	$	28,244	$	(3,680)	$	24,564
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(20,658)	$	3,681	$	(16,977)
Operating costs	$	(2,191)	$	(5)	$	(2,196)
Depreciation and amortization	$	(1,118)	$	(8)	$	(1,126)
Equity in net earnings from investments	$	281	$	—	$	281
Investments in unconsolidated affiliates	$	2,768	$	5	$	2,773
Total assets	$	65,148	$	1,468	$	66,616
Capital expenditures	$	2,116	$	66	$	2,182

(a) - Substantially all of our revenues are related to contracts with customers.


Nine Months Ended September 30, 2024	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	1,912	$	10,104	$	—	$	1,250	$	13,266
Residue natural gas sales	732		—		28		—		760
Gathering, processing and exchange services revenue	101		390		—		—		491
Transportation and storage revenue	—		141		491		1,490		2,122
Other revenue	16		10		—		81		107
Total revenues (a)	2,761		10,645		519		2,821		16,746
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,479)		(8,352)		(18)		(1,017)		(10,866)
Operating costs	(365)		(545)		(157)		(650)		(1,717)
Adjusted EBITDA from unconsolidated affiliates	3		70		133		117		323
Noncash compensation expense	16		26		6		24		72
Other	59		3		—		(6)		56
Segment adjusted EBITDA	$	995	$	1,847	$	483	$	1,289	$	4,614
Depreciation and amortization	$	(215)	$	(260)	$	(57)	$	(254)	$	(786)
Equity in net earnings from investments	$	1	$	63	$	102	$	90	$	256
Investments in unconsolidated affiliates	$	31	$	417	$	516	$	958	$	1,922
Total assets	$	7,113	$	15,701	$	2,704	$	19,031	$	44,549
Capital expenditures	$	319	$	785	$	187	$	120	$	1,411

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $1.9 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.


Nine Months Ended September 30, 2024	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	13,266	$	(2,025)	$	11,241
Residue natural gas sales	760		—		760
Gathering, processing and exchange services revenue	491		—		491
Transportation and storage revenue	2,122		(16)		2,106
Other revenue	107		(7)		100
Total revenues (a)	$	16,746	$	(2,048)	$	14,698
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(10,866)	$	2,051	$	(8,815)
Operating costs	$	(1,717)	$	(3)	$	(1,720)
Depreciation and amortization	$	(786)	$	(4)	$	(790)
Equity in net earnings from investments	$	256	$	—	$	256
Investments in unconsolidated affiliates	$	1,922	$	3	$	1,925
Total assets	$	44,549	$	6,501	$	51,050
Capital expenditures	$	1,411	$	48	$	1,459

(a) - Substantially all of our revenues are related to contracts with customers.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Reconciliation of net income to total segment adjusted EBITDA	(Millions of dollars)
Net income	$	940	$	693	$	2,484	$	2,112
Interest expense, net of capitalized interest	450		325		1,330		923
Depreciation and amortization	378		274		1,126		790
Income taxes	297		219		754		670
Adjusted EBITDA from unconsolidated affiliates	129		112		381		323
Equity in net earnings from investments	(92)		(92)		(281)		(256)
Noncash compensation expense and other (a)	17		14		81		48
Corporate other (a)	(23)		4		(12)		4
Total segment adjusted EBITDA	$	2,096	$	1,549	$	5,863	$	4,614

(a) - The three months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $7 million included within corporate other and $3 million included within noncash compensation expense and other. The nine months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $59 million included within corporate other and $15 million included within noncash compensation expense and other.

ONEOK INC /NEW/ 10-Q