Oneok, Inc.

Industry regulation · Safety and environmental regulations

Our operations are subject to federal and state laws and regulations relating to the protection of public health and safety and the environment, which may expose us to significant costs and liabilities.

Industry regulation · Regulatory compliance and changes

Our business is subject to regulatory oversight and potential penalties. The energy industry is subject to heavy state and federal regulation that extends to many aspects of our businesses and operations... Future changes to laws, regulations and policies in these areas may impair our ability to compete for business or to recover costs and may increase the cost and burden of our operations.

Legal and litigation · Litigation and legal proceedings

Increased litigation and activism challenging oil and gas development as well as changes to and/or increased enforcement of laws, regulations and policies could impact our business. These actions could, among other things, impact our customers' activities, our existing permits, our ability to modify or obtain new permits.

Capital structure and performance · Financial performance volatility

We do not hedge fully against commodity price risk or interest rate risk, including commodity price changes, seasonal price differentials, product price differentials or location price differentials. This could result in decreased revenues, increased costs and lower margins, adversely affecting our results of operations.

Capital structure and performance · Debt management and refinancing

As of December 31, 2025, we had total indebtedness of $34.0 billion. Our indebtedness and guarantee obligations could have significant consequences... require us to dedicate a substantial portion of our cash flows from operations to debt-service payments.

Market and investment · Asset valuation and impairment

An impairment of goodwill, long-lived assets, including intangible assets, and equity-method investments could reduce our earnings. For example, if a low commodity price environment persisted for a prolonged period, it could result in lower volumes delivered to our systems and impairments of our assets or equity-method investments.

Market and investment · Market volatility and economic cycles

The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows. Lower commodity prices could reduce crude oil, natural gas and NGL production, which could decrease the demand for our services.

Capital structure and performance · Credit rating and cost of capital

Any reduction in our credit ratings could adversely affect our business, results of operations, financial position and cash flows. Our long-term debt has been assigned an investment-grade credit rating of 'Baa2' by Moody's and 'BBB' by both S&P and Fitch... If these agencies were to downgrade our long-term debt or our commercial paper rating, particularly below investment grade, our borrowing costs could increase.

Cybersecurity and data protection · Data breaches and cyber attacks

A breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, or those of third parties, may adversely affect our operations, financial results or reputation.

Cybersecurity and data protection · Data privacy and protection regulations

If any such failure, interruption or similar event results in the improper disclosure of information maintained in our information systems and networks or those of our vendors and counterparties, including personnel, customer, vendor and counterparty information, we could also be subject to liability under relevant contractual obligations, laws and regulations protecting personal data and privacy.

Market position and competition · Market cyclicality and demand volatility

If the level of drilling in the regions in which we operate declines substantially near our assets, our volumes and revenues could decline... Drilling and production are impacted by factors beyond our control, including demand and prices for natural gas, NGLs, Refined Products and crude oil.

Geopolitical and trade · International conflicts and tensions

The occurrence of wars (such as the Russian invasion of Ukraine), the activities of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producing countries with large production capacity, or other geopolitical conditions (including instability in the Middle East and Venezuela) impacting supply and demand for natural gas, NGLs, Refined Products and crude oil.

Geopolitical and trade · Trade policies tariffs and sanctions

Future tariffs, trade restrictions or retaliatory measures could further increase our input costs, lengthen delivery schedules or disrupt the availability of key components, particularly if we are unable to manage lead times for materials and equipment used in constructing capital projects.

Economic and market conditions · Economic recession and downturns

Uncertainty or adverse changes in economic conditions worldwide, in the United States, or in the economic regions in which we operate, could negatively affect the crude oil and natural gas markets, resulting in reduced demand and increased price competition for our services and products.

Economic and market conditions · Inflation and deflation pressures

Inflationary pressures have resulted in, and may continue to result in, additional increases to the cost of our materials, services and personnel, which could increase our capital expenditures and operating costs.

Corporate governance · Internal controls and risk management

If we fail to maintain an effective system of internal controls, we may not be able to report accurately our financial results or prevent fraud. Effective internal controls are necessary for us to provide reliable financial reports, prevent fraud and operate successfully as a public company.

Reputation and brand · Brand damage and negative publicity

A significant failure, compromise, breach or interruption in our systems, or those of our vendors or counterparties, could result in a disruption of our operations, physical or environmental damages, customer dissatisfaction, damage to our reputation and a loss of customers or revenues.

Supply chain and procurement · Raw material availability and cost volatility

The prices we receive for our commodities are subject to wide fluctuations in response to a variety of factors beyond our control, including, but not limited to... the availability and cost of third-party transportation, natural gas processing and fractionation capacity.

Core operations · Facility damage and equipment failure

A casualty occurrence may result in injury or loss of life, extensive property damage or environmental damage. The occurrence of operational hazards and unforeseen interruptions could adversely affect our business, results of operations, financial position and cash flows.

Human capital and workforce · Skills shortage and training requirements

In recent years, a shortage of workers trained in various skills associated with the midstream energy business has, at times, caused us to conduct certain operations without full staff, thus hiring outside resources, which may decrease productivity and increase costs.