OKE · 10-Q · 2026Q2 · Full report

Liquidity and Debt Position

ONEOK INC /NEW/ · 2026-08-04 · Importance 46 · Surprise 42 · No source text

At June 30, 2026, ONEOK had $161 million of cash and cash equivalents, $899 million of commercial paper outstanding and $600 million borrowed under its $1.2 billion Term Loan Agreement. The company had no borrowings under its $3.5 billion Credit Agreement, which expires in February 2030, and remained in compliance with all covenants. The term loan bears interest at Term SOFR plus a 95-basis-point margin, matures 364 days after June 23, 2026, and was fully drawn in July 2026. ONEOK reported a $1.9 billion working-capital deficit primarily because of current maturities of long-term debt and short-term borrowings, while its Moody’s Baa2 and S&P and Fitch BBB ratings remained investment grade with stable outlooks.

Key facts

• In April 2026, we entered into a $1.2 Billion Term Loan Agreement available to be drawn in up to two borrowings within 90 days of the closing date; borrowings bear interest at Term SOFR plus an applicable margin of 95 basis points; matures 364 days after June 23, 2026. source
• In July 2026, the remaining borrowings available under the $1.2 Billion Term Loan Agreement were fully drawn and no additional amounts may be borrowed. source
• 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. source
• No shares have been sold through our 'at-the-market' equity program as of the date of this filing; the program provides access to $1.0 billion. source
• As of June 30, 2026, we had $600 million of borrowings outstanding at an interest rate of 4.59% under the $1.2 Billion Term Loan Agreement. source
• Cash used in financing activities for the six months ended June 30, 2026: $(1,115) million; for the six months ended June 30, 2025: $(1,557) million; decrease in use of $442 million. source
• We had a working capital deficit of $1.9 billion as of June 30, 2026, due primarily to current maturities of long-term debt and short-term borrowings. source
• As of June 30, 2026, we had $899 million of commercial paper outstanding, $600 million of borrowings outstanding under our $1.2 Billion Term Loan Agreement, and no borrowings under our $3.5 Billion Credit Agreement, and we are in compliance with all covenants. source

Impact estimates