<!-- librarian dossier written 2026-10-17; every sentence cites its source; lint-clean; figures cross-checked against the cited SEC documents -->
# OKE — ONEOK, Inc. — dossier 2026-10-17

Worklist reason: top of graham, no dossier yet; CIK 0001039684, NYSE, SIC 4923 Natural Gas Transmission & Distribution, Oklahoma, fiscal year end December 31, flagged is_utility true in the stock JSON. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

## 1. Business (from the latest 10-K Item 1)

ONEOK is incorporated in Oklahoma, its common stock is listed on the NYSE under the symbol OKE, and it describes itself as a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
The 10-K states an approximately 60,000-mile pipeline network transporting natural gas, NGLs, Refined Products and crude oil. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Operations are reported in four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
The 10-K states each of the four reportable segments is primarily fee-based and consolidated earnings were approximately 90% fee-based in 2025. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Gathering and Processing assets listed include 22,600 miles of natural gas gathering pipelines and processing capacity of 1.9 Bcf/d in the Rocky Mountain region, 3.5 Bcf/d in the Mid-Continent region and 1.8 Bcf/d in the Permian Basin. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Natural Gas Liquids assets listed include NGL fractionators with combined operating capacity of 1.2 MMBbl/d, including 310 MBbl/d in the Mid-Continent region and 890 MBbl/d in the Gulf Coast region. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Natural Gas Pipelines assets listed include 8,300 miles of natural gas pipelines and eleven underground natural gas storage facilities with 74 Bcf of total active working natural gas storage capacity. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Refined Products and Crude assets listed include 9,800 miles of Refined Products pipelines and 1,100 miles of crude oil transportation pipelines. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
The EnLink Acquisition closed on January 31, 2025, with each public EnLink unit exchanged for 0.1412 shares of ONEOK common stock and 41 million shares issued with a fair value of $4.0 billion. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
As of December 31, 2025, the company had 6,326 employees. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)

## 2. Capital structure (balance sheet and debt footnote; latest 10-Q/10-K)

The unaudited consolidated balance sheet at June 30, 2026 (millions of dollars) shows cash and cash equivalents of 161, accounts receivable of 3,550 and total current assets of 5,310. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Total assets were 68,549 at June 30, 2026, against 66,641 at December 31, 2025. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Current liabilities were 7,204, including current maturities of long-term debt of 750 and short-term borrowings of 1,499. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Long-term debt, excluding current maturities, was 30,773 at June 30, 2026 (30,755 at December 31, 2025), and deferred income taxes were 6,892. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Total ONEOK shareholders' equity was 22,937, noncontrolling interests 100, total equity 23,037, and redeemable noncontrolling interests 44. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Common shares outstanding were 630,362,380 at June 30, 2026, with 25,546,638 shares held in treasury. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
The 10-Q cover reports 630,369,667 shares of common stock outstanding on July 27, 2026. [10-Q Q2 2026 cover](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Note D reports current maturities of $750 million of 5.55% senior notes due November 2026 and $899 million of commercial paper outstanding at a weighted-average rate of 4.06%. [10-Q Q2 2026 Note D](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Note D reports no outstanding borrowings under the $3.5 Billion Credit Agreement and $600 million outstanding at 4.59% under the $1.2 Billion Term Loan Agreement at June 30, 2026, with the remainder drawn in July 2026. [10-Q Q2 2026 Note D](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
In April 2026 the company redeemed the remaining $491 million of its 4.85% senior notes due July 2026. [10-Q Q2 2026 Note D](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Six-month 2026 cash provided by operating activities was 2,987 and dividends paid were 1,348 (millions of dollars). [10-Q Q2 2026 cash flows](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
On September 10, 2026, an Apollo affiliate contributed $9 billion of cash to ONEOK Holdings, L.L.C. for 900,000,000 Class B Units, while ONEOK received 6,023,076,923 Class A Units for contributing ONEOK, L.L.C. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
The 8-K12B states the proceeds are intended for the Brazos Midland acquisition and the extinguishment of $5 billion of outstanding indebtedness of ONEOK, L.L.C. and its subsidiaries. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
The Class B Units carry a Base Return of 7.01% per annum per the Operating Agreement summary, with step-ups after the 9th and 14th anniversaries. [8-K 2026-08-31 Item 1.01](https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm)
On September 8, 2026, ONEOK, L.L.C. assumed the obligations under the legacy ONEOK and ONEOK Partners senior note indentures, with ONEOK, Inc. as parent guarantor. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)

## 3. Earnings record (10 years, from the stock JSON)

Values below are the stock JSON net_income_by_fy, eps_diluted_by_fy and revenue_by_fy arrays; the cross-check column records the XBRL companyfacts comparison made in this run. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

| FY | Net income (USD) | Diluted EPS | Revenue (USD) | Companyfacts cross-check | Source |
|---|---|---|---|---|---|
| 2016 | 352,039,000 | 1.66 | 8,920,934,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2017 | 387,841,000 | 1.29 | 12,173,907,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2018 | 1,151,703,000 | 2.78 | 12,593,196,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2019 | 1,278,577,000 | 3.07 | 10,164,367,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2020 | 612,809,000 | 1.42 | 8,542,242,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2021 | 1,500,000,000 | 3.35 | 16,540,309,000 | JSON uses ProfitLoss; companyfacts also carries ProfitLoss 1,499,706,000 and no annual NetIncomeLoss fact for 2021 | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2022 | 1,722,000,000 | 3.84 | 22,386,892,000 | match | [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json) |
| 2023 | 2,659,000,000 | 5.48 | 17,677,000,000 | match; 10-K FY2025 shows 2,659 and 17,677 (millions) | [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm) |
| 2024 | 3,035,000,000 | 5.17 | 21,698,000,000 | match; 10-K FY2025 shows 3,035 and 21,698 (millions) | [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm) |
| 2025 | 3,393,000,000 | 5.42 | 33,629,000,000 | match; 10-K FY2025 shows 3,393 and 33,629 (millions) | [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm) |

The FY2025 10-K statement of income reports net income attributable to ONEOK of 3,393, diluted EPS of 5.42 and diluted average shares of 625.9 million for 2025. [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
The JSON also holds FY2013 to FY2015 net income (266,533,000; 314,107,000; 244,977,000), outside the ten-year window. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)
The JSON top-level dividend_years array runs from 1985 to 2026 without gaps. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

## 4. Recent filings (8-K items since 2026-04-19)

8-K filings dated 2026-04-19 to 2026-10-16 per the EDGAR submissions feed are listed below, including the 8-K12B successor-issuer report. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)

- 2026-04-28, Items 2.02 / 7.01 / 9.01: "On April 28, 2026, we announced our results of operations for the quarter ended March 31, 2026, and increased 2026 financial guidance." [8-K 2026-04-28](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000015/oke-20260428.htm)
- 2026-05-21, Item 5.07: "At the Annual Meeting of Shareholders ... held on May 20, 2026, the Company's shareholders voted on the following three proposals"; Brian L. Derksen received 445,708,516 votes for and 8,306,618 against. [8-K 2026-05-21](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000022/oke-20260520.htm)
- 2026-05-21, Item 5.07 continued: ratification of PricewaterhouseCoopers LLP received 551,715,532 votes for, and the advisory vote on executive compensation received 428,986,336 votes for. [8-K 2026-05-21](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000022/oke-20260520.htm)
- 2026-08-03, Items 2.02 / 7.01 / 9.01: "On August 3, 2026, we announced our results of operations for the quarter ended June 30, 2026, and increased 2026 financial guidance." [8-K 2026-08-03](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000027/oke-20260803.htm)
- 2026-08-31, Item 1.01: "On August 28, 2026, ONEOK, Inc. ... and AP Falcon Holdings LLC ... an affiliate of Apollo Global Management, Inc. ... entered into a contribution agreement" providing for "the contribution by Investor of $9 billion of cash to Holdings for 900,000,000 Class B Units". [8-K 2026-08-31](https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm)
- 2026-08-31, Item 3.02: the Class A Units to ONEOK and the Class B Units to Investor were to be issued "in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Section 4(a)(2) thereof as a transaction by an issuer not involving any public offering", a private placement at the subsidiary level. [8-K 2026-08-31](https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm)
- 2026-08-31, Item 8.01: "On August 31, 2026, ONEOK commenced cash tender offers ... of its outstanding debt securities of the 20 series listed in the Offer to Purchase"; the same item reports an agreement to acquire Brazos Midland, LLC for aggregate cash consideration of $4,425,000,000. [8-K 2026-08-31](https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm)
- 2026-09-10, Form 8-K12B Items 1.01 / 2.03 / 3.01 / 3.03 / 5.01 / 5.02: "On September 10, 2026, Legacy ONEOK implemented the Reorganization", Falcon TopCo was renamed ONEOK, Inc. and became the successor issuer, and the stock continues on the NYSE as OKE with new CUSIP 30609A 109. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
- 2026-09-15, Items 1.01 / 7.01 / 9.01: ONEOK assumed Legacy ONEOK's Equity Distribution Agreement with BofA Securities covering up to $1,000,000,000 aggregate offering price of common shares (paraphrased), and press releases announced early results and pricing of the debt tender offer. [8-K 2026-09-15](https://www.sec.gov/Archives/edgar/data/1039684/000119312526392003/d162704d8k.htm)

Other filings in the window per the submissions feed: 10-Q for the quarter ended June 30, 2026 (filed 2026-08-04), S-3ASR shelf registrations (2026-06-18), Form 25-NSE (2026-09-18) and Form 15-12G (2026-09-28). [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)

## 5. Insiders (Form 4, 12 months)

Thirty-two Form 4 filings were made from 2025-10-16 to 2026-10-16 under CIK 1039684; all non-derivative transactions and derivative grants are tabled below, with derivative conversion legs (code M on the RSU line) omitted as duplicates of the common-stock leg. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)

| Txn date | Reporting owner | Role | Code | Shares | Price | Owned after | Rule 10b5-1 box | Source |
|---|---|---|---|---|---|---|---|---|
| 2025-11-03 | DERKSEN BRIAN L | Director | P | 2500 | 66 | 21200 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000166282325000005/wk-form4_1762377561.xml) |
| 2026-01-23 | MCCOLLUM MARK A | Director | A | 727 | 78 | 727 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000121588826000004/wk-form4_1769549122.xml) |
| 2026-01-23 | Owodunni Precious W | Director | A | 727 | 78 | 727 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000177036626000004/wk-form4_1769549118.xml) |
| 2026-01-30 | Lentz Randy N | See Remarks | F | 1686 | 79.19 | 5139.3479 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000205137126000002/wk-form4_1770153548.xml) |
| 2026-01-30 | Lentz Randy N | See Remarks | M | 6556.6169 | 79.19 | 6825.3479 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000205137126000002/wk-form4_1770153548.xml) |
| 2026-02-18 | BURDICK KEVIN L | See Remarks | A (RSU 2026) | 12098 | - | 12098 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000169890026000002/wk-form4_1771622357.xml) |
| 2026-02-18 | HULSE WALTER S III | See Remarks | A (RSU 2026) | 24628 | - | 24628 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000163409926000002/wk-form4_1771622391.xml) |
| 2026-02-18 | Lentz Randy N | See Remarks | A (RSU 2026) | 14115 | - | 14115 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000205137126000004/wk-form4_1771622383.xml) |
| 2026-02-18 | NORTON PIERCE | Director/See Remarks | A (RSU 2026) | 60491 | - | 60491 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000128338726000002/wk-form4_1771622351.xml) |
| 2026-02-18 | SPEARS MARY M | See Remarks | A (RSU 2026) | 5473 | - | 5473 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000002/wk-form4_1771622376.xml) |
| 2026-02-18 | SWORDS SHERIDAN C | See Remarks | A (RSU 2026) | 14115 | - | 14115 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000174195526000002/wk-form4_1771622363.xml) |
| 2026-02-18 | Taylor Lyndon C | See Remarks | A (RSU 2026) | 17283 | - | 17283 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000138758726000002/wk-form4_1771622370.xml) |
| 2026-02-22 | BURDICK KEVIN L | See Remarks | F | 2537.5399 | 87.33 | 170404.624 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000169890026000004/wk-form4_1771968389.xml) |
| 2026-02-22 | BURDICK KEVIN L | See Remarks | M | 5628.5399 | - | 172942.1639 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000169890026000004/wk-form4_1771968389.xml) |
| 2026-02-22 | HULSE WALTER S III | See Remarks | F | 3454.3885 | 87.33 | 168985.0571 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000163409926000004/wk-form4_1771968420.xml) |
| 2026-02-22 | HULSE WALTER S III | See Remarks | M | 7739.3885 | - | 172439.4456 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000163409926000004/wk-form4_1771968420.xml) |
| 2026-02-22 | NORTON PIERCE | Director/See Remarks | F | 7774.4574 | 87.33 | 127781.906 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000128338726000004/wk-form4_1771968398.xml) |
| 2026-02-22 | NORTON PIERCE | Director/See Remarks | M | 17588.4574 | - | 135556.3634 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000128338726000004/wk-form4_1771968398.xml) |
| 2026-02-22 | SPEARS MARY M | See Remarks | F | 1073.9741 | 87.33 | 28352.626 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000004/wk-form4_1771968404.xml) |
| 2026-02-22 | SPEARS MARY M | See Remarks | M | 2285.9741 | - | 29426.6001 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000004/wk-form4_1771968404.xml) |
| 2026-02-22 | SWORDS SHERIDAN C | See Remarks | F | 2225.5348 | 87.33 | 236033.2818 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000174195526000004/wk-form4_1771968428.xml) |
| 2026-02-22 | SWORDS SHERIDAN C | See Remarks | M | 4924.5348 | - | 238258.8166 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000174195526000004/wk-form4_1771968428.xml) |
| 2026-02-22 | Taylor Lyndon C | See Remarks | F | 3812.5947 | 87.33 | 5344.609 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000138758726000004/wk-form4_1771968410.xml) |
| 2026-02-22 | Taylor Lyndon C | See Remarks | M | 8538.5947 | - | 9157.2037 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000138758726000004/wk-form4_1771968410.xml) |
| 2026-05-20 | DERKSEN BRIAN L | Director | A (Phantom Stock-OKE) | 1845 | 92.15 | 41803 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000166282326000002/wk-form4_1779455001.xml) |
| 2026-05-20 | EDWARDS JULIE H | Director | A | 1845 | 92.15 | 68630 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000118945026000002/wk-form4_1779455030.xml) |
| 2026-05-20 | Gobillot Lori | Director | A (Phantom Stock-OKE) | 1845 | 92.15 | 9209 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000154870626000002/wk-form4_1779455018.xml) |
| 2026-05-20 | HELDERMAN MARK W | Director | A | 3039 | 92.15 | 38704 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176662126000002/wk-form4_1779455042.xml) |
| 2026-05-20 | LARSON RANDALL J | Director | A (Phantom Stock-OKE) | 1845 | 92.15 | 4052 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000118718526000002/wk-form4_1779455012.xml) |
| 2026-05-20 | MCCOLLUM MARK A | Director | A | 1845 | 92.15 | 2572 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000121588826000006/wk-form4_1779455024.xml) |
| 2026-05-20 | Owodunni Precious W | Director | A | 1845 | 92.15 | 2572 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000177036626000006/wk-form4_1779455035.xml) |
| 2026-05-20 | RODRIGUEZ EDUARDO A | Director | A (Phantom Stock-OKE) | 369 | 92.15 | 17229 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000128645026000002/wk-form4_1779455047.xml) |
| 2026-05-20 | RODRIGUEZ EDUARDO A | Director | A | 1476 | 92.15 | 29972 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000128645026000002/wk-form4_1779455047.xml) |
| 2026-05-20 | Smith Wayne Thomas | Director | A (Phantom Stock-OKE) | 1845 | 92.15 | 8063 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000187614626000002/wk-form4_1779455007.xml) |
| 2026-05-28 | SPEARS MARY M | See Remarks | G | 1000 | 0 | 27352.626 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000006/wk-form4_1780345045.xml) |
| 2026-09-23 | BURDICK KEVIN L | See Remarks | F | 1270 | 90.09 | 172029.1132 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000033/wk-form4_1790287375.xml) |
| 2026-09-23 | BURDICK KEVIN L | See Remarks | M | 2895 | - | 173299.1132 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000033/wk-form4_1790287375.xml) |
| 2026-09-23 | HULSE WALTER S III | See Remarks | F | 3174 | 90.09 | 173049.0571 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000163409926000008/wk-form4_1790287632.xml) |
| 2026-09-23 | HULSE WALTER S III | See Remarks | M | 7238 | - | 176223.0571 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000163409926000008/wk-form4_1790287632.xml) |
| 2026-09-23 | SPEARS MARY M | See Remarks | F | 1016 | 90.09 | 28652.12 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000010/wk-form4_1790287684.xml) |
| 2026-09-23 | SPEARS MARY M | See Remarks | M | 2316 | - | 29668.12 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000010/wk-form4_1790287684.xml) |
| 2026-09-23 | SWORDS SHERIDAN C | See Remarks | F | 1905 | 90.09 | 238811.3938 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000174195526000008/wk-form4_1790287591.xml) |
| 2026-09-23 | SWORDS SHERIDAN C | See Remarks | M | 4343 | - | 240716.3938 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000174195526000008/wk-form4_1790287591.xml) |
| 2026-09-23 | Taylor Lyndon C | See Remarks | F | 2793 | 90.09 | 9389.003 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000138758726000008/wk-form4_1790287558.xml) |
| 2026-09-23 | Taylor Lyndon C | See Remarks | M | 6369 | - | 12182.003 | not checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000138758726000008/wk-form4_1790287558.xml) |

The one open-market purchase (code P) in the 12 months is director Brian L. Derksen, 2,500 shares at $66 on 2025-11-03, with 21,200 shares held afterwards and the Rule 10b5-1 box not checked. [Form 4](https://www.sec.gov/Archives/edgar/data/1039684/000166282325000005/wk-form4_1762377561.xml)
No open-market sale (code S) appears in the 12 months; the remaining transactions are grants (A), tax withholding (F), RSU vesting (M) and one charitable gift (G) by Mary M. Spears of 1,000 shares described in her Form 4 footnote. [Form 4 Spears](https://www.sec.gov/Archives/edgar/data/1039684/000176886026000006/wk-form4_1780345045.xml)
No Form 4 footnote in the set mentions a Rule 10b5-1 plan or a private placement, and the aff10b5One element reads 0 on every filing. [Form 4 Burdick](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000033/wk-form4_1790287375.xml)
The stock JSON insider_transactions_recent array is empty and the insider score window starts 2026-07-18, which excludes the 2025-11-03 purchase. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

## 6. Data health

The Graham verification block reads verified 14, mismatch 0, unverified 21, not_cross_checked 2; no input is marked mismatch. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)
Unverified Graham inputs are revenue, current_assets, current_liabilities, lt_debt, equity, net income FY2016 to FY2025, and diluted EPS FY2014 to FY2016 and FY2023 to FY2025; dividend years 2006 to 2012 are unverified in the test 4 cross-check. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)
The four balance-sheet inputs (current_assets 5,310,000,000; current_liabilities 7,204,000,000; lt_debt 30,773,000,000; equity 22,937,000,000) agree with the June 30, 2026 balance sheet in millions. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
The lt_debt input equals the line Long-term debt, excluding current maturities; current maturities of 750 and short-term borrowings of 1,499 are separate balance-sheet lines not in that input. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
The equity input equals Total ONEOK shareholders' equity of 22,937 and excludes noncontrolling interests of 100 and redeemable noncontrolling interests of 44. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
Revenue 33,629,000,000 (period 2025-12-31) is flagged stale at 289 days and unverified; the FY2025 10-K reports total revenues of 33,629 (millions). [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
Test 2 is scored under the utility rule because the JSON sets is_utility true from the SIC code, while 10-K Item 1 describes the company as a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
The June 30, 2026 balance-sheet inputs predate the September 10, 2026 closing in which an Apollo affiliate contributed $9 billion for 900,000,000 Class B Units of ONEOK Holdings, L.L.C., with proceeds directed to the Brazos Midland acquisition and $5 billion of debt extinguishment. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
The share count of 630,369,667 (cover date 2026-07-27) behind the JSON market cap was reported by Legacy ONEOK before the September 10, 2026 holding-company reorganization. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)
The 8-K12B states each share of Legacy ONEOK common stock was automatically converted into one share of successor ONEOK, Inc. common stock. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
The Form 15-12G filed 2026-09-28 under the same CIK and Commission File Number 001-13643 terminates registration of Legacy ONEOK common stock. [Form 15-12G](https://www.sec.gov/Archives/edgar/data/1039684/000119312526405508/d131369d1512g.htm)
EDGAR lists ONEOK, L.L.C. under a separate CIK 2154636, whose only filing in the feed is a POSASR dated 2026-09-11. [EDGAR submissions CIK 2154636](https://data.sec.gov/submissions/CIK0002154636.json)
Net income FY2021 of 1,500,000,000 in the JSON comes from the ProfitLoss concept in accession 0001039684-24-000015, while companyfacts carries ProfitLoss 1,499,706,000 for the same year from an earlier filing and no annual NetIncomeLoss fact for 2021. [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json)
The JSON top-level dividend_years array starts in 1985, while the Graham input Dividend years (Yahoo) starts in 2002; both cover the 20-year test window. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)
Price 92.25499725341797 as of 2026-10-14 in the JSON differs from the Yahoo chart API close of 91.97 for 2026-10-14 (90.65 on 2026-10-15). [Yahoo chart API](https://query1.finance.yahoo.com/v8/finance/chart/OKE?range=5d&interval=1d)
The EDGAR submissions feed lists items 2.01, 7.01 and 9.01 for the 8-K filed 2026-08-03, while the document itself is headed Item 2.02 Results of Operations and Financial Condition. [8-K 2026-08-03](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000027/oke-20260803.htm)
The insider score status reads no open-market transactions in window, with coverage through 2026-10-14 and 2 missing days; the Form 4 filings found from 2026-07-18 onward are grants, withholding and vesting only, consistent with that status. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

Carried forward on 2026-10-17: today's record (snapshot 2026-10-17) reads Graham score 90.5 computed 2026-10-17, verification verified 14, mismatch 0, unverified 21, not_cross_checked 2, price 90.65 as of 2026-10-15; the lines above describe the 2026-10-16 record. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)

## 7. Agent log

2026-10-16 05:58 CEST: fetched EDGAR submissions JSON for CIK 0001039684 with declared user agent. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)
2026-10-16 05:58 to 05:59 CEST: fetched all 32 Form 4 XML documents filed 2025-10-16 to 2026-10-16 and parsed transactions, aff10b5One flags and footnotes. [Form 4 Derksen](https://www.sec.gov/Archives/edgar/data/1039684/000166282325000005/wk-form4_1762377561.xml)
2026-10-16 06:01 CEST: fetched the FY2025 10-K primary document and read Item 1 and the Item 8 statement of income. [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
2026-10-16 06:01 CEST: fetched the Q2 2026 10-Q primary document and read the cover, balance sheet, cash flows and Notes D and E. [10-Q Q2 2026](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm)
2026-10-16 06:02 CEST: fetched five 8-Ks (2026-04-28, 2026-05-21, 2026-08-03, 2026-08-31, 2026-09-15) and read the item text. [8-K 2026-08-31](https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm)
2026-10-16 06:02 CEST: fetched the 8-K12B of 2026-09-10 and the Form 15-12G of 2026-09-28. [8-K12B 2026-09-10](https://www.sec.gov/Archives/edgar/data/1039684/000119312526387972/d81803d8k12b.htm)
2026-10-16 06:03 CEST: fetched the EDGAR company search for ONEOK and the submissions feed for ONEOK, L.L.C. (CIK 2154636). [EDGAR submissions CIK 2154636](https://data.sec.gov/submissions/CIK0002154636.json)
2026-10-16 06:03 CEST: fetched XBRL companyfacts and compared NetIncomeLoss, ProfitLoss, EPS and revenue facts to the JSON. [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json)
2026-10-16 06:04 CEST: fetched Yahoo chart API 5-day closes for OKE; the finance.yahoo.com quote page was not opened. [Yahoo chart API](https://query1.finance.yahoo.com/v8/finance/chart/OKE?range=5d&interval=1d)
Not reached: 8-K exhibits 99.1/99.2 (earnings and tender-offer press releases), the 8-K of 2026-03-25 and earlier, the exhibit 3.5 Operating Agreement text, the Q1 2026 10-Q, the 10-K debt footnote (Note G), the DEF 14A, the S-3ASR and 424B5 filings, Form 25-NSE, and older 10-Ks behind the FY2016 to FY2022 inputs. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)
2026-10-17 07:58 CEST: re-fetched the EDGAR submissions JSON; no 8-K or Form 4 filed on or after 2026-10-16 is listed, so sections 1 to 5 are carried forward unchanged from the 2026-10-16 dossier. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001039684.json)
2026-10-17 08:05 CEST: re-read today's stock record for the data-health note above. [site/s/OKE.json](https://theclaudetrader.com/s/OKE.json)