Summary
ONEOK Inc. (OKE) filed an 8-K on July 6, 2017, primarily to update its financial reporting following the completed acquisition of the remaining outstanding common units of ONEOK Partners, L.P. on June 30, 2017. This transaction triggered new financial reporting requirements under Rule 3-10 of Regulation S-X due to guarantees issued on indebtedness for both ONEOK and ONEOK Partners. This filing specifically adds a new footnote (Note N) to its Form 10-Q for the period ended March 31, 2017, providing supplemental condensed consolidating financial information. This information is crucial for investors to understand the financial standing and obligations of both the parent company (ONEOK) and its subsidiary (ONEOK Partners) on a more granular level, particularly in light of the consolidated guarantee structure. Investors should note that this 8-K does not update any other financial information previously reported in the 2017 Form 10-Q.
Key Highlights
- 1ONEOK Inc. completed the acquisition of the remaining ONEOK Partners, L.P. common units on June 30, 2017.
- 2The acquisition necessitated the issuance of guarantees on indebtedness for both ONEOK and ONEOK Partners.
- 3As a result, ONEOK is now subject to Rule 3-10 of Regulation S-X, requiring financial statements of guarantors and issuers of guaranteed securities.
- 4This 8-K filing updates the March 31, 2017, Form 10-Q by adding a new footnote (Note N).
- 5Note N provides supplemental condensed consolidating financial information.
- 6The updated financial information is incorporated by reference via Exhibit 99.1.
- 7This filing solely pertains to the inclusion of this new financial footnote and does not update other disclosures in the 2017 Form 10-Q.