8-KOther EventsExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Corporate Update (Aug 8, 2023)

Filed August 8, 2023For Securities:OKE

Summary

ONEOK Inc. (OKE) filed an 8-K on August 8, 2023, primarily reporting the unaudited pro forma combined financial statements related to its previously announced acquisition of Magellan Midstream Partners, L.P. (MMP). These pro forma statements provide investors with a look at the combined entity's financial position as if the acquisition had occurred at earlier dates, specifically a balance sheet as of June 30, 2023, and income statements for the year ended December 31, 2022, and the six months ended June 30, 2023. This filing is crucial for understanding the potential financial impact of the merger on ONEOK's balance sheet and income statement. Investors should review these pro forma statements to assess the combined company's leverage, profitability, and overall financial health going forward. While the 8-K itself does not contain new operating results or management commentary, it serves as a key piece of documentation for evaluating the strategic transaction with Magellan Midstream.

Key Highlights

  • 1ONEOK Inc. filed an 8-K on August 8, 2023.
  • 2The filing's primary purpose is to provide unaudited pro forma combined financial statements.
  • 3These statements relate to the acquisition of Magellan Midstream Partners, L.P. (MMP).
  • 4Pro forma balance sheet is presented as of June 30, 2023.
  • 5Pro forma income statements cover the year ended December 31, 2022, and the six months ended June 30, 2023.
  • 6The filing includes notes related to the pro forma financial statements.
  • 7Includes the Cover Page Interactive Data File in the Inline XBRL document.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide investors with unaudited pro forma combined financial statements of ONEOK Inc. reflecting the impact of its acquisition of Magellan Midstream Partners, L.P. These statements show how the combined company would have looked financially at specific past dates.

The pro forma financial statements include a combined balance sheet as of June 30, 2023, and combined statements of income for the year ended December 31, 2022, and for the six months ended June 30, 2023.

No, this filing does not contain ONEOK's actual, recent operating results. It contains 'pro forma' statements, which are hypothetical financial statements showing the combined entity's financial position and results as if the acquisition had already occurred. Actual results for the periods are reported in separate earnings releases and SEC filings.

Pro forma financial statements are important for investors because they allow for a more informed assessment of the potential financial implications of a significant transaction like an acquisition. They help investors understand the combined company's expected leverage, revenue, expenses, and overall financial health post-merger, enabling better comparison and valuation.