01—Abstract
Summary
Summary of the 8-K filed June 20, 2024. Cited figures are marked; the original filing is the authoritative source.
ONEOK, Inc. (NYSE: OKE) filed a Form 8-K on June 20, 2024, furnishing under Regulation FD a news release dated June 18, 2024.
The filing is administrative in nature and has no direct financial impact: it relates to the availability of 2023 Schedule K-3 tax forms for former Magellan Midstream Partners, L.P. (Magellan) unitholders. The Schedule K-3s reflect items of international tax relevance and are accessible online at a designated tax package support website.
The information is furnished rather than filed, so it is not subject to Section 18 liability and is not incorporated by reference into other filings. The notice is primarily relevant to a limited group of unitholders, such as foreign unitholders, those claiming a foreign tax credit, and certain corporate or partnership unitholders, who may need the detailed K-3 data for their own reporting. ONEOK stated it does not plan to mail K-3s and directed investors to a support line for electronic copies.
The company also reiterated that it acquired all outstanding Magellan common units on September 25, 2023, in a cash and stock transaction, and that Magellan units are no longer publicly traded. For OKE shareholders, this 8-K contains no new earnings, guidance, transaction, or balance sheet information. Its significance is limited to confirming post-merger tax reporting logistics for legacy Magellan holders, and investors seeking material developments should look to ONEOK's periodic reports and other earnings or strategic announcements.
02—Key points
Key Highlights
- ONEOK made the 2023 Schedule K-3s for former Magellan Midstream Partners unitholders available online, covering items of international tax relevance.
- The K-3s are primarily needed by foreign unitholders, those computing a foreign tax credit, and certain corporate or partnership unitholders.
- ONEOK will not mail Schedule K-3s; electronic copies can be requested by contacting Tax Package Support at 800-230-1032 on weekdays, 8 a.m. to 5 p.m. Central.
- ONEOK acquired all outstanding Magellan common units on September 25, 2023, in a cash and stock transaction; Magellan units are no longer publicly traded.
- The information is furnished under Regulation FD (Item 7.01) and is not deemed 'filed' for Section 18 purposes.
- The filing contains no new financial results, guidance, or material financial impact on ONEOK.
03—Questions
Frequently Asked Questions
Does this 8-K contain any new financial results or guidance for ONEOK?
No. The filing is a Regulation FD disclosure about the availability of 2023 Schedule K-3 tax forms for former Magellan unitholders. It does not include earnings, guidance, or balance sheet information.
Who needs to use the Schedule K-3?
According to the release, a limited number of investors need the detailed K-3 information, primarily foreign unitholders, unitholders computing a foreign tax credit on their return, and certain corporate and/or partnership unitholders. Others should review whether it applies to their filing needs and consult a tax advisor.
How can former Magellan unitholders get their Schedule K-3?
They can access it at www.taxpackagesupport.com/mmp. Investors wanting an electronic copy emailed can contact Tax Package Support at 800-230-1032 on weekdays between 8 a.m. and 5 p.m. Central. ONEOK does not plan to mail the forms.
What is the status of Magellan's units following the acquisition?
ONEOK acquired all outstanding Magellan common units on September 25, 2023, in a cash and stock transaction. Magellan common units are no longer publicly traded.
04—Continue