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ONEOK Inc. (NYSE:OKE)

This company has been moved to the archive! The financial data has not been updated since August 8, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

ONEOK Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 0.44 2.78 0.90 0.09 0.55 0.06 0.62 0.94 1.60 1.74 2.27 1.96 4.11 2.42 0.10 3.16 1.38 0.15 0.07 0.47 0.09 0.11
Accounts receivable, net 4.26 4.71 6.29 7.08 7.25 7.01 6.10 6.27 4.66 3.93 3.60 3.15 2.65 2.26 3.83 3.37 3.39 4.29 4.49 6.06 5.53 5.14
Materials and supplies 0.61 0.64 0.61 0.63 0.63 0.62 0.65 0.62 0.62 0.62 0.62 0.70 1.36 1.16 0.92 0.90 0.90 0.86 0.77 0.72 0.67 0.60
NGLs and natural gas in storage 1.31 1.63 1.77 2.20 2.53 2.43 1.81 2.63 1.94 1.59 0.99 1.32 0.88 0.60 1.40 1.33 0.94 1.28 1.63 2.38 1.69 1.13
Inventory 1.91% 2.27% 2.38% 2.84% 3.16% 3.05% 2.46% 3.25% 2.56% 2.21% 1.61% 2.02% 2.24% 1.76% 2.32% 2.23% 1.84% 2.15% 2.40% 3.10% 2.36% 1.73%
Commodity imbalances 0.12 0.09 0.18 0.16 0.20 0.10 0.17 0.09 0.06 0.07 0.05 0.06 0.08 0.06 0.12 0.09 0.13 0.20 0.16 0.12 0.16 0.24
Other current assets 1.02 0.65 0.70 1.15 1.18 0.78 0.70 0.61 0.66 0.67 0.57 0.37 0.40 0.27 0.38 0.37 0.35 0.30 0.55 0.34 0.34 0.65
Current assets 7.75% 10.50% 10.45% 11.32% 12.34% 11.01% 10.05% 11.17% 9.54% 8.62% 8.10% 7.56% 9.48% 6.77% 6.74% 9.22% 7.09% 7.09% 7.67% 10.09% 8.48% 7.85%
Property, plant and equipment 106.50 103.22 102.61 101.18 99.46 100.34 100.84 98.78 99.81 100.05 99.97 100.10 98.39 100.76 101.10 98.18 100.28 99.75 98.90 95.58 96.75 96.39
Accumulated depreciation and amortization -22.35 -21.30 -20.77 -20.20 -19.54 -19.37 -19.05 -18.26 -17.97 -17.55 -16.98 -16.57 -15.84 -15.96 -16.98 -16.80 -17.57 -17.80 -17.90 -17.64 -18.09 -18.01
Net property, plant and equipment 84.15% 81.92% 81.84% 80.98% 79.92% 80.96% 81.79% 80.52% 81.84% 82.51% 83.00% 83.53% 82.55% 84.80% 84.12% 81.38% 82.71% 81.96% 80.99% 77.94% 78.66% 78.37%
Investments in unconsolidated affiliates 3.68 3.23 3.29 3.29 3.27 3.32 3.38 3.34 3.41 3.48 3.49 3.47 3.44 3.69 3.95 4.08 4.46 5.02 5.32 5.48 5.84 6.07
Goodwill and net intangible assets 3.11 3.07 3.09 3.09 3.09 3.17 3.23 3.21 3.28 3.33 3.35 3.41 3.39 3.56 4.39 4.50 4.88 5.09 5.30 5.42 5.84 6.03
Deferred income taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.71
Other assets 1.30 1.29 1.33 1.33 1.38 1.53 1.55 1.76 1.93 2.06 2.06 2.03 1.14 1.18 0.80 0.82 0.86 0.84 0.71 1.07 1.01 0.97
Investments and other assets 8.10% 7.58% 7.71% 7.71% 7.74% 8.03% 8.16% 8.31% 8.62% 8.87% 8.90% 8.91% 7.97% 8.43% 9.14% 9.40% 10.20% 10.95% 11.33% 11.96% 12.87% 13.77%
Noncurrent assets 92.25% 89.50% 89.55% 88.68% 87.66% 88.99% 89.95% 88.83% 90.46% 91.38% 91.90% 92.44% 90.52% 93.23% 93.26% 90.78% 92.91% 92.91% 92.33% 89.91% 91.52% 92.15%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset structure is characterized by a heavy concentration in noncurrent assets, which consistently represent between 87% and 93% of total assets. The primary driver of this composition is the significant investment in physical infrastructure, with net property, plant, and equipment maintaining a dominant position throughout the analyzed period.

Fixed Asset Dynamics
Gross property, plant, and equipment exhibit a long-term upward trend as a percentage of total assets, rising from 96.39% in March 2018 to 106.50% by June 2023. This growth is mirrored by an increase in accumulated depreciation and amortization, which expanded from -18.01% to -22.35% over the same period. Despite these shifts in gross values and contra-assets, net property, plant, and equipment remained relatively stable, generally fluctuating between 78% and 84% of total assets.
Liquidity and Current Asset Trends
Current assets represent a small fraction of the total asset base, ranging from a low of 6.74% in December 2019 to a peak of 12.34% in June 2022. Cash and cash equivalents typically maintain a very low profile, often below 1%, although a temporary increase was observed during 2020, peaking at 4.11% in June 2020. Accounts receivable show more volatility and a general upward trend from 2020 onward, increasing from approximately 2.26% in March 2020 to a peak of 7.25% in June 2022, before moderating to 4.26% by June 2023.
Intangible and Affiliate Investments
There is a consistent downward trend in the relative weight of investments in unconsolidated affiliates and goodwill/net intangible assets. Investments in affiliates declined from 6.07% in March 2018 to 3.68% in June 2023. Similarly, goodwill and net intangible assets decreased from 6.03% to 3.11% over the same timeframe. This suggests a gradual reduction in the proportion of the asset base tied to non-physical acquisitions and strategic partnerships.
Inventory and Operational Assets
Inventory and NGLs/natural gas in storage exhibit cyclical fluctuations, reflecting the operational nature of the business. Total inventory generally fluctuates between 1.6% and 3.3% of total assets. Commodity imbalances remain a negligible component of the balance sheet, consistently staying below 0.25% of total assets.

Overall, the asset profile reflects a capital-intensive operational model where the vast majority of value is locked in long-term physical assets, with a diminishing reliance on intangible assets and affiliate investments over time.

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