Debt to Equity
since 2005
Calculation
ONEOK Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Short-term borrowings and long-term debt1 | ÷ | Total ONEOK shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 2.10 | = | 13,620,834) | ÷ | 6,493,885) |
| Dec 31, 2021 | 2.27 | = | 13,643,450) | ÷ | 6,015,163) |
| Dec 31, 2020 | 2.36 | = | 14,236,071) | ÷ | 6,042,398) |
| Dec 31, 2019 | 2.04 | = | 12,707,407) | ÷ | 6,225,951) |
| Dec 31, 2018 | 1.43 | = | 9,380,984) | ÷ | 6,579,543) |
| Dec 31, 2017 | 1.65 | = | 9,138,952) | ÷ | 5,527,867) |
| Dec 31, 2016 | 50.02 | = | 9,440,923) | ÷ | 188,745) |
| Dec 31, 2015 | 26.74 | = | 8,980,572) | ÷ | 335,798) |
| Dec 31, 2014 | 13.95 | = | 8,258,875) | ÷ | 592,115) |
| Dec 31, 2013 | 3.56 | = | 8,330,093) | ÷ | 2,337,851) |
| Dec 31, 2012 | 3.45 | = | 7,343,397) | ÷ | 2,129,609) |
| Dec 31, 2011 | 2.56 | = | 5,735,924) | ÷ | 2,238,573) |
| Dec 31, 2010 | 2.00 | = | 4,886,633) | ÷ | 2,448,623) |
| Dec 31, 2009 | 2.48 | = | 5,484,289) | ÷ | 2,207,194) |
| Dec 31, 2008 | 3.11 | = | 6,500,776) | ÷ | 2,088,170) |
| Dec 31, 2007 | 2.46 | = | 4,838,125) | ÷ | 1,969,308) |
| Dec 31, 2006 | 1.83 | = | 4,055,014) | ÷ | 2,215,958) |
| Dec 31, 2005 | 1.99 | = | 3,572,116) | ÷ | 1,794,757) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The analysis of the capital structure from 2005 to 2022 reveals three distinct phases of leverage management: a period of moderate growth, a phase of extreme leverage instability, and a final stage of structural stabilization.
- Initial Leverage Phase (2005–2013)
- During this interval, total debt increased from approximately $3.57 billion to $8.33 billion. Shareholders' equity remained relatively stable, fluctuating between $1.79 billion and $2.45 billion. Consequently, the debt-to-equity ratio trended generally upward from 1.99 to 3.56, reflecting a gradual increase in the reliance on borrowed funds to finance operations and growth.
- Equity Erosion and Leverage Spike (2014–2016)
- A critical shift occurred between 2014 and 2016, characterized by a precipitous decline in shareholders' equity, which fell from $2.34 billion in 2013 to $188.7 million by 2016. As total debt continued to rise, reaching $9.44 billion, the debt-to-equity ratio escalated exponentially, peaking at 50.02 in 2016. This period represents a severe contraction of the equity base, resulting in an unsustainable leverage profile.
- Recapitalization and Stabilization (2017–2022)
- Beginning in 2017, a significant correction in the capital structure is observed. Shareholders' equity rose sharply to $5.53 billion and remained relatively consistent, staying between $6.01 billion and $6.58 billion through 2022. Although absolute debt levels continued to grow, reaching $13.62 billion by the end of the period, the expanded equity base successfully moderated the leverage. The debt-to-equity ratio returned to a normalized range, fluctuating between 1.43 and 2.36.
Over the full duration of the analyzed period, total debt increased nearly fourfold. However, the most significant volatility was driven by fluctuations in equity rather than debt accumulation. The extreme leverage observed between 2014 and 2016 was mitigated by a substantial increase in equity starting in 2017, returning the debt-to-equity ratio to levels comparable to those seen in the early 2000s.
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Comparison to Competitors
ONEOK Inc., debt to equity, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 2.10 | 0.15 | 0.35 | 0.21 |
| Dec 31, 2021 | 2.27 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 2.36 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 2.04 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 1.43 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 1.65 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 50.02 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 26.74 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 13.95 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 3.56 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 3.45 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 2.56 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 2.00 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 2.48 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 3.11 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 2.46 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 1.83 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 1.99 | 0.21 | 0.24 | 0.07 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ONEOK Inc., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 2.10 | 0.20 |
| Dec 31, 2021 | 2.27 | 0.28 |
| Dec 31, 2020 | 2.36 | 0.40 |
| Dec 31, 2019 | 2.04 | 0.24 |
| Dec 31, 2018 | 1.43 | 0.23 |
| Dec 31, 2017 | 1.65 | 0.28 |
| Dec 31, 2016 | 50.02 | 0.33 |
| Dec 31, 2015 | 26.74 | 0.28 |
| Dec 31, 2014 | 13.95 | 0.21 |
| Dec 31, 2013 | 3.56 | 0.17 |
| Dec 31, 2012 | 3.45 | 0.13 |
| Dec 31, 2011 | 2.56 | 0.15 |
| Dec 31, 2010 | 2.00 | 0.16 |
| Dec 31, 2009 | 2.48 | 0.18 |
| Dec 31, 2008 | 3.11 | 0.18 |
| Dec 31, 2007 | 2.46 | 0.13 |
| Dec 31, 2006 | 1.83 | 0.17 |
| Dec 31, 2005 | 1.99 | 0.15 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ONEOK Inc., debt to equity, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Dec 31, 2022 | 2.10 | 0.22 |
| Dec 31, 2021 | 2.27 | 0.31 |
| Dec 31, 2020 | 2.36 | 0.44 |
| Dec 31, 2019 | 2.04 | 0.26 |
| Dec 31, 2018 | 1.43 | 0.25 |
| Dec 31, 2017 | 1.65 | 0.30 |
| Dec 31, 2016 | 50.02 | 0.35 |
| Dec 31, 2015 | 26.74 | 0.30 |
| Dec 31, 2014 | 13.95 | 0.22 |
| Dec 31, 2013 | 3.56 | 0.19 |
| Dec 31, 2012 | 3.45 | 0.15 |
| Dec 31, 2011 | 2.56 | 0.16 |
| Dec 31, 2010 | 2.00 | 0.17 |
| Dec 31, 2009 | 2.48 | 0.19 |
| Dec 31, 2008 | 3.11 | 0.19 |
| Dec 31, 2007 | 2.46 | 0.15 |
| Dec 31, 2006 | 1.83 | 0.19 |
| Dec 31, 2005 | 1.99 | 0.16 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).