Selected Financial Data
since 2005
Income Statement
ONEOK Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2022 | 22,386,892) | 2,807,419) | 1,722,221) |
| Dec 31, 2021 | 16,540,309) | 2,596,259) | 1,499,706) |
| Dec 31, 2020 | 8,542,242) | 1,361,357) | 612,809) |
| Dec 31, 2019 | 10,164,367) | 1,914,353) | 1,278,577) |
| Dec 31, 2018 | 12,593,196) | 1,835,464) | 1,151,703) |
| Dec 31, 2017 | 12,173,907) | 1,380,895) | 387,841) |
| Dec 31, 2016 | 8,920,934) | 1,285,676) | 352,039) |
| Dec 31, 2015 | 7,763,206) | 996,159) | 244,977) |
| Dec 31, 2014 | 12,195,091) | 1,143,571) | 314,107) |
| Dec 31, 2013 | 14,602,717) | 926,734) | 266,533) |
| Dec 31, 2012 | 12,632,559) | 1,102,500) | 360,619) |
| Dec 31, 2011 | 14,805,794) | 1,158,913) | 360,594) |
| Dec 31, 2010 | 13,030,051) | 944,017) | 334,632) |
| Dec 31, 2009 | 11,111,651) | 894,640) | 305,451) |
| Dec 31, 2008 | 16,157,433) | 917,004) | 311,909) |
| Dec 31, 2007 | 13,477,414) | 822,543) | 304,921) |
| Dec 31, 2006 | 11,896,104) | 861,566) | 306,312) |
| Dec 31, 2005 | 12,676,230) | 798,972) | 546,545) |
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).
An analysis of the financial performance from 2005 to 2022 reveals a period of significant volatility followed by a substantial growth phase in both scale and profitability.
- Revenue Trends
- Revenue exhibited considerable fluctuations throughout the analyzed period. Between 2005 and 2014, revenues generally ranged between 11 billion and 16 billion USD. A sharp contraction occurred in 2015, with revenue falling to 7.76 billion USD. While a recovery trend followed, a secondary dip was observed in 2020, where revenue reached 8.54 billion USD. This was followed by an aggressive expansion in 2021 and 2022, with revenue peaking at 22.39 billion USD by the end of the period.
- Operating Income Performance
- Operating income demonstrated greater resilience than revenue during the first decade of the period, remaining relatively stable between 798 million and 1.16 billion USD from 2005 to 2013. A distinct growth phase began in 2014, with operating income ascending to 1.91 billion USD by 2019. Despite a temporary decline to 1.36 billion USD in 2020, the metric grew rapidly in the final two years, reaching a maximum of 2.81 billion USD in 2022.
- Net Income Volatility and Growth
- Net income remained largely flat between 2006 and 2017, typically fluctuating between 244 million and 388 million USD. A pivotal increase is observed starting in 2018, where net income surged to 1.15 billion USD and reached 1.28 billion USD in 2019. After a significant drop to 612 million USD in 2020, the trend reversed sharply, culminating in a period high of 1.72 billion USD in 2022.
The relationship between these metrics suggests a notable improvement in operational efficiency and margin expansion in the later years. The divergence between revenue and operating income between 2014 and 2019 indicates that the organization was able to increase its operating profit even during periods of revenue stagnation or decline. The period concluding in 2022 represents the strongest financial position in the observed timeframe, characterized by record-high revenues, operating income, and net income.
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Balance Sheet: Assets
ONEOK Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 2,547,775) | 24,379,094) |
| Dec 31, 2021 | 2,374,374) | 23,621,613) |
| Dec 31, 2020 | 1,869,775) | 23,078,754) |
| Dec 31, 2019 | 1,470,334) | 21,812,121) |
| Dec 31, 2018 | 1,398,632) | 18,231,671) |
| Dec 31, 2017 | 1,764,458) | 16,845,937) |
| Dec 31, 2016 | 1,429,684) | 16,138,751) |
| Dec 31, 2015 | 975,210) | 15,446,111) |
| Dec 31, 2014 | 1,307,244) | 15,304,560) |
| Dec 31, 2013 | 2,370,802) | 17,707,558) |
| Dec 31, 2012 | 2,764,660) | 15,855,275) |
| Dec 31, 2011 | 2,318,812) | 13,696,635) |
| Dec 31, 2010 | 2,379,045) | 12,499,175) |
| Dec 31, 2009 | 2,588,464) | 12,827,683) |
| Dec 31, 2008 | 3,377,602) | 13,126,062) |
| Dec 31, 2007 | 2,951,475) | 11,062,034) |
| Dec 31, 2006 | 3,238,600) | 10,504,721) |
| Dec 31, 2005 | 4,405,793) | 10,013,466) |
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).
The asset base of ONEOK Inc. experienced substantial expansion and a significant structural shift between 2005 and 2022. While the total asset value grew more than twofold over the period, the composition of those assets transitioned from a relatively liquid position to one heavily weighted toward non-current assets.
- Total Assets Trajectory
- Total assets demonstrated a long-term upward trend, rising from 10.0 billion USD in 2005 to 24.4 billion USD in 2022. Growth was generally consistent until 2013, when assets reached 17.7 billion USD. Following a temporary contraction to 15.3 billion USD in 2014, the asset base entered a period of accelerated growth, particularly after 2018, increasing from 18.2 billion USD to 24.4 billion USD in the final four years of the analyzed period.
- Current Assets Volatility
- Current assets exhibited a pattern of significant decline followed by a partial recovery. Starting at 4.4 billion USD in 2005, these assets trended downward for a decade, reaching a trough of 975 million USD in 2015. From 2016 onward, a steady recovery is observed, with current assets climbing back to 2.5 billion USD by 2022. Despite this recovery, the level of current assets remained significantly lower than the 2005 peak.
- Shift in Asset Composition
- A pronounced divergence occurred between total assets and current assets, indicating a shift in the company's financial structure. In 2005, current assets represented approximately 44% of total assets. By 2015, this proportion had decreased to approximately 6%, and by 2022, it stood at roughly 10%. This trend indicates a strategic reallocation of capital toward long-term investments and fixed infrastructure, resulting in a lower relative liquidity ratio over the long term.
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Balance Sheet: Liabilities and Stockholders’ Equity
ONEOK Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Short-term borrowings and long-term debt | Total ONEOK shareholders’ equity | |
|---|---|---|---|
| Dec 31, 2022 | 3,051,627) | 13,620,834) | 6,493,885) |
| Dec 31, 2021 | 3,184,619) | 13,643,450) | 6,015,163) |
| Dec 31, 2020 | 1,344,547) | 14,236,071) | 6,042,398) |
| Dec 31, 2019 | 2,020,298) | 12,707,407) | 6,225,951) |
| Dec 31, 2018 | 2,108,436) | 9,380,984) | 6,579,543) |
| Dec 31, 2017 | 2,667,335) | 9,138,952) | 5,527,867) |
| Dec 31, 2016 | 2,836,701) | 9,440,923) | 188,745) |
| Dec 31, 2015 | 1,638,266) | 8,980,572) | 335,798) |
| Dec 31, 2014 | 2,392,345) | 8,258,875) | 592,115) |
| Dec 31, 2013 | 2,696,407) | 8,330,093) | 2,337,851) |
| Dec 31, 2012 | 2,812,994) | 7,343,397) | 2,129,609) |
| Dec 31, 2011 | 3,246,175) | 5,735,924) | 2,238,573) |
| Dec 31, 2010 | 3,151,112) | 4,886,633) | 2,448,623) |
| Dec 31, 2009 | 3,338,912) | 5,484,289) | 2,207,194) |
| Dec 31, 2008 | 4,193,764) | 6,500,776) | 2,088,170) |
| Dec 31, 2007 | 2,881,667) | 4,838,125) | 1,969,308) |
| Dec 31, 2006 | 2,064,177) | 4,055,014) | 2,215,958) |
| Dec 31, 2005 | 4,795,341) | 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).
The financial position of the entity between 2005 and 2022 is characterized by a substantial increase in long-term leverage and a period of extreme volatility in shareholders' equity. While current liabilities have fluctuated, the long-term debt profile has shifted from a relatively conservative stance to a significantly larger capital structure.
- Debt Accumulation and Leverage Trends
- A consistent upward trajectory in short-term borrowings and long-term debt is evident over the analyzed period. Debt levels rose from approximately 3.57 billion USD in 2005 to a peak of 14.24 billion USD in 2019. A notable acceleration in borrowing occurred between 2018 and 2019, where debt increased by approximately 3.3 billion USD in a single year. Following this peak, the debt levels stabilized around 13.6 billion USD through 2022.
- Shareholders' Equity Volatility and Restructuring
- Total shareholders' equity remained relatively stable between 1.8 billion USD and 2.4 billion USD from 2005 to 2013. However, a severe contraction occurred between 2014 and 2016, with equity plummeting from 592 million USD in 2014 to a low of 189 million USD in 2016. This period of depletion was followed by a sharp reversal in 2017, where equity surged to 5.53 billion USD, suggesting a significant capital infusion or structural reorganization. From 2018 to 2022, the equity base remained robust, ending the period at 6.49 billion USD.
- Current Liability Dynamics
- Current liabilities have exhibited a non-linear trend. After an initial decline from 4.8 billion USD in 2005 to 2.1 billion USD in 2006, obligations fluctuated between 1.3 billion USD and 4.2 billion USD. A notable decline was observed between 2016 and 2020, reaching a minimum of 1.34 billion USD. However, a sharp increase occurred in 2021, with current liabilities rising to 3.18 billion USD before slightly moderating to 3.05 billion USD by the end of 2022.
- Capital Structure Analysis
- The relationship between debt and equity underwent a fundamental shift. During the 2014-2016 window, the entity experienced a critical imbalance where debt levels were high while equity was nearly exhausted, indicating a period of high financial risk. The post-2017 era reflects a more balanced capital structure, where the increase in total debt is offset by a significantly larger equity cushion compared to the 2005-2013 period.
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Cash Flow Statement
ONEOK Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Cash provided by (used in) operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 2,905,955) | (1,139,236) | (1,692,883) |
| Dec 31, 2021 | 2,546,272) | (665,292) | (2,259,085) |
| Dec 31, 2020 | 1,899,068) | (2,270,529) | 874,999) |
| Dec 31, 2019 | 1,946,779) | (3,768,758) | 1,830,962) |
| Dec 31, 2018 | 2,186,719) | (2,114,888) | (97,049) |
| Dec 31, 2017 | 1,315,412) | (567,633) | (959,461) |
| Dec 31, 2016 | 1,351,614) | (615,445) | (584,792) |
| Dec 31, 2015 | 1,006,980) | (1,190,719) | 108,589) |
| Dec 31, 2014 | 1,285,610) | (2,566,223) | 1,304,499) |
| Dec 31, 2013 | 1,294,767) | (2,642,031) | 912,959) |
| Dec 31, 2012 | 990,943) | (1,814,199) | 1,332,062) |
| Dec 31, 2011 | 1,359,972) | (1,371,626) | 55,432) |
| Dec 31, 2010 | 834,042) | (134,356) | (698,051) |
| Dec 31, 2009 | 1,452,694) | (787,794) | (1,145,559) |
| Dec 31, 2008 | 475,677) | (1,454,301) | 1,469,577) |
| Dec 31, 2007 | 1,029,660) | (1,151,784) | 72,961) |
| Dec 31, 2006 | 873,390) | (237,351) | (618,776) |
| Dec 31, 2005 | (179,659) | (533,413) | 711,529) |
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).
The long-term financial trajectory is characterized by a substantial and consistent increase in cash generation from core operations, which has evolved to support escalating capital expenditures and significant financing obligations. While early periods exhibited volatility in cash flow stability, the latter portion of the analyzed timeframe demonstrates a matured capacity for internal funding.
- Operating Cash Flow Trends
- A significant upward trend in cash provided by operating activities is evident. Following a deficit in 2005, the flow shifted to a positive range, generally fluctuating between 800 million and 1.4 billion US dollars from 2006 through 2017. A notable acceleration occurred starting in 2018, with cash flows surpassing 2 billion US dollars annually and reaching a peak of approximately 2.9 billion US dollars by 2022. This represents a sustained increase in the efficiency and scale of cash generation from primary business activities.
- Investing Activity Patterns
- Cash used in investing activities remained consistently negative throughout the entire period, reflecting continuous capital reinvestment. Investment outflows exhibit a cyclical pattern rather than a linear trend. Major expenditure peaks were observed in 2013 and 2014, exceeding 2.5 billion US dollars, and reached a historical maximum in 2019 at approximately 3.7 billion US dollars. These periods of heavy investment were interspersed with phases of relative contraction, such as in 2010 and 2021, where outflows were significantly lower.
- Financing Activity Dynamics
- Financing activities demonstrate the highest degree of volatility, alternating between periods of capital injection and capital return. Positive cash flows were prominent during growth or restructuring phases, notably in 2008, 2012-2014, and 2019-2020. Conversely, a trend toward significant cash outflows emerged in the final two years of the data set, with outflows of 2.2 billion US dollars in 2021 and 1.6 billion US dollars in 2022, suggesting a strategic shift toward debt reduction or increased shareholder distributions.
The synthesis of these flows indicates a transition in the financial strategy. In earlier years, investing activities were frequently funded through a combination of operating cash and external financing. In the most recent period, the growth in operating cash flow has become the primary driver, enabling the organization to simultaneously fund capital investments and execute large-scale financing outflows, thereby reducing reliance on external capital markets.
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Per Share Data
ONEOK Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 3.85 | 3.84 | 3.74 |
| Dec 31, 2021 | 3.36 | 3.35 | 3.74 |
| Dec 31, 2020 | 1.42 | 1.42 | 3.74 |
| Dec 31, 2019 | 3.09 | 3.07 | 3.53 |
| Dec 31, 2018 | 2.80 | 2.78 | 3.25 |
| Dec 31, 2017 | 1.30 | 1.29 | 2.72 |
| Dec 31, 2016 | 1.67 | 1.66 | 2.46 |
| Dec 31, 2015 | 1.17 | 1.16 | 2.43 |
| Dec 31, 2014 | 1.50 | 1.49 | 2.13 |
| Dec 31, 2013 | 1.29 | 1.27 | 1.48 |
| Dec 31, 2012 | 1.75 | 1.71 | 1.27 |
| Dec 31, 2011 | 1.72 | 1.68 | 1.08 |
| Dec 31, 2010 | 1.57 | 1.55 | 0.91 |
| Dec 31, 2009 | 1.45 | 1.44 | 0.82 |
| Dec 31, 2008 | 1.49 | 1.47 | 0.78 |
| Dec 31, 2007 | 1.42 | 1.40 | 0.70 |
| Dec 31, 2006 | 1.37 | 1.34 | 0.61 |
| Dec 31, 2005 | 2.72 | 2.53 | 0.55 |
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, 2, 3 Data adjusted for splits and stock dividends.
An analysis of the per share financial data from 2005 to 2022 reveals a period of significant earnings volatility contrasted by a long-term, disciplined growth strategy regarding shareholder distributions.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibit a closely correlated trajectory throughout the period. After an initial high in 2005, earnings entered a phase of relative stability between 2006 and 2012, generally fluctuating between 1.30 and 1.75. A period of instability occurred between 2013 and 2017, with a notable low in 2015. A significant growth phase was observed from 2018 to 2019, where Basic EPS peaked at 3.09. A sharp contraction occurred in 2020, with Basic EPS falling to 1.42, followed by a strong recovery in 2021 and 2022, reaching a period high of 3.85.
- Dividend Distribution Patterns
- Dividend per share demonstrates a consistent and linear upward trend for the majority of the analyzed period. From 2005 to 2020, dividends grew annually from 0.55 to 3.74. Following this 15-year growth cycle, the dividend remained flat at 3.74 from 2020 through 2022, indicating a transition from aggressive growth to a maintenance phase in the distribution policy.
- Earnings and Dividend Correlation
- There is a visible divergence between earnings volatility and dividend stability. While earnings experienced cyclical dips—most notably in 2015 and 2020—the dividend per share continued to rise or remain steady. In 2020, a significant disparity is observed where the dividend per share of 3.74 substantially exceeded the Basic EPS of 1.42, suggesting that dividend payments were maintained through other capital sources or reserves despite the temporary decline in profitability.
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