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Recent Acquisitions

ENLC Acquisition FAQ

ONEOK, Inc. (“OKE” or “ONEOK”) Acquisition of EnLink Midstream, LLC (“ENLC” or “EnLink”)

On Jan. 31, 2025, ONEOK, Inc. (NYSE: OKE) acquired all of the outstanding publicly held common units of EnLink Midstream, LLC in an all-stock transaction. Common units of EnLink are no longer publicly traded.

THIS DOCUMENT IS PROVIDED FOR GENERAL INFORMATION ONLY AND DOES NOT CONTAIN A COMPLETE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME TAX CONSEQUENCES RELATED TO THE TRANSACTION, INCLUDING THE RECEIPT, OWNERSHIP AND DISPOSITION OF SHARES OF ONEOK COMMON STOCK RECEIVED IN THE TRANSACTION. EACH HOLDER OF ENLINK COMMON UNITS IS STRONGLY URGED TO CONSULT WITH AND RELY UPON ITS OWN TAX ADVISOR AS TO THE SPECIFIC U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES TO SUCH HOLDER RELATED TO THE TRANSACTION, INCLUDING THE RECEIPT, OWNERSHIP AND DISPOSITION OF SHARES OF ONEOK COMMON STOCK RECEIVED IN THE TRANSACTION, TAKING INTO ACCOUNT EACH HOLDERS’ OWN PARTICULAR CIRCUMSTANCES.

FREQUENTLY ASKED QUESTIONS (FAQS)

The transaction closed on Jan. 31, 2025.

Holders of ENLC units received 0.1412 shares of OKE common stock for each ENLC unit. No fractional shares of OKE common stock were issued. Instead, holders of ENLC units received cash in lieu of fractional shares.

The aggregate tax basis of the shares of OKE common stock received by a U.S. holder in the transaction will equal the aggregate adjusted tax basis of such U.S. holder’s ENLC units exchanged for such OKE common stock.

The holding period of a U.S. holder in the OKE common stock received in exchange for ENLC units will include the holding period of the ENLC units.

A U.S. holder of ENLC units generally will not recognize any gain or loss for U.S. federal income tax purposes on the exchange of ENLC units for shares of OKE common stock, except with respect to any cash received in lieu of fractional shares of OKE.

As a corporation, ONEOK reports shareholder tax information on an annual Form 1099-DIV.

These materials, as filed with the SEC, are available online at www.sec.gov and on ONEOK’s investor relations website at http://ir.oneok.com/.