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Recent Acquisitions

MMP Acquisition FAQ

ONEOK, Inc. (“OKE” or “ONEOK”) Acquisition of Magellan Midstream Partners, L.P. (“MMP” or “Magellan”)

On Sept. 25, 2023, ONEOK, Inc. (NYSE: OKE) acquired all of the outstanding common units of Magellan in a cash and stock transaction. Common units of Magellan are no longer publicly traded.

MMP K-1 INFORMATION

MMP unitholders received a final Schedule K-1 and supporting materials. 2023 Schedule K-1s are available online at taxpackagesupport.com/MMP and were mailed early March 2024.

Receipt of a Schedule K-1 is not proof of ownership of common units.

For specific questions regarding previously held MMP common units, please contact the brokerage firm that held your units.

For MMP K-1 information please contact:
Tax Package Support
Phone: 800-230-1032
Online: www.taxpackagesupport.com/MMP

ACQUISITION FAQ

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 MAGELLAN MIDSTREAM PARTNERS 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.

The transaction closed on Sept. 25, 2023.

Holders of MMP units received 0.667 shares of OKE common stock for each MMP unit, and, $25 in cash for each MMP unit, for a total consideration value of $69.38 per unit. No fractional shares of OKE common stock were issued. Instead, holders of MMP units received cash in lieu of fractional shares.

The exchange of MMP units for OKE common stock and cash should be treated as a sale of your MMP units in a taxable transaction for U.S. federal income tax purposes.

In determining the amount of total proceeds, the amount realized per unit on the sale includes 0.667 shares of OKE common stock (valued at the closing price of OKE on the closing date of the transaction, which was $66.54) and $25 cash for a total consideration value of $69.38 per unit.

If you have specific tax related questions, please contact a tax advisor familiar with partnership taxation and specifically the taxation of Master Limited Partnership unitholders. ONEOK’s investor relations department is not staffed by tax personnel and ONEOK personnel do not provide tax advice.

A U.S. holder’s tax basis in any shares of OKE common stock received in the transaction should equal the closing OKE share price on the transaction close date, Sept. 25, 2023. The OKE closing share price on Sept. 25, 2023, was $66.54.

A U.S. holder’s holding period for any shares of OKE common stock received in the transaction on Sept. 25, 2023, begins on Sept. 26, 2023.

The receipt of shares of OKE common stock and cash in exchange for MMP units pursuant to the transaction will be treated as a taxable sale of MMP units for U.S. federal income tax purposes. For a foreign unitholder of MMP, the broker effecting the transfer on behalf of the foreign unitholder is responsible for withholding 10% of the amount realized (total proceeds) on the sale under Treasury Regulation Section 1.1446-4. The amount realized per unit on the sale includes 0.667shares of OKE common stock (valued at the closing price of OKE on the closing date of the transaction, which was $66.54) and $25 cash for a total consideration value of $69.38 per unit.

As a corporation, ONEOK reports shareholder tax information on an annual IRS 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/

THE LINK TO THE TAX PACKAGE SUPPORT WEBSITE IS PROVIDED FOR CONVENIENCE ONLY, AND THE INFORMATION CONTAINED ON THE TAX PACKAGE SUPPORT WEBSITE IS EXPRESSLY NOT INCORPORATED BY REFERENCE INTO THIS DOCUMENT. YOUR ORIGINAL BASIS INFORMATION WAS PROVIDED TO THE OPERATOR OF THE TAX PACKAGE SUPPORT WEBSITE BY YOUR BROKER AND YOU SHOULD CONSULT YOUR BROKER AND TAX ADVISOR TO CONFIRM YOUR BASIS INFORMATION. ONEOK DOES NOT OPERATE THE WEBSITE, CANNOT GUARANTEE THE ACCURACY OF THE INFORMATION ON THE WEBSITE AND DISCLAIMS ANY RESPONSIBILITY FOR SUCH INFORMATION.