21 unchanged sentences
however, a prolonged period of low commodity prices may reduce drilling and production activities across all areas.
−Removed: If we are not able to obtain new supplies to replace the natural decline in volumes from existing production or reductions in volumes because of competition, throughput on our gathering and transportation pipeline systems and the utilization rates of our processing and fractionation facilities would decline, which could affect adversely our business, results of operations, financial position and cash flows.
−Removed: Our operating results may be affected adversely by unfavorable economic and market conditions.
−Removed: Uncertainty or adverse changes in economic conditions worldwide, in the United States, or in the economic regions in which we operate, could negatively affect the crude oil and natural gas markets, resulting in reduced demand and increased price competition for our services and products, or otherwise affect adversely our business, results of operations, financial position and cash flows.
+Added: If we are not able to obtain new supplies to replace the natural decline in volumes from existing production or reductions in volumes because of competition, throughput on our gathering and transportation pipeline systems and the utilization rates of our processing and fractionation facilities would decline, which could adversely affect our business, results of operations, financial position and cash flows.
+Added: Our operating results may be adversely affected by unfavorable economic and market conditions.
+Added: Uncertainty or adverse changes in economic conditions worldwide, in the United States, or in the economic regions in which we operate, could negatively affect the crude oil and natural gas markets, resulting in reduced demand and increased price competition for our services and products, or otherwise adversely affect our business, results of operations, financial position and cash flows.
Volatility in commodity prices may have an impact on many of our suppliers and customers, which, in turn, could have a negative impact on their ability to meet their obligations to us.
−Removed: Periods of severe volatility in equity and credit
−Removed: markets may disrupt our access to such markets, make it difficult to obtain financing necessary to expand facilities or acquire assets, increase financing costs and result in the imposition of restrictive financial covenants.
−Removed: Also, economic conditions following the COVID-19 pandemic included increased inflation.
−Removed: While inflation has declined since the second half of 2022, inflationary pressures have resulted in, and may continue to result in, additional increases to the cost of our materials, services and personnel, which could increase our capital expenditures and operating costs.
−Removed: Sustained levels of high inflation caused the Federal Reserve System and other central banks to increase interest rates, which may cause the cost of capital to increase and depress economic growth, either of which, or the combination of both, could affect adversely our business, results of operations, financial position and cash flows.
−Removed: The volatility of natural gas, NGL, Refined Products and crude oil prices could affect adversely our earnings and cash flows.
+Added: Periods of severe volatility in equity and credit markets may disrupt our access to such markets, make it difficult to obtain financing necessary to expand facilities or acquire assets, increase financing costs and result in the imposition of restrictive financial covenants.
+Added: Inflationary pressures have resulted in, and may continue to result in, additional increases to the cost of our materials, services and personnel, which could increase our capital expenditures and operating costs.
+Added: In addition, future tariffs, trade restrictions or retaliatory measures could further increase our input costs, lengthen delivery schedules or disrupt the availability of key components, particularly if we are unable to manage lead times for materials and equipment used in constructing capital projects or to enter into procurement agreements for long‑lead items to mitigate such risks.
+Added: Sustained levels of high inflation could cause the Federal Reserve System and other central banks to increase interest rates, which could cause the cost of capital to increase and depress economic growth, either of which, or the combination of both, could adversely affect our business, results of operations, financial position and cash flows.
+Added: Table of C ontents
+Added: The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows.
Lower commodity prices could reduce crude oil, natural gas and NGL production, which could decrease the demand for our services.
7 unchanged sentences
• market uncertainty;
−Removed: • the occurrence of wars (such as the Russian invasion of Ukraine), the activities of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producing countries with large production capacity, or other geopolitical conditions (including instability in the Middle East) impacting supply and demand for natural gas, NGLs, Refined Products and crude oil;
−Removed: • production decisions by other countries, and the failure of countries to abide by recent agreements relating to production decisions;
+Added: • the occurrence of wars (such as the Russian invasion of Ukraine), the activities of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producing countries with large production capacity, or other geopolitical conditions (including instability in the Middle East and Venezuela) impacting supply and demand for natural gas, NGLs, Refined Products and crude oil;
+Added: • production decisions by other countries, and the failure of countries to abide by agreements relating to production decisions;
• the availability and cost of third-party transportation, natural gas processing and fractionation capacity;
2 unchanged sentences
• weather conditions;
−Removed: • public health crises, including pandemics (such as COVID-19);
+Added: • public health crises, including pandemics;
• domestic and foreign governmental regulations and taxes;
1 unchanged sentence
• speculation in the commodity futures markets;
−Removed: • the effects of imports and exports on the price of natural gas, NGLs, Refined Products, crude oil and liquefied natural gas;
+Added: • the effects of imports and exports on the price of natural gas, NGLs, Refined Products, crude oil and liquified natural gas;
• the effect of worldwide energy-conservation measures;
1 unchanged sentence
• technology and improved efficiency impacting supply and demand for natural gas, NGLs, Refined Products and crude oil.
−Removed: These external factors and the volatile nature of the energy markets make it difficult to reliably estimate future prices of commodities and the impact commodity price fluctuations have on our customers and their need for our services, which could affect adversely our business, results of operations, financial position and cash flows.
+Added: These external factors and the volatile nature of the energy markets make it difficult to reliably estimate future prices of commodities and the impact commodity price fluctuations have on our customers and their need for our services, which could adversely affect our business, results of operations, financial position and cash flows.
Reduced volatility in energy prices or new government regulations could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas, which could adversely affect our business.
6 unchanged sentences
We cannot control or predict the amount of product that will be delivered to us by the gathering systems and pipelines that supply our assets, nor can we control or predict the output of refineries that supply our Refined Products pipelines and terminals.
−Removed: Changes in the quality or quantity of this crude oil production, outages at these refineries or reduced or interrupted throughput on gathering systems or pipelines due to weather-related or other natural causes, competitive forces, testing, line repair, damage, reduced operating pressures or other causes could reduce shipments on our pipelines or result in our being unable to receive products at or deliver products from our terminals, any of which could adversely affect our business, results of operations, financial position and cash flows.
+Added: Changes in the quality or quantity of this crude oil production, outages at these refineries or reduced or interrupted throughput on gathering systems or pipelines due to weather-related or other natural causes,
+Added: Table of C ontents
+Added: competitive forces, testing, line repair, damage, reduced operating pressures or other causes could reduce shipments on our pipelines or result in our being unable to receive products at or deliver products from our terminals, any of which could adversely affect our business, results of operations, financial position and cash flows.
Refineries that supply or are supplied by our facilities are subject to regulatory developments, including but not limited to low carbon fuel standards, regulations regarding fuel specifications, plant emissions and safety and security requirements that could significantly increase the cost of their operations and reduce their operating margins.
3 unchanged sentences
Further, the closure of these or other refineries could result in our customers electing to store and distribute Refined Products and crude oil through their proprietary terminals, which could result in a reduction in demand for our storage services.
−Removed: Increasing attention to ESG issues, including climate change, may impact our business.
−Removed: There are expectations that companies across all industries address ESG issues, including climate change.
−Removed: Changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change through reducing GHG emissions may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use of alternative energy sources.
−Removed: These changes could reduce the demand for our services, impacting our business, results of operations, financial position and cash flows.
−Removed: In addition, increasing attention to climate change has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation, which could increase our costs or otherwise affect adversely our business.
−Removed: For example, the SEC finalized new climate change disclosure requirements in March 2024 but stayed the rules in April 2024 pending judicial review of several lawsuits filed by states, industry and environmental groups challenging the rule.
−Removed: It is unclear when the rules will become effective, if at all.
−Removed: If these or any other climate disclosure requirements become effective, we may face increased costs associated with complying with such new climate disclosure rules.
−Removed: Certain investors are increasingly focused on ESG issues, including climate change.
−Removed: Further, organizations that provide information to investors on corporate governance and related matters have also increased their focus on ESG issues and have developed ratings processes for evaluating companies on various ESG initiatives.
−Removed: Unfavorable ESG ratings may lead to increased negative investor sentiment toward us or midstream companies in general.
−Removed: Due to climate change concerns, some investors may choose not to invest, or to reduce investment, in companies that explore for, produce, process, transport or sell products derived from hydrocarbons.
−Removed: If this negative investor sentiment increases, we may see reduced demand for our securities, which could impact our liquidity or the value of our securities.
−Removed: Additionally, certain large institutional lenders have announced their own policies to meet publicly announced climate commitments, which often involve commitments to shift lending activities in the energy sector to meet GHG emissions goals.
−Removed: As a result, certain institutional lenders may impose additional requirements on us, or decide not to lend to us, based on ESG concerns, which could adversely affect our access to capital on reasonable terms or at all and, as a result, our financial condition.
−Removed: To the extent financial markets view climate change and emissions of GHGs as a financial risk, this could also negatively affect our ability to access capital or cause us to receive less favorable terms and conditions in future financings.
−Removed: In 2021, we announced a companywide absolute GHG emissions reduction target of 2.2 million metric tons of carbon dioxide equivalents from our combined Scope 1 and Scope 2 emissions by 2030 for our legacy ONEOK assets.
−Removed: The target represents a 30% reduction in combined operational Scope 1 and location-based Scope 2 GHG emissions attributable to ONEOK assets as of Dec.
−Removed: To the extent that the potential pathways we have identified to achieve this emissions reduction target are not available to us, or to the extent we otherwise are unable to make progress toward other ESG-related targets we may establish, we may face additional costs to meet these targets, or we may fail to meet them, which could negatively impact our business and reputation.
−Removed: We may be subject to risks associated with the physical impacts of climate change.
−Removed: The threat of global climate change may create physical and financial risks to our business.
−Removed: Some of our customers’ energy needs vary with weather conditions, primarily temperature.
−Removed: To the extent weather conditions may be affected by climate change, customers’ energy use could increase or decrease depending on the duration and magnitude of any changes.
−Removed: Increased energy use due to weather changes may require us to invest in more pipelines and other infrastructure to serve increased demand.
−Removed: A decrease in energy use due to weather changes may affect our financial condition through decreased revenues.
−Removed: Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including damage to our assets or service interruptions.
−Removed: Weather conditions outside of our operating territory could also have an impact on our revenues.
−Removed: Severe weather impacts our operating territories primarily through hurricanes, thunderstorms, tornados, floods, freezing temperatures and snow or ice storms.
−Removed: To the extent the severity or frequency of extreme weather events increases, this could increase our cost of providing services, including the cost of insurance, and the availability of certain insurance coverages could decrease.
−Removed: We may not be able to pass on the higher costs to our customers or recover all costs related to mitigating these physical risks.
−Removed: Our operations are subject to operational hazards and unforeseen interruptions, which could affect adversely our business and for which we may not be adequately insured.
+Added: Our operations are subject to operational hazards and unforeseen interruptions, which could adversely affect our business and for which we may not be adequately insured.
Our operations are subject to all the risks and hazards typically associated with the operation of gathering, transportation and distribution pipelines, storage facilities and processing and fractionation facilities, which include, but are not limited to, leaks, pipeline ruptures, damage by third parties, the breakdown or failure of equipment or processes and the performance of facilities below expected levels of capacity and efficiency.
−Removed: Other operational hazards and unforeseen interruptions include adverse weather conditions (including extreme cold weather), public health crises including a pandemic (such as COVID-19), cybersecurity attacks, geopolitical events, accidents, explosions, fires, the collision of equipment with our pipeline facilities (for example, this may occur if a third party were to perform excavation or construction work near our facilities) and catastrophic events such as tornados, hurricanes, earthquakes, floods and other similar events beyond our control.
+Added: Other operational hazards and unforeseen interruptions include adverse weather conditions (including extreme cold weather), public health crises including a pandemic, cybersecurity attacks, geopolitical events, accidents, explosions, fires, the collision of equipment with our pipeline facilities (for example, this may occur if a third party were to perform excavation or construction work near our facilities) and catastrophic events such as tornados, hurricanes, earthquakes, floods and other similar events beyond our control.
Similar operational hazards and unforeseen interruptions may also impact our producers or suppliers;
1 unchanged sentence
A casualty occurrence may result in injury or loss of life, extensive property damage or environmental damage.
−Removed: The occurrence of operational hazards and unforeseen interruptions could affect adversely our business, results of operations, financial position and cash flows.
+Added: The occurrence of operational hazards and unforeseen interruptions could adversely affect our business, results of operations, financial position and cash flows.
Premiums and deductibles for certain insurance policies can increase substantially, and, in some instances, certain insurance may become unavailable or available only for reduced amounts of coverage.
2 unchanged sentences
Further, we are not fully insured against all risks inherent to our business.
−Removed: If we were to incur a significant liability for which we were not fully insured, it could affect adversely our business, results of operations, financial position and cash flows.
−Removed: Further, the proceeds of any such insurance may not be paid in a timely manner or reach the level of coverage purchased.
+Added: If we were to incur a significant liability for which we were not fully insured, it could adversely affect our business, results of operations, financial position and cash flows.
+Added: Further, the proceeds of any such insurance policies may not be paid in a timely manner or reach the level of coverage purchased.
Continued development of supply sources outside of our operating regions could impact demand for our services.
1 unchanged sentence
We do not hedge fully against commodity price risk or interest rate risk, including commodity price changes, seasonal price differentials, product price differentials or location price differentials.
−Removed: This could result in decreased revenues, increased costs and lower margins, affecting adversely our results of operations.
+Added: This could result in decreased revenues, increased costs and lower margins, adversely affecting our results of operations.
Certain of our businesses are exposed to market risk and the impact of market fluctuations in natural gas, NGL, Refined Products and crude oil prices.
5 unchanged sentences
• seasonal price differentials;
−Removed: • the price risk related to electric costs to operate our facilities;
+Added: • the price risk related to electricity costs to operate our facilities;
• the fuel costs and the value of the retained fuel in-kind in our natural gas pipelines and storage operations.
−Removed: To manage the risk from market price fluctuations in natural gas, NGLs, Refined Products and crude oil and electricity prices, we may use derivative instruments such as swaps, futures, forwards and options.
−Removed: However, we do not hedge fully against commodity price changes, and we therefore retain some exposure to market risk.
−Removed: Further, hedging instruments that are used to reduce our exposure to interest-rate fluctuations could expose us to risk of financial loss where we may contract for fixed-rate swap instruments to hedge variable-rate instruments and the fixed rate exceeds the variable rate.
−Removed: Finally, hedging arrangements for forecasted sales and purchases are used to reduce our exposure to commodity price fluctuations and may limit the benefit we would otherwise receive if market prices for natural gas, NGLs, Refined Products and crude oil differ from the stated price in the hedge instrument for these commodities.
−Removed: A breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, or those of third parties, may affect adversely our operations, financial results or reputation.
+Added: Table of C ontents
+Added: We do not hedge fully against commodity price changes, and we therefore retain some exposure to market risk.
+Added: Further, hedging arrangements for forecasted sales and purchases are used to reduce our exposure to commodity price fluctuations and may limit the benefit we would otherwise receive if market prices for natural gas, NGLs, Refined Products and crude oil differ from the stated price in the hedge instrument for these commodities.
+Added: Finally, hedging instruments that are used to reduce our exposure to interest-rate fluctuations could expose us to risk of financial loss where we may contract for fixed-rate swap instruments to hedge variable-rate instruments and the fixed rate exceeds the variable rate.
+Added: A breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, or those of third parties, may adversely affect our operations, financial results or reputation.
Our businesses are dependent upon our operational systems to process a large amount of data and complex transactions.
8 unchanged sentences
• other processes necessary to manage our business.
−Removed: If any of our systems is damaged, fails to function properly or otherwise becomes unavailable, we may incur substantial costs to repair or replace them and may experience loss or corruption of critical data and interruptions or delays in our ability to perform critical functions, which could affect adversely our business and results of operations.
−Removed: Our financial results could also be affected adversely if our operational systems fail as a result of an inadvertent error or by deliberate tampering with or manipulation of our operational systems.
+Added: If any of our systems is damaged, fails to function properly or otherwise becomes unavailable, we may incur substantial costs to repair or replace them and may experience loss or corruption of critical data and interruptions or delays in our ability to perform critical functions, which could adversely affect our business and results of operations.
+Added: Our financial results could also be adversely affected if our operational systems fail as a result of an inadvertent error or by deliberate tampering with or manipulation of our operational systems.
In addition, dependence upon automated systems may further increase the risk that operational system flaws or employee or third-party tampering or manipulation of those systems will result in losses that are difficult to detect.
9 unchanged sentences
We cannot predict the potential impact to our business resulting from additional regulations.
−Removed: Terrorist attacks, including cyber sabotage, aimed at our facilities could affect adversely our business, results of operations, financial position and cash flows.
+Added: Table of C ontents
+Added: Terrorist attacks, including cyber sabotage, aimed at our facilities could adversely affect our business, results of operations, financial position and cash flows.
The United States government has issued warnings that energy assets, including our nation’s pipeline infrastructure, may be the future target of terrorist organizations or “cyber sabotage” events.
−Removed: For example, in May 2021, a ransomware attack on a major U.S.
−Removed: Refined Products pipeline forced the operator to temporarily shut down the pipeline, resulting in disruption of fuel supplies along the East Coast.
Potential targets include our facilities, pipelines, databases or operating systems.
2 unchanged sentences
The potential for an attack may subject our operations to increased risks and costs, and any such terrorist attack or cyber sabotage on our facilities, pipelines, databases of operating systems, those of our customers, or in some cases, those of other pipelines could have a material adverse effect on our business, results of operations, financial position and cash flows.
+Added: Scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, may impact our business.
+Added: Companies are subject to scrutiny from customers, investors, rating agencies, policymakers and other stakeholders regarding their management of ESG issues, including human capital and climate change.
+Added: Changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change through reducing GHG emissions may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use of alternative energy sources.
+Added: These changes could reduce the demand for our services, impacting our business, results of operations, financial position and cash flows.
+Added: Certain capital providers could restrict or impose additional scrutiny on lending and investment in the energy sector, which could adversely impact the availability or cost of capital.
+Added: In addition, scrutiny regarding climate change and other ESG matters has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation by both advocates and opponents of such matters, which could increase our costs or otherwise adversely affect our business.
+Added: For example, while some policymakers (including certain states and the SEC under the previous administration) have adopted, or are considering adopting, requirements for the disclosure of climate risks or other information, other policymakers have sought to constrain companies’ considerations of ESG matters.
+Added: Any failure to successfully navigate stakeholder expectations, including regulatory developments, may result in reputational harm, increased costs or other adverse impacts.
+Added: We engage in various efforts to respond to stakeholder expectations;
+Added: however, such efforts may not have the desired effect.
+Added: Many of these efforts rely on methodologies, assumptions and data (including third-party information) that are subject to varying interpretations or that continue to evolve, including in ways we cannot control.
+Added: Our approach may also continue to evolve, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder.
+Added: For example, our emissions reduction targets depend on a range of factors, and to the extent these do not manifest or we otherwise are unable to make progress on such targets or other initiatives, we may face additional costs or be unable to meet our targets, which could negatively impact our business and reputation.
+Added: Various of our business partners and other stakeholders are subject to similar expectations on ESG matters, which may exacerbate or result in additional risks.
+Added: We may be subject to risks associated with the physical impacts of climate change.
+Added: The threat of global climate change may create physical and financial risks to our business.
+Added: Some of our customers’ energy needs vary with weather conditions, primarily temperature.
+Added: To the extent weather conditions may be affected by climate change, customers’ energy use could increase or decrease depending on the duration and magnitude of any changes.
+Added: Increased energy use due to weather changes may require us to invest in more pipelines and other infrastructure to serve increased demand.
+Added: A decrease in energy use due to weather changes may affect our financial condition through decreased revenues.
+Added: Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including damage to our assets or service interruptions.
+Added: Weather conditions outside of our operating territory could also have an impact on our revenues.
+Added: Severe weather impacts our operating territories primarily through hurricanes, thunderstorms, tornados, floods, freezing temperatures and snow or ice storms.
+Added: To the extent the severity or frequency of extreme weather events increases, this could increase our cost of providing services, including the cost of insurance, and the availability of certain insurance coverages could decrease.
+Added: We may not be able to pass on the higher costs to our customers or recover all costs related to mitigating these physical risks.
+Added: We are also subject to various transition risks associated with climate change;
+Added: for more information, see our risk factor titled “Scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, may impact our business.”
+Added: Table of C ontents
Growing our business by constructing new pipelines and facilities or making modifications to our existing facilities subjects us to construction risk and supply risks, should adequate natural gas, NGL, Refined Products and crude oil supply be unavailable upon completion of the facilities.
11 unchanged sentences
• inflationary pressure, along with pressure that may arise from the imposition by the federal government of tariffs on non-U.S.
−Removed: produced construction materials, could increase our costs for construction materials or labor.
−Removed: As a result, new facilities may not be able to attract enough natural gas, NGLs, Refined Products and crude oil to achieve our expected investment return, which could affect adversely our business, results of operations, financial position and cash flows.
+Added: produced construction materials, could increase our costs for construction materials, equipment or labor.
+Added: As a result, new facilities may not be able to attract enough natural gas, NGLs, Refined Products and crude oil to achieve our expected investment return, which could adversely affect our business, results of operations, financial position and cash flows.
Estimates of hydrocarbon reserves may be inaccurate, which could result in lower than anticipated volumes.
2 unchanged sentences
In such event, if we are unable to secure additional sources, then the volumes that we gather, process, fractionate and transport in the future could be less than anticipated.
−Removed: A decline in such volumes could affect adversely our business, results of operations, financial position and cash flows.
+Added: A decline in such volumes could adversely affect our business, results of operations, financial position and cash flows.
We do not own all of the land on which our pipelines and facilities are located, and we lease certain facilities and equipment, which could disrupt our operations.
1 unchanged sentence
We obtain the rights to construct and operate certain of our pipelines and related facilities on land owned by third parties and governmental agencies for a specific period of time.
−Removed: Our loss of these
−Removed: rights, through our inability to renew right-of-way contracts on acceptable terms or increased costs to renew such rights, could affect adversely our business, results of operations, financial position and cash flows.
+Added: Our loss of these rights, through our inability to renew right-of-way contracts on acceptable terms or increased costs to renew such rights, could adversely affect our business, results of operations, financial position and cash flows.
Measurement adjustments on our pipeline systems may be impacted materially by changes in estimation, type of commodity and other factors.
3 unchanged sentences
and (iii) variances in measurement that are inherent in metering technologies and standards.
−Removed: Each of these factors may contribute to measurement adjustments that may occur on our systems, which could affect adversely our business, results of operations, financial position and cash flows.
+Added: Each of these factors may contribute to measurement adjustments that may occur on our systems, which could adversely affect our business, results of operations, financial position and cash flows.
+Added: Table of C ontents
We face competition for supply and, as a result, we may have significant levels of excess capacity on our pipeline, processing, fractionation, terminal and storage assets.
−Removed: Our pipeline, processing, fractionation, terminal and storage assets compete with other similar assets for natural gas, NGL, Refined Products and crude oil supply delivered to the markets we serve.
−Removed: As a result of competition, we may have significant levels of uncontracted or discounted capacity on our assets, which could affect adversely our business, results of operations, financial position and cash flows.
+Added: Our pipeline, processing, fractionation, terminal and storage assets compete with other similar assets for natural gas, NGLs, Refined Products and crude oil supply delivered to the markets we serve.
+Added: As a result of competition, we may have significant levels of uncontracted or discounted capacity on our assets, which could adversely affect our business, results of operations, financial position and cash flows.
Many of our assets have been in service for several decades.
1 unchanged sentence
Over time the age of these assets could result in increased maintenance or remediation expenditures and an increased risk of product releases and associated costs and liabilities.
−Removed: Any significant increase in these expenditures, costs or liabilities could affect adversely our business, results of operations, financial position and cash flows.
+Added: Any significant increase in these expenditures, costs or liabilities could adversely affect our business, results of operations, financial position and cash flows.
Our operating cash flows are derived partially from cash distributions we receive from our unconsolidated affiliates.
−Removed: Our operating cash flows are derived partially from cash distributions we receive from our unconsolidated affiliates, as discussed in Note O of the Notes to Consolidated Financial Statements in this Annual Report.
+Added: Our operating cash flows are derived partially from cash distributions we receive from our unconsolidated affiliates, as discussed in Note N of the Notes to Consolidated Financial Statements in this Annual Report.
The amount of cash that our unconsolidated affiliates can distribute principally depends upon the amount of cash flows these affiliates generate from their respective operations, which may fluctuate from quarter to quarter.
5 unchanged sentences
These participation and protective features customarily include a corporate governance structure that requires at least a majority-in-interest vote to authorize many basic activities and requires a greater voting interest (sometimes up to 100%) to authorize more significant activities.
−Removed: Examples of these more significant activities are large expenditures or contractual commitments, the construction or acquisition of assets, borrowing money or otherwise raising capital, transactions with affiliates of a joint-venture participant, litigation and transactions not in the ordinary course of business, among others.
+Added: Examples of activities requiring joint-venture participant approval are large expenditures or contractual commitments, the construction or acquisition of assets, borrowing cash or otherwise raising capital, transactions with affiliates of a joint-venture participant, litigation and transactions not in the ordinary course of business, among others.
Thus, without the concurrence of joint-venture participants with enough voting interests, we may be unable to cause any of our joint ventures to take or not to take certain actions, even though those actions may be in the best interest of us or the particular joint venture.
2 unchanged sentences
We do not operate all of our joint-venture assets nor do we employ directly all of the persons responsible for providing administrative, operating and management services.
−Removed: This reliance on others to operate joint-venture assets and to provide other services could affect adversely our business and results of operations.
+Added: This reliance on others to operate joint-venture assets and to provide other services could adversely affect our business and results of operations.
We rely on others to provide administrative, operating and management services for certain of our joint-venture assets.
2 unchanged sentences
We may have to contract elsewhere for outsourced services, which may cost more than we are currently paying.
−Removed: In addition, we may not be able to obtain the same level or kind of service or retain or receive the services in a timely manner, which may impact our ability to perform under our contracts and affect adversely our business and results of operations.
+Added: In addition, we may not be able to obtain the same level or kind of service or retain or receive the services in a timely manner, which may impact our ability to perform under our contracts and adversely affect our business and results of operations.
+Added: Table of C ontents
Our ability to use net operating losses and certain other tax attributes to offset future taxable income may be limited.
11 unchanged sentences
federal and state taxable income.
−Removed: Such limitation could affect adversely our results of operations, financial position and cash flows.
−Removed: The historical EnLink NOL carryforward acquired upon the completion of the EnLink Acquisition is expected to be subject to limitations under Section 382 of the Code.
+Added: Such limitation could adversely affect our results of operations, financial position and cash flows.
+Added: The historical EnLink NOL carryforward acquired upon the completion of the EnLink Acquisition is subject to limitations under Section 382 of the Code, however, the limitation is not material and will not have an impact on our overall ability to utilize tax attributes to reduce our future U.S.
+Added: federal and state income tax obligations.
RISK FACTORS RELATED TO REGULATION
−Removed: Increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater, could result in reductions or delays in drilling and completing new crude oil and natural gas wells.
−Removed: The crude oil and natural gas industries rely on supplies from nonconventional sources, such as shale and tight sands.
−Removed: Crude oil and natural gas extracted from these sources frequently requires hydraulic fracturing, which involves the pressurized injection of water, sand and chemicals into a geologic formation to stimulate crude oil and natural gas production.
−Removed: Legislation or regulations placing restrictions on exploration and production activities, including hydraulic fracturing and disposal of wastewater, could result in operational delays, increased operating costs and additional regulatory burdens on exploration and production operators.
−Removed: Any of these factors could reduce their production of crude oil and unprocessed natural gas and, in turn, affect adversely our revenues and results of operations by decreasing the volumes of crude oil, natural gas and NGLs gathered, treated, processed, fractionated, stored and transported on our or our joint ventures’ assets.
Our business is subject to regulatory oversight and potential penalties.
19 unchanged sentences
State regulatory authorities regulate the rates we can charge and the terms and conditions we can offer for intrastate movements on our pipelines.
−Removed: The determination of the interstate or intrastate character of shipments on our pipelines may change over time, which may change the regulatory framework and the rates we are allowed to charge for transportation and other related services.
+Added: The determination of the interstate or intrastate character of shipments on our pipelines may change over time, which may change the regulatory framework and the rates we are allowed to charge for transportation
+Added: Table of C ontents
+Added: and other related services.
Shippers may protest our pipeline tariff filings, and the FERC or state regulatory authorities may investigate and require changes to tariff terms as a result of the protests or complaints.
7 unchanged sentences
When the change in the ceiling level is negative, we are generally required to reduce our rates that are subject to the FERC’s indexing methodology.
−Removed: The results of FERC’s last five-year review were subject to appeal at the D.C.
−Removed: Circuit, which vacated FERC’s orders and remanded to FERC.
−Removed: FERC subsequently issued a supplemental notice of proposed rulemaking proposing to reduce the index price back down to the rehearing order price and the proposal is now pending at FERC.
The FERC and most relevant state regulatory authorities allow us to establish rates based on conditions in competitive markets without regard to the FERC’s index level or our cost-of-service.
2 unchanged sentences
Establishing our rates through a cost-of-service filing could be expensive and could result in tariff reductions, which would adversely affect our business.
+Added: Increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater, could result in reductions or delays in drilling and completing new crude oil and natural gas wells.
+Added: The crude oil and natural gas industries rely on supplies from nonconventional sources, such as shale and tight sands.
+Added: Crude oil and natural gas extracted from these sources frequently requires hydraulic fracturing, which involves the pressurized injection of water, sand and chemicals into a geologic formation to stimulate crude oil and natural gas production.
+Added: Legislation or regulations placing restrictions on exploration and production activities, including hydraulic fracturing and disposal of wastewater, or curtailment of water use for industrial or mineral development activities, could result in operational delays, increased operating costs and additional regulatory burdens on exploration and production operators.
+Added: Any of these factors could reduce their production of crude oil and unprocessed natural gas and, in turn, adversely affect our revenues and results of operations by decreasing the volumes of crude oil, natural gas and NGLs gathered, treated, processed, fractionated, stored and transported on our or our joint ventures’ assets.
Our liquids blending activities subject us to federal regulations that govern renewable fuel requirements in the U.S.
2 unchanged sentences
By virtue of our liquids blending activity and resulting gasoline production, we are an obligated party and receive an annual RVO from the EPA.
−Removed: We typically purchase renewable energy credits, called RINs, to meet this obligation.
−Removed: Increases in the cost or decreases in the availability of RINs could have an adverse impact on our business.
+Added: We typically purchase renewable identification numbers, called RINs, under the Renewable Fuel Standard Program to meet this obligation.
+Added: Increases in the cost or decreases in the availability of RINs, as well as any volatility in such costs or availability, could have an adverse impact on our business.
We may face significant costs to comply with the regulation of GHG emissions.
−Removed: GHG emissions in the midstream industry originate primarily from combustion engine exhaust, heater exhaust and fugitive methane gas emissions.
−Removed: International, federal, regional and/or state legislative and/or regulatory initiatives may attempt to
−Removed: control or limit GHG emissions, including initiatives directed at issues associated with climate change.
−Removed: Various federal and state legislative proposals have been introduced to regulate the emission of GHGs, particularly carbon dioxide and methane, and the United States Supreme Court has ruled that carbon dioxide is a pollutant subject to regulation by the EPA.
+Added: GHG emissions in the midstream industry originate primarily from combustion engine and heater exhaust and fugitive methane gas emissions.
+Added: International, federal, regional and/or state legislative and/or regulatory initiatives may attempt to control or limit GHG emissions, including initiatives directed at issues associated with climate change.
+Added: Various federal and state legislative proposals have been introduced to regulate the emission of GHGs, particularly carbon dioxide and methane.
In addition, there have been international efforts seeking legally binding reductions in emissions of GHGs.
We believe it is likely that future governmental legislation and/or regulation on the federal, state and regional levels, may further require us to limit GHG emissions associated with our operations, pay additional fees associated with our GHG emissions or purchase allowances for such emissions.
−Removed: For example, the Inflation Reduction Act of 2022 (IRA) directs the EPA to impose and collect payment of “Waste Emissions Charges,” or “Methane Fees,” for specific facilities that report more than 25,000 metric tons of carbon dioxide equivalent of GHG emissions per year and have methane emissions intensity in excess of the relevant statutory threshold.
−Removed: Based on text in the IRA and a related rule that the EPA finalized in November 2024 to implement the Methane Fee program, we expect to begin paying Methane Fees in 2025 (for 2024 reported emissions) for applicable facilities.
−Removed: In January 2025, industry associations and certain states challenged the Waste Emissions Charge rule in the D.C.
−Removed: Circuit, and the new administration issued an executive order directing the heads of all federal agencies to identify and begin the processes to suspend, revise or rescind all agency actions that are unduly burdensome on the identification, development or use of domestic energy resources.
+Added: In the past, the Inflation Reduction Act of 2022 (IRA) had directed the EPA to impose and collect payment of “Waste Emissions Charges,” or “Methane Fees,” for specific facilities that report more than 25,000 metric tons of carbon dioxide equivalent of GHG emissions per year and have a methane emissions intensity in excess of the relevant statutory threshold.
+Added: However, the new administration issued an executive order directing the heads of all federal agencies to identify and begin the processes to suspend, revise or rescind all agency actions that are unduly burdensome on the identification, development or use of domestic energy resources.
+Added: The One Big Beautiful Bill Act, passed July 4, 2025,
+Added: Table of C ontents
+Added: suspended the Methane Fee.
+Added: Additionally, on February 12, 2026, the EPA issued a final rule eliminating the 2009 GHG endangerment finding, which underpins U.S.
+Added: federal regulation of GHG emissions under the Clean Air Act.
+Added: The final rule is expected to be subject to extensive litigation.
Consequently, future implementation and enforcement of these rules remain uncertain at this time.
−Removed: Methane Fees, if implemented, and other legislative and/or regulatory initiatives could make some of our activities uneconomic to maintain or operate.
+Added: Methane Fees, if implemented, and other legislative and/or regulatory initiatives that increase our costs or the complexity or compliance burden of business could make some of our activities uneconomic to maintain or operate.
However, we cannot predict precisely what form these future legislative and/or regulatory initiatives will take, the stringency of such initiatives, when they will become effective or the impact on our capital expenditures, competitive position and results of operations.
Further, we may not be able to pass on the higher costs to our customers or recover all costs related to complying with GHG legislative and/or regulatory requirements.
−Removed: Our future results of operations, financial position or cash flows could be affected adversely if such costs are not recovered or otherwise passed on to our customers.
+Added: Our future results of operations, financial position or cash flows could be adversely affected if such costs are not recovered or otherwise passed on to our customers.
Our operations are subject to federal and state laws and regulations relating to the protection of public health and safety and the environment, which may expose us to significant costs and liabilities.
−Removed: Increased litigation and activism challenging continued reliance upon oil and gas as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies could impact adversely our business.
+Added: Increased litigation and activism challenging continued reliance upon oil and gas as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies could adversely impact our business.
The risk of incurring substantial environmental costs and liabilities is inherent in our business.
3 unchanged sentences
• Federal Water Pollution Control Act Amendments of 1972, as amended, and analogous state laws that impose requirements related to activities in and around certain state and federal waters, including requirements related to discharge of wastewater from our facilities into state and federal waters and discharge of dredge and fill materials, such as dirt and other earthy materials, into waters of the United States;
−Removed: • Comprehensive Environmental Response, Compensation and Liability Act, as amended (CERCLA), and analogous state laws that regulate the cleanup of hazardous substances that may have been released at properties currently or previously owned or operated by us or locations to which we have sent waste for disposal;
+Added: • Comprehensive Environmental Response, Compensation and Liability Act, as amended (CERCLA), the Oil Pollution Act (OPA) and analogous state laws that regulate the cleanup of hazardous substances that may have been released at properties currently or previously owned or operated by us or locations to which we have sent waste for disposal;
+Added: • National Environmental Policy Act and analogous state laws that establish requirements for certain environmental analyses prior to major government actions, including discretionary permits;
• Endangered Species Act of 1973 and analogous state laws that impose obligations related to protection of threatened and endangered species;
• Resource Conservation and Recovery Act, as amended (RCRA), and analogous state laws that impose requirements for the handling and discharge of solid and hazardous waste from our facilities.
−Removed: Various federal and state governmental authorities, including the EPA, have the power to enforce compliance with these laws and regulations and the permits issued under them.
+Added: Upon entering office, the new administration issued a series of executive orders that signal a shift in the United States’ energy, environmental and climate change policy.
+Added: Among other directives, such executive orders:
+Added: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining and call for the use of emergency regulations to expedite energy infrastructure projects;
+Added: (ii) promote energy explorations and production on federal lands and waters;
+Added: (iii) mandate a review of existing regulations that may burden domestic energy development;
+Added: and (iv) rescission of funds and programs related to the IRA and Infrastructure Investment and Jobs Act.
+Added: We continue to assess the long-term impacts of such actions on our operations, if any.
+Added: However, such actions may prompt various states and other policymakers to take more stringent action on such matters.
+Added: Therefore, the net impact of any developments is difficult to predict with any certainty.
+Added: Various federal and state governmental authorities, including the EPA and the Department of the Interior, have the power to enforce compliance with these laws and regulations and the permits issued under them.
Violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both.
1 unchanged sentence
There is an inherent risk of incurring environmental costs and liabilities in our business due to our handling of the products we gather, transport, process and store;
−Removed: air emissions related to our operations;
+Added: air emissions and water discharge related to our operations;
past industry operations and waste disposal practices, some of which may be material.
1 unchanged sentence
Some sites we operate are located near current or former third-party hydrocarbon storage and processing operations, and there is a risk that contamination has migrated from those sites to ours.
−Removed: In addition, increasingly strict laws, regulations and enforcement policies could increase significantly our compliance costs, penalties and other cost associated with
−Removed: any alleged noncompliance, and the cost of any remediation that may become necessary;
−Removed: some of these costs could be material and could adversely affect our business, results of operation, financial position and cash flows.
+Added: In addition, increasingly strict laws, regulations and enforcement policies could increase significantly our compliance costs, penalties and other cost associated with any alleged noncompliance, and the cost of any remediation that may become necessary;
+Added: some of these costs could be material
+Added: Table of C ontents
+Added: and could adversely affect our business, results of operation, financial position and cash flows.
Our insurance may not cover all of these environmental risks, and there are also limits on coverage.
−Removed: Additional information is included under Item 1, Business, under “Regulatory, Environmental and Safety Matters” and in Note P of the Notes to Consolidated Financial Statements in this Annual Report.
−Removed: Increased litigation and activism challenging oil and gas development as well as changes to and/or more aggressive enforcement of laws, regulations and policies could impact our business.
−Removed: These actions could, among other things, impact our customers’ activities, our existing permits, our ability to obtain permits for new development projects and public perception of our company, which could affect adversely our business, results of operations, financial position or cash flows.
+Added: Additional information is included under Item 1, Business, under “Regulatory, Environmental and Safety Matters” and in Note O of the Notes to Consolidated Financial Statements in this Annual Report.
+Added: Increased litigation and activism challenging oil and gas development as well as changes to and/or increased enforcement of laws, regulations and policies could impact our business.
+Added: These actions could, among other things, impact our customers’ activities, our existing permits, our ability to modify or obtain new permits for existing or new development projects and public perception of our company, which could adversely affect our business, results of operations, financial position or cash flows.
RISK FACTORS RELATED TO FINANCING OUR BUSINESS
−Removed: Changes in interest rates could affect adversely our business.
+Added: Changes in interest rates could adversely affect our business.
We use both fixed and variable rate debt, and we are exposed to market risk due to the floating interest rates on our short-term borrowings.
Our results of operations, financial position and cash flows could be affected adversely by significant fluctuations in interest rates.
−Removed: Any reduction in our credit ratings could affect adversely our business, results of operations, financial position and cash flows.
+Added: Any reduction in our credit ratings could adversely affect our business, results of operations, financial position and cash flows.
Our long-term debt has been assigned an investment-grade credit rating of “Baa2” by Moody’s and “BBB” by both S&P and Fitch.
1 unchanged sentence
We cannot provide assurance that any of our current ratings will remain in effect for any given period of time or that a rating will not be lowered or withdrawn entirely by these credit rating agencies.
−Removed: If these agencies were to downgrade our long-term debt or our commercial paper rating, particularly below investment grade, our borrowing costs could increase, which would affect adversely our financial results, and our potential pool of investors and funding sources could decrease.
+Added: If these agencies were to downgrade our long-term debt or our commercial paper rating, particularly below investment grade, our borrowing costs could increase, which would adversely affect our financial results, and our potential pool of investors and funding sources could decrease.
Ratings from these agencies are not recommendations to buy, sell or hold our securities.
1 unchanged sentence
Our indebtedness and guarantee obligations could impair our financial condition and our ability to fulfill our obligations.
−Removed: 31, 2024, we had total indebtedness of $33.2 billion.
+Added: As of December 31, 2025, we had total indebtedness of $34.0 billion.
Our indebtedness and guarantee obligations could have significant consequences.
7 unchanged sentences
We are not prohibited under the indentures governing the senior notes from incurring additional indebtedness, but our debt agreements do subject us to certain operational limitations that could restrict our ability to finance future operations or expand or pursue business activities, as summarized in the next paragraph.
−Removed: If we incur significant additional indebtedness, it could worsen the negative consequences mentioned above and could affect adversely our ability to repay our other indebtedness.
+Added: If we incur significant additional indebtedness, it could worsen the negative consequences mentioned above and could adversely affect our ability to repay our other indebtedness.
Our $3.5 Billion Credit Agreement contains provisions that, among other things, limit our ability to make material changes to the nature of our business, merge, consolidate or dispose of all or substantially all of our assets, grant liens and security interests on our assets, engage in transactions with affiliates or make restricted payments, including dividends.
It also requires us to maintain certain financial ratios, which limit the amount of additional indebtedness we can incur, as described in the “Liquidity and Capital Resources” section of Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of
+Added: Table of C ontents
Operations, in this Annual Report.
3 unchanged sentences
We may be unable to obtain financing or sell assets on satisfactory terms, or at all.
−Removed: An event of default may require us to offer to repurchase certain of our and ONEOK Partners’ senior notes or may impair our ability to access capital.
+Added: An event of default may require us to offer to repurchase or repay certain of our and ONEOK Partners’ senior notes or may impair our ability to access capital.
The indentures governing certain of our and ONEOK Partners’ senior notes include an event of default upon the acceleration of other indebtedness of $15 million or more for certain of our senior notes or $100 million or more for certain of our and ONEOK Partners’ senior notes.
21 unchanged sentences
Among other things, a legal challenge of the cross guarantees of our and ONEOK Partners’ indebtedness on fraudulent conveyance grounds may focus on the benefits, if any, realized by the guarantor as a result of the issuance of such debt.
+Added: Table of C ontents
extent the guarantor’s guarantee of any such indebtedness is avoided as a result of fraudulent conveyance or held unenforceable for any other reason, the holders of such debt would cease to have any claim in respect of the guarantee.
GENERAL RISK FACTORS
−Removed: Mergers and acquisitions that appear to be accretive may nevertheless reduce our cash from operations on a per-share basis.
−Removed: Any merger or acquisition involves potential risks that may include, among other things:
+Added: Mergers, acquisitions and other significant transactions that appear to be accretive may nevertheless reduce our cash from operations on a per-share basis.
+Added: Any merger, acquisition or other significant transactions involves potential risks that may include, among other things:
• inaccurate assumptions about volumes, revenues and costs, including potential synergies;
11 unchanged sentences
If we consummate any future mergers or acquisitions, our capitalization and results of operations may change significantly, and investors will not have the opportunity to evaluate the economic, financial and other relevant information that we will consider in determining the application of our resources to future acquisitions.
−Removed: We may be unable to integrate the businesses of EnLink and Medallion successfully or realize the anticipated benefits of the EnLink Acquisitions and the Medallion Acquisition (collectively, the “Recent Acquisitions”).
−Removed: The success of the Recent Acquisitions will depend, in part, on our ability to realize the anticipated benefits from combining the businesses of ONEOK, EnLink and Medallion.
−Removed: If the businesses are not successfully combined, the anticipated benefits of the Recent Acquisitions may not be realized fully or at all or may take longer to realize than expected.
−Removed: In addition, the integration may result in additional and unforeseen expenses and potential unknown liabilities, which could reduce the anticipated benefits of the Recent Acquisitions.
−Removed: It is possible that the integration process could result in the loss of key employees, as well as the disruption of our ongoing businesses or inconsistencies in our standards, controls, procedures and policies.
−Removed: Any or all of those occurrences could affect adversely the combined company’s ability to maintain relationships with customers and employees after the Recent Acquisitions or to achieve the anticipated benefits of the Recent Acquisitions.
−Removed: Integration efforts between the three companies will also divert management attention and resources.
−Removed: These integration matters could have an adverse effect on our business, results of operations, financial position and cash flows.
−Removed: Following the EnLink Controlling Interest Acquisition, we began to integrate certain aspects of EnLink’s business and operations with ours, but EnLink has continued to operate as a separate public company.
−Removed: In connection with the completion of the EnLink Acquisition, EnLink ceased to operate as a separate public company, and we began full integration with our business.
−Removed: This integration process is expected to be subject to some or all of the aforementioned challenges many of which may be more complex as a result of having to fully integrate the EnLink business.
−Removed: Further, this integration process may pose additional difficulties inherent with fully integrating the EnLink business and the discontinuation of its operation as a separate public company.
−Removed: If we are unable to successfully execute our integration strategy, we may be unable to realize some or all of the anticipated benefits of the EnLink Acquisition which could materially and adversely affect our business, results of operations, financial position and cash flows.
−Removed: Our future results following the closing of the Recent Acquisitions and any potential future transactions will suffer if we do not effectively manage our expanded operations.
−Removed: Following the closing of the Recent Acquisitions, the size of our business has increased and will increase further if we complete any potential future transactions.
−Removed: Our future success will depend, in part, upon our ability to manage this expanded business,
−Removed: which may pose challenges for management, including challenges related to the management and monitoring of new operations and associated increased costs and complexity.
+Added: Our future results following any potential future transactions will suffer if we do not effectively manage our expanded operations.
+Added: During the year ended December 31, 2025, we completed the EnLink Acquisition, the Delaware Basin JV Acquisition and the BridgeTex Additional Interest Acquisition.
+Added: As a result, the size of our business has increased and will increase further if we complete future acquisitions.
+Added: Our future success will depend, in part, upon our ability to manage this expanded business, which may pose challenges for management, including challenges related to the management and monitoring of new operations and associated increased costs and complexity.
We may also face increased scrutiny from governmental authorities and/or other third parties as a result of the increase in the size of our business.
−Removed: There can be no assurances that we will be successful or that we will realize the expected operating efficiencies, cost savings, revenue enhancements or other benefits anticipated from the Recent Acquisitions and any potential future transactions.
+Added: There can be no assurances that we will be successful or that we will realize the expected operating efficiencies, cost savings, revenue enhancements or other benefits anticipated from these acquisitions and any potential future acquisitions.
Holders of our common stock may receive dividends that vary from anticipated amounts, or no dividends at all.
6 unchanged sentences
We assess the creditworthiness of our customers and counterparties and obtain collateral or contractual terms as we deem appropriate.
−Removed: We cannot, however, predict to what extent our business may be impacted by deteriorating market or financial conditions, including possible declines in our customers’ and counterparties’ creditworthiness.
+Added: We cannot, however, predict to what extent our business may be impacted by deteriorating market or
+Added: Table of C ontents
+Added: financial conditions, including possible declines in our customers’ and counterparties’ creditworthiness.
Our customers and counterparties may not perform or adhere to our existing or future contractual arrangements.
To the extent our customers and counterparties are in financial distress or commence bankruptcy proceedings, contracts with them may be subject to renegotiation or rejection under applicable provisions of the United States Bankruptcy Code.
−Removed: If our risk-management policies and procedures fail to assess adequately the creditworthiness of existing or future customers and counterparties, any material nonpayment or nonperformance by our customers and counterparties due to inability or unwillingness to perform or adhere to contractual arrangements could affect adversely our business, results of operations, financial position and cash flows.
+Added: If our risk-management policies and procedures fail to assess adequately the creditworthiness of existing or future customers and counterparties, any material nonpayment or nonperformance by our customers and counterparties due to inability or unwillingness to perform or adhere to contractual arrangements could adversely affect our business, results of operations, financial position and cash flows.
Our counterparties are primarily major integrated and independent exploration and production, pipeline, marketing and petrochemical companies and natural gas and electric utilities.
Therefore, our counterparties may be similarly affected by changes in economic, regulatory or other factors that may affect our overall credit risk.
−Removed: Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy.
+Added: Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties in recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy.
A shortage of skilled labor may make it difficult for us to maintain labor productivity and competitive costs.
5 unchanged sentences
This shortage of trained workers is the result of experienced workers reaching retirement age and increased competition for workers in certain areas, combined with the challenges of attracting new, qualified workers to the midstream energy industry.
−Removed: If the shortage of experienced labor continues or worsens, it could affect adversely our labor productivity and costs and our ability to expand operations in the event there is an increase in the demand for our services and products, which could affect adversely our business, results of operations, financial position and cash flows.
+Added: If the shortage of experienced labor continues or worsens, it could adversely affect our labor productivity and costs and our ability to expand operations in the event there is an increase in the demand for our services and products, which could adversely affect our business, results of operations, financial position and cash flows.
Our employees or directors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
As with all companies, we are exposed to the risk of employee fraud or other misconduct.
−Removed: Our Board of Directors has adopted a code of business conduct and ethics that applies to our directors, officers (including our principal executive and financial
−Removed: officers, principal accounting officer, controllers and other persons performing similar functions) and all other employees.
+Added: Our Board of Directors has adopted a code of business conduct and ethics that applies to our directors, officers (including our principal executive and financial officers, principal accounting officer, controllers and other persons performing similar functions) and all other employees.
We require all directors, officers and employees to adhere to our code of business conduct and ethics in addressing the legal and ethical issues encountered in conducting their work for our company.
2 unchanged sentences
However, it is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations.
−Removed: If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could affect adversely our reputation, business, results of operations, financial position and cash flows.
+Added: If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could adversely affect our reputation, business, results of operations, financial position and cash flows.
An impairment of goodwill, long-lived assets, including intangible assets, and equity-method investments could reduce our earnings.
3 unchanged sentences
For the investments we account for under the equity method, the impairment test considers whether the fair value of the equity investment as a whole, not the underlying net assets, has declined and whether that decline is other than temporary.
−Removed: For example, if a low commodity price environment persisted for a prolonged period, it could result in lower volumes delivered to our systems and impairments of our assets or equity-method investments.
+Added: For example, if a low commodity price environment persisted for a prolonged period, it could result in lower
+Added: Table of C ontents
+Added: volumes delivered to our systems and impairments of our assets or equity-method investments.
If we determine that an impairment is indicated, we would be required to take an immediate noncash charge to earnings with a correlative effect on equity and balance sheet leverage as measured by consolidated debt to total capitalization.
−Removed: For further discussion of impairments of long-lived assets, goodwill and equity-method investments, see Notes A, F, G, and O, respectively, of the Notes to Consolidated Financial Statements in this Annual Report.
+Added: For further discussion of impairments of long-lived assets, goodwill and equity-method investments, see Note A of the Notes to Consolidated Financial Statements in this Annual Report.
The cost of providing pension and postretirement health care benefits to eligible employees and qualified retirees is subject to changes in pension fund values and changing demographics and may increase.
1 unchanged sentence
The cost of providing these benefits to eligible current and former employees is subject to changes in the market value of our pension and postretirement benefit plan assets, changing demographics, including longer life expectancy of plan participants and their beneficiaries and changes in health care costs.
−Removed: For further discussion of our defined benefit pension plan and postretirement welfare plans, see Note M of the Notes to Consolidated Financial Statements in this Annual Report.
−Removed: Any sustained declines in equity markets and reductions in bond yields may affect adversely the value of our pension and postretirement benefit plan assets.
−Removed: In these circumstances, additional cash contributions to our pension plans may be required, which could affect adversely our business, financial condition and cash flows.
+Added: For further discussion of our defined benefit pension plan and postretirement welfare plans, see Note L of the Notes to Consolidated Financial Statements in this Annual Report.
+Added: Any sustained declines in equity markets and reductions in bond yields may adversely affect the value of our pension and postretirement benefit plan assets.
+Added: In these circumstances, additional cash contributions to our pension plans may be required, which could adversely affect our business, financial condition and cash flows.
If we fail to maintain an effective system of internal controls, we may not be able to report accurately our financial results or prevent fraud.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.