ONEOK (OKE) 10-Q4 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 25, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-13643
Entity Registrant Name	ONEOK, Inc.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1520922
Entity Address, Address Line One	100 West Fifth Street,
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74103
City Area Code	918
Local Phone Number	588-7000
Title of 12(b) Security	Common stock, par value of $0.01
Trading Symbol	OKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		446,616,031
Entity Central Index Key	0001039684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenues	$ 5,444,609	$ 3,194,679
Cost of sales and fuel (exclusive of items shown separately below)	4,365,948	2,121,510
Operations and maintenance	214,406	207,158
Depreciation and amortization	153,858	157,120
General taxes	49,511	44,439
Gain on sale of assets	(1,570)	(269)
Operating income	662,456	664,721
Equity in net earnings from investments (Note H)	36,340	33,320
Allowance for equity funds used during construction	371	812
Other income (expense), net	(13,522)	(5,022)
Interest expense (net of capitalized interest of $11,720 and $5,095, respectively)	(172,054)	(185,523)
Income before income taxes	513,591	508,308
Income taxes	(122,420)	(122,132)
Net income	391,171	386,176
Less: Preferred stock dividends	275	275
Net income available to common shareholders	$ 390,896	$ 385,901
Basic earnings per common share (Note G)	$ 0.87	$ 0.87
Diluted earnings per common share (Note G)	$ 0.87	$ 0.86
Average shares (thousands)
Basic	447,124	445,894
Diluted	448,404	446,885
Commodity Sales
Revenues
Revenues	$ 5,105,211	$ 2,836,109
Services
Revenues
Revenues	$ 339,398	$ 358,570

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Income (Parenthetical) [Abstract]
Capitalized interest	$ 11,720	$ 5,095

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 391,171	$ 386,176
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $21,437 and $(9,857), respectively	(71,768)	32,998
Derivative amounts reclassified to net income, net of tax of $(19,724) and $(12,361), respectively	66,032	41,387
Change in retirement and other postretirement benefit plan obligations, net of tax of $(905) and $(1,087), respectively	3,030	3,638
Other comprehensive income of unconsolidated affiliates, net of tax of $(1,907) and $(2,339), respectively	6,385	7,830
Total other comprehensive income, net of tax	3,679	85,853
Comprehensive income	$ 394,850	$ 472,029

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARANTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in fair value of derivatives, tax	$ 21,437	$ (9,857)
Derivative amounts reclassified to net income, tax	(19,724)	(12,361)
Change in retirement and other postretirement benefit plan obligations, tax	(905)	(1,087)
Other comprehensive income of unconsolidated affiliates, tax	$ (1,907)	$ (2,339)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 14,610	$ 146,391
Accounts receivable, net	1,682,459	1,441,786
Materials and supplies	148,302	153,019
NGLs and natural gas in storage	584,104	427,880
Commodity imbalances	24,606	39,609
Other current assets	187,240	165,689
Total current assets	2,641,321	2,374,374
Property, plant and equipment
Property, plant and equipment	24,073,401	23,820,539
Accumulated depreciation and amortization	4,648,169	4,500,665
Net property, plant and equipment	19,425,232	19,319,874
Investments and other assets
Investments in unconsolidated affiliates	797,391	797,613
Goodwill and net intangible assets	760,688	763,295
Other assets	368,073	366,457
Total investments and other assets	1,926,152	1,927,365
Total assets	23,992,705	23,621,613
Current liabilities
Current maturities of long-term debt (Note D)	895,814	895,814
Short-term borrowings (Note D)	78,000	0
Accounts payable	1,729,943	1,332,391
Commodity imbalances	403,487	309,054
Accrued interest	136,448	235,602
Operating lease liability, current	12,583	13,783
Other current liabilities	226,320	397,975
Total current liabilities	3,482,595	3,184,619
Long-term debt, excluding current maturities (Note D)	12,750,485	12,747,636
Deferred credits and other liabilities
Deferred income taxes	1,278,319	1,166,690
Operating lease liability, noncurrent	73,529	75,636
Other deferred credits	414,083	431,869
Total deferred credits and other liabilities	1,765,931	1,674,195
Commitments and contingencies (Note I)
Equity (Note E)
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at March 31, 2022, and December 31, 2021	0	0
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding 446,599,266 shares at March 31, 2022; issued 474,916,234 shares and outstanding 446,138,177 shares at December 31, 2021	4,749	4,749
Paid-in capital	7,176,983	7,213,861
Accumulated other comprehensive loss (Note F)	(467,672)	(471,351)
Retained earnings	0	0
Treasury stock, at cost: 28,316,968 shares at March 31, 2022, and 28,778,057 shares at December 31, 2021	(720,366)	(732,096)
Total equity	5,993,694	6,015,163
Total liabilities and equity	$ 23,992,705	$ 23,621,613

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Equity (Note E)
Preferred stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares, authorized (in shares)	20,000	20,000
Preferred stock, shares, issued (in shares)	20,000	20,000
Common stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares, authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares, issued (in shares)	474,916,234	474,916,234
Common stock, shares, outstanding (in shares)	446,599,266	446,138,177
Treasury stock, shares, (in shares)	28,316,968	28,778,057

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 391,171	$ 386,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153,858	157,120
Equity in net earnings from investments	(36,340)	(33,320)
Distributions received from unconsolidated affiliates	35,699	30,862
Deferred income taxes	110,531	119,194
Other, net	24,589	11,672
Changes in assets and liabilities:
Accounts receivable	(243,501)	(85,212)
NGLs and natural gas in storage, net of commodity imbalances	(46,788)	(123,379)
Accounts payable	385,082	251,344
Accrued interest	(99,154)	(104,872)
Risk-management assets and liabilities	(118,703)	(19,302)
Other assets and liabilities, net	(94,233)	(56,966)
Cash provided by operating activities	462,211	533,317
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(256,978)	(176,734)
Distributions received from unconsolidated affiliates in excess of cumulative earnings	9,795	10,191
Other, net	3,478	(4,148)
Cash used in investing activities	(243,705)	(170,691)
Financing activities
Dividends paid	(417,417)	(416,229)
Short-term borrowings, net	78,000	0
Repayment of long-term debt	0	(56,492)
Other, net	(10,870)	(11,988)
Cash used in financing activities	(350,287)	(484,709)
Change in cash and cash equivalents	(131,781)	(122,083)
Cash and cash equivalents at beginning of period	146,391	524,496
Cash and cash equivalents at end of period	$ 14,610	$ 402,413

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Shares, issued, beginning balance at Dec. 31, 2020		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2020	$ 6,042,398	$ 0	$ 4,749	$ 7,353,396	$ (551,449)	$ 0	$ (764,298)
Net income	386,176	0	0	0	0	386,176	0
Other comprehensive income	$ 85,853	0	0	0	85,853	0	0
Preferred stock, dividends paid (in dollars per share)	$ 13.75
Preferred stock dividends	$ (275)	0	$ 0	0	0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	$ 6,677	0	$ 0	(10,159)	0	0	16,836
Common stock dividends paid (in dollars per share)	$ 0.935
Common Stock Dividends	$ (416,135)	0	0	(30,234)	0	(385,901)	0
Other, net	(7,729)	$ 0	$ 0	(7,729)	0	0	0
Shares, issued, ending balance at Mar. 31, 2021		20,000	474,916,234
Total equity, ending balance at Mar. 31, 2021	6,096,965	$ 0	$ 4,749	7,305,274	(465,596)	0	(747,462)
Shares, issued, beginning balance at Dec. 31, 2021		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2021	6,015,163	$ 0	$ 4,749	7,213,861	(471,351)	0	(732,096)
Net income	391,171	0	0	0	0	391,171	0
Other comprehensive income	$ 3,679	0	0	0	3,679	0	0
Preferred stock, dividends paid (in dollars per share)	$ 13.75
Preferred stock dividends	$ (275)	0	$ 0	0	0	(275)	0
Common Stock Issued During Period, Shares, Other			0
Common Stock Issued During Period, Value, Other	$ 6,405	0	$ 0	(5,325)	0	0	11,730
Common stock dividends paid (in dollars per share)	$ 0.935
Common Stock Dividends	$ (417,160)	0	0	(26,264)	0	(390,896)	0
Other, net	(5,289)	$ 0	$ 0	(5,289)	0	0	0
Shares, issued, ending balance at Mar. 31, 2022		20,000	474,916,234
Total equity, ending balance at Mar. 31, 2022	$ 5,993,694	$ 0	$ 4,749	$ 7,176,983	$ (467,672)	$ 0	$ (720,366)

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Preferred stock, dividends paid (in dollars per share)	$ 13.75	$ 13.75
Common stock dividends paid (in dollars per share)	$ 0.935	$ 0.935

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESOur accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2021 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us.

FAIR VALUE MEASUREMENTS (Notes)

FAIR VALUE MEASUREMENTS (Notes)	3 Months Ended
FAIR VALUE MEASUREMENTS (Notes)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward SOFR, LIBOR or other yield curve, as appropriate. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of exchange-cleared derivatives to hedge natural gas basis and NGL price risk at certain market locations and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk at certain market locations. These commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at March 31, 2022, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements for the periods indicated: March 31, 2022 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 58,373 $ 251,834 $ 6,262 $ 316,469 $ (316,469) $ — Interest-rate contracts — 4,420 — 4,420 — 4,420 Total derivative assets $ 58,373 $ 256,254 $ 6,262 $ 320,889 $ (316,469) $ 4,420 Derivative liabilities Commodity contracts Financial contracts $ (171,737) $ (146,152) $ (196,093) $ (513,982) $ 513,982 $ — Interest-rate contracts — (68,788) — (68,788) — (68,788) Total derivative liabilities $ (171,737) $ (214,940) $ (196,093) $ (582,770) $ 513,982 $ (68,788) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At March 31, 2022, we held no cash and posted $275.7 million of cash with various counterparties, including $197.5 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $78.2 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Total derivative assets $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Derivative liabilities Commodity contracts Financial contracts $ (67,226) $ (112,922) $ (123,592) $ (303,740) $ 303,740 $ — Interest-rate contracts — (145,524) — (145,524) — (145,524) Total derivative liabilities $ (67,226) $ (258,446) $ (123,592) $ (449,264) $ 303,740 $ (145,524) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2021, we held no cash and posted $157.0 million of cash with various counterparties, including $99.6 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $57.4 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended March 31, Derivative Assets (Liabilities) 2022 2021 ( Thousands of dollars ) Net liabilities at beginning of period $ (114,283) $ (31,321) Total changes in fair value: Settlements included in net income (a) 38,068 24,738 New Level 3 derivatives included in other comprehensive income (b) (506) (4,612) Unrealized change included in other comprehensive income (b) (113,110) (30,599) Net liabilities at end of period $ (189,831) $ (41,794) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. (b) - Included in change in fair value of derivatives in our Consolidated Statements of Comprehensive Income. During the three months ended March 31, 2022 and 2021, there were no transfers in or out of Level 3 of the fair value hierarchy. Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. We have investments associated with our supplemental executive retirement plan and nonqualified deferred compensation plan that are carried at fair value and primarily are composed of exchange-traded mutual funds classified as Level 1. The estimated fair value of our consolidated long-term debt, including current maturities, was $14.3 billion and $15.6 billion at March 31, 2022, and December 31, 2021, respectively. The book value of our consolidated long-term debt, including current maturities, was $13.6 billion at March 31, 2022, and December 31, 2021. The estimated fair value of the aggregate senior notes outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2.

RISK MANAGEMENT AND HEDGING ACT

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Notes)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES	RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Risk-management Activities - We are sensitive to changes in natural gas, crude oil and NGL prices, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, condensate and NGL products; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes. Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs and condensate. We may use the following commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of the forecasted sales of these commodities: • Futures contracts - Standardized contracts to purchase or sell natural gas and crude oil for future delivery or settlement under the provisions of exchange regulations; • Forward contracts - Nonstandardized commitments between two parties to purchase or sell natural gas, crude oil or NGLs for future physical delivery. These contracts are typically nontransferable and can only be canceled with the consent of both parties; • Swaps - Exchange of one or more payments based on the value of one or more commodities. These instruments transfer the financial risk associated with a future change in value between the counterparties of the transaction, without also conveying ownership interest in the asset or liability; • Options - Contractual agreements that give the holder the right, but not the obligation, to buy or sell a fixed quantity of a commodity at a fixed price within a specified period of time. Options may either be standardized and exchange-traded or customized and nonexchange-traded; and • Collars - Combination of a purchased put option and a sold call option, which places a floor and ceiling price for commodity sales being hedged. We may also use other instruments to mitigate commodity price risk. In our Natural Gas Gathering and Processing segment, we are exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts. Under certain fee with POP contracts, our fees and POP percentage may increase or decrease if production volumes, delivery pressures or commodity prices change relative to specified thresholds. In certain commodity price environments, our contractual fees on these fee with POP contracts may increase or decrease, which would impact the average fee rate in our Natural Gas Gathering and Processing segment. We also are exposed to basis risk between the various production and market locations where we buy and sell commodities. As part of our hedging strategy, we use the previously described commodity derivative financial instruments and physical-forward contracts to reduce the impact of price fluctuations related to natural gas, NGLs and condensate. In our Natural Gas Liquids segment, we are primarily exposed to commodity price risk resulting from the relative values of the various NGL products to each other, the value of NGLs in storage and the relative value of NGLs to natural gas. We are also exposed to location price differential risk as a result of the relative value of NGL purchases at one location and sales at another location, primarily related to our optimization and marketing activities. As part of our hedging strategy, we utilize physical-forward contracts and commodity derivative financial instruments to reduce the impact of price fluctuations related to NGLs. In our Natural Gas Pipelines segment, we are primarily exposed to commodity price risk on our intrastate pipelines because they consume natural gas in operations and retain natural gas from our customers for operations or as part of our fee for services provided. When the amount consumed in operations differs from the amount provided by our customers, our pipelines must buy or sell natural gas, or store or use natural gas inventory, which can expose this segment to commodity price risk depending on the regulatory treatment for this activity. To the extent that commodity price risk in our Natural Gas Pipelines segment is not mitigated by fuel cost-recovery mechanisms, we may use physical-forward sales or purchases to reduce the impact of natural gas price fluctuations. At March 31, 2022, and December 31, 2021, there were no financial derivative instruments with respect to our natural gas pipeline operations. Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-rate swaps. Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts. At March 31, 2022, and December 31, 2021, we had forward-starting interest-rate swaps with notional amounts totaling $1.1 billion to hedge the variability of interest payments on a portion of our forecasted debt issuances. All of our interest-rate swaps are designated as cash flow hedges. Accounting Treatment - Our accounting treatment of derivative instruments is consistent with that disclosed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Fair Values of Derivative Instruments - See Note B for a discussion of the inputs associated with our fair value measurements. The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: March 31, 2022 December 31, 2021 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 316,469 $ (513,982) $ 204,161 $ (303,740) Interest-rate contracts Other current assets/liabilities 4,420 (68,788) — (145,524) Total derivatives designated as hedging instruments $ 320,889 $ (582,770) $ 204,161 $ (449,264) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. (b) - At March 31, 2022, and December 31, 2021, our derivative net liability positions under master-netting arrangements for financial contracts were fully offset by cash collateral of $197.5 million and $99.6 million, respectively. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated: March 31, December 31 Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (64.7) (32.3) - Crude oil and NGLs ( MMBbl ) Futures (11.3) (10.0) Basis - Natural gas ( Bcf ) Futures (64.6) (30.5) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1 Cash Flow Hedges - The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income for the periods indicated: Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Commodity contracts $ (174,360) $ (63,430) Interest-rate contracts 81,155 106,285 Total unrealized change in fair value of cash flow hedges in other comprehensive income $ (93,205) $ 42,855 The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Location of Gain (Loss) Reclassified from Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (210,794) $ (130,518) Cost of sales and fuel 134,368 86,436 Interest-rate contracts Interest expense (9,330) (9,666) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ (85,756) $ (53,748) Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize overall credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit ratings, bond yields and credit default swap rates), collateral requirements under certain circumstances and the use of standardized master-netting agreements that allow us to net the positive and negative exposures associated with a single counterparty. We use internally developed credit ratings for counterparties that do not have a credit rating. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. However, we may enter into financial derivative instruments that contain provisions that require us to maintain an investment-grade credit rating from S&P, Fitch and/or Moody’s. If our credit ratings on our senior unsecured long-term debt were to decline below investment grade, the counterparties to the derivative instruments could request collateralization on derivative instruments in net liability positions. There were no financial derivative instruments with contingent features related to credit risk at March 31, 2022. The counterparties to our derivative contracts typically consist of major energy companies, financial institutions and commercial and industrial end users. This concentration of counterparties may affect our overall exposure to credit risk, either positively or negatively, in that the counterparties may be affected similarly by changes in economic, regulatory or other conditions. Based on our policies, exposures, credit and other reserves, we do not anticipate a material adverse effect on our financial position or results of operations as a result of counterparty nonperformance.

DEBT DEBT (Notes)

DEBT DEBT (Notes)	3 Months Ended
DEBT DEBT (Notes)	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt [Text Block]	DEBT The following table sets forth our consolidated debt for the periods indicated: March 31, December 31, ( Thousands of dollars ) Commercial paper outstanding, bearing a weighted-average interest rate of 0.94% as of March 31, 2022 $ 78,000 $ — Senior unsecured obligations: $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 672,530 $500,000 at 4.5% due March 2050 443,015 443,015 $300,000 at 7.15% due January 2051 300,000 300,000 Total debt 13,834,709 13,756,709 Unamortized portion of terminated swaps 11,166 11,596 Unamortized debt issuance costs and discounts (121,576) (124,855) Current maturities of long-term debt (895,814) (895,814) Short-term borrowings (a) (78,000) — Long-term debt $ 12,750,485 $ 12,747,636 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement, which expires in June 2024, is a revolving credit facility and contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In the first quarter 2022, we acquired assets for $30 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the first quarter 2022 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. At March 31, 2022, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 4.0 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Guarantees - ONEOK, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness.

EQUITY (Notes)

EQUITY (Notes)	3 Months Ended
EQUITY (Notes)	Mar. 31, 2022
Equity [Abstract]
EQUITY	EQUITY Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid on our common stock in February 2022 were $0.935 per share. A common stock dividend of $0.935 per share was declared for shareholders of record at the close of business on May 2, 2022, payable May 16, 2022. Our Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February 2022. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable May 16, 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)	Mar. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2022 $ (352,315) $ (107,659) $ (11,377) $ (471,351) Other comprehensive income (loss) before reclassifications (71,768) 129 5,937 (65,702) Amounts reclassified to net income (b) 66,032 2,901 448 69,381 Other comprehensive income (loss) (5,736) 3,030 6,385 3,679 March 31, 2022 $ (358,051) $ (104,629) $ (4,992) $ (467,672) (a) - Includes amounts related to supplemental executive retirement plan. (b) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities. The following table sets forth information about the balance of accumulated other comprehensive loss at March 31, 2022, representing unrealized losses related to risk-management assets and liabilities, net of tax: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 33 months (a) $ (152,351) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b) (156,136) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (49,564) Accumulated other comprehensive loss at March 31, 2022 $ (358,051) (a) - Based on commodity prices on March 31, 2022, we expect net losses of $147.6 million, net of tax, will be reclassified into earnings during the next 12 months. (b) - We expect net losses of $24.5 million, net of tax, will be reclassified into earnings during the next 12 months. The remaining amounts in accumulated other comprehensive loss relate primarily to our retirement and other postretirement benefit plan obligations, which are expected to be amortized over the average remaining service period of employees participating in these plans.

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Notes)	3 Months Ended
EARNINGS PER SHARE EARNINGS PER SHARE (Notes)	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 390,896 447,124 $ 0.87 Diluted EPS Effect of dilutive securities — 1,280 Net income available for common stock and common stock equivalents $ 390,896 448,404 $ 0.87 Three Months Ended March 31, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 385,901 445,894 $ 0.87 Diluted EPS Effect of dilutive securities — 991 Net income available for common stock and common stock equivalents $ 385,901 446,885 $ 0.86

UNCONSOLIDATED AFFILIATES (Note

UNCONSOLIDATED AFFILIATES (Notes)	3 Months Ended
UNCONSOLIDATED AFFILIATES (Notes)	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
UNCONSOLIDATED AFFILIATES	UNCONSOLIDATED AFFILIATES Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Northern Border Pipeline $ 20,125 $ 20,239 Roadrunner 9,141 7,749 Overland Pass Pipeline 5,008 2,972 Other 2,066 2,360 Equity in net earnings from investments $ 36,340 $ 33,320 We incurred expenses in transactions with unconsolidated affiliates of $14.5 million and $15.6 million for the three months ended March 31, 2022 and 2021, respectively, primarily related to Northern Border Pipeline and Overland Pass Pipeline. Revenue earned and accounts receivable from, and accounts payable to, our equity-method investees were not material. We have an operating agreement with Roadrunner that provides for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments from Roadrunner included in operating income in our Consolidated Statements of Income for all periods presented were not material.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Notes)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Matters and Pipeline Safety - The operation of pipelines, plants and other facilities for the gathering, processing, fractionation, transportation and storage of natural gas, NGLs, condensate and other products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will affect adversely our consolidated results of operations, financial condition or cash flows. Legal Proceedings - We are a party to various legal proceedings that have arisen in the normal course of our operations. While the results of these proceedings cannot be predicted with certainty, we believe the reasonably possible losses from such proceedings, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such proceedings will not have a material adverse effect on our consolidated results of operations, financial position or cash flows.

REVENUE REVENUE (Notes)

REVENUE REVENUE (Notes)	3 Months Ended
REVENUE REVENUE (Notes)	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUES Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation contracts with tiered rates, which are not material. The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2021 (a) $ 51.5 Revenue recognized included in beginning balance (30.2) Net additions 26.4 Balance at March 31, 2022 (b) $ 47.7 (a) - Contract liabilities of $35.3 million and $16.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $19.2 million and $28.5 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at March 31, 2022, and December 31, 2021, relate to customer receivables. Revenues sources are disaggregated in Note K. Transaction Price Allocated to Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 2022, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from two months to 22 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2022 $ 297.1 2023 363.6 2024 316.2 2025 232.2 2026 and beyond 870.9 Total estimated transaction price allocated to unsatisfied performance obligations $ 2,080.0 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the transaction price is not known and minimum volume agreements, which we consider to be fully constrained until invoiced.

SEGMENTS (Notes)

SEGMENTS (Notes)	3 Months Ended
SEGMENTS (Notes)	Mar. 31, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
SEGMENTS	SEGMENTS Segment Descriptions - Our operations are divided into three reportable business segments as follows: • our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes NGL products; and • our Natural Gas Pipelines segment transports and stores natural gas via regulated intrastate and interstate natural gas transmission pipelines and natural gas storage facilities. Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,004,349 $ 4,548,701 $ — $ 5,553,050 Residue natural gas sales 551,037 — 26,420 577,457 Gathering, processing and exchange services revenue 31,445 135,843 — 167,288 Transportation and storage revenue — 46,822 122,711 169,533 Other 4,839 2,869 206 7,914 Total revenues (c) 1,591,670 4,734,235 149,337 6,475,242 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,288,551) (4,089,124) (16,992) (5,394,667) Operating costs (93,711) (128,862) (41,208) (263,781) Equity in net earnings from investments 1,633 5,441 29,266 36,340 Noncash compensation expense and other 3,655 5,924 3,118 12,697 Segment adjusted EBITDA $ 214,696 $ 527,614 $ 123,521 $ 865,831 Depreciation and amortization $ (62,726) $ (75,030) $ (15,045) $ (152,801) Investments in unconsolidated affiliates $ 27,350 $ 414,966 $ 355,075 $ 797,391 Total assets $ 6,914,107 $ 15,101,665 $ 2,154,030 $ 24,169,802 Capital expenditures $ 93,298 $ 125,535 $ 23,355 $ 242,188 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.9 million, of which $547.3 million related to revenues within the segment, and cost of sales and fuel of $146.0 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $92.6 million and cost of sales and fuel of $16.1 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 5,553,050 $ (1,027,613) $ 4,525,437 Residue natural gas sales 577,457 (332) 577,125 Gathering, processing and exchange services revenue 167,288 — 167,288 Transportation and storage revenue 169,533 (2,025) 167,508 Other 7,914 (663) 7,251 Total revenues (a) $ 6,475,242 $ (1,030,633) $ 5,444,609 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,394,667) $ 1,028,719 $ (4,365,948) Operating costs $ (263,781) $ (136) $ (263,917) Depreciation and amortization $ (152,801) $ (1,057) $ (153,858) Equity in net earnings from investments $ 36,340 $ — $ 36,340 Investments in unconsolidated affiliates $ 797,391 $ — $ 797,391 Total assets $ 24,169,802 $ (177,097) $ 23,992,705 Capital expenditures $ 242,188 $ 14,790 $ 256,978 (a) - Noncustomer revenue for the three months ended March 31, 2022, totaled $(174.7) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 491,807 $ 2,414,830 $ — $ 2,906,637 Residue natural gas sales 312,247 — 115,455 427,702 Gathering, processing and exchange services revenue 31,687 113,231 — 144,918 Transportation and storage revenue — 48,728 132,947 181,675 Other 4,000 33,276 412 37,688 Total revenues (c) 839,741 2,610,065 248,814 3,698,620 Cost of sales and fuel (exclusive of depreciation and operating costs) (555,306) (2,060,319) (10,013) (2,625,638) Operating costs (84,598) (124,369) (42,317) (251,284) Equity in net earnings from investments 1,728 3,604 27,988 33,320 Noncash compensation expense and other 3,151 6,647 1,703 11,501 Segment adjusted EBITDA $ 204,716 $ 435,628 $ 226,175 $ 866,519 Depreciation and amortization $ (67,032) $ (74,542) $ (14,476) $ (156,050) Investments in unconsolidated affiliates $ 24,584 $ 420,614 $ 362,523 $ 807,721 Total assets $ 6,535,260 $ 13,944,887 $ 2,096,459 $ 22,576,606 Capital expenditures $ 39,651 $ 112,021 $ 21,157 $ 172,829 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $570.6 million, of which $516.1 million related to revenues within the segment, and cost of sales and fuel of $135.8 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $181.4 million and cost of sales and fuel of $12.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $481.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 2,906,637 $ (500,064) $ 2,406,573 Residue natural gas sales 427,702 — 427,702 Gathering, processing and exchange services revenue 144,918 — 144,918 Transportation and storage revenue 181,675 (3,535) 178,140 Other 37,688 (342) 37,346 Total revenues (a) $ 3,698,620 $ (503,941) $ 3,194,679 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,625,638) $ 504,128 $ (2,121,510) Operating costs $ (251,284) $ (313) $ (251,597) Depreciation and amortization $ (156,050) $ (1,070) $ (157,120) Equity in net earnings from investments $ 33,320 $ — $ 33,320 Investments in unconsolidated affiliates $ 807,721 $ — $ 807,721 Total assets $ 22,576,606 $ 603,323 $ 23,179,929 Capital expenditures $ 172,829 $ 3,905 $ 176,734 (a) - Noncustomer revenue for the three months ended March 31, 2021, totaled $(132.2) million related primarily to losses from derivatives on commodity contracts. Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 391,171 $ 386,176 Add: Interest expense, net of capitalized interest 172,054 185,523 Depreciation and amortization 153,858 157,120 Income taxes 122,420 122,132 Noncash compensation expense 24,733 16,283 Other corporate costs and equity AFUDC 1,595 (715) Total segment adjusted EBITDA $ 865,831 $ 866,519

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2021 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us.

FAIR VALUE MEASUREMENTS FAIR VA

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Policies)	3 Months Ended
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Policies)	Mar. 31, 2022
Fair Value Accounting Policy [Abstract]
Fair Value of Financial Instruments, Policy [Policy Text Block]	Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward SOFR, LIBOR or other yield curve, as appropriate. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of exchange-cleared derivatives to hedge natural gas basis and NGL price risk at certain market locations and over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk at certain market locations. These commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at March 31, 2022, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Policies)	3 Months Ended
Derivative Instruments and Hedging Activities (Policies)	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Reporting of Derivative Activity	Accounting Treatment - Our accounting treatment of derivative instruments is consistent with that disclosed in Note A of the Notes to Consolidated Financial Statements in our Annual Report.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements for the periods indicated: March 31, 2022 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 58,373 $ 251,834 $ 6,262 $ 316,469 $ (316,469) $ — Interest-rate contracts — 4,420 — 4,420 — 4,420 Total derivative assets $ 58,373 $ 256,254 $ 6,262 $ 320,889 $ (316,469) $ 4,420 Derivative liabilities Commodity contracts Financial contracts $ (171,737) $ (146,152) $ (196,093) $ (513,982) $ 513,982 $ — Interest-rate contracts — (68,788) — (68,788) — (68,788) Total derivative liabilities $ (171,737) $ (214,940) $ (196,093) $ (582,770) $ 513,982 $ (68,788) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At March 31, 2022, we held no cash and posted $275.7 million of cash with various counterparties, including $197.5 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $78.2 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Total derivative assets $ 22,019 $ 172,833 $ 9,309 $ 204,161 $ (204,161) $ — Derivative liabilities Commodity contracts Financial contracts $ (67,226) $ (112,922) $ (123,592) $ (303,740) $ 303,740 $ — Interest-rate contracts — (145,524) — (145,524) — (145,524) Total derivative liabilities $ (67,226) $ (258,446) $ (123,592) $ (449,264) $ 303,740 $ (145,524) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2021, we held no cash and posted $157.0 million of cash with various counterparties, including $99.6 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $57.4 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet.
Reconciliation of Level 3 Fair Value Measurements	The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended March 31, Derivative Assets (Liabilities) 2022 2021 ( Thousands of dollars ) Net liabilities at beginning of period $ (114,283) $ (31,321) Total changes in fair value: Settlements included in net income (a) 38,068 24,738 New Level 3 derivatives included in other comprehensive income (b) (506) (4,612) Unrealized change included in other comprehensive income (b) (113,110) (30,599) Net liabilities at end of period $ (189,831) $ (41,794) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income.

RISK MANAGEMENT AND HEDGING A_2

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: March 31, 2022 December 31, 2021 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 316,469 $ (513,982) $ 204,161 $ (303,740) Interest-rate contracts Other current assets/liabilities 4,420 (68,788) — (145,524) Total derivatives designated as hedging instruments $ 320,889 $ (582,770) $ 204,161 $ (449,264) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us.
Notional Amounts of Derivative Instruments	The following table sets forth the notional quantities for derivative instruments held for the periods indicated: March 31, December 31 Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (64.7) (32.3) - Crude oil and NGLs ( MMBbl ) Futures (11.3) (10.0) Basis - Natural gas ( Bcf ) Futures (64.6) (30.5) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss)	The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income for the periods indicated: Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Commodity contracts $ (174,360) $ (63,430) Interest-rate contracts 81,155 106,285 Total unrealized change in fair value of cash flow hedges in other comprehensive income $ (93,205) $ 42,855
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss)	The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Location of Gain (Loss) Reclassified from Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (210,794) $ (130,518) Cost of sales and fuel 134,368 86,436 Interest-rate contracts Interest expense (9,330) (9,666) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives $ (85,756) $ (53,748)

DEBT DEBT (Tables)

DEBT DEBT (Tables)	3 Months Ended
DEBT DEBT (Tables)	Mar. 31, 2022
Debt Instrument [Line Items]
Debt [Table Text Block]	The following table sets forth our consolidated debt for the periods indicated: March 31, December 31, ( Thousands of dollars ) Commercial paper outstanding, bearing a weighted-average interest rate of 0.94% as of March 31, 2022 $ 78,000 $ — Senior unsecured obligations: $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 672,530 $500,000 at 4.5% due March 2050 443,015 443,015 $300,000 at 7.15% due January 2051 300,000 300,000 Total debt 13,834,709 13,756,709 Unamortized portion of terminated swaps 11,166 11,596 Unamortized debt issuance costs and discounts (121,576) (124,855) Current maturities of long-term debt (895,814) (895,814) Short-term borrowings (a) (78,000) — Long-term debt $ 12,750,485 $ 12,747,636 (a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Mar. 31, 2022
Accumulated Other Comprehensive Loss	The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2022 $ (352,315) $ (107,659) $ (11,377) $ (471,351) Other comprehensive income (loss) before reclassifications (71,768) 129 5,937 (65,702) Amounts reclassified to net income (b) 66,032 2,901 448 69,381 Other comprehensive income (loss) (5,736) 3,030 6,385 3,679 March 31, 2022 $ (358,051) $ (104,629) $ (4,992) $ (467,672) (a) - Includes amounts related to supplemental executive retirement plan. (b) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities.
Schedule of Accumulated Other Comprehensive Loss for Risk-Management Assets/Liabilities [Table Text Block]	The following table sets forth information about the balance of accumulated other comprehensive loss at March 31, 2022, representing unrealized losses related to risk-management assets and liabilities, net of tax: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 33 months (a) $ (152,351) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b) (156,136) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (49,564) Accumulated other comprehensive loss at March 31, 2022 $ (358,051) (a) - Based on commodity prices on March 31, 2022, we expect net losses of $147.6 million, net of tax, will be reclassified into earnings during the next 12 months. (b) - We expect net losses of $24.5 million, net of tax, will be reclassified into earnings during the next 12 months.

EARNINGS PER SHARE EARNINGS P_2

EARNINGS PER SHARE EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE EARNINGS PER SHARE (Tables)	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2022 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 390,896 447,124 $ 0.87 Diluted EPS Effect of dilutive securities — 1,280 Net income available for common stock and common stock equivalents $ 390,896 448,404 $ 0.87 Three Months Ended March 31, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 385,901 445,894 $ 0.87 Diluted EPS Effect of dilutive securities — 991 Net income available for common stock and common stock equivalents $ 385,901 446,885 $ 0.86

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
UNCONSOLIDATED AFFILIATES (Tables)	Mar. 31, 2022
Equity In Net Earnings From Investments
Schedule of Equity Method Investments [Line Items]
Schedule of Equity Method Investments [Table Text Block]	The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Northern Border Pipeline $ 20,125 $ 20,239 Roadrunner 9,141 7,749 Overland Pass Pipeline 5,008 2,972 Other 2,066 2,360 Equity in net earnings from investments $ 36,340 $ 33,320

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
REVENUES (Tables)	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability [Table Text Block]	The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2021 (a) $ 51.5 Revenue recognized included in beginning balance (30.2) Net additions 26.4 Balance at March 31, 2022 (b) $ 47.7 (a) - Contract liabilities of $35.3 million and $16.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $19.2 million and $28.5 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	The following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 2022, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from two months to 22 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2022 $ 297.1 2023 363.6 2024 316.2 2025 232.2 2026 and beyond 870.9 Total estimated transaction price allocated to unsatisfied performance obligations $ 2,080.0

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
SEGMENTS (Tables)	Mar. 31, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segments	The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,004,349 $ 4,548,701 $ — $ 5,553,050 Residue natural gas sales 551,037 — 26,420 577,457 Gathering, processing and exchange services revenue 31,445 135,843 — 167,288 Transportation and storage revenue — 46,822 122,711 169,533 Other 4,839 2,869 206 7,914 Total revenues (c) 1,591,670 4,734,235 149,337 6,475,242 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,288,551) (4,089,124) (16,992) (5,394,667) Operating costs (93,711) (128,862) (41,208) (263,781) Equity in net earnings from investments 1,633 5,441 29,266 36,340 Noncash compensation expense and other 3,655 5,924 3,118 12,697 Segment adjusted EBITDA $ 214,696 $ 527,614 $ 123,521 $ 865,831 Depreciation and amortization $ (62,726) $ (75,030) $ (15,045) $ (152,801) Investments in unconsolidated affiliates $ 27,350 $ 414,966 $ 355,075 $ 797,391 Total assets $ 6,914,107 $ 15,101,665 $ 2,154,030 $ 24,169,802 Capital expenditures $ 93,298 $ 125,535 $ 23,355 $ 242,188 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.9 million, of which $547.3 million related to revenues within the segment, and cost of sales and fuel of $146.0 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $92.6 million and cost of sales and fuel of $16.1 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 5,553,050 $ (1,027,613) $ 4,525,437 Residue natural gas sales 577,457 (332) 577,125 Gathering, processing and exchange services revenue 167,288 — 167,288 Transportation and storage revenue 169,533 (2,025) 167,508 Other 7,914 (663) 7,251 Total revenues (a) $ 6,475,242 $ (1,030,633) $ 5,444,609 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,394,667) $ 1,028,719 $ (4,365,948) Operating costs $ (263,781) $ (136) $ (263,917) Depreciation and amortization $ (152,801) $ (1,057) $ (153,858) Equity in net earnings from investments $ 36,340 $ — $ 36,340 Investments in unconsolidated affiliates $ 797,391 $ — $ 797,391 Total assets $ 24,169,802 $ (177,097) $ 23,992,705 Capital expenditures $ 242,188 $ 14,790 $ 256,978 (a) - Noncustomer revenue for the three months ended March 31, 2022, totaled $(174.7) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 491,807 $ 2,414,830 $ — $ 2,906,637 Residue natural gas sales 312,247 — 115,455 427,702 Gathering, processing and exchange services revenue 31,687 113,231 — 144,918 Transportation and storage revenue — 48,728 132,947 181,675 Other 4,000 33,276 412 37,688 Total revenues (c) 839,741 2,610,065 248,814 3,698,620 Cost of sales and fuel (exclusive of depreciation and operating costs) (555,306) (2,060,319) (10,013) (2,625,638) Operating costs (84,598) (124,369) (42,317) (251,284) Equity in net earnings from investments 1,728 3,604 27,988 33,320 Noncash compensation expense and other 3,151 6,647 1,703 11,501 Segment adjusted EBITDA $ 204,716 $ 435,628 $ 226,175 $ 866,519 Depreciation and amortization $ (67,032) $ (74,542) $ (14,476) $ (156,050) Investments in unconsolidated affiliates $ 24,584 $ 420,614 $ 362,523 $ 807,721 Total assets $ 6,535,260 $ 13,944,887 $ 2,096,459 $ 22,576,606 Capital expenditures $ 39,651 $ 112,021 $ 21,157 $ 172,829 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $570.6 million, of which $516.1 million related to revenues within the segment, and cost of sales and fuel of $135.8 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $181.4 million and cost of sales and fuel of $12.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $481.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 2,906,637 $ (500,064) $ 2,406,573 Residue natural gas sales 427,702 — 427,702 Gathering, processing and exchange services revenue 144,918 — 144,918 Transportation and storage revenue 181,675 (3,535) 178,140 Other 37,688 (342) 37,346 Total revenues (a) $ 3,698,620 $ (503,941) $ 3,194,679 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,625,638) $ 504,128 $ (2,121,510) Operating costs $ (251,284) $ (313) $ (251,597) Depreciation and amortization $ (156,050) $ (1,070) $ (157,120) Equity in net earnings from investments $ 33,320 $ — $ 33,320 Investments in unconsolidated affiliates $ 807,721 $ — $ 807,721 Total assets $ 22,576,606 $ 603,323 $ 23,179,929 Capital expenditures $ 172,829 $ 3,905 $ 176,734 (a) - Noncustomer revenue for the three months ended March 31, 2021, totaled $(132.2) million related primarily to losses from derivatives on commodity contracts. Three Months Ended March 31, 2022 2021 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 391,171 $ 386,176 Add: Interest expense, net of capitalized interest 172,054 185,523 Depreciation and amortization 153,858 157,120 Income taxes 122,420 122,132 Noncash compensation expense 24,733 16,283 Other corporate costs and equity AFUDC 1,595 (715) Total segment adjusted EBITDA $ 865,831 $ 866,519

FAIR VALUE MEASUREMENTS - Part

FAIR VALUE MEASUREMENTS - Part 1 (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash held - offsetting derivative net asset positions under master-netting arrangements	$ 0	$ 0
Cash posted - total	275,700	157,000
Cash posted - offsetting derivative net liability positions under master-netting arrangements	197,500	99,600
Cash posted - remaining in excess of derivative net liability positions included in consolidated Balance Sheets	78,200	57,400
Long-term debt, fair value	14,300,000	15,600,000
Long-term debt	13,600,000	13,600,000
Fair Value, Recurring [Member] \| Gross Fair Value Measurement [Member]
Derivative assets
Derivative asset, fair value, gross	320,889
Derivative liabilities
Derivative liability, fair value, gross	(582,770)
Fair Value, Recurring [Member] \| Gross Fair Value Measurement [Member] \| Financial Contracts
Derivative assets
Derivative asset, fair value, gross	316,469	204,161
Derivative liabilities
Derivative liability, fair value, gross	(513,982)	(303,740)
Fair Value, Recurring [Member] \| Gross Fair Value Measurement [Member] \| Interest Rate Contracts
Derivative assets
Interest-rate contracts	4,420
Derivative liabilities
Interest-rate contracts	(68,788)	(145,524)
Fair Value, Recurring [Member]
Derivative assets
Derivative assets	4,420	0
Derivative assets netting	(316,469)	(204,161)
Derivative liabilities
Derivative liabilities	(68,788)	(145,524)
Derivative liabilities netting	513,982	303,740
Fair Value, Recurring [Member] \| Financial Contracts
Derivative assets
Derivative assets	0	0
Derivative assets netting	(316,469)	(204,161)
Derivative liabilities
Derivative liabilities	0	0
Derivative liabilities netting	513,982	303,740
Fair Value, Recurring [Member] \| Interest Rate Contracts
Derivative assets
Interest-rate contracts	4,420
Derivative assets netting	0
Derivative liabilities
Interest-rate contracts	(68,788)	(145,524)
Derivative liabilities netting	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative assets
Derivative asset, fair value, gross	58,373	22,019
Derivative liabilities
Derivative liability, fair value, gross	(171,737)	(67,226)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Financial Contracts
Derivative assets
Derivative asset, fair value, gross	58,373	22,019
Derivative liabilities
Derivative liability, fair value, gross	(171,737)	(67,226)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Interest Rate Contracts
Derivative assets
Interest-rate contracts	0
Derivative liabilities
Interest-rate contracts	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative assets
Derivative asset, fair value, gross	256,254	172,833
Derivative liabilities
Derivative liability, fair value, gross	(214,940)	(258,446)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Financial Contracts
Derivative assets
Derivative asset, fair value, gross	251,834	172,833
Derivative liabilities
Derivative liability, fair value, gross	(146,152)	(112,922)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Contracts
Derivative assets
Interest-rate contracts	4,420
Derivative liabilities
Interest-rate contracts	(68,788)	(145,524)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Derivative assets
Derivative asset, fair value, gross	6,262	9,309
Derivative liabilities
Derivative liability, fair value, gross	(196,093)	(123,592)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Financial Contracts
Derivative assets
Derivative asset, fair value, gross	6,262	9,309
Derivative liabilities
Derivative liability, fair value, gross	(196,093)	(123,592)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Interest Rate Contracts
Derivative assets
Interest-rate contracts	0
Derivative liabilities
Interest-rate contracts	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Par_2

FAIR VALUE MEASUREMENTS - Part 2 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Net assets (liabilities) at beginning of period	$ (114,283)	$ (31,321)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements	38,068	24,738
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, New Level 3 Derivatives	(506)	(4,612)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Unrealized Change Included in other comprehensive income (loss)	(113,110)	(30,599)
Net assets (liabilities) at end of period	(189,831)	(41,794)
Transfers in or out of level 3	$ 0	$ 0

RISK MANAGEMENT AND HEDGING A_3

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 1 (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative, Fair Value [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value	$ 0
Cash posted - offsetting derivative net liability positions under master-netting arrangements	197,500	$ 99,600
Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	320,889	204,161
(Liabilities)	(582,770)	(449,264)
Natural Gas Pipelines
Derivative, Fair Value [Line Items]
Derivative, Fair Value, Net	0	0
Other Current Assets [Member] \| Interest Rate Contracts \| Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	4,420	0
Other Current Liabilities [Member] \| Interest Rate Contracts \| Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
(Liabilities)	(68,788)	(145,524)
Fully Netted Assets/Liabilities \| Commodity Contracts \| Financial contracts \| Derivatives designated as hedging instruments
Derivative, Fair Value [Line Items]
Assets	316,469	204,161
(Liabilities)	$ (513,982)	$ (303,740)

RISK MANAGEMENT AND HEDGING A_4

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES, Part 2 (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)MMBblsBcf	Dec. 31, 2021USD ($)BcfMMBbls
Derivatives designated as Hedging Instrument \| Interest Rate Contracts \| Purchased/ Payor
Derivative [Line Items]
Derivative, Notional Amount \| $	$ 1,100	$ 1,100
Derivatives designated as Hedging Instrument \| Future \| - Natural gas (Bcf) \| Fixed price \| Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume \| Bcf	64.7	32.3
Derivatives designated as Hedging Instrument \| Future \| - Natural gas (Bcf) \| Basis \| Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume \| Bcf	64.6	30.5
Derivatives designated as Hedging Instrument \| Future \| - Crude oil and NGLs (MMBbl) \| Fixed price \| Sold/ Receiver
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume \| MMBbls	11.3	10
Forecasted Debt Issuances [Member] \| Cash Flow Hedging [Member] \| Forward contracts \| Interest Rate Contracts
Derivative [Line Items]
Derivative, Notional Amount \| $	$ 1,100	$ 1,100

RISK MANAGEMENT AND HEDGING A_5

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 3 (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	$ (93,205)	$ 42,855
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	(85,756)	(53,748)
Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	(174,360)	(63,430)
Commodity Contracts \| Commodity sales revenues
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	(210,794)	(130,518)
Commodity Contracts \| Cost of sales and fuel
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	134,368	86,436
Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss)	81,155	106,285
Interest Rate Contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives	$ (9,330)	$ (9,666)

DEBT DEBT (Details)

DEBT DEBT (Details) $ in Thousands	3 Months Ended
DEBT DEBT (Details) $ in Thousands	Mar. 31, 2022USD ($)Rate	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Total debt	$ 13,834,709	$ 13,756,709
Unamortized portion of terminated swaps	11,166	11,596
Unamortized debt issuance costs and discounts	(121,576)	(124,855)
Current maturities of long-term debt	(895,814)	(895,814)
Short-term borrowings	(78,000)	0
Long-term debt	12,750,485	12,747,636
$2.5 Billion Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000
Debt Instrument, Covenant Description	Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In the first quarter 2022, we acquired assets for $30 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the first quarter 2022 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1.
Line of Credit Facility, Amount Outstanding	$ 0
Indebtedness To Adjusted EBITDA Current	4
Indebtedness To Adjusted EBITDA Maximum	5
Indebtedness To Adjusted EBITDA From Acquisitions Maximum	5.5
Asset Acquisition, Consideration Transferred	$ 30,000
Subsidiary Issuer [Member] \| 3.375% Notes Payable due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 900,000
Interest Rate (in hundredths) \| Rate	3.375%
Total debt	$ 895,814	895,814
Subsidiary Issuer [Member] \| 5.0% Notes Payable due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 425,000
Interest Rate (in hundredths) \| Rate	5.00%
Total debt	$ 425,000	425,000
Subsidiary Issuer [Member] \| 4.9% Notes Payable due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000
Interest Rate (in hundredths) \| Rate	4.90%
Total debt	$ 500,000	500,000
Subsidiary Issuer [Member] \| 6.65% Notes Payable due 2036 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 600,000
Interest Rate (in hundredths) \| Rate	6.65%
Total debt	$ 600,000	600,000
Subsidiary Issuer [Member] \| 6.85% Notes Payable due 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 600,000
Interest Rate (in hundredths) \| Rate	6.85%
Total debt	$ 600,000	600,000
Subsidiary Issuer [Member] \| 6.125% Notes Payable due 2041 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650,000
Interest Rate (in hundredths) \| Rate	6.125%
Total debt	$ 650,000	650,000
Subsidiary Issuer [Member] \| 6.2% Notes Payable due 2043 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000
Interest Rate (in hundredths) \| Rate	6.20%
Total debt	$ 400,000	400,000
Parent Company
Debt Instrument [Line Items]
Commercial Paper	$ 78,000	0
Short-term Debt, Weighted Average Interest Rate, at Point in Time \| Rate	0.94%
Parent Company \| 7.5% Notes Payable due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000
Interest Rate (in hundredths) \| Rate	7.50%
Total debt	$ 500,000	500,000
Parent Company \| 2.75% Notes Payable due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000
Interest Rate (in hundredths) \| Rate	2.75%
Total debt	$ 500,000	500,000
Parent Company \| 2.2% Notes Payable due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000
Interest Rate (in hundredths) \| Rate	2.20%
Total debt	$ 387,000	387,000
Parent Company \| 5.85% Notes Payable due 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 600,000
Interest Rate (in hundredths) \| Rate	5.85%
Total debt	$ 600,000	600,000
Parent Company \| 4.0% Notes Payable due 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000
Interest Rate (in hundredths) \| Rate	4.00%
Total debt	$ 500,000	500,000
Parent Company \| 4.55% Notes Payable due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 800,000
Interest Rate (in hundredths) \| Rate	4.55%
Total debt	$ 800,000	800,000
Parent Company \| 6.875% Notes Payable due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Interest Rate (in hundredths) \| Rate	6.875%
Total debt	$ 100,000	100,000
Parent Company \| 4.35% Notes Payable due 2029 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 700,000
Interest Rate (in hundredths) \| Rate	4.35%
Total debt	$ 700,000	700,000
Parent Company \| 3.4% Notes Payable due 2029 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750,000
Interest Rate (in hundredths) \| Rate	3.40%
Total debt	$ 714,251	714,251
Parent Company \| 3.1% Notes Payable due 2030 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 850,000
Interest Rate (in hundredths) \| Rate	3.10%
Total debt	$ 780,093	780,093
Parent Company \| 6.35% Notes Payable due 2031 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 600,000
Interest Rate (in hundredths) \| Rate	6.35%
Total debt	$ 600,000	600,000
Parent Company \| 6.0% Notes Payable due 2035 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000
Interest Rate (in hundredths) \| Rate	6.00%
Total debt	$ 400,000	400,000
Parent Company \| 4.95% Notes Payable due 2047 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 700,000
Interest Rate (in hundredths) \| Rate	4.95%
Total debt	$ 689,006	689,006
Parent Company \| 5.2% Notes Payable due 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,000,000
Interest Rate (in hundredths) \| Rate	5.20%
Total debt	$ 1,000,000	1,000,000
Parent Company \| 4.45% Notes Payable due 2049 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750,000
Interest Rate (in hundredths) \| Rate	4.45%
Total debt	$ 672,530	672,530
Parent Company \| 4.5% Notes Payable due 2050 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000
Interest Rate (in hundredths) \| Rate	4.50%
Total debt	$ 443,015	443,015
Parent Company \| 7.15% Notes Payable due 2051 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000
Interest Rate (in hundredths) \| Rate	7.15%
Total debt	$ 300,000	$ 300,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Common Stock, Dividends, Per Share, Cash Paid		$ 0.935	$ 0.935
Dividends, Preferred Stock, Cash Paid		$ 300
Preferred Stock, Dividends, Declared		$ 275	$ 275
Series E Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage		5.50%
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.935
Dividends Payable, Date of Record	May 2, 2022
Dividends Payable, Date to be Paid	May 16, 2022
Preferred Stock, Dividends, Declared	$ 300

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Risk management assets/liabilities - January 1	$ (352,315)
Retirement and other postretirement benefit plan obligations - January 1	(107,659)
Risk-management assets/liabilities of unconsolidated affiliates - January 1	(11,377)
Accumulated other comprehensive loss - January 1	(471,351)
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities	(71,768)	$ 32,998
Other comprehensive income (loss) before reclassification, retirement and postretirement benefit plan obligations	129
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities of unconsolidated affiliates	5,937
Other comprehensive income (loss) before reclassifications	(65,702)
Other comprehensive income reclassification adjustment from AOCI for risk-management assets/liabilities, net of tax	66,032	41,387
Other comprehensive income, retirement and other postretirement benefit plans, reclassification adjustment from AOCI, net of tax	2,901
Other comprehensive income, reclassification adjustment from AOCI for other comprehensive income attributable to unconsolidated affiliates, net of tax	448
Other comprehensive income, reclassification adjustment included in net income, net of tax	69,381
Other comprehensive income (loss), risk-management assets/liabilities, after reclassification adjustment, net of tax	(5,736)
Other comprehensive (income) loss, retirement and other postretirement benefit plans, after reclassification adjustment, net of tax	3,030	$ 3,638
Other comprehensive income (loss), risk-management assets/liabilities of unconsolidated affiliates, net of tax	6,385
Other comprehensive income (loss), net of tax	3,679
Risk management assets/liabilities - March 31	(358,051)
Retirement and other postretirement benefit plan obligations - March 31	(104,629)
Risk-management assets/liabilities of unconsolidated affiliates - March 31	(4,992)
Accumulated other comprehensive loss - March 31	(467,672)
Cash Flow Hedging [Member] \| Commodity Contracts
Unrealized gain loss on cash flow hedges net of tax accumulated other comprehensive income (loss)	(152,351)
Price risk cash flow hedge unrealized gain (loss) to be reclassified during next 12 months	(147,600)
Cash Flow Hedging [Member] \| Interest Rate Contracts
Amount of accumulated other comprehensive income (loss) attributable primarily to settled interest-rate swaps	(156,136)
Amount of accumulated other comprehensive income (loss) attributable primarily to forward starting interest-rate swaps	(49,564)
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ (24,500)

EARNINGS PER SHARE EARNINGS P_3

EARNINGS PER SHARE EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic EPS
Net income available for common stock	$ 390,896	$ 385,901
Shares	447,124	445,894
Earnings per share, basic	$ 0.87	$ 0.87
Diluted EPS
Effect of dilutive securities	$ 0	$ 0
Effect of dilutive securities, number of shares	1,280	991
Net income available for common stock and common stock equivalents	$ 390,896	$ 385,901
Shares	448,404	446,885
Earnings per share, diluted	$ 0.87	$ 0.86

UNCONSOLIDATED AFFILIATES (Deta

UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 36,340	$ 33,320
Unconsolidated Affiliates [Member]
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Expenses from Transactions with Related Parties	14,500	15,600
Northern Border Pipeline
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	20,125	20,239
Roadrunner
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	9,141	7,749
Overland Pass Pipeline
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	5,008	2,972
Other Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 2,066	$ 2,360

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions	3 Months Ended
REVENUES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Liability [Abstract]
Contract with customer, liability	$ 47.7	$ 51.5
Revenue recognized included in beginning balance	(30.2)
Net additions	26.4
Contract with Customer, Liability, Current	19.2	35.3
Contract with Customer, Liability, Noncurrent	28.5	$ 16.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	2,080
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	297.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	363.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	316.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	232.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 870.9
Remaining Contract Terms [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Performance Obligation, Contract Term	two months to 22 years

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
SEGMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment disclosure [Abstract]
Revenues	$ 5,444,609	$ 3,194,679
Cost of sales and fuel (exclusive of depreciation and operating costs)	(4,365,948)	(2,121,510)
Operating costs	(263,917)	(251,597)
Equity in net earnings from investments	36,340	33,320
Depreciation and amortization	(153,858)	(157,120)
Investments in unconsolidated affiliates	797,391	807,721	$ 797,613
Total assets	23,992,705	23,179,929	$ 23,621,613
Capital expenditures	256,978	176,734
Net income	391,171	386,176
Interest expense, net of capitalized interest	172,054	185,523
Income tax expense	122,420	122,132
Noncash compensation expense	24,733	16,283
Other corporate costs and noncash items	1,595	(715)
Other and eliminations
Segment disclosure [Abstract]
Revenues	(1,030,633)	(503,941)
Cost of sales and fuel (exclusive of depreciation and operating costs)	1,028,719	504,128
Operating costs	(136)	(313)
Equity in net earnings from investments	0	0
Depreciation and amortization	(1,057)	(1,070)
Investments in unconsolidated affiliates	0	0
Total assets	(177,097)	603,323
Capital expenditures	14,790	3,905
Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	1,591,670	839,741
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,288,551)	(555,306)
Operating costs	(93,711)	(84,598)
Equity in net earnings from investments	1,633	1,728
Noncash compensation expense and other	3,655	3,151
Segment adjusted EBITDA	214,696	204,716
Depreciation and amortization	(62,726)	(67,032)
Investments in unconsolidated affiliates	27,350	24,584
Total assets	6,914,107	6,535,260
Capital expenditures	93,298	39,651
Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	4,734,235	2,610,065
Cost of sales and fuel (exclusive of depreciation and operating costs)	(4,089,124)	(2,060,319)
Operating costs	(128,862)	(124,369)
Equity in net earnings from investments	5,441	3,604
Noncash compensation expense and other	5,924	6,647
Segment adjusted EBITDA	527,614	435,628
Depreciation and amortization	(75,030)	(74,542)
Investments in unconsolidated affiliates	414,966	420,614
Total assets	15,101,665	13,944,887
Capital expenditures	125,535	112,021
Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	149,337	248,814
Cost of sales and fuel (exclusive of depreciation and operating costs)	(16,992)	(10,013)
Operating costs	(41,208)	(42,317)
Equity in net earnings from investments	29,266	27,988
Noncash compensation expense and other	3,118	1,703
Segment adjusted EBITDA	123,521	226,175
Depreciation and amortization	(15,045)	(14,476)
Investments in unconsolidated affiliates	355,075	362,523
Total assets	2,154,030	2,096,459
Capital expenditures	23,355	21,157
Total Segments [Member]
Segment disclosure [Abstract]
Revenues	6,475,242	3,698,620
Cost of sales and fuel (exclusive of depreciation and operating costs)	(5,394,667)	(2,625,638)
Operating costs	(263,781)	(251,284)
Equity in net earnings from investments	36,340	33,320
Noncash compensation expense and other	12,697	11,501
Segment adjusted EBITDA	865,831	866,519
Depreciation and amortization	(152,801)	(156,050)
Investments in unconsolidated affiliates	797,391	807,721
Total assets	24,169,802	22,576,606
Capital expenditures	242,188	172,829
Natural Gas Gathering and Processing Intersegment [Member] \| Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	1,000,000	481,600
Natural Gas Liquids Regulated [Member] \| Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	603,900	570,600
Cost of sales and fuel (exclusive of depreciation and operating costs)	(146,000)	(135,800)
Natural Gas Liquids Regulated [Member] \| Natural Gas Liquids \| Operating Segments [Member]
Segment disclosure [Abstract]
Revenues	547,300	516,100
Natural Gas Pipelines Regulated [Member] \| Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	92,600	181,400
Cost of sales and fuel (exclusive of depreciation and operating costs)	(16,100)	(12,800)
Noncustomer [Domain]
Segment disclosure [Abstract]
Revenues	(174,700)	(132,200)
NGL and Condensate Sales [Member]
Segment disclosure [Abstract]
Revenues	4,525,437	2,406,573
NGL and Condensate Sales [Member] \| Other and eliminations
Segment disclosure [Abstract]
Revenues	(1,027,613)	(500,064)
NGL and Condensate Sales [Member] \| Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,004,349	491,807
NGL and Condensate Sales [Member] \| Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,548,701	2,414,830
NGL and Condensate Sales [Member] \| Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
NGL and Condensate Sales [Member] \| Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,553,050	2,906,637
Residue Natural Gas Sales [Member]
Segment disclosure [Abstract]
Revenues	577,125	427,702
Residue Natural Gas Sales [Member] \| Other and eliminations
Segment disclosure [Abstract]
Revenues	(332)	0
Residue Natural Gas Sales [Member] \| Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	551,037	312,247
Residue Natural Gas Sales [Member] \| Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Residue Natural Gas Sales [Member] \| Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	26,420	115,455
Residue Natural Gas Sales [Member] \| Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	577,457	427,702
Gathering, Processing and Exchange Services Revenue
Segment disclosure [Abstract]
Revenues	167,288	144,918
Gathering, Processing and Exchange Services Revenue \| Other and eliminations
Segment disclosure [Abstract]
Revenues	0	0
Gathering, Processing and Exchange Services Revenue \| Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	31,445	31,687
Gathering, Processing and Exchange Services Revenue \| Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	135,843	113,231
Gathering, Processing and Exchange Services Revenue \| Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Gathering, Processing and Exchange Services Revenue \| Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167,288	144,918
Transportation and Storage Revenue [Member]
Segment disclosure [Abstract]
Revenues	167,508	178,140
Transportation and Storage Revenue [Member] \| Other and eliminations
Segment disclosure [Abstract]
Revenues	(2,025)	(3,535)
Transportation and Storage Revenue [Member] \| Natural Gas Gathering And Processing [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Transportation and Storage Revenue [Member] \| Natural Gas Liquids
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	46,822	48,728
Transportation and Storage Revenue [Member] \| Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	122,711	132,947
Transportation and Storage Revenue [Member] \| Total Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	169,533	181,675
Other [Member]
Segment disclosure [Abstract]
Revenues	7,251	37,346
Other [Member] \| Other and eliminations
Segment disclosure [Abstract]
Revenues	(663)	(342)
Other [Member] \| Natural Gas Gathering And Processing [Member]
Segment disclosure [Abstract]
Revenues	4,839	4,000
Other [Member] \| Natural Gas Liquids
Segment disclosure [Abstract]
Revenues	2,869	33,276
Other [Member] \| Natural Gas Pipelines
Segment disclosure [Abstract]
Revenues	206	412
Other [Member] \| Total Segments [Member]
Segment disclosure [Abstract]
Revenues	$ 7,914	$ 37,688