# EDGAR Filing Document

**Accession Number:** 0001039684
**File Stem:** 0001193125-23-005634
**Filing Date:** 2023-1
**Character Count:** 57526
**Document Hash:** f81414d7e88c10aad77b2617af968abb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-005634.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001193125-23-005634

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230109

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ONEOK INC /NEW/
- **CENTRAL INDEX KEY:** 0001039684
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
- **IRS NUMBER:** 731520922
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13643
- **FILM NUMBER:** 23521608

**BUSINESS ADDRESS:**
- **STREET 1:** 100 WEST 5TH ST
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74103
- **BUSINESS PHONE:** 9185887000

**MAIL ADDRESS:**
- **STREET 1:** 100 WEST 5TH ST
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WAI INC
- **DATE OF NAME CHANGE:** 19970519

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of report (Date of earliest event reported) January 9, 2023

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![LOGO](g447440oneoklogo.jpg)

## ONEOK, Inc.

#### (Exact name of registrant as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **Oklahoma** | **001-13643** | **73-1520922** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 100 West Fifth Street, Tulsa, OK

#### (Address of principal executive offices)

#### 74103

#### (Zip Code)
(918) 588-7000

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value of $0.01 | OKE | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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<u>Item 1.01</u> <u>Entry into a Material Definitive Agreement.</u>

On January 9, 2023, ONEOK, Inc. ("ONEOK") entered into a Sworn Statement in Proof of Loss and Full and Final Settlement, Release, and Indemnity Agreement (the "Settlement Agreement") with Bison Prairie Assurance, L.L.C. ("Bison"), certain North American, British, and/or Continental European insurers who are parties thereto (the "Insurers") and certain North American, British, and/or Continental European reinsurers who are parties thereto (the "Reinsurers"), to settle all claims for physical damage and business interruption related to the Medford incident that occurred in July 2022 (the "Insurance Claim"). Under the terms of the Settlement Agreement, ONEOK agreed to resolve the Insurance Claim for total insurance payments of $930 million, including $100 million received to date. The outstanding settlement payment is required to be paid by the Insurers and the Reinsurers within 45 days. The Settlement Agreement also contains customary representations, warranties and agreements by ONEOK and Bison, and the Insurers and the Reinsurers.

The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to such Settlement Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

<u>Item 7.01</u> <u>Regulation FD Disclosure.</u>

ONEOK issued a news release on January 9, 2023, attached hereto as Exhibit 99.1, announcing the Settlement Agreement.

The information disclosed in Items 7.01 and 9.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.

<u>Item 9.01</u> <u>Financial Statements and Exhibits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br> Number | Description |
| 10.1 | [Sworn Statement in Proof of Loss and Full and Final Settlement, Release, and Indemnity Agreement, dated January 9, 2023, among ONEOK, Inc., Bison Prairie Assurance, L.L.C., certain North American, British, and/or Continental European insurers who are parties thereto and certain North American, British, and/or Continental European reinsurers who are parties thereto.](d447440dex101.htm) |
| 99.1 | [News release of ONEOK, Inc. dated January 9, 2023.](d447440dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | ONEOK, Inc. |
| Date: January 10, 2023 | By: | /s/ Walter S. Hulse III |
|  |  | Walter S. Hulse III |
|  |  | Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development |

---

## Exhibit 10.1

**Exhibit 10.1** 

**SWORN STATEMENT IN PROOF OF LOSS** 

**<u>AND FULL AND FINAL SETTLEMENT, RELEASE, AND INDEMNITY AGREEMENT</u>**

**I. FINAL PROOF OF LOSS** 

---

| | |
|:---|:---|
| April 1, 2022 | See Schedules "A" and "B" |
| **Date Issued** | **Policy No.** |
| April 1, 2023 | Marsh |
| **Date Expires** | **Agent/Broker** |

---

To the various: **(i)** North American, British, and/or Continental European Insurers set forth in the attached **Schedule "A"** (collectively "Insurers"); **(ii)** North American, British, and/or Continental European Reinsurers set forth in the attached **Schedule "B"** (collectively "Reinsurers"); and **(iii)** all insurance companies and syndicates, wherever located, that either issued or severally subscribed, each in its own proportionate share, to the 2022/2023 property insurance/reinsurance policies issued to ONEOK, Inc. ("ONEOK") or ONEOK's captive, Bison Prairie Assurance, L.L.C. ("BISON").

At the time of loss, by the above indicated policies of insurance ("Insurance Policies") as set forth in Schedule "A" attached, Insurers severally insured ONEOK based upon Insurers' respective individual subscription percentage for the identified layers of coverage as more fully set forth in Schedule "A." The Insurance Policies insured against loss to the property and time element losses described in the Insurance Policies occurring during the term of insurance, subject to all terms, limits, sub-limits, endorsements, conditions, deductibles, waiting periods and exclusions of the Insurance Policies.

At the time of loss, by the above indicated policies of reinsurance ("Reinsurance Policies") as set forth in Schedule "B" attached, Reinsurers severally reinsured BISON Policy No. PROP02-22 ("BISON Policy") issued to original insured ONEOK based upon Reinsurers' respective individual subscription percentage for the identified layers of coverage as more fully set forth in Schedule "B." The Reinsurance Policies reinsured the BISON Policy against loss to the ONEOK property and time element losses described in the BISON Policy and/or Reinsurance Policies occurring during the term of reinsurance, subject to all terms, limits, sub-limits, endorsements, conditions, deductibles, waiting periods and exclusions of the Reinsurance Policies.

**1.** **Time and Origin:** Fire occurring on or about July 9, 2022, at ONEOK's Medford Fractionation
Plant in Medford, Oklahoma, which resulted in physical damage to property at the plant and interrupted ONEOK's business operations ("Loss").

**2.** **Occupancy:** The plant described, or containing the property described, was occupied at the time of the
Loss by ONEOK as follows, and for no other purpose whatsoever: As intended.

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**3.** **Title and Interest:** At the time of the Loss, the interest of ONEOK in the plant and property described
herein was: As intended, with no other persons or entities having any interest in or encumbrance on the property described.

**4.** **Changes:** Since the Insurance Policies and Reinsurance Policies were issued there has been no assignment
thereof, or change of interest, use, occupancy, possession, location, or exposure of the plant and property described herein at the time of the Loss, except: That which occurred and occurs in the normal course of operations and business of ONEOK.

**5.** **Total Insurance:** The total amount of insurance and/or reinsurance upon the ONEOK property described and
applicable to the Loss was at the time of the Loss comprised of various layers, limits, and sub-limits as further set forth in Schedules "A" and "B" attached and/or as set forth in the
Insurance Policies and Reinsurance Policies themselves.

**6.** **The Property Damage Deductible under the Insurance Policies and Reinsurance Policies was:** $5,000,000 per
Occurrence.

**7.** **The Time Element Waiting Period under the Insurance Policies and Reinsurance Policies was:** 45 Days per
Occurrence, or as otherwise provided in the Insurance Policies and Reinsurance Policies.

**8.** **The Total Amount Claimed as Agreed under the Insurance Policies and Reinsurance Policies (including the BISON Policy) for the Loss by ONEOK is:** $930,000,000 net of applicable deductibles and waiting periods. This amount is inclusive of the First Partial Payment amount of $100,000,000, which was previously paid on an unallocated basis by Insurers
and Reinsurers pursuant to separate Sworn Statements in Partial Proof of Loss (1<sup>st</sup> Partial Payment) executed by ONEOK on September 30,
2022.<sup>1</sup> The Total Amount Claimed as set forth herein under the Insurance Policies and Reinsurance Policies (including the BISON Policy) represents a compromise between the involved Parties as
detailed in the below Full and Final Settlement, Release, and Indemnity Agreement. It is agreed by the Parties that the payments made in respect of this Final Proof of Loss are subject to the terms and conditions set forth in the Full and Final
Settlement, Release, and Indemnity Agreement below.

**9.** **Statement of ONEOK:** ONEOK states that the Loss did not originate by any act, design, or procurement on
the part of ONEOK, or this affiant; nothing has been done by or with the privity or consent of ONEOK or the affiant to violate the conditions of the Insurance Policies, Reinsurance Policies or the BISON Policy, or render them void; no articles are
mentioned herein or annexed schedules but such as were destroyed or damaged at the time of the Loss; no property saved has in any manner been concealed, and no attempt to deceive the Insurers or Reinsurers as to the extent of the Loss, has in any
manner been made.

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<sup>1</sup> Pursuant to the separate Sworn Statements in Partial Proof of Loss, Insurers (as defined in the Proof to Insurers) made a payment to ONEOK of $29,000,000, and Reinsurers (as defined in the Proof to Reinsurers) made a payment to BISON of $71,000,000—both of which were net of applicable deductibles and waiting periods. 

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Any person who knowingly and with intent to defraud any insurance company or other person files a statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent act, which is a crime.

**II. FULL AND FINAL SETTLEMENT, RELEASE,** 

**AND INDEMNITY AGREEMENT** 

This is a Full and Final Settlement, Release, and Indemnity Agreement between ONEOK, BISON, Insurers (as identified in Schedule "A" attached) and Reinsurers (as identified in Schedule "B" attached), and as further defined above and below.

**WHEREAS**, (utilizing the defined and capitalized terms above and below), ONEOK procured the Insurance Policies from the Insurers and procured the BISON Policy from BISON, with BISON then procuring the Reinsurance Policies from the Reinsurers; and

**WHEREAS**, the Insurance Policies, BISON Policy and Reinsurance Policies insure ONEOK for property damage and time element losses and include various coverage extensions, all subject to the stated terms, conditions, limits, exclusions, and deductibles of each policy; and

**WHEREAS**, on or about July 9, 2022, a fire occurred at ONEOK's Medford Fractionation Plant located in Medford, Oklahoma, resulting in physical damage to property located at the plant and interrupting ONEOK's business operations ("Loss"); and

**WHEREAS**, ONEOK made a claim under the Insurance Policies, BISON Policy and Reinsurance Policies related to or arising from the Loss, which included costs, expenses, or losses related to property damage, expediting expense, business interruption, extra expenses, professional fees, engineering fees, claim preparation costs, and other losses arising from the Loss ("Insurance Claim"); and

**WHEREAS**, Lloyd Warwick International was appointed by Insurers and Reinsurers to investigate and adjust the Loss and Insurance Claim; and

**WHEREAS**, Reinsurers who provide reinsurance for the BISON Policy assumed full claims control and decision making authority with respect to the Loss and Insurance Claim, including directing the investigation, evaluation and adjustment of the Loss and Insurance Claim in coordination with Insurers, including the right to make all determinations of causation, coverage, quantum, settlement and/or resolution of the Insurance Claim, with BISON providing any cooperation and assistance as needed; and

**WHEREAS**, ONEOK, BISON, Insurers and Reinsurers now wish to fully compromise and settle finally and forever any and all claims of any nature under the Insurance Policies, BISON Policy and Reinsurance Policies, or otherwise related, directly or indirectly, to the Loss and/or the Insurance Claim.

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**NOW THEREFORE**, in full consideration of the foregoing and of the agreements herein contained and intending to be legally bound, ONEOK, BISON, Insurers and Reinsurers agree as follows:

**A.** **Definitions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Agreement"** shall mean this Sworn Statement in Proof of Loss and Full and Final Settlement,
Release, and Indemnity Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Insurers"** shall mean collectively the Insurers identified in Schedule "A" attached
and all of their present and former officers, directors, employees, partners, limited partners, shareholders, owners, members, names, reinsurers, retrocessionaires, subsidiaries, affiliates, successors, predecessors, parent, sister, or related
companies, attorneys, managing agents, run-off agents, consultants, adjusters, accountants or advisors, including without limitation, their respective heirs, executors, administrators, successors,
predecessors, assigns, and any other Person that has been acquired by, merged into, or combined with any of the Insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Reinsurers"** shall mean collectively the Reinsurers identified in Schedule "B"
attached and all of their present and former officers, directors, employees, partners, limited partners, shareholders, owners, members, names, reinsurers, retrocessionaires, subsidiaries, affiliates, successors, predecessors, parent, sister, or
related companies, attorneys, managing agents, run-off agents, consultants, adjusters, accountants or advisors, including without limitation, their respective heirs, executors, administrators, successors,
predecessors, assigns, and any other Person that has been acquired by, merged into, or combined with any of the Reinsurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **"ONEOK"** shall mean ONEOK, Inc. and all of its present and former officers, directors,
employees, partners, limited partners, shareholders, owners, members, subsidiaries, affiliates, successors, predecessors, parent, sister, or related companies, attorneys, consultants, accountants or advisors, including without limitation, their
respective heirs, executors, administrators, successors, predecessors, assigns, and any other Person that has been acquired by, merged into, or combined with ONEOK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **"BISON"** shall mean Bison Prairie Assurance, L.L.C. and all of its present and former officers,
directors, employees, partners, limited partners, shareholders, owners, members, subsidiaries, affiliates, successors, predecessors, parent, sister, or related companies, attorneys, consultants, accountants or advisors, including without limitation,
their respective heirs, executors, administrators, successors, predecessors, assigns, and any other Person that has been acquired by, merged into, or combined with BISON.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **"Parties" or "Party"**, as appropriate, shall mean ONEOK, BISON, Insurers and
Reinsurers as defined herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **"Insurance Policies"** shall mean the respective insurance policies as identified in Schedule
"A" attached and issued by Insurers to ONEOK with a policy term of April 1, 2022 to April 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **"Reinsurance Policies"** shall mean the respective reinsurance policies as identified in
Schedule "B" attached and issued by Reinsurers to ONEOK or BISON with a policy term of April 1, 2022 to April 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **"BISON Policy"** shall mean Policy No. PROP02-22 issued
by BISON to original insured ONEOK with a policy term of April 1, 2022 to April 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **"Person"** shall mean an individual, corporation, limited liability company, partnership,
association, trust, any other legal entity or organization, and any State, Federal or Local government or any government or quasi-governmental body or political subdivision or any agency, department, board or instrumentality thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **"Settled Claims"** shall mean any and all claims, causes of action, suits, debts, accounts,
promises, warranties, damages (consequential, extra-contractual, exemplary or punitive), claims for bad faith, agreements, costs, pre-judgment interest, post-judgment interest, attorneys' fees, or any
other expenses or claims whatsoever, in law or in equity, related to or arising out of the Loss or the Insurance Claim, whether presently known or unknown, asserted or unasserted, whether sounding in tort or contract, or arising under the common
laws, statutes or administrative regulations of any jurisdiction or under any allocation agreement with any Person that ONEOK or BISON ever had, now has, or hereafter may have against Insurers or Reinsurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** The term "Settled Claims" shall include the Insurance Claim, including indemnification or
payment for any and all claims under the Insurance Policies or Reinsurance Policies arising from the Loss and any actual, alleged or threatened claim or obligation, whether known or unknown, which currently exists or will subsequently accrue, which
ONEOK or BISON ever had, now has or hereafter may have, whether fixed or unliquidated, conditioned or contingent, whether obtained by assignment or otherwise, that has been made or could be made to Insurers or Reinsurers, arising out of the Loss.
This Agreement applies to preclude any and all of ONEOK's or BISON's claims for damages of any nature whatsoever, including without limitation, property damage, expediting expense, business interruption losses, extra expenses, professional
fees, engineering fees, claim preparation costs, consultants' fees, attorneys' fees, pre-judgment interest, post-judgment interest and/or any other damages or claims against Insurers or Reinsurers
arising out of the Loss or the Insurance Claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** The term "Settled Claims" shall also include any claims arising out of or related to any act,
omission, representation, or conduct of any sort by Insurers or Reinsurers in connection with the Loss or the Insurance Claim for which ONEOK or BISON could seek compensatory, exemplary, extra-contractual, consequential, punitive, statutory or other
damages or relief, based on alleged breach of contract, bad faith, breach of the duty of good faith and fair dealing, unfair claim practice, unfair trade practices, deceptive trade practices, any alleged improper act or failure to act in connection
with the underwriting, investigation, handling, adjustment or settlement relating to the Loss or the Insurance Claim, or any obligations arguably arising out of the Insurance Policies, Reinsurance Policies or the common law, any statutes or
administrative regulations of any jurisdiction in any way related to the Insurance Policies or Reinsurance Policies, whether or not those claims were raised in a lawsuit, are now known or unknown, currently exist or subsequently accrue.

With respect to the Settled Claims, it is ONEOK's and BISON's intention to reserve no rights or benefits whatsoever under or in connection with the Loss or Insurance Claim against Insurers or Reinsurers for coverage under the Insurance Policies or Reinsurance Policies, in law or equity, or otherwise relating to any past, present or future claims and all assertions of rights in connection with such claims arising from the Loss or the Insurance Claim, and that hereafter the Insurers and Reinsurers shall be forever as free of liability for the Loss, the Insurance Claim, and the Settled Claims as if the Loss had never occurred or otherwise come into existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** The term "Settled Claims" shall also include any claims that the Insurers or Reinsurers may
have against ONEOK and/or BISON, whether known or unknown, which currently exist or will subsequently accrue, which the Insurers or Reinsurers ever had, now have or hereafter may have, whether fixed or unliquidated, conditioned or contingent,
whether obtained by subrogation, assignment or otherwise, that have been made or could be made to ONEOK and/or BISON, arising out of the Loss or the Insurance Claim, including any claims related to the payments to be made under this Agreement
(exclusive of any enforcement action to enforce the terms of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **"Settlement Amount"** shall mean the amount of **$930,000,000, which is inclusive of the previously paid First Partial Payment amount of $100,000,000, thus making the balance owed or due under this Agreement and the agreed Settlement Amount to be a total of $830,000,000.** This amount **-** $830,000,000 **-** shall be paid as
follows: **(i)** $256,200,000 as set forth in Schedule "A" attached, will be paid by Insurers to ONEOK based on each Insurer's individual subscription percentage under the Insurance Policies issued to ONEOK; and **(ii)** $573,800,000 as set forth in Schedule "B" attached, will be paid by Reinsurers to BISON based on each Reinsurer's individual subscription percentage under the Reinsurance Policies issued to BISON. To be clear, Insurers and Reinsurers
will each pay the amount listed for each respective company as identified in Schedules "A" and "B" attached as their allocated payment share of the balance owed for the Settlement Amount. No further monies or remuneration of any
type will be paid by Insurers or Reinsurers for the Loss, the Insurance Claim, or otherwise, as this is a full and final settlement of this matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **"Severally" or "Several"** shall mean that with respect to the obligations of any
Insurer or Reinsurer, each agrees only for its own part, and not one for the other, in accordance with its individual, respective subscription percentage to the Insurance Policies or Reinsurance Policies as identified in Schedules "A" and
"B" attached.

**B.** In consideration of the agreements contained herein, ONEOK and BISON represent, warrant, and acknowledge
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Upon full payment by each Insurer and Reinsurer of its respective share of the Settlement Amount, ONEOK
on behalf of itself and all other named insureds or additional insureds as defined in the Insurance Policies, BISON Policy, or Reinsurance Policies, and any and all of its present and former officers, shareholders, directors, attorneys, employees,
partners, captives, limited partners, members, subsidiaries, affiliates, parent companies, successors, predecessors, sister or related companies that may claim to be insured by the Insurance Policies, BISON Policy or Reinsurance Policies, and
including without limitation, their respective heirs, executors, administrators, successors, predecessors, assigns, and any other Person that has been acquired by, merged into, or combined with ONEOK, agrees to release, remise, and forever discharge
Insurers and Reinsurers irrevocably, unconditionally, fully, finally, and forever from and against the Settled Claims and agrees to covenant not to sue or demand arbitration or appraisal with respect to the Settled Claims (exclusive of any
enforcement action to enforce the terms of this Agreement). BISON likewise agrees to release, remise, and forever discharge Reinsurers irrevocably, unconditionally, fully, finally, and forever from and against the Settled Claims and/or any claims
under the BISON Policy, or otherwise, with respect to the Loss and/or the Insurance Claim and agrees and covenants not to sue or demand arbitration or appraisal with respect to the Settled Claims or any other claims of any nature it may possess as a
reinsured under the Reinsurance Policies with respect to the Loss and/or the Insurance Claim (exclusive of any enforcement action to enforce the terms of this Agreement).<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** ONEOK agrees that the foregoing release extinguishes any and all duties or obligations Insurers or
Reinsurers may have under the Insurance Policies and Reinsurance Policies or at law, equity, or otherwise for any and all claims arising out of or related to the Loss or the Insurance Claim. BISON likewise agrees that the foregoing release
extinguishes any and all duties or obligations Reinsurers may have under the Reinsurance Policies or at law, equity, or otherwise for any and all claims arising out of or related to the Loss, the Insurance Claim and/or any obligations to BISON as a
reinsured under the Reinsurance Policies with respect to the Loss and/or the Insurance Claim.

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<sup>2</sup> It is understood and agreed by ONEOK and BISON that the release by ONEOK and BISON under this Agreement relating to the Loss and/or Insurance Claim applies to all layers of insurance and/or reinsurance for the 2022/2023 property insurance/reinsurance program regardless of whether such layer or layers are triggered or implicated by the Settlement Amount. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** ONEOK and BISON have not assigned to any Person any of their rights under the Insurance Policies, BISON
Policy, or Reinsurance Policies with respect to the Loss, the Insurance Claim and/or Settled Claims, and there are no other Person(s) who can assert rights to coverage under any of the said policies by, through, or under ONEOK or BISON with respect
to the Loss, the Insurance Claim, or Settled Claims. ONEOK and BISON understand and agree that Insurers and Reinsurers have acted in substantial reliance upon these representations and warrant that there are no such assignments or other
third-parties asserting any rights to coverage or benefits under the Insurance Policies and/or Reinsurance Policies or otherwise with respect to the Settled Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** ONEOK and BISON are not now, nor have they been involved in the past, in any bankruptcy or related
proceedings of any nature that would involve or in any way impact the settlement proceeds or the payment of the Settlement Amount as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** ONEOK and BISON (as the case may be) is presently duly and properly authorized to receive payment of the
Settlement Amount as allocated to Insurers and Reinsurers in Schedules "A" and "B" attached, and that payment by Insurers and Reinsurers to ONEOK and/or BISON as specified herein forever extinguishes any rights or claims that any
named insured, loss payee, mortgagee, captive, and/or additional insureds may have with respect to the Loss, the Insurance Claim, or the Settled Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** No liens exist as to the Loss, the Insurance Claim, and/or the Settled Claims, and that to the extent
any such lien exists or arises, ONEOK will be solely responsible for fully satisfying such lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** Upon full payment by each Insurer and Reinsurer of its respective share of the Settlement Amount, ONEOK
and BISON agree to indemnify, defend, and hold Insurers and Reinsurers harmless up to the Settlement Amount from and against any and all suits, actions, claims, or demands relating to the Loss, Insurance Claim and/or Settled Claims, whether known,
unknown, past, existing, potential, or future, made against Insurers or Reinsurers by way of direct action under one or more of the Insurance Policies or Reinsurance Policies through or under ONEOK or BISON and/or by any Person or entity who has
acquired or been assigned a right by ONEOK and/or BISON to make a claim relative to the Loss, Insurance Claim and/or Settled Claims, including any alleged Loss Payee, Mortgagee, or Additional Insured under the Insurance Policies and/or Reinsurance
Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** This Agreement has been fully explained to ONEOK and BISON, and that their representatives understand
all of the implications thereof, this Agreement having been reviewed and expressly approved by their attorneys, and that this Agreement and the Letter Agreement (defined below) constitutes the sole agreements among the Parties. It is further
expressly understood and agreed that this instrument and the Letter Agreement contain the entire agreement between the Parties, the terms of which are contractual and not a mere recital.

Page 8 of 13

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** The ONEOK and BISON representatives executing this Agreement have the express authority of all parties
insured under the Insurance Policies, Reinsurance Policies, and BISON Policy to execute this Agreement and to bind ONEOK and BISON to the terms set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** ONEOK and BISON have had the opportunity to investigate and adjust the Settled Claims that are the
subject of this Agreement, and that to the extent ONEOK's and BISON's representatives make this Agreement prior to the completion of the adjustment process or upon information that is or may not be complete, they do so intentionally and
voluntarily in order to resolve the Settled Claims at this time.

**C.** In consideration of the agreements contained herein, Insurers and Reinsurers represent, warrant, and
acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** This Agreement has been fully explained to Insurers and Reinsurers, and that their representatives
understand all of the implications thereof, this Agreement having been reviewed and expressly approved by their attorneys, and that this Agreement constitutes the sole agreement among the Parties. It is further expressly understood and agreed that
this instrument contains the entire agreement between the Parties, the terms of which are contractual and not a mere recital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** In making this Agreement, Insurers and Reinsurers have had the opportunity to investigate and adjust the
Loss and the Insurance Claim that is the subject of this Agreement. To the extent Insurers and Reinsurers make this Agreement prior to completion of the adjustment process, or upon information that may not be complete, they do so intentionally and
voluntarily in order to compromise the Settled Claims at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Upon full payment by each Insurer and Reinsurer of its respective share of the Settlement Amount,
Insurers and Reinsurers on behalf of themselves and any and all of their present and former officers, shareholders, directors, attorneys, employees, partners, captives, limited partners, members, subsidiaries, affiliates, parent companies,
successors, predecessors, sister or related companies agree to release, remise, and forever discharge ONEOK and BISON irrevocably, unconditionally, fully, finally, and forever from and against the Settled Claims and agree and covenant not to sue or
demand arbitration or appraisal with respect to the Settled Claims (exclusive of any enforcement action to enforce the terms of this Agreement).

Page 9 of 13

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**D.** In consideration of the agreements contained herein, the Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Insurers will pay their individual subscription percentage of the balance due of the Settlement Amount
to ONEOK in settlement of the Settled Claims, the sufficiency as good and valuable consideration of which is hereby acknowledged. Reinsurers will pay their individual subscription percentage of the balance due of the Settlement Amount to BISON in
settlement of the Settled Claims, the sufficiency as good and valuable consideration of which is hereby acknowledged. The balance due of the Settlement Amount shall be paid by each individual Insurer and Reinsurer based on their respective
subscription percentage as identified in Schedules "A" and "B" attached, no later than forty-five (45) days from the receipt by Lloyd Warwick International of the Agreement executed by ONEOK and BISON. The settlement
payments may be paid by check or wire transfer in accordance with the payment details/instructions provided by ONEOK and attached hereto as Schedule "C."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Upon receipt of each Insurer's or Reinsurer's individual pro-rata share of the Settlement Amount, ONEOK and BISON agree to release, remise, covenant not to sue, and forever discharge said Insurer and/or Reinsurer irrevocably, unconditionally, fully, finally and
forever from and against the Settled Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** The obligations of Insurers and Reinsurers are Several, and not joint, and no Insurer or Reinsurer
entitled to the benefits of this Agreement shall be liable for any share of the Settlement Amount allocable to any other Insurer or Reinsurer. Accordingly, each Insurer or Reinsurer as identified in Schedules "A" and "B" attached
agrees to pay only its individual, respective, allocated share of the balance due of the Settlement Amount. Neither ONEOK nor BISON shall seek to recover from any individual Insurer or Reinsurer an amount in excess of its stated, respective,
allocated share of the balance due of the Settlement Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** The terms and conditions of this Agreement shall be enforceable among and between ONEOK, BISON and each
Insurer and/or Reinsurer once payment has been made by such Insurer or Reinsurer in accordance with Schedule "A" or Schedule "B" of this Agreement as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** For the avoidance of any doubt, the Parties expressly agree that the broad release contained in this

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** The Parties acknowledge that this Agreement is a compromise between the Parties with respect to the
Settled Claims, and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** This Agreement shall not be construed as an admission by any Party, including, but not limited to, any
admission concerning coverage under the Insurance Policies and/or Reinsurance Policies, application or interpretation of any term, condition, exclusion or limitation of the Insurance Policies and/or Reinsurance Policies, or any other policy of
insurance; and

Page 10 of 13

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** This Agreement or any provision hereof shall not be construed as a waiver, modification or retraction of
any positions of the Parties with respect to the interpretation and application of the Insurance Policies and/or Reinsurance Policies, or any other policies of insurance or reinsurance that have previously been taken, are being taken, or may be
taken in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** The adjustment of the Loss and the Insurance Claim and the settlement of the Settled Claims, including
the execution of this Agreement, shall have no precedential or binding effect with respect to the construction of the Insurance Policies or Reinsurance Policies or any other policy of insurance issued or to be issued by Insurers or Reinsurers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** By entering into this Agreement, the Parties intend to avoid further expenses related to the Loss, the
Insurance Claim, and the Settled Claims and to buy complete and final peace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** Because the purpose of this Agreement is to permanently preclude any action or further action by ONEOK
and BISON and/or any of their agents, assigns or representatives of any capacity, from pursuing any further claims related to the Settled Claims against Insurers or Reinsurers, the Parties agree, covenant and warrant that should it develop that
there are any errors or mistakes, whether legal or factual, and whether mutual or unilateral, that cause this Agreement to be defective, or that cause the release of any Party hereto to be defective or less than full and complete as to such matters,
then the Parties specifically agree to execute any and all instruments and do any and all things necessary to effectuate a valid agreement as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** All costs and expenses, including attorneys' fees, related to the Settled Claims and/or this
Agreement incurred before or after the date of execution of this Agreement shall be paid by the Party incurring same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** If any portion of this Agreement is declared to be invalid or unenforceable, such portion shall be
deemed severed from this Agreement, and the remaining parts shall remain in full force and effect as if the invalid or unenforceable portion had not been part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** This Agreement may be executed in two or more counterparts, all of which shall, upon execution and
delivery of identical counterparts by all Parties, comprise a single agreement. Counterpart signatures may be exchanged by facsimile and/or email and shall be deemed delivered when received by each of the Parties.

Page 11 of 13

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** The Parties agree that the drafting of this Agreement has been accomplished by counsel for all Parties,
and no party shall claim that any inferences should be drawn against any other party with respect to the drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** Notwithstanding anything to the contrary in this Agreement, the Parties agree that neither the tender
and acceptance of the Settlement Amount, nor any releases, closing or resolution of the Settled Claims arising out of the Loss shall modify, alter, waive or otherwise impact the Parties' respective rights with respect to proceeds that may be
recovered from potentially responsible third parties through subrogation litigation, liability insurance policies, demands, or as otherwise provided by law or equity, all such rights being expressly reserved and preserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** This Agreement shall be governed and construed in accordance with the laws of the State of Oklahoma
without regard to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** ONEOK, BISON, Insurers and Reinsurers each represent and warrant that the signatories to this Agreement
have the authority to execute it on behalf of and to bind ONEOK, BISON, Insurers and Reinsurers respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** No term in this Agreement may be changed, waived, discharged, or terminated except by written agreement
signed by all the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** The Parties acknowledge and agree that this Agreement, including without limitation the Settlement
Amount, shall not be treated as or deemed confidential information and either Party may disclose the same. Further, and not by way of limitation, the Parties expressly acknowledge and agree that ONEOK may describe the terms of this Agreement in any
press release, and describe and attach it as an exhibit, to any Current Report on Form 8-K, and shall be permitted to describe or incorporate the same by reference in any press release, future report,
registration statement or filing with the United States Securities and Exchange Commission and BISON may describe the terms of and provide a copy of this Agreement to the Oklahoma Insurance Department, as appropriate. Notwithstanding the foregoing,
the Parties agree that all previous settlement discussions and the statements and positions asserted by the Parties during said discussions are and shall remain confidential as provided by that certain letter agreement dated December 6, 2022,
by and among ONEOK and certain Insurers and Reinsurers on behalf of the Insurers and Reinsurers ("Letter Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** This Agreement shall be binding upon and inure to the benefit of the Parties and those whose interests
depend on them, including, but not limited to, the Parties' respective successors, assigns, shareholders or other capital providers, principals, agents, servants, legal representatives, directors, officers, employees, and affiliates of any
kind.

Page 12 of 13

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**THE UNDERSIGNED EACH HEREBY CERTIFY THAT THEY ARE AN AUTHORIZED REPRESENTATIVE FOR THE PARTY ON WHOSE BEHALF THEY ARE SIGNING, AND THAT THEY HAVE READ ALL OF THIS AGREEMENT AND IN WITNESS WHEREOF THEY HAVE EXECUTED THIS AGREEMENT ON THE FOLLOWING DATES.** 

**—Remainder of page intentionally left blank. Signature pages to follow.—** 

Page 13 of 13

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---

| | |
|:---|:---|
| **State of:** | **Oklahoma** |
| **County of:** | **Tulsa** |
| **Named Insured:** | ONEOK, Inc. |
| **Signed By: /s/ Pierce H. Norton II, its duly authorized agent with the express authority to do so.** | **Signed By: /s/ Pierce H. Norton II, its duly authorized agent with the express authority to do so.** |
| **Printed Name:** | **Pierce H. Norton II** |
| **Title:** | **PRESIDENT & CEO** |

---

**SUBSCRIBED AND SWORN TO BEFORE ME this 9<sup>th</sup> day of January, 2023.**

---

| |
|:---|
| /s/ Crystal A. Garzone |
| **NOTARY PUBLIC** |

---

---

| |
|:---|
| **MY COMMISSION EXPIRES:** |
| **[NOTARIAL SEAL]** |

---

------

---

| | |
|:---|:---|
| **State of:** | **OKLAHOMA** |
| **County of:** | **TULSA** |
| **ONEOK Captive/**<br> **Reinsured:** | Bison Prairie Assurance, L.L.C. |
| **Signed By:** | **/s/ Walter S. Hulse III, its duly authorized agent with the express authority to do so.** |
| **Printed Name:** | **Walter S. Hulse III** |
| **Title:** | **Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development** |

---

**SUBSCRIBED AND SWORN TO BEFORE ME this 9<sup>th</sup> day of January, 2023.** 

---

| |
|:---|
| /s/ Crystal A. Garzone |
| **NOTARY PUBLIC** |

---

---

| |
|:---|
| **MY COMMISSION EXPIRES:** |
| <br> **[NOTARIAL SEAl]** |

---

------

---

| | |
|:---|:---|
| **State of:** | Texas |
| **County of:** | Harris |
| **Insurers and/or** |  |
| **Reinsurers:** | Associated Electric & Gas Insurance Services Limited (AEGIS); SCOR UK Company Limited; Markel International Insurance Company Limited; Helvetia Swiss Insurance Company Limited; GuideOne Insurance Company; ACE American Insurance Company; American International Group UK Limited; Allianz Global Risks US Insurance Company; Zurich American Insurance Company; RSUI/Landmark American Insurance Company; StarStone Specialty Insurance Company; Endurance Worldwide Insurance Limited (Sompo); Lloyd's Syndicate 1183 Talbot Underwriting Ltd.; Lloyd's Syndicate 2001 MS Amlin Underwriting Limited; Partner Reinsurance Europe SE; Oilfield Insurance Agencies Limited; Arch Insurance UK Limited; Hardy (Underwriting Agencies) Limited for and on behalf of Syndicate 0382; Convex Insurance UK Limited, C9800; HDI Global Insurance Company; Brit Syndicates Limited, for and on behalf of all Brit managed Syndicates; Liberty Mutual Insurance Company; Hannover Rueck SE; XL Insurance America, Inc.; Chubb Bermuda International, a Division of Chubb European Group S.E.; Energy Insurance Mutual Ltd. |
| **Signed By:** | **/s/ Jack Schronk, their duly authorized agent with the express authority to do so.** |
| **Printed Name:** | **Jack Schronk - Lloyd Warwick International** |
| **Title:** | Sr. EGA |

---

**SUBSCRIBED AND SWORN TO BEFORE ME this 5 day of January, 2023.** 

---

| |
|:---|
| /s/ Samantha Eve McConnell |
| **NOTARY PUBLIC** |
| [NOTARIAL SEAL] |

---

---

| |
|:---|
| **MY COMMISSION EXPIRES:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/21/2024 |

---

------

---

| | |
|:---|:---|
| **State of:** | Louisiana |
| **Parish of:** | Orleans |
| **Reinsurer:** | Lloyd's Syndicate 1036 QBE |
| **Signed By:** | **/s/ Frank Migliore, its duly authorized agent with the express authority to do so.** |
| **Printed Name:** | Frank Migliore |
| **Title:** | VP - Claims |
| **SUBSCRIBED AND SWORN TO BEFORE ME this 4<sup>th</sup> day of January, 2023.** | **SUBSCRIBED AND SWORN TO BEFORE ME this 4<sup>th</sup> day of January, 2023.** |

---

---

| |
|:---|
| /s/ Jill Schultz Willhoft |
| **NOTARY PUBLIC** |
| [NOTARIAL SEAL] |

---

---

| |
|:---|
| **MY COMMISSION EXPIRES:** |
| @ my death |

---

------

---

| | |
|:---|:---|
| **State of:** | Illinois |
| **County of:** | Cook |
| **Insurer:** | Swiss Re Corporate Solutions Elite Insurance Corporation |
| **Signed By:** | **/s/ Lucas McVey, its duly authorized agent with the express authority to do so.** |
| **Printed Name:** | Lucas McVey |
| **Title:** | Claims Expert / Vice President |
| **SUBSCRIBED AND SWORN TO BEFORE ME this 4 day of January, 2023.** | **SUBSCRIBED AND SWORN TO BEFORE ME this 4 day of January, 2023.** |

---

---

| |
|:---|
| /s/ Mayra Jara |
| **NOTARY PUBLIC** |
| [NOTARIAL SEAL] |

---

**MY COMMISSION EXPIRES:**<br>March 11, 2025<br>

------

---

| | |
|:---|:---|
| **State of:** | <u> </u> |
| **County of:** | <u> </u> |
| **Insurer:** | Swiss Re Corporate Solutions Elite Insurance Corporation |
| **Signed By:** | **/s/ William J. Ashton, its duly authorized agent with the express authority to do so.** |
| **Printed Name:** | William J. Ashton |
| **Title:** | CLAIMS MGR / V.P. |
| **SUBSCRIBED AND SWORN TO BEFORE ME this 4<sup>th</sup> day of JAN., 2023.** | **SUBSCRIBED AND SWORN TO BEFORE ME this 4<sup>th</sup> day of JAN., 2023.** |

---

**NOTARY PUBLIC**

**MY COMMISSION EXPIRES:**

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g447440g0109224017551.jpg) | News |

---

------

---

| | | |
|:---|:---|:---|
| **January 9, 2023** | **Analyst Contact:** | **Andrew Ziola** |
|  |  | **918-588-7683** |
|  | **Media Contact:** | **Brad Borror** |
|  |  | **918-588-7582** |

---

**ONEOK Reaches Agreement on Medford NGL Facility** 

**Insurance Claim for $930 million** 

***Announces Plans to Build NGL Fractionator in Mont Belvieu***

***Preserving Medford Equipment for Potential Future Use***

TULSA, Okla. - Jan. 9, 2023 - ONEOK, Inc. (NYSE: OKE) today announced that it has reached an agreement with its insurers to settle all claims for physical damage and business interruption related to the Medford incident that occurred in July 2022.

Under the terms of the settlement agreement, ONEOK agreed to resolve its claim for total insurance payments of $930 million, including $100 million received to date. The outstanding settlement payment is required to be paid by the insurers within 45 days. The proceeds will serve as settlement for property damage and as a payment in lieu of future business interruption insurance claims.

With the insurance claim now resolved, the company is also announcing plans to construct a new 125,000-barrel per day (bpd) NGL fractionator at its Mont Belvieu, Texas, facility. Upon completion, the new fractionator, MB-6, will increase the company's total fractionation capacity in Mont Belvieu to approximately 700,000 bpd and better align ONEOK's fractionation capacity with NGL market demand in the Gulf Coast.

**-more-**

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**ONEOK Reaches Agreement on Medford NGL Facility Insurance Claim for $930 million** 

**Jan. 9, 2023** 

**Page 2** 

Additionally, the MB-6 fractionator will produce purity ethane instead of an ethane/propane (E/P) mix previously produced at the Medford facility. The new 125,000 bpd MB-6 fractionator would be equivalent to approximately 185,000 bpd of capacity at the Medford facility. The demand for E/P mix has decreased while the demand for purity ethane has increased in the Gulf Coast, causing much of the Medford E/P mix to be transported south and split into purity ethane and propane consuming capacity at ONEOK's existing Mont Belvieu facilities. ONEOK's E/P mix output from the remaining Mid-Continent fractionation facilities at Bushton, Hutchinson and Conway is expected to be enough to meet market demand.

Construction of MB-6 is expected to be completed in approximately 24 months at a total cost of approximately $550 million and has a more favorable completion schedule when compared with rebuilding at Medford due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permitting for the MB-6 facility is complete by applicable regulatory
agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engineering is substantially complete due to the ability to utilize similar engineering designs and purchase
orders from the two previous fractionation facilities, MB-5 and MB-4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's ability to efficiently transition the existing construction resources at ONEOK's MB-5 fractionator to the MB-6 fractionator.

MB-5, having a capacity of 125,000 bpd, remains on schedule to be completed early in the second quarter 2023 thus reducing the current need for third-party fractionation through the rebuild process.

ONEOK will continue to operate NGL pipeline assets in Medford along with existing offices for regional operations. In addition, ONEOK is preserving assets for future potential NGL facilities that could be constructed in Medford to enhance its NGL business as the market evolves.

"We are pleased to have come to a successful agreement with our insurance carriers that was the result of a collaborative process," said Pierce H. Norton II, ONEOK president and chief executive officer. "This agreement provides us the certainty of insurance recovery, and shortens the construction period to restore the most efficient fractionation capacity to our integrated system to meet expected growth in NGL supply for petrochemical and export demand."

**-more-**

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**ONEOK Reaches Agreement on Medford NGL Facility Insurance Claim for $930 million** 

**Jan. 9, 2023** 

**Page 3** 

When the insurance proceeds are received, the company expects to apply cash from the settlement payment to the balance of any insurance receivables outstanding as of December 31, 2022, and record a gain for the remaining settlement proceeds in the first quarter 2023.

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ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage, and transportation assets.

ONEOK is a FORTUNE 500 company and is included in S&P 500.

For information about ONEOK, visit the website: www.oneok.com.

For the latest news about ONEOK, find us on LinkedIn, Instagram, Facebook and Twitter.

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "plan," "potential," "proposed," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

###