Oneok approves $2B share repurchase program

ONEOK’s board has also authorized a $2B share repurchase program and targets it to be largely utilized over the next four years. This program will complement the dividend growth rate as a key pillar of shareholder return in the future. The combination of common dividends and share repurchases is expected to trend towards a target of approximately 75% to 85% of forecasted cash flow from operations after capital expenditures over the next four years, allowing ONEOK to continue pursuing additional high-return growth opportunities, debt reduction or share repurchases. ONEOK has also opportunistically repurchased approximately $300M of face value of its outstanding notes at a discount to par value during the Q4 of 2023 and finished the year with approximately $340M of cash on hand. ONEOK remains committed to its previously stated target debt-to-EBITDA ratio of approximately 3.5 times.