ONEOK Inc., current enterprise value calculation

Current share price (P)	$64.15
No. shares of common stock outstanding	447,674,825
US$ in thousands
Common equity (market value)¹	28,718,340)
Add: Preferred stock, $0.01 par value (per books)	—)
Total equity	28,718,340)
Add: Current maturities of long-term debt (per books)	925,000)
Add: Short-term borrowings (per books)	—)
Add: Current finance lease liability (per books)	2,954)
Add: Long-term debt, excluding current maturities (per books)	12,695,834)
Add: Noncurrent finance lease liability (per books)	19,299)
Total equity and debt	42,361,427)
Less: Cash and cash equivalents	220,227)
Enterprise value (EV)	42,141,200)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 64.15 × 447,674,825

ONEOK Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$65.45	$63.82	$45.62	$73.61	$64.29
No. shares of common stock outstanding¹	447,220,972	446,213,285	444,983,595	413,319,000	411,611,382
US$ in thousands
Common equity (market value)³	29,270,613)	28,477,332)	20,300,152)	30,424,412)	26,462,496)
Add: Preferred stock, $0.01 par value (book value)	—)	—)	—)	—)	—)
Total equity	29,270,613)	28,477,332)	20,300,152)	30,424,412)	26,462,496)
Add: Current maturities of long-term debt (book value)	925,000)	895,814)	7,650)	7,650)	507,650)
Add: Short-term borrowings (book value)	—)	—)	—)	220,000)	—)
Add: Current finance lease liability (book value)	2,954)	2,584)	2,153)	1,949)	1,765)
Add: Long-term debt, excluding current maturities (book value)	12,695,834)	12,747,636)	14,228,421)	12,479,757)	8,873,334)
Add: Noncurrent finance lease liability (book value)	19,299)	21,082)	22,143)	24,296)	26,244)
Total equity and debt	42,913,700)	42,144,448)	34,560,519)	43,158,064)	35,871,489)
Less: Cash and cash equivalents	220,227)	146,391)	524,496)	20,958)	11,975)
Enterprise value (EV)	42,693,473)	41,998,057)	34,036,023)	43,137,106)	35,859,514)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of ONEOK Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 65.45 × 447,220,972

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	ONEOK Inc. EV increased from 2020 to 2021 and from 2021 to 2022.

ONEOK Inc. (NYSE:OKE)

Enterprise Value (EV)