ONEOK Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to ONEOK	1,722,221)	1,499,706)	612,809)	1,278,577)	1,151,703)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	3,329)
Net noncash charges	1,180,339)	1,188,339)	1,446,760)	832,098)	825,282)
Changes in assets and liabilities	3,395)	(141,773)	(160,501)	(163,896)	206,405)
Cash provided by operating activities	2,905,955)	2,546,272)	1,899,068)	1,946,779)	2,186,719)
Capital expenditures, less allowance for equity funds used during construction	(1,202,057)	(696,854)	(2,195,381)	(3,848,349)	(2,141,475)
Borrowing (repayment) of short-term borrowings, net	—)	—)	(220,000)	220,000)	(614,673)
Issuance of long-term debt, net of discounts	869,393)	—)	3,244,777)	4,185,435)	1,795,773)
Repayment of long-term debt	(895,814)	(604,894)	(1,457,222)	(1,057,348)	(932,650)
Free cash flow to equity (FCFE)	1,677,477)	1,244,524)	1,271,242)	1,446,517)	293,694)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to ONEOK Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	ONEOK Inc. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

ONEOK Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	447,674,825
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,677,477)
FCFE per share	3.75
Current share price (P)	64.15
Valuation Ratio
P/FCFE	17.12
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.44
ConocoPhillips	11.73
Exxon Mobil Corp.	15.92
Marathon Petroleum Corp.	4.03
Occidental Petroleum Corp.	8.00
Valero Energy Corp.	5.55
P/FCFE, Sector
Oil, Gas & Consumable Fuels	9.04
P/FCFE, Industry
Energy	9.56

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

ONEOK Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	447,220,972	446,213,285	444,983,595	413,319,000	411,611,382
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,677,477)	1,244,524)	1,271,242)	1,446,517)	293,694)
FCFE per share³	3.75	2.79	2.86	3.50	0.71
Share price^1, 4	65.45	63.82	45.62	73.61	64.29
Valuation Ratio
P/FCFE⁵	17.45	22.88	15.97	21.03	90.10
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	10.59	32.05	21.61	38.28	—
ConocoPhillips	8.93	10.61	497.58	14.36	—
Exxon Mobil Corp.	8.73	19.82	13.70	16.01	—
Marathon Petroleum Corp.	3.74	65.05	51.11	5.87	—
Occidental Petroleum Corp.	18.76	66.22	—	1.84	—
Valero Energy Corp.	6.12	12.51	9.57	7.61	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	8.65	20.61	19.80	11.93	—
P/FCFE, Industry
Energy	9.32	21.56	19.35	12.49	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,677,477,000 ÷ 447,220,972 = 3.75

⁴ Closing price as at the filing date of ONEOK Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 65.45 ÷ 3.75 = 17.45

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	ONEOK Inc. P/FCFE ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

ONEOK Inc. (NYSE:OKE)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical