1039684--3/13/2006--ONEOK_INC

related topics

{capital, credit, financial}

{competitive, industry, competition}

{cost, regulation, environmental}

{gas, price, oil}

{cost, operation, labor}

{acquisition, growth, future}

{investment, property, distribution}

{cost, contract, operation}

Our nonregulated businesses are riskier than our regulated businesses. Our businesses are subject to market and credit risks. Increased competition could have a significant adverse financial impact on us. We may not be able to successfully make additional strategic acquisitions or integrate businesses we acquire into our operations. Any reduction in our credit ratings could materially and adversely affect our business, financial condition, liquidity and results of operations. We are subject to comprehensive energy regulation by governmental agencies and the recovery of our costs is dependent on regulatory action. We are subject to environmental regulations that could be difficult and costly to comply with. We are subject to risks that could limit our access to capital, thereby increasing our costs and adversely affecting our results of operations. Our business could be adversely affected by strikes or work stoppages by our unionized employees. We do not fully hedge against price changes in commodities. This could result in decreased revenues and increased costs, thereby resulting in lower margins and adversely affecting our results of operations. We could be subject to claims arising out of our ownership of a majority of the general partnership interest in Northern Border Partners, LP, a publicly traded limited partnership.

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1039684--3/13/2006--ONEOK_INC_/NEW/