Item 5.02 - Board Expansion and New Director Elections: ONEOK's Board of Directors elected two new directors effective January 23, 2026 - Mark A. McCollum and Precious Williams Owodunni - increasing the board size from 10 to 12 directors. Mark A. McCollum Background: 66-year-old former president and CEO of Weatherford International plc (2017-2020); previously served as executive vice president…

Our analysis rates this filing BULLISH. This 8-K filing represents a routine and positive corporate governance event with no material risks or concerns. ONEOK is expanding its board from 10 to 12 directors by adding Mark A. McCollum (former Halliburton CFO and Weatherford CEO with deep energy…

Concern level: LOW (1.2/10).

Notable risk changes: Board expansion from 10 to 12 directors with addition of Mark A. McCollum and Precious Williams Owodunni, effective January 23, 2026; McCollum appointed to Audit Committee and Corporate Governance Committee; Owodunni appointed to Executive Compensation Committee and Corporate Governance Committee; Standard indemnification agreements executed with new directors per Oklahoma law and company…

The model predicts OKE will underperform the S&P 500 by about 0.1% over 30 days. This is model analysis for research, not investment advice.