1. ONEOK 2000 SUMMARY ANNUAL REPORT
HAVE WE MET?

2. SURPR!S
ONEOK IS A DIVERSIFIED ENERGY COMPANY. We
the wellhead to the marketplace. We also market w

3. E
move natural gas products from
holesale electricity.

4. WE’RE NOT YOUR
AVERAGE ENERGY
COMPANY : )

5. TO OUR SHAREHOLDERS
When was the last time you took a good look at ONEOK? If more
than a year has gone by, who we are today may come as a surprise.
Mostly known for our distribution business, distribution now
accounts for less than 30 percent of ONEOK’s income. In fact,
for the first time in our history, contributions from a single,
nonregulated segment exceed those from distribution.
ONEOK has become a large, diversified energy corporation with an
asset stronghold that lies across the prolific Mid Continent region
of the United States. During the past two years, our midstream
acquisitions have vaulted us into the top 10 nationally for natural
gas liquids production. Our marketing efforts reach more than 28
states, and the company is a key player in the retail natural gas
markets in Oklahoma and Kansas.
PROFITABLE STRATEGY
ONEOK’s transition has been purposeful, achieved through a series
of events intentionally choreographed to generate earnings growth.

6. We set a course of action, executed that plan and now are reaping
the rewards. ONEOK’s year-end numbers epitomize an incredible
2000 with momentum that continues into 2001. Diluted earnings
per share were $2.96 compared with $2.09 one year ago, up 42
percent over 1999.
In last year’s annual report, we announced ONEOK’s spring 2000
purchase of midstream assets from Dynegy Inc. and Kinder Morgan,
Inc. Those assets, valued at nearly $878 million, enhance our Mid
Continent position and expand our marketing and trading presence
to California, the upper Midwest, Rocky Mountains and Gulf Coast.
Although these acquisitions only contributed for nine months to
our year-end earnings, their impact on our numbers is impressive.
ONEOK’s overall revenues grew from $2.1 billion in 1999 to $6.6
billion. Operating income generated by our gas gathering and
processing operations was $110.8 million, up 410.6 percent when
compared with last year’s results.
T O TA L E N E R G Y PA C K A G E
A strong team effort by our entire business mix, blending nonregulated
with regulated opportunities, is necessary if ONEOK is to deliver
shareholder value; and that’s exactly what our organization is doing.
Our marketing and trading and gathering and processing activities
are complemented by the successes of ONEOK Resources, our

7. SOURCES OF
2000
OPERATING INCOME
( )
-1%
OTHER &
ELIMINATIONS
TRANSPORTATION
& STORAGE
19% 29%
DISTRIBUTION
15%
MARKETING
33% 5%
& TRADING
GATHERING & PRODUCTION
PROCESSING
TRANSPORTATION
& STORAGE
26%
45%
DISTRIBUTION
10%
MARKETING
& TRADING
9%
8%
GATHERING &
PROCESSING
2%
PRODUCTION
OTHER &
ELIMINATIONS
SOURCES OF
1999
OPERATING INCOME

8. production business. Focused on natural gas and oil reserve
development rather than riskier exploration efforts, it posted a 96
percent success rate for completed wells during the year and has
proved reserves totaling 254.7 billion cubic feet of natural gas and
4.3 million barrels of oil. At the same time, our regulated distribution
businesses rank us ninth nationally in terms of customers served.
Those operations, managed by Kansas Gas Service and Oklahoma
Natural Gas, serve a total of 1.4 million customers and provide
ONEOK stable earnings and predictable cash flow.
The company’s total energy package will become even stronger this
summer when ONEOK Power, our sixth business segment, begins
generating electricity. Natural gas fired generation represents one
more way that ONEOK can extract value from natural gas. Without
a doubt, ONEOK segments accomplish more working together for
our shareholders than each could do standing alone.
TERMINATED MERGER
ONEOK continues to be engaged in litigation related to the
cancelled merger with Southwest Gas Corporation. We remain
committed to vigorously defending the claims against our company,
yet we have not let them distract us from pursuing our business
objectives. In December 2000, ONEOK was cleared of unfounded
racketeering charges associated with the litigation. We believe

9. ONEOK ultimately will be vindicated of all allegations and emerge
as a stronger company because of the experience.
EMPLOYEE SHAREHOLDERS
We are ever mindful that it is you, our shareholders, for whom we
work. To enable all ONEOK employees to better understand your
perspective, each became a shareholder during January 2001 as the
result of a new incentive program. Last fall, we set a benchmark of
$45 per share for our company and promised all 3,700 employees
one share of stock when that goal was met, plus an additional share
each time the price reaches another $5 level beyond the $45 mark.
The first celebration came December 19 when ONEOK stock closed
at $45.312. The second reward was earned just nine days later when
the stock closed at $50.5625.
STOCK SPLIT PROPOSED
On January 18, 2001, ONEOK directors recommended that
shareholders increase the number of authorized common stock
shares from 100 million to 300 million, effecting a two-for-one split.
The proposed record date for the split is May 23, 2001, with share
distribution taking place on June 11, 2001. If approved, the action
will increase the number of common stock shares outstanding from
29.6 million shares to 59.2 million. The quarterly dividend also

10. would be divided in half to reflect the split. The dividend is
currently paid at a rate of 31 cents per common share.
ONEOK 2001
Intrinsic opportunities are driving ONEOK’s growth during 2001.
Where possible, operations are being consolidated, allowing the
company to make the best use of its assets. We continue to innovate,
producing better options for our customers. We are enhancing
operations, including those in the natural gas liquids markets. As
always, we will review acquisition possibilities that could stimulate
future earnings growth.
While ONEOK’s 2000 earnings are impressive, there are several
reasons why our management team expects 2001 to be 20 percent
higher. Among those are:
* A full year of contributions from our new midstream assets,
* Completion of our 300-megawatt power plant in June 2001,
* Weather-normalized rates in Kansas effective December 1, 2000,
* Improved prices for production sales.
ONEOK TOMORROW
ONEOK is designed with a dynamic structure, and that means it
will always be evolving, changing to create new opportunities for

11. shareholders, employees and customers. What will remain constant
are the values upon which we were founded: integrity in business,
respect for the individual and commitment to excellence.
The success ONEOK has attained is the result of careful planning
and hard work on the part of many people. We are controlling our
own destiny and expect exciting results to continue. ONEOK is
not your average energy company. We hope you take time to get
reacquainted with us.
DAVID L. KYLE
C h a i r m a n , Pre s i d e n t a n d
Chief Executive Officer
Tulsa, Oklahoma
March 15, 2001

12. PERSONAL NOTE
that allowed him to touch our entire
Company Chairman Larry W.
industry. Larry not only had a brilliant
Brummett lost his two-year battle
mind, he also had a giving heart.
with cancer on August 24, 2000, just
His tireless work for a myriad of
one week short of his 50th birthday.
charitable causes impacted countless
Certainly, time will prove him to be
lives. I am humbled to serve in the
among the most creative chairmen in
position that Larry so admirably filled.
ONEOK’s history. Larry played a sig-
He challenged us all to be better.
nificant role in designing the strategy
He was my best friend.
that makes ONEOK so successful
today. His work ethic, ambition, —David
knowledge and humanity were gifts

13. 2000 FINANCIAL HIGHLIGHTS
(UNAUDITED)
Percent
Year Ended December 31 2000 1999 Incr. (Decr.)
Consolidated Financial Information ($000)
Operating revenues $6,642,858 $2,065,360 222%
Operating income $ 333,933 $ 232,400 44%
Net income $ 145,607 $ 106,873 36%
Capital expenditures $ 311,403 $ 274,245 19%
Number of employees at year end 3,664 3,215 14%
Common Stock Data
Shares outstanding at year end 29,588,275 29,554,623 —
Data per common share
Earnings - diluted $ 2.96 $ 2.09 42%
Dividends paid $ 1.24 $ 1.24 —
Book value at year end $ 24.63 $ 19.87 24%
Market price range
High $ 50.56 $ 37.19 36%
Low $ 21.75 $ 24.50 (11%)
Market price at year end $ 48.13 $ 25.13 92%
Return on common equity 23.0% 17.78% 29%
Business Segments ($000)
Operating income
Marketing $ 51,274 $ 24,180 112% p. 03
Gathering and processing 110,819 21,679 411%
Transportation and storage 62,158 60,448 3%
Distribution 97,931 103,289 (5%)
Production 15,243 18,078 (15%)
Other and eliminations (3,492) 4,726 (174%)
ONEOK is a diversified energy company.
* Founded in 1906 as a pipeline business.
* Markets and trades energy commodities, including wholesale electricity.
* Involved in all aspects of the natural gas industry.
* Listed on the New York Stock Exchange under the symbol OKE.
CONTENTS
18 Summar y Financial Information
24 Corporate Officers
25 Board of Directors
26 Glossar y
27 Segment Profile
29 Corporate Data

14. M+RE THAN
MEETS THE

15. p. 05
EYE.

16. +
p. 06
+ 240%
+36%
( 2000 VS 1995 NET INCOME )
( 2000 VS 1999 NET INCOME )

17. ONEOK is markedly different than it was two years ago. What’s been the driver? Growth in
nonregulated earnings.
The evolution that began methodically in 1995 came into its own during 2000, positioning us
for anticipated growth in 2001 and beyond. ONEOK purchased prime Mid Continent region assets,
valued at nearly $878 million, from Dynegy Inc. and Kinder Morgan, Inc. that stretch from Texas
to Kansas and cross the natural gas-rich Hugoton, Anadarko and Panhandle Basins. These
gathering, processing and marketing jewels are already proving their worth.
ONEOK’s marketing and trading business was especially boosted by the acquisition. Gas marketing
volume, which averaged 1.1 billion cubic feet per day in 1999 increased to 2.7 billion cubic feet per
day. Storage capacity was up from 29.5 billion cubic feet to 64 billion cubic feet. Helping drive our
momentum is the fact that ONEOK now has access to five major U.S. marketing hubs. Those hubs,
p. 07
plus storage capabilities and contracted pipeline capacity, enable ONEOK’s marketing and trading
segment to serve customers from coast to coast and border to border.
Gathering and processing, for years a secondary segment of ONEOK’s business mix, finally made
its way into the spotlight this year. We added 13,400 miles of gathering pipeline and natural gas
processing plants with a combined capacity of approximately 1.6 billion cubic feet per day.
The result? The company’s total daily processing capacity jumped to 2.2 billion cubic feet by
year-end. Our natural gas liquids production increased by 230 percent to 69 thousand barrels
per day, clearly placing us in the top 10 nationally.
In just a few months, ONEOK will make its debut as an electricity provider, with the completion of
the $120 million Spring Creek Power Plant. Located just outside of Oklahoma City, the 300-megawatt,
natural-gas-fired generating facility will operate as a peaking plant — supplying customers with the
additional power they need during summertime high electricity demand. To ensure reliable natural
gas supply, the plant is located near the company’s Edmond natural gas storage field.
Five years ago, at the beginning of ONEOK’s transition, our net income was almost $43 million.
Today the company’s net income exceeds $145 million, and that number continues to grow.
Without a doubt, ONEOK is one company worth watching.

18. ONEOK’s operating groups are dedicated to performance and profitability as a whole. Business units
in many diversified corporations operate as stand-alone entities that rarely, if ever, interact with the
others. ONEOK shareholders, however, benefit more when our company segments come together to
form a cohesive team. The result is much more valuable than the sum of individual successes.
Few natural gas marketing and trading companies, for example, are able to quickly respond to daily
market changes. Our storage capacity, however, allows ONEOK Energy Marketing and Trading to buy
or sell large packages of gas over short time horizons — even on an hour-to-hour basis. Referred to
as serving the “optionality market,” this business requires a strong balance sheet.
ONEOK’s primary operational location, the Mid Continent region of the U.S., is another critical part of
our united strategy. The region is a treasure trove of prime acreage, industry technology and a skilled
workforce. ONEOK Resources, our production company, increased its development drilling in the
Mid Continent as natural gas prices recovered during 2000 and rose to unprecedented highs. It
p. 08
participated in drilling more than 90 wells during the year — the most activity in its history. ONEOK
Resources is among the lowest-cost producers in the country and was ranked among the top U.S. small
independent producers in a survey of 2000 industry trends conducted by a national consulting firm.
In order to maintain a strategy of investing in assets that strengthen and complement each other,
we occasionally divest the company of holdings that no longer are solid strategic fits. That happened
twice during 2000. During the first quarter, ONEOK sold its 42.4 percent interest in the Indian Basin
Gas Processing Plant and gathering system for $55 million. Although the plant was very successful,
its New Mexico location prevented it from supporting our other operations. In June, ONEOK Resources
sold $6 million of non-core, non-strategic gas and oil producing properties. The sale involved 143
wells that were scattered in isolated fields throughout Texas and parts of Oklahoma and Kansas.
What provides ONEOK balance for its higher-risk, upstream and midstream activities? Our regulated
distribution operations, Oklahoma Natural Gas Company and Kansas Gas Service Company. These
businesses have an almost $2.0 billion asset base. ONG serves 80 percent of Oklahoma, while KGS
customers represent about two-thirds of the Kansas retail gas market. During 2000, ONG and KGS
provided ONEOK a stable 11.6 percent return on investment and were responsible for 29.3 percent
of corporate operating income.
Nonregulated with regulated. Wellhead to burner tip. It’s
a smart, powerful asset mix,
and no one else in the Mid Continent can match it.

19. + 42%
( 2000 VS 1999 EARNINGS PER
DILUTED COMMON SHARE )
ALL FOR ONE. p. 09
ONE FOR ALL.

20. WH?T YOU RE
WANT TO KNO

21. ALLY p. 11
W.

22. + 92%
!
p. 12

23. p. 13
( 2000 VS 1999 YEAR END COMMON STOCK MARKET PRICE )

24. THAT’S NOT Y
AVERAGE GRO

25. OUR
WTH...

26. Admittedly, the full meaning of our fast-paced 2000 is a lot to absorb in one sitting. But don’t think
for one minute that any part of ONEOK is like those flash-in-the-pan dot coms. What happened here
is the result of measured, strategic efforts to improve earnings.
To ensure ONEOK’s overall risk exposure is kept in line, we established a Corporate Risk Control
p. 16
Group. The effort formalized our procedures that identify, manage, measure and monitor overall risk
exposures. It set parameters for our marketing and trading business and created a buffer between
those making trades and those who account for them. We also implemented mark-to-market
accounting, a method specific to trading contracts and trading companies.
During 2000, we selected and began installing new Enterprise Resource Planning software that
links all ONEOK accounting and human resources systems. The change will provide unprecedented
efficiency and accuracy. Each of those attributes is a critical factor in today’s marketplace.
As the natural gas industry continues to unbundle downstream operations, more and more end-use
customers are leaning toward companies with strong balance sheets and good credit ratings. That’s
one reason why significantly all of ONEOK’s long-term debt is fixed-rate: It does not jeopardize
earnings or cash flow resulting from changes in market interest rates. Additionally, the company
has a $900 million credit line.
During May, we filed a $460 million registration statement with the Securities and Exchange
Commission that allows us to issue debt or common stock securities. It provides us with access
to additional funds for working capital, refinancing debt and making acquisitions. Meanwhile to
expand and keep our assets in shape, we invested $311 million for capital expenditures during 2000.
Another $300.8 million has been budgeted for the same purposes in 2001.

27. The energy business is one segment of the economy that can be impacted by, among other things,
weather, government pricing, regulation, supply and demand issues, and competition. To minimize some
of these risks, ONEOK uses derivative instruments like future contracts and hedges. This past year,
hedges protected many of our positions as gas prices soared to all-time highs. In the case of our
p. 17
production company, protective hedges actually limited its earning potential. Are we sorry we hedged?
No. It was smart business. ONEOK Resources still had a great year and will benefit from higher prices
and hedges during 2001.
Our growth strategy is successful for two reasons: We seek opportunities that will maximize existing
assets and operations, and we recognize that expansion must have a positive impact on earnings
performance. ONEOK is in a very attractive position with an excellent mix of hard and soft assets.
We know who we are and where we are headed. We believe ONEOK’s bottom line will continue to
We’re in the right place, with the right assets
grow by double-digit percentages.
and the right people. In our book, that’s not average, that’s WOW!

28. FINANCIAL
SUMMARY
p. 18
MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL REPORTING
The management of ONEOK, Inc., is responsible for all information included in the Summary Annual Report, whether
audited or unaudited.
These consolidated financial statements were prepared by management in conformity with accounting principles
generally accepted in the United States of America.
The company’s system of internal controls is designed to provide reasonable assurance that assets are safeguarded
against loss or unauthorized use and that the financial records are reliable for preparing financial statements that
present fairly the financial position and operating results of the company. The company’s internal auditors evaluate
and test the system of internal controls.
Both KPMG LLP and the company’s internal auditors have free access to the audit committee of the Board of
Directors, without the presence of management, to discuss accounting, auditing and financial reporting matters.
Jim Kneale
Senior Vice President, Treasurer
and Chief Financial Of ficer

29. C O N S O L I D AT E D S TAT E M E N T S O F I N C O M E (Thousands of Dollars except per share amounts)
(UNAUDITED)
Year Ended December 31, 2000 1999
Operating Revenues 6,642,858 2,065,360
Cost of gas 5,845,726 1,318,362
Net revenues 797,132 746,998
Operating Expenses
Operations and maintenance 266,545 341,418
Depreciation, depletion, and amortization 143,351 131,195
General taxes 53,303 41,985
Total Operating Expenses 463,199 514,598
Operating Income 333,933 232,400
Other income, net 18,475 7,269
Interest expense 118,630 65,739
Income taxes 90,286 67,057
Income before cumulative effect of a change in accounting principle 143,492 106,873
Cumulative effect of a change in accounting principle, net of tax 2,115 —
Net Income 145,607 106,873
Preferred stock dividends 37,100 37,182
Income Available for Common Stock $ 108,507 $ 69,691
Earnings Per Share of Common Stock
Basic $ 3.71 $ 2.24
Diluted $ 2.96 $ 2.09
Average Shares of Common Stock (Thousands)
Basic 29,224 31,127
Diluted 49,194 51,153
p. 19
This Summary Annual Report contains statements concerning company expectations or predictions of the future that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These statements are intended to be covered by the safe harbor provisions of the Securities Act
of 1933 and the Securities and Exchange Act of 1934. It is important to note that actual results of company earnings could differ materially from those projected
in such forward-looking statements.

30. C O N S O L I D AT E D B A L A N C E S H E E T S (Thousands of Dollars)
(UNAUDITED)
December 31, 2000 1999
Assets
Current Assets
Cash and cash equivalents $ 249 $ 72
Trade accounts and notes receivable 1,627,714 371,313
Materials and supplies 18,119 10,360
Gas in storage 57,800 124,511
Deferred income taxes 10,425 8,383
Purchased gas cost adjustment 1,578 8,105
Assets from price risk management activities 1,416,368 —
Customer deposits 120,800 40,928
Other current assets 71,906 31,714
Total Current Assets 3,324,959 595,386
Property, Plant and Equipment 4,206,129 3,143,693
Accumulated depreciation, depletion, and amortization 1,110,616 1,021,915
Net Property 3,095,513 2,121,778
Deferred Charges and Other Assets
Regulatory assets, net 238,605 247,486
Goodwill 93,409 80,743
Assets from price risk management activities 405,666 —
Investments and other 210,984 195,847
Total Deferred Charges and Other Assets 948,664 524,076
Total Assets $7,369,136 $3,241,240
Liabilities and Shareholders’ Equity
Current Liabilities
p. 20
Current maturities of long-term debt $ 10,767 $ 21,767
Notes payable 824,106 462,242
Accounts payable 1,256,310 237,653
Accrued taxes 8,735 359
Accrued interest 24,161 16,628
Customers’ deposits 18,319 18,212
Liabilities from price risk management activities 1,296,041 —
Other 96,913 29,852
Total Current Liabilities 3,535,352 786,713
Long-term Debt, excluding current maturities 1,336,082 775,074
Deferred Credits and Other Liabilities
Deferred income taxes 382,363 349,883
Liabilities from price risk management activities 543,278 —
Lease obligation 137,131 —
Other deferred credits 209,973 178,046
Total Deferred Credits and Other Liabilities 1,272,745 527,929
Total Liabilities 6,144,179 2,089,716
Shareholders’ Equity
Convertible Preferred Stock, $0.01 par value: Series A authorized 20,000,000 shares;
issued and outstanding 19,946,448 shares at December 31, 2000 and 1999 199 199
Common stock, $0.01 par value: authorized 100,000,000 shares; issued
31,599,305 shares and outstanding 29,588,275 shares at December 31, 2000;
issued 31,599,305 shares and outstanding 29,554,623 shares at December 31, 1999 316 316
Paid in capital 895,668 894,976
Unearned compensation (1,128) (1,846)
Retained earnings 387,789 317,985
Treasury stock at cost: 2,011,030 shares at December 31, 2000; 2,044,682 shares
at December 31, 1999 (57,887) (60,106)
at August 31, 1999 1,224,957 1,151,524
Total Liabilities and Shareholders’ Equity $7,369,136 $ 3,241,240

31. C O N S O L I D AT E D C O N D E N S E D S TAT E M E N T S O F C A S H F L O W S (Thousands of Dollars)
(UNAUDITED)
Year Ended December 31, 2000 1999
Operating Activities
Net income $ 145,607 $ 106,873
Depreciation, depletion, and amortization 143,351 131,195
Gain on sale of assets (27,050) (1,646)
Net income from equity investments (4,025) (5,623)
Deferred income taxes 26,143 48,116
Changes in assets and liabilities (379,213) (135,008)
Cash Provided by (Used in) Operating Activities (95,187) 143,907
Investing Activities
Changes in other investments, net 68 (60,241)
Acquisitions (494,904) (259,516)
Capital expenditures (311,403) (274,245)
Proceeds from sale of property 60,659 3,000
Cash Used in Investing Activities (745,580) (591,002)
Financing Activities
Borrowing of notes payable, net 361,864 152,242
Issuance of debt 590,000 496,254
Payment of debt (39,992) (60,599)
Issuance of common stock — 1,380
Acquisition of treasury stock, net (453) (62,578)
Dividends paid (70,475) (76,234)
Acquisition and cancellation of preferred stock — (3,298)
Cash Provided by (Used in) Financing Activities 840,944 447,167 p. 21
Change in Cash and Cash Equivalents 177 72
Cash and Cash Equivalents at Beginning of Period 72 —
Cash and Cash Equivalents at End of Period $ 249 $ 72

32. FIVE YEAR SUMMARY 1996-2000
(UNAUDITED)
Year Ended Year Ended
December 31 August 31
2000 1999 1998 1997 1996
Financial Data (Millions of dollars, except per share amounts)
Operating revenues $ 6,642.9 $ 2,065.4 $ 1,820.8 $ 1,161.6 $ 1,218.6
Operating expenses, before income taxes 6,309.0 1,833.0 1,632.0 1,033.8 1,103.6
Operating income 333.9 232.4 188.8 127.8 115.0
Other income 18.5 7.3 14.6 0.3 6.0
Interest 118.6 65.7 35.1 34.0 35.2
Income taxes 90.3 67.1 66.5 34.8 33.0
Income before cumulative effect of a change
in accounting principle 143.5 106.9 101.8 59.3 52.8
Cumulative effect of change in accounting principle, net of tax 2.1 — — — —
Net Income 145.6 106.9 101.8 59.3 52.8
Dividends on preferred stock 37.1 37.2 27.0 0.3 0.4
Earnings applicable to common stock $ 108.5 $ 69.7 $ 74.8 $ 59.0 $ 52.4
Earnings per share of common stock-basic $ 3.71 $ 2.24 $ 2.44 $ 2.13 $ 1.93
Earnings per share of common stock -diluted $ 2.96 $ 2.09 $ 2.23 $ 2.13 $ 1.93
Total assets at end of year $ 7,369.1 $ 3,241.2 $ 2,422.5 $ 1,237.4 $ 1,219.9
Capital expenditures $ 311.4 $ 274.2 $ 140.8 $ 112.0 $ 95.4
Capitalization at Year End (Millions of dollars)
Long-term debt 1,346.8 796.8 329.3 347.1 351.9
Short-term debt 824.1 462.3 212.0 45.0 50.2
Total debt 2,170.9 64% 1,259.1 52% 541.3 32% 392.1 46% 402.1 49%
Shareholders’ equity 1,225.0 36% 1,151.5 48% 1,168.9 68% 462.6 54% 423.7 51%
Total capitalization $ 3,395.9 $2 ,410.6 $ 1,710.2 $ 854.7 $ 825.8
p. 22
Coverages
Times interest earned 3.0 3.6 5.8 3.7 3.4
Ratio of earnings to fixed charges 2.88 3.46 5.50 3.51 3.28
Ratio of earnings to fixed charges and
preferred stock dividend requirement 1.93 1.84 2.52 3.48 3.24
Common Stock Data
Return on common equity 23.30% 17.78% 19.14% 13.52% 13.15%
Dividends paid per share 1.24 $1.24 $1.20 $1.20 $1.18
Percent payout 41.9% 55.4% 53.8% 56.2% 61.1%
Book value per share at year end 24.63 $19.87 $22.64 $16.47 $15.21
Market price
High $ 50.563 $ 37.188 $ 44.250 $ 35.313 $ 28.875
Low $ 21.750 $ 24.500 $ 29.750 $ 24.875 $ 20.000
Close $ 48.125 $ 25.125 $ 30.063 $ 32.375 $ 27.375
Market price to book value at year-end 2.0 1.3 1.3 2.0 1.8
Market price to earnings at year end 16.3 12.0 13.5 15.2 14.5
Common dividend yield at year-end 2.6% 4.9% 4.0% 3.7% 4.2%
Shares outstanding at year end-basic (Thousands) 29,588 29,555 31,576 28,080 27,261
Shares outstanding at year end-diluted (Thousands) 49,736 49,504 51,633 28,080 27,261
Number of shareholders at year end 12,067 12,797 11,768 13,189 13,267

33. O P E R AT I N G S TAT I S T I C S
(UNAUDITED)
Year Ended December 31, 2000 December 31, 1999 August 31, 1998
Marketing and Trading
Natural gas volumes (Billions of cubic feet) 990.0 411.0 334.4
Gross margin (Mcf) 0.06 0.08 0.05
Capital expenditures (Thousands) $ 59,512 $ 17,045 $ —
Total assets (Thousands) $ 3,112,653 $ 306,705 $ 130,100
Gathering and Processing
Average NGL’s price ($/Gal) $ 0.500 $ 0.320 $ 0.302
Average gas price ($/Mcf) $ 3.70 $ 2.42 $ 2.30
Total gas gathered (Mcf/D) 1,186,900 229,300 219,971
Total gas processed (Mcf/D) 1,111,400 187,000 198,172
Natural gas liquids sales (Millions of gallons) 1,007,343 278,838 194,580
Gas sales (MMcf) 115,180 19,675 5,771
Natural Gas Liquids by Component (%)
Ethane 37 48 42
Propane 32 27 31
Iso butane 5 5 4
Normal butane 12 9 10
Natural gasoline 14 11 13
Contracts %
Percent of Proceeds 44 64 54
Fuel and Shrink 32 36 46
Fee 24 — —
Capital expenditures (Thousands) $ 32,383 $ 31,696 $ 2,235
Total assets (Thousands) $ 1,507,546 $ 368,904 $ 86,955
Transportation and Storage
Volumes transported (Billions of cubic feet) 557.1 336.7 394.8
Working gas in storage (Billions of cubic feet) 21.6 41.5 47.0
Capital expenditures (Thousands) $ 37,701 $ 25,393 $ 38,271
Total assets (Thousands) $ 661,894 $ 437,561 $ 351,692
p. 23
Distribution
Volumes (Millions of cubic feet)
Gas sales 153,449 152,724 153,490
Pipeline capacity leases and end use customer transportation 192,881 197,269 241,262
Total 346,330 349,993 394,752
Average Number of Customers at Year End
Oklahoma 784,746 757,500 739,684
Kansas 633,698 627,937 652,330
Degree days
Oklahoma 3,652 2,865 3,634
Percent colder (warmer) than normal (0.2)% (20.9)% (0.4)%
Kansas 4,959 4,411 3,771
Percent colder (warmer) than normal 0.3% (11.8)% (6.2)%
Capital expenditures (Thousands) $ 124,983 $ 113,043 $ 77,198
Total assets (Thousands) $ 2,007,351 $1,776,273 $1,771,999
Customers per employee
Oklahoma 586 563 475
Kansas 555 527 489
Gross Margin per Mcf
Oklahoma
Residential $ 2.76 $ 2.99 $ 2.99
Commercial $ 1.97 $ 2.44 $ 2.40
Industrial $ 1.09 $ 1.11 $ 1.13
Pipeline capacity leases $ 0.27 $ 0.27 $ 0.24
Kansas
Residential $ 2.44 $ 2.43 $ 2.24
Commercial $ 1.91 $ 1.86 $ 1.75
Industrial $ 1.85 $ 2.13 $ 1.92
Pipeline capacity leases $ 0.63 $ 0.53 $ 0.56
Production
Proved reserves at year end
Gas (Billions of cubic feet) 254.7 247.0 178.0
Oil (Thousands of barrels) 4,339 4,160 3,272
Production
Gas (Billions of cubic feet) 26.7 28.4 16.8
Oil (Thousands of barrels) 400 453 330
Average price
Gas (Mcf) $ 2.28 $ 2.25 $ 2.21
Oil (Bbls) $ 21.43 $ 15.54 $ 15.70
Capital expenditures (Thousands) $ 34,035 $ 63,104 $ 16,650
Total assets (Thousands) $ 364,248 $352,912 $282,765

34. C O R P O R AT E O F F I C E R S David D. Arnold, 42 Stephan R. Guy, 46
Vice President - Customer Service Vice President, Engineering and
Oklahoma Natural Gas and Kansas Operations - Oklahoma Region
ONEOK, INC.
Gas Service
David L. Kyle, 48
Donald T. Jacobsen, 52
Chairman of the Board, President and
William G. Eliason, 48 Vice President - Gathering
Chief Executive Officer
Vice President - Gas Strategy ONEOK Producer Services, L.L.C.
Oklahoma Natural Gas and
John A. Gaberino Jr., 59
Kansas Gas Service Sam H. McVay Jr., 56
Senior Vice President and General
Vice President - Business Development
Counsel
Daniel C. Walker, 47
Vice President - Operations Greg A. Phillips, 38
James C. Kneale, 49
Oklahoma Natural Gas and Kansas Vice President, Engineering and
Senior Vice President, Treasurer and Chief
Gas Service Operations - Texas Region
Financial Officer
John L. Sommer, 45
Deborah B. Barnes, 46
KANSAS GAS SERVICE COMPANY Vice President, Gathering
Vice President, Secretary and Associate
and Processing - Supply
Joseph B. Diskin, 58
General Counsel
Vice President - Northern Operations
Sherman W. “Pete” Walker, 49
James M. Fallon, 44
Vice President, Commercial
Larry L. Fischer, 57
Vice President - Corporate Services
ONEOK Gas Transportation, L.L.C.
Vice President - Western Operations
William S. Maxwell, 40
Phyllis S. Worley, 50
Vice President - Financial Trading
MARKETING AND TRADING
Vice President - Southern Operations
ONEOK ENERGY MARKETING AND
D. Lamar Miller, 41
T R A D I N G C O M PA N Y
Vice President and Risk Control Officer
p. 24
OKLAHOMA NATURAL GAS COMPANY Christopher R. Skoog, 37
President
Charles O. Moore, 38 Samuel Combs III, 43
Vice President - Information Technology Vice President - Western Region
Patrick J. McDonie, 40
Vice President - Trading
David E. Roth, 45 Carl J. Holliday, 57
Vice President - Human Resources Vice President - Eastern Region
Weldon L. Watson, 53 PRODUCTION
Vice President - Investor Relations and ONEOK RESOURCES COMPANY
G AT H E R I N G A N D P R O C E S S I N G
Communications T R A N S P O R TAT I O N A N D S T O R A G E
J. D. Holbird, 51
POWER
President
John W. Gibson*, 48
President - Energy George W. Drake, 51
O P E R AT I O N S O F F I C E R S
Vice President - Marketing
J. Brian Boulter, 48
DISTRIBUTION Vice President, Engineering and Kenneth D. Lovell, 46
Operations - Kansas Region
Eugene N. Dubay*, 52 Vice President - Acquisitions and
President Exploration
William R. DeWare, 45
Kansas Gas Service Company
Vice President - Marketing and W. Clark Southmayd Jr., 42
Business Development
Edmund J. Farrell*, 57 Vice President - Engineering and
ONEOK Power Marketing Company
President Operations
Oklahoma Natural Gas Company
*Also a ONEOK Corporate Officer
Officer Retirements
James T. Clark, 60, Kansas Gas Service Company Vice President - Administration,
retires effective April 1, 2001, following 22 years of service.
Roy L. Clymer, 62, Oklahoma Natural Gas Company Vice President - Customer
Service, retired September 1, 2000, following 38 years of service.
Barry D. Epperson, 56, ONEOK Vice President, Controller and Chief Accounting
Officer, retires effective April 1, 2001, following 30 years of service.

35. DIRECTORS
Douglas T. Lake
Edwyna G. Anderson
Executive Vice President and
Retired General Counsel
Chief Strategic Officer
Duquesne Light Company
Western Resources, Inc.
Pittsburgh, Pennsylvania
Topeka, Kansas
William M. Bell
Bert H. Mackie
President and Director
President and Director
Bank One Oklahoma, N.A.
Security National Bank
Oklahoma City, Oklahoma
Enid, Oklahoma
Douglas R. Cummings
Douglas Ann Newsom, Ph.D.
Chairman
Professor, Department of Journalism
Cummings Oil Company
Texas Christian University
Oklahoma City, Oklahoma
Fort Worth, Texas
John B. Dicus
Gary D. Parker
President and Chief Operating Officer
President
Capitol Federal Savings Bank
Moffitt, Parker & Company, Inc.
Topeka, Kansas
Muskogee, Oklahoma
William L. Ford
J. D. Scott
President
Retired Chairman of the Board
Shawnee Milling Company
ONEOK, Inc.
Shawnee, Oklahoma
Tulsa, Oklahoma
David L. Kyle p. 25
Chairman, President and
Chief Executive Officer
ONEOK, Inc.
Tulsa, Oklahoma
Chairman Emeritus
C. C. Ingram
Chairman Emeritus
ONEOK, Inc.
Tulsa, Oklahoma
B o a r d Tr a n s i t i o n s
Stanton L. Young retired from ONEOK’s Board of Directors on April 20, 2000. Young,
president of The Young Companies in Oklahoma City, tirelessly contributed his expertise
to our Board for more than 28 years. We especially appreciate his service to ONEOK
during our period of major transformation.
Howard R. Fricke, chairman of the board and chief executive officer of The Security
Benefit Group of Companies, resigned from the ONEOK Board of Directors on
February 14, 2001. Fricke served as a director for four years. He will be missed,
and we wish him the best.
John B. Dicus joined ONEOK’s board of directors effective February 15, 2001. Dicus,
39, is president and chief operating officer and director of Capitol Federal Savings Bank
in Topeka, Kansas. He brings financial expertise and experience to our board, along
with knowledge of Kansas where ONEOK distributes natural gas to more than two-thirds
of the state.

36. GLOSSARY
Dekatherm (Dt or Dth): A measure of heating value roughly equivalent to one
thousand cubic feet of natural gas.
Exploitation: The optimal development of an oil and gas reservoir to extract
its hydrocarbons.
p. 26
Hedging: The process of reducing financial risk to adverse natural gas, oil or
other commodity price movements by entering into offsetting transactions.
Fuel and Shrink Contract: Also referred to as “keep whole.” Contract in which
the processor replaces NGLs extracted with natural gas to maintain the BTU
content at the tailgate of the plant. It allows the owner of the gas to be “kept
whole” in terms of BTUs and allows the processor to sell the recovered NGLs.
Mark-to-Market: The daily adjustment of a transaction to reflect its fair value.
Often required to calculate variations of margins and to indicate market prices
for positions.
Natural Gas Liquids (NGL): Liquid hydrocarbons that are extracted and
separated from the natural gas stream. NGL products include ethane, propane,
iso butane, butane and natural gasoline.
Percent-of-Proceeds Contract: Contract in which the processor is
paid a percentage of the market value of the natural gas and NGLs that
are processed.
Units of Measure:
Mcf Thousand cubic feet
MMcf Million cubic feet
Bcf Billion cubic feet
Bbl Barrels (42 U.S. gallons)
MBbl Thousand barrels
MGal Thousand gallons
When -e follows any of the above, the oil and natural gas liquids
components have been converted to their equivalents in cubic feet
at a rate of 6 Mcf per barrel.

37. SEGMENT
PROFILE p. 27

38. ONEOK FIELD SERVICES
MAJOR MARKETING HUBS
PROCESSING PLANTS
MARKETING PRESENCE
MARKETING AND TRADING G AT H E R I N G A N D P R O C E S S I N G
C O M PA N I E S L O C AT I O N S ACTIVITIES C O M PA N I E S L O C AT I O N S ACTIVITIES
ONEOK Energy Major marketing Markets natural gas to ONEOK Field Oklahoma, Kansas, Conducts gas gathering
Marketing & hubs in the U.S. wholesale and retail Services Texas and processing. Also
Trading Company including the Waha, customers in the United Company fractionates, stores
Mid Continent, States, leases gas and markets natural
Katy, Rockport storage from others with ONEOK Gas gas liquids (NGL)
and Chicago. direct access to the Processing, L.L.C. products.
West Coast and the
Texas intrastate market,
trades wholesale elec- Results
tricity on a limited scale. (For The Year Ended Dec. 31) 2000 1999
Natural gas liquids (NGL)
and condensate sales ($000) $ 536,470 $ 87,097
p. 28
Conducts wholesale
ONEOK Power Oklahoma
NGL sales (MGal) 1,007,343 278,838
trading of electricity.
Marketing
NGL average price realized ($/gal) $ 0.50 $ 0.32
Building ONEOK’s Spring
Company (a)
Gas sales ($000) $ 426,364 $ 47,699
Creek Power Plant,
Gas sales (MMMbtu) 115,180 19,675
scheduled to be opera-
Gathering revenues ($000) $ 51,734 $ 13,192
tional June 1, 2000.
Capital expenditures ($000) $ 32,383 $ 31,696
Operating income ($000) $ 110,819 $ 21,679
Results
Highlights
(For The Year Ended Dec. 31) 2000 1999
Natural gas sales ($000) $ 4,658,787 $ 960,764 * Acquired 13,400 miles of gathering pipeline and natural gas
Natural gas volumes (MMcf) 990,033 411,002 processing plants with a combined capacity of 1.6 billion cubic
Daily Natural gas volumes (Bcf) 2.7 1.1 feet per day, expanding our system to West Texas.
Capital expenditures ($000) (b) $ 59,512 $ 17,045
* Produced one million barrels of brine at Bushton NGL storage facility
Operating income ($000) $ 51,274 $ 24,180
in order to sell more natural gas liquids from storage during the
winter 2000-2001 heating season.
Highlights
* Sold the Indian Basin Processing Plant and gathering system
* Signed three major supply agreements of more than 100 million
for $55 million.
cubic feet per day for terms of 2 to 5 years.
* Increased processing capacity in Oklahoma by about 25 million cubic
* Signed a new 100 million cubic feet a day two-year agreement on
feet a day by connecting several plants together with piping and
supply side of business with a major producer that has multiple
using previously unprocessed gas to fill that capacity.
pipeline deliveries.
* Shut down five gas plants through consolidation to better utilize
* Signed several new peaking contracts with local distribution
capacity and reduce operating costs.
customers around the country that are within the confines of
our storage deliverability.
Top 2001 Strategy
* Exceeded $1 billion in gross revenues for the first time.
* Seek “back-yard” acquisitions that will facilitate consolidation and
* Implemented new online portal system that provides interface
optimization of assets while increasing percent-of-proceeds and fee-
with customers and streamlines operations.
based contracts, thereby reducing exposure to keep whole contracts.
Top 2001 Strategy
* Exploit trading opportunities between supply basins and
market centers.
(a) On January 1 2001, the company created a new segment, “Power,” which will
include the operating results of ONEOK Power Marketing Company.
(b) The majority of capital expenditures relate to the construction of the Spring Creek
Power Plant

39. ONEOK GAS
TRANSPORTATION,L.L.C.
ONEOK GAS
TRANSPORTATION — GATHERING
MID CONTINENT MARKET CENTER
MID CONTINENT TRANSPORTATION CO.
ONEOK WESTEX TRANSMISSION CO.
STORAGE
KANSAS GAS SERVICE TERRITORY
OKLAHOMA NATURAL GAS SERVICE TERRITORY
DISTRIBUTION
T R A N S P O R TAT I O N A N D S T O R A G E
C O M PA N I E S L O C AT I O N S ACTIVITIES
C O M PA N I E S L O C AT I O N S ACTIVITIES
Oklahoma Oklahoma Provides natural gas
ONEOK Gas Oklahoma, Kansas, Provides affiliated and
distribution services
Natural
Transportation Texas nonaffiliated compa-
to 80 percent of
L.L.C., Mid Company
nies access to key
Oklahoma, including
Continent Market natural gas producing
residential, commercial
Center, Mid areas through 9,600
and industrial cus-
Continent miles of integrated
tomers. Operations
Transportation pipeline systems.
are regulated by the
Company,
Oklahoma Corporation
ONEOK WesTex
Commission.
Transmission
Company
Provides natural gas
Kansas Gas Kansas
distribution services
Service Company
Owns 10 underground
ONEOK Gas Oklahoma, to approximately two-
storage facilities and
Storage, L.L.C.. Kansas, Texas thirds of Kansas,
leases capacity to third including residential,
parties. commercial and
industrial customers.
Operations are
Helps producers
ONEOK Producer Oklahoma regulated by the Kansas
through the steps
Services, L.L.C. Corporation Commission.
involved in getting
natural gas from the
field to transportation Results
systems and storage (For The Year Ended Dec. 31) 2000 1999
facilities. Total throughput (MMcf) 346,330 349,993
Capital expenditures ($000) $ 124,983 $ 113,043
Number of customers (Average) 1,418,444 1,435,647
Results Customers per employee (Average)
Oklahoma 586 563
(For The Year Ended Dec. 31) 2000 1999
Volumes transported (MMcf) 557,052 336,658 Kansas 555 527
Capital expenditures ($000) $ 37,701 $ 25,393 Operating income ($000) $ 97,931 $ 103,289
Operating income ($000) $ 62,158 $ 60,448
Highlights
Highlights * Adjusted operations following deregulation of gas storage and
* Added 5,000 miles of transmission pipeline and 10 billion cubic feet gathering in Oklahoma.
of additional storage capacity to assets through acquisition, and also * Implemented weather-normalization rate adjustment in Kansas on
expanded system into West Texas. December 1, 2000.
* Entered into a long-term agreement with a major power producer to * Implemented field scheduling management system in Kansas.
provide firm natural gas transportation service of up to 85,000
* Test pilot global positioning in Oklahoma.
dekatherms per day to its new 500 megawatt generating plant
* Installed low-cost remote meter reading equipment for larger
in Oklahoma.
Oklahoma commercial customers.
Top 2001 Strategy * Coordinating efforts through best practices.
* Grow throughput while operating as the lowest cost provider in all
Top 2001 Strategy
operational locations.
* Use best practices to continue reducing overhead and
maintenance expense.

40. PRODUCTION AREAS
PRODUCTION
C O M PA N I E S L O C AT I O N S ACTIVITIES
ONEOK Oklahoma, Kansas, Produces natural
Resources Texas gas and oil.
Company Participates as
operator of some
projects and as a
nonoperator, interest
partner in others.
Results ONEOK, Inc. Senior Management Team (left to right)
(For The Year Ended Dec. 31) 2000 1999
(1) Christopher R. Skoog, President, ONEOK Energy
Natural gas sales ($000) $ 60,966 $ 63,808
Marketing and Trading Company
Natural gas production (MMcf) 26,746 28,379
Oil sales ($000) $ 8,571 $ 7,040
(2) David L. Kyle, Chairman of the Board, President
Oil production (MBbls) 400 453 and Chief Executive Officer, ONEOK, Inc.
Capital expenditures ($000) $ 34,035 $ 63,104
(3) Edmund J. Farrell, President, Oklahoma Natural
Operating income ($000) $ 15,243 $ 18,078
Gas Company
Other income, net ($000) (a) $ 10,600 $ 5,300
Proved reserves at year end
(4) John A. Gaberino Jr., Senior Vice President
Gas (Bcf) 250.5 247.0
and General Counsel, ONEOK, Inc.
Oil (MBbl) 4,311 4,160
(5) John W. Gibson, President — Energy, ONEOK, Inc.
Highlights
(6) J.D. Holbird, President, ONEOK Resources Company
* Increased development drilling by 140 percent.
(7) James C. Kneale, Senior Vice President, Treasurer
* Divested 143 non-strategic, under performing wells for $6 million.
and Chief Financial Officer, ONEOK, Inc.
* Reduced company’s lifting costs by 4 cents per Mcf.
(8) Eugene N. Dubay, President, Kansas Gas
* Participated in the acquisition of $2.2 million in wells and associated
Service Company
leaseholds near existing production in Grady County, Oklahoma.
Top 2001 Strategy
* Maximize earnings by continuing to participate in acquisition activities,
developing acreage and prospects from our existing inventory, and
increasing production through the drill bit.
(a) Increased dividends from the Magnum Hunter investment
led to the increase in “other income, net.”

41. C O R P O R AT E I N F O R M AT I O N
Annual Meeting ONEOK Shareholder Information
The annual meeting of shareholders will be held A shareholder communication service is available by
Thursday, May 17, 2001, at 10:00 a.m. at ONEOK Plaza, phone at (800) 653-8083.
100 West Fifth Street, Tulsa, Oklahoma. The following information may be accessed:
* Faxed news releases
Auditors * Transfer agent requests
KPMG LLP * Requests for mailed copies of:
100 West Fifth Street, Suite 310 (1) Annual report
Tulsa, OK 74103-9919 (2) News releases
(3) 10-K
Direct Stock Purchase and Dividend Reinvestment Plan (4) 10-Q
The company’s Direct Stock and Dividend Reinvestment (5) Proxy statement
Plan provides investors the opportunity to purchase (6) Direct Stock Purchase and Dividend Reinvestment Plan
shares of common stock without payment of any (7) Prospectus
brokerage fees or service charges.
Investor Relations Contact
Transfer Agent, Registrar and Dividend Disbursing Agent Weldon Watson, vice president - investor relations and
First Chicago Trust Company of New York, communications, by phone at (918) 588-7158 or by
a division of EquiServe e-mail at wwatson@oneok.com
P.O. Box 2500
Jersey City, New Jersey 07303 Corporate Web Site
Phone: (888) 764-5595 ONEOK business and financial information is available at:
Website: www.equiserve.com www.oneok.com
Hearing Impaired: TDD: 201-222-4955
Credit Rating
Standard & Poor’s A
Moody’s Investors Service A2
Stock Trading
The common stock is listed on the New York Stock
Exchange. The ticker symbol for ONEOK common stock is
OKE. The corporate name ONEOK is used in newspaper
stock listings.

42. W W W. O N E O K . C O M
ONEOK, INC.
100 WEST FIFTH STREET
POST OFFICE BOX 871
TULSA, OK 74102-0871