EQUITY Equity (Policies)

6 Months Ended

Jun. 30, 2017

Incentive Distribution Policy, Managing Member or General Partner, Description [Policy Text Block]

Cash Distributions - Prior to the consummation of the Merger Transaction, we received distributions from ONEOK Partners on our common and Class B units and our 2 percent general partner interest, which included our incentive distribution rights. Under the Partnership Agreement, distributions were made to the partners with respect to each calendar quarter in an amount equal to 100 percent of available cash as defined in the Partnership Agreement. Available cash generally was distributed 98 percent to limited partners and 2 percent to the general partner. The general partner’s percentage interest in quarterly distributions were increased after certain specified target levels were met during the quarter. Under the incentive distribution provisions, as set forth in the Partnership Agreement, the general partner received:


•	15 percent of amounts distributed in excess of $0.3025 per unit;


•	25 percent of amounts distributed in excess of $0.3575 per unit; and


•	50 percent of amounts distributed in excess of $0.4675 per unit.