1. Review the Offering Document for the private placement of the Oneok, LP notes.

2. Assume you are the Treasurer for Cigna. Cigna as an insurance company has purchased $500,000,000 of the Oneok securities in the following maturities: a. $100,000,000 due and payable January 31, 2023; b. $200,000,000 due and payable March 30, 2023; c. $200,000,000 due and payable May 31, 2023.

3. Since the Russian invasion of Ukraine, the price of a barrel of oil is ricocheting between $97 -130 a barrel. Norway and the UAE are increasing output, and the US is negotiating with non-Russian oil and gas producers which if agreements are reached would increase output significantly.

4. The EU and UK have reduced consumption and built small reserves. Weather will determine whether increased gas will be needed to get through winter. If a mild winter in Europe, reserves will be sufficient and prices may drop. If the winter is harsh, the reserves may be insufficient and prices will rise.

5. President Biden has met with leaders in the US oil and gas industry and implored them to increase efforts to increase domestic output of oil and gas in support of the US sanctions on Russian oil and gas.

6. With inflation reaching over 7% and employment numbers strong, the US Federal Reserve has raised interest rates. Depending on inflation and employment will determine whether the Fed continues to raise interest rates and dispose of its bond holdings. Higher interest costs and a recession with lower consumption and oil and gas prices.

7. Oneok has approached you with a request to roll-over the notes coming due on January 31, 2023. Oneok has intimated through its Investment Banker that Oneok is requesting that holders of the notes roll the notes to free up cash to increase production.

8. If oil and gas prices remain above $70 a barrel, Oneok will be able to continue servicing its debt. If a recession occurs and/or the war in Ukraine is resolved with sanctions moderated on Russian oil and gas exports or agreements are reached with Iran and/or Venezuela, oil and gas prices could drop precipitously, Oneok could be forced to seek bankruptcy protection.

What is your advice to the CEO of Cigna with your recommendation?