(FORTUNE Magazine) – Oneok Inc. (pronounced ''one-oak'') had a doozy of a year. The $587-million- in-sales natural gas pipeline company, headquartered in Tulsa, issued its 1987 annual report with the accompanying cartoon and Job-like message: ''The entire Company reorganized its work force following the loss of 400 employees due to early retirement and attrition. Oil, gas, and natural gas . liquids prices collapsed across the board . . . Northeastern Oklahoma flooded in October, creating havoc for the Company's service area. Two months later in the dead of winter, a transmission pipeline ruptured in Muskogee, Oklahoma, causing the biggest gas outage in the Company's history . . . Even an unusually high number of meter readers were getting attacked by dogs . . . As for 1987, we're glad it's over.'' But Oneok's troubles are not quite over. After the annual report was published, an Oklahoma district court ruled against Oneok's line of defense in a $100-million-plus lawsuit. The company is appealing. Moody's has down-graded Oneok's bonds, and Standard & Poor's placed the company on its credit watch. Still Oneok has believers. Edward Segner, an analyst with Drexel Burnham Lambert, says: ''Oneok went from the rain into the thunderstorm. It is a fine company and will most likely put this behind it.'' A sense of humor will help.