Slide 1: Investor Presentation September 2025
Investor Presentation September 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislati
Slide 3: A Compelling Investment Opportunity
A Compelling Investment Opportunity Contiguous Balanced and Proven Track Strong Financial Integrated Energy Disciplined Capital Record of Value Profile and Resilient Infrastructure Allocation Strategy Creation Earnings Assets at Scale High-return organic 11 consecutive years of Strong cash flow, bal
Slide 4: A Premier Energy Infrastructure Leader
A Premier Energy Infrastructure Leader Extensive and Regionally Diversified Operations • Strategically located, ~60,000-mile pipeline network. – Gathering, fractionation, transportation and storage of NGLs. – Gathering, processing, transportation and storage of natural gas. – Transportation, storage
Slide 5: Resilient by Design: A Balanced Midstream Portfolio
Resilient by Design: A Balanced Midstream Portfolio Natural Gas Natural Gas Liquids Gathering and Processing Multi-Commodity Geographic 37% 28% Platform Diversity Natural gas, NGLs, refined Strong, strategic positions products and crude oil in the most prolific U.S. provide diversified cash shale ba
Slide 6: Sustainable Adjusted EBITDA Growth
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) Mid- to upper- $150 single-digit growth$10,000 • 11 consecutive years of adjusted EBITDA ~$8.225(d) $9,000 growth (2013-2024). $8,000 WTI(a) Earnings from ~$6.8(c) $7,000 • >16% annual adjusted
Slide 7: Accelerated Synergy Realization
Accelerated Synergy Realization Magellan Synergies: $700MM+ Total Potential Original $200 MM $215 MM+ Up to $300 MM Assumption: Assumed in economics Near-term potential (1-4 yrs) Unweighted potential synergies Current >$350 MM Up to $350 MM Assumption: Realized by YE’25 (approx. 2 yrs) Additional ne
Slide 8: Capital Allocation Priorities Driving Sustainable Value
Capital Allocation Priorities Driving Sustainable Value Invest in high-return Sustain and Maintain strong Share repurchases organic projects increase dividend balance sheet $2 billion share repurchase Target 3%-4% annual growth Investment-grade credit authorization Adjacent to existing asset footpri
Slide 9: High-Return Organic Growth Projects
Expanding and Extending Core Infrastructure High-Return Organic Growth Projects Estimated Project Scope Completion Refined Products Increases system 1 Expansion to Denver capacity by Mid-year 2026 Area 35,000 bpd Rebuild 210,000 100,000 bpd: 4Q 2026 2 Medford Fractionator bpd fractionator in 110,000
Slide 10: Attractive Dividend Profile
Attractive Dividend Profile ONEOK Dividend Growth Outpaces C-Corp Peers(a) >25 Years of ONEOK Dividend Stability(b) 100% $4.12 TARGET 50% 3% - 4% Percent Change in Annual Dividends future annual dividend growth 0% -50% $0.31 -100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2000 2025 ONEO
Slide 11: ONEOK vs. S&P
ONEOK vs. S&P 500 A Unique Investment Opportunity INVESTMENT GRADE LARGE CREDIT RATING MARKET CAP STRONG ESG RATING CONSENSUS EPS (Baa3/BBB-) (>$50 billion) CAGR (‘AAA’ MSCI rating) (~10% 2025E-2027E) 1 ATTRACTIVE DIVIDEND YIELD AND 17 DIVIDEND STABILITY OKE Debt Credit Ratings: 26 (~5%; >25 years o
Slide 12: New Business Lines Enhance Long-Term Value Creation
New Business Lines Enhance Long-Term Value Creation ONEOK BUSINESS LINES 2022 K E Y AC Q U I S I T I O N S(a) ONEOK BUSINESS LINES 2025 Natural Gas Gathering and Processing Natural Gas Gathering and Processing Transportation Transportation Natural Gas Pipelines Natural Gas Pipelines Storage Storage
Slide 13: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Strong Sequential Growth • 23% increase in net income (2Q 2025 net income: $853 million). • 12% increase in adjusted EBITDA. Natural Gas Gathering and Processing • 18% increase in NGL volumes. Natural Gas Liquids $540 million • 7% increase in refined products volumes.
Slide 14: Natural Gas Liquids
Natural Gas Liquids One of the Largest Integrated NGL Service Providers Provides fee-based gathering, fractionation, transportation, marketing and storage services linking key NGL market centers. Expect 2025 earnings to be >90% fee based Major NGL transportation provider for the Rocky Mountain, Mid-
Slide 15: Natural Gas Liquids Segment Update
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 Rate (per gallon) – 20% increase in Gulf Coast/Permian region. Rocky Mountain(b) 413,000 bpd 468,000 bpd ~ 28 cents
Slide 16: Texas City Logistics Export Terminal Joint Venture (TCX)
Texas City Logistics Export Terminal Joint Venture (TCX) Premier Gulf Coast location establishes wellhead-to-water NGL strategy • 50/50 joint venture with MPLX to construct a new, 400,000-bpd LPG export terminal(a). – 200,000 bpd for ONEOK customers. – Project also includes an 80/20 NGL pipeline joi
Slide 17: Gulf Coast NGL Pipelines Acquisition
Gulf Coast NGL Pipelines Acquisition Accelerates commercial synergies following the Magellan acquisition ~450 miles of NGL pipelines in strategic Gulf Coast market centers for NGLs, refined products and crude oil. Plan to connect ONEOK’s Mont Belvieu and Houston-based assets. Pipeline connectivity t
Slide 18: Refined Products and Crude
Refined Products and Crude Critical Liquids Infrastructure and Fee-Based Business Model Provides gathering, transportation, storage, distribution and marine export services. Expect 2025 earnings to be ~90% fee based Longest refined products pipeline system 6% 7% 8% ~10% 11% 11% in the U.S. Access to
Slide 19: Refined Products and Crude Segment Update
Refined Products and Crude Segment Update Average Throughput Volumes(a) First Quarter 2025 Second Quarter 2025 • Refined products volumes (2Q 2025 vs. 1Q 2025): Total refined products volume shipped 1,401,000 bpd 1,503,000 bpd – 9% increase in gasoline. Gasoline 785,000 bpd 853,000 bpd – 7% increase
Slide 20: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Serving Producers in Key Basins Provides gathering, compression, treating and processing services to producers. Expect 2025 earnings to be ~90% fee based 14% 14% ~10% Primarily fee-based contracts 20% 15% 22% with a POP(a) component Primary natural gas processer
Slide 21: Natural Gas Gathering and Processing Segment Update
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Processed volumes (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 – 9% increase in Mid-Continent region. Rocky Mountain 1,583 MMcf/d 1,642 MMcf/d – 4% increase in Rocky Mountain region. Mid-Contin
Slide 22: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased >100% since 2016 4,000 2.96 • Three-mile laterals are increasing; 10% fewer wells needed 3.00 to connect same lateral footage (2025 vs. 2022). 3,500 3,000 2.50 2,500 2.42 65% 2.04 87%
Slide 23: Natural Gas Pipelines
Natural Gas Pipelines Connectivity to Key Markets Provides fee-based natural gas transportation and storage services, and direct connectivity to end-use markets. Expect 2025 earnings to be ~95% fee based Connected directly to end-use markets: Local gas distribution companies, electric-generation fac
Slide 24: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well positioned to benefit from industrial demand growth driven by data centers, LNG and ammonia facilities. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers. – Exports provide brownfield storage expansion
Slide 25: 2025 Financial Guidance Non-GAAP Reconciliation
2025 Financial Guidance Non-GAAP Reconciliation 2025 Guidance Ranges ($ in millions) Reconciliation of net income to adjusted EBITDA 2023 2024 Net income $2,659 $3,112 $3,168 - $3,648 Interest expense, net of capitalized interest 866 1,371 1,770 - 1,730 Depreciation and amortization 769 1,134 1,695
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of net income to adjusted EBITDA Three Months Ended Three Months Ended ($ in millions) March 31, 2025 June 30, 2025 Net income $691 $853 Interest expense, net of capitalized interest 442 438 Depreciation and amortization 380 368 Income taxes 197 260 Adjusted EB
Slide 27: Sustainability
New photo? New Sustainability
Slide 28: Delivering the Energy That Improves Our Lives
Delivering the Energy That Improves Our Lives ONEOK delivers energy products that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. These essential energy products have many
Slide 29: Sustainability Performance Recognized
Sustainability Performance Recognized ONEOK received Morningstar Included in the Oil and Gas an MSCI ESG Sustainalytics ESG FTSE4Good Storage and Risk Rating in the Transportation Rating of top 20% of the Index series Industry AAA refiners and Top 15% pipelines industry S&P Global ESG Score 2024 Inc
Slide 30: Sustainability Initiatives and Practices - Highlights
Sustainability Initiatives and Practices - Highlights Committed to Safety Our People and Effective Governance and the Environment Communities and Oversight Absolute emissions reduction target: >$8.5 million contributed to local Diverse board of directors: 2.2 million metric ton reduction of communit
Slide 31: ONEOK's Sustainability Journey
ONEOK’s Sustainability Journey Milestones on Our Path to Continuous Improvement Achieved GHG reductions equating to approximately 77% of the 2030 target(a) 1st sustainability Announced 2030 GHG report published Emissions Reduction MSCI ESG Rating of Established ESG Council Target AAA Added safety an
Slide 32: Absolute Emissions Reduction Target
Absolute Emissions Reduction Target Total 2019 Scope 1 & 2 Emissions Emissions Reduction (MMT CO2e) Opportunities • Electrification of natural gas SCOPE 1 SCOPE 2 2.2 MMT Reduction compression assets. Carbon Dioxide Electricity Combined Scope 1 & 2 Emissions by 2030(a) • Methane emission mitigation
Slide 33: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be used to ident
Slide 34: September 2025
September 2025