Slide 1: Second Quarter 2021 Results
SECOND QUARTER 2 0 2 1 R E S U LT S AUGUST 3, 2021 Bear Creek Plant Expansion
Slide 2: Forward-Looking Statements
FORWARD -LOOKING STATEMENTS Statements contained in this presentation that include company expectations, outlooks or predictions should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. It
Slide 3: ONEOK vs. S&P 500: A Unique Investment Opportunity
ONEOK VS. S&P 500 A UNIQUE INVESTMENT OPPORTUNITY 374 Investment Grade Credit Rating (BBB-/Baa3) 287 Large Market Cap 139 (>$20 billion) High ESG Rating 113 (‘A’ or better from MSCI) Consensus EPS Growth (>5% CAGR 2021-2023E) 1 High Dividend Yield and Dividend Stability (>5%; >25 years without divid
Slide 4: Natural Gas Liquids Volume Update
NATURAL GAS LIQUIDS VOLUME UPDATE ◆ Rocky Mountain: Average Raw Feed Throughput Volumes(a) ▪ NGL raw feed throughput increased 18% compared with the Average Bundled Region First Quarter 2021 Second Quarter 2021 first quarter 2021. Rate (per gallon) Rocky Mountain(b) 253,000 bpd 299,000 bpd ~ 25 cent
Slide 5: Natural Gas Gathering and Processing Volume Update
NATURAL GAS GATHERING AND PROCESSING VOLUME UPDATE G a t h e r e d Vo l u m e s ( M M c f / d ) ◆ Rocky Mountain: 1,937 2,065 1,909 1,850 – 2,110 ▪ Processed volumes increased 6% compared with the first quarter 2021. 983 827 690 - 800 ▪ 200 MMcf/d Bear Creek natural gas processing plant expansion an
Slide 6: Business Segment Performance
BUSINESS SEGMENT PERFORMANCE Q2 2021 VS. Q1 2021 ADJUSTED EBITDA VARIANCES ◆ Natural gas liquids increased ▪ $46.2 million increase in exchange services related to Winter Storm Uri impacts in the first quarter 2021, which included decreased volumes across ONEOK’s operations and increased electricity
Slide 7: Strong Natural Gas Liquids Volume Recovery
STRONG NATURAL GAS LIQUIDS VOLUME RECOVERY Rockies Region NGL Raw Feed Throughput (bpd) Capacity Expandable to ~540,000 bpd • Minimal capital needed to further 100,000 expand Elk Creek Pipeline with pump Current Total Capacity ~440,000 bpd stations to meet future customer needs. 141,000 • Significan
Slide 8: Williston Basin Production
WILLISTON BASIN PRODUCTION INCREASING GAS-TO-OIL RATIOS (GOR) AND GAS CAPTURE PRESENT OPPORTUNITIES North Dakota Oil and Gas Produced and GOR North Dakota Natural Gas Produced and Flared Gas Produced (MMcf/d) Oil Produced (MBbl/d) GOR Gas Produced (MMcf/d) Gas Flared (MMcf/d) 3,500 GOR has increased
Slide 9: Increasing GORs Resulting in Natural Gas Volume Growth
I N C R E A S I N G G O R S R E S U LT I N N AT U R A L G A S V O L U M E G R O W T H 1,600,000 1.5 MMBOPD Flat 1,400,000 1.4 MMBOPD Flat 1.3 MMBOPD Flat 1,200,000 1.2 MMBOPD Flat ND Oil, BOPD April 2021 Flat Oil Prod. 1,000,000 800,000 600,000 400,000 200,000 0 6,000 1.5 MMBOPD Flat 1.4 MMBOPD Flat
Slide 10: Capturing Flared Production
CAPTURING FLARED PRODUCTION LIMITED WILLISTON BASIN ACTIVITY NEEDED TO MAINTAIN CURRENT VOLUME LEVELS O N E O K I l l u s t r a t i v e D e d i c a t e d G r o s s P r o d u c t i o n (a) 1,750 ~45 average well completions per month 1,500 ~35 average well completions per month Flared gas capture ~25