Oneok, Inc. · NYSE:OKE
Oneok — Investor Presentation (March 2026)
30 slides from Oneok's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March 2026
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 12 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 an
Slide 5: Resilient by Design: A Balanced Midstream Portfolio
Resilient by Design: A Balanced Midstream Portfolio 2026 Net Income Guidance Range: $3.19B - $3.71B Natural Gas Natural Gas Liquids Gathering and Processing Multi-Commodity Geographic 35% 27% Platform Diversity Natural gas, NGLs, refined Strong, strategic positions products and crude oil in the most
Slide 6: Adjusted EBITDA Bridge – 2025G, 2025A and 2026G
Adjusted EBITDA Bridge – 2025G, 2025A and 2026G Adjusted EBITDA $ in millions ~$150 $8,225* $8,085** ~$100 $8,100 Incremental $85 ~($150) Synergies: $150 ($85) Incremental Incremental ~$250 vs ‘24 ($250) Synergies: Higher Permian Asset Lower location Synergies: ($125) ~$250 vs ‘24 volumes (G&P optim
Slide 7: Seasonal Factors Drive Earnings Timing
Seasonal Factors Drive Earnings Timing Seasonal dynamics affect the timing of earnings within the year, while full-year results are driven by volumes, fees and operational execution. Relative Earnings Contribution (Illustrative) • Sustained volumes • Optimal operating conditions • Weather variabilit
Slide 8: Synergy Progress
Synergy Progress ($ in millions) 2025 2026 2026 Synergies (captured/identified)(a) Life to Date Incremental Cumulative Commercial & Operations $ 321 $ 134 $ 455 Asset Optimization $ 175 $ 61 $ 236 Incremental crude gathering opportunities (Permian & Eagle Ford) (RPC) Crude export expansion opportuni
Slide 9: Historical EPS Growth – ~13% CAGR
Historical EPS Growth – ~13% CAGR Diluted EPS (excluding major one-time items) 2017-2026G $6.00 $5.42 $5.04 - $5.87 $5.00 $4.87(d) $4.61(c) • Strong EPS growth driven $4.00 $3.84 by fee-based earnings $3.35 $3.07 $3.00 $2.78 $2.57(b) • Annual EPS growth rate: $2.00 $1.86(a) • ~13% (2017-2026G) $1.00
Slide 10: History of Sustainable Adjusted EBITDA Growth
History of Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $9,000 $8.085(d) $7.9-$8.3(e) • 12 consecutive years of adjusted EBITDA $8,000 growth (2013-2025) ~$6.8(c) $7,000 WTI (a) • 17% annual adjusted EBITDA growth rate $100 (2013-2025
Slide 11: 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 12: Attractive Dividend Profile
Attractive Dividend Profile ONEOK Dividend Growth Outpaces C-Corp Peers(a) >25 Years of ONEOK Dividend Stability(b) 100% $4.28 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 2025 2000 2026
Slide 13: ONEOK vs. S&P 500
ONEOK vs. S&P 500 A Unique Investment Opportunity INVESTMENT GRADE LARGE CREDIT RATING MARKET CAP STRONG ESG RATING CONSENSUS EPS (Baa3/BBB-) (>$45 billion) CAGR (‘AAA’ or ‘AA’ MSCI rating) (~9% 2026E-2028E) 1 O K E MS C I R a t i n g : A A ATTRACTIVE DIVIDEND YIELD AND 65 DIVIDEND STABILITY OKE Deb
Slide 14: 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: Q4 2026 2 Medford Fractionator bpd fractionator in 110,000
Slide 15: 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 2026 earnings to be ~90% fee based Major NGL transportation provider for the Rocky 8% 9% 9% 7% 7%
Slide 16: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (Q4 2025 vs. Q3 2025): Region Third Quarter 2025 Fourth Quarter 2025 Rate (per gallon) – 10% increase in Gulf Coast/Permian region Rocky Mountain(b) 493,000 bpd 472,000 bpd ~ 27 cents
Slide 17: 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 joint
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 2026 earnings to be ~90% fee based Longest refined products pipeline system 7% 8% 11% 11% 11% ~10% in the U.S. Access t
Slide 19: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a)(b) Third Quarter 2025 Fourth Quarter 2025 • Refined products volumes (Q4 2025 vs. Q3 2025): Total refined products volume shipped 1,526,000 bpd 1,670,000 bpd – 11% increase in distillates Gasoline 862,000 bpd 941,000 bpd – 9% in
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 2026 earnings to be ~90% fee based Primarily fee-based contracts 14% 15% 12% ~10% 22% 20% with a POP(a) component Primary natural gas processer
Slide 21: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Rocky Mountain: Region Third Quarter 2025 Fourth Quarter 2025 – 3% increase in processed volumes compared Rocky Mountain 1,702 MMcf/d 1,642 MMcf/d with Q4 2024 Mid-Continent 2,597 MMcf/d 2,511 MMcf/d • Permian growth
Slide 22: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased ~105% since 2016 4,000 • Three- and four-mile laterals are increasing; 20% fewer wells 3.00 needed to connect same lateral footage (2026 vs. 2022) 3,500 2.98 3,000 2.50 2.48 2,500 50%
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 2026 earnings to be ~85% fee based 2% 5% 4% 3% 19%(b) ~15%(b) Connected directly to end-use markets: Local gas distribution compani
Slide 24: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well-positioned to benefit from natural gas demand growth driven by data centers, LNG and industrial demand. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers – Exports provide brownfield storage expansion
Slide 25: 2026 Financial Guidance
2026 Financial Guidance Non-GAAP Reconciliation 2026 Guidance Ranges Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $3,190 - $3,710 Interest expense, net of capitalized interest 1,371 1,783 1,835 - 1,735 Depreciation and amortization 1,134 1,514 1,
Slide 26: Sustainability
New photo? New Sustainability
Slide 27: Sustainability Highlights
Sustainability Highlights Initiatives and Practices Committed to Safety and Our People and Effective Governance the Environment Communities and Oversight Absolute emissions reduction target: >$8.5 million contributed to local Diverse board of directors: Achieved more than 80% of 2030 GHG emissions c
Slide 28: ONEOK’s Sustainability Journey
ONEOK’s Sustainability Journey Milestones on Our Path to Continuous Improvement Achieved GHG reductions equating to ~77% of the 2030 Announced 2030 target 1st sustainability Established ESG GHG Emissions MSCI ESG Rating of report published Council Reduction Target AAA Added safety and Included in DJ
Slide 29: 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,” “guidance,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be u
Slide 30: March 2026
March 2026