Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 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 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 4: 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 Natural Gas Liquids Gathering and Processing • 18% increase in NGL volumes. $673 million $540 million • 7% increase in refined produ
Slide 5: Sustainable Adjusted EBITDA Growth
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $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 EBITDA growth rate $100 (2013-2024
Slide 6: Business Segment Performance
Business Segment Performance 2Q 2025 vs. 1Q 2025 Adjusted EBITDA Variances • Natural gas liquids increased: – $43 million increase in exchange services due primarily to higher volumes across ONEOK’s system, offset partially by lower average fee rates in the Mid-Continent region and higher inventory
Slide 7: Business Segment Performance
Business Segment Performance 2Q 2025 vs. 1Q 2025 Adjusted EBITDA Variances • Natural gas gathering and processing increased: – $51 million increase from higher volumes due primarily to increased production. – $21 million increase from lower operating costs due primarily to the reversal of a methane
Slide 8: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 Rate (per gallon) – 20% increase in Gulf Coast/Permian region. Rocky Mountain(b) 413,000 bpd 468,000 bpd ~ 28 cents
Slide 9: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a) First Quarter 2025 Second Quarter 2025 • Refined products volumes (2Q 2025 vs. 1Q 2025): Total refined products volume shipped 1,401,000 bpd 1,503,000 bpd – 9% increase in gasoline. Gasoline 785,000 bpd 853,000 bpd – 7% increase
Slide 10: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Processed volumes (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 – 9% increase in Mid-Continent region. Rocky Mountain 1,583 MMcf/d 1,642 MMcf/d – 4% increase in Rocky Mountain region. Mid-Contin
Slide 11: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased >105% since 2016 4,000 3.02 • Three-mile laterals are increasing; 10% fewer wells needed 3.00 to connect same lateral footage (2025 vs. 2022). 3,500 3,000 2.50 2,500 2.42 65% 2.04 87%
Slide 12: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well positioned to benefit from industrial demand growth driven by data centers, LNG and ammonia facilities. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers. – Exports provide brownfield storage expansion
Slide 13: 2025 Financial Guidance
2025 Financial Guidance Non-GAAP Reconciliation 2025 Guidance Ranges ($ in millions) Reconciliation of net income to adjusted EBITDA 2023 2024 Net income $2,659 $3,112 $3,168 - $3,648 Interest expense, net of capitalized interest 866 1,371 1,770 - 1,730 Depreciation and amortization 769 1,134 1,695
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of net income to adjusted EBITDA Three Months Ended Three Months Ended ($ 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 15: 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 16: August 2025
August 2025