Slide 1: Third Quarter 2021 Results
THIRD QUARTER 2 0 2 1 R E S U LT S NOVEMBER 2, 2021 Bear Creek Plant Expansion
Slide 2: Forward-Looking Statements
FO RWARD -LO O KING 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 legis
Slide 3: Business Segment Performance
BUSINESS SEG MENT PERFO RMANCE Q3 2021 VS. Q2 2021 ADJUSTED EBITDA VARIANCES ◆ Natural gas liquids increased ▪ $40.0 million increase in exchange services due primarily to: ◇ $21.7 million increase from higher volumes primarily in the Rocky Mountain region and Permian Basin. ◇ $19.2 million increase
Slide 4: Natural Gas Liquids Regional Volume Update
NATURAL G AS LIQ UIDS REGIONAL VOLUME UPDATE Av e r a g e R a w F e e d T h r o u g h p u t Vo l u m e s (a) (bpd) ◆ Rocky Mountain (~25 cpg avg. bundled rate(e)) 1,275,000 ▪ NGL raw feed throughput increased 5% compared with the 1,209,000 1,105,000 – second quarter 2021. 1,225,000 1,079,000 1,084,0
Slide 5: Strong Natural Gas Liquids Volume Recovery
STRO NG NATURAL G AS LIQ UIDS VO LUME RECO VERY 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 stations to meet future Current Total Capacity ~440,000 bpd customer needs. • Significant o
Slide 6: Natural Gas Gathering and Processing Regional Volume Update
NATURAL G AS G ATHERING AND PRO CESSING REGIONAL VOLUME UPDATE G a t h e r e d Vo l u m e s ( M M c f / d ) ◆ Rocky Mountain: Rocky Mountain Mid-Continent ▪ 2% increase in processed volumes compared with the second quarter 2021. 1,937 2,065 1,909 1,850 – 2,110 ▪ Completion of the 200 MMcf/d Bear Cre
Slide 7: Williston Basin Production Efficiency
WILLISTO N BASIN PRO DUCTIO N EFFICIENCY Rising Gas-to-Oil Improved Drilling Increased Coordination Between and Completion Producers & Midstream Operators Ratios (GORs) Technologies Driving Higher Gas Capture 3.5 Basin-wide natural gas production has increased 250 ONEOK’s processed volumes have incr
Slide 8: Williston Basin Production
WILLISTO N BASIN PRO DUCTIO N INCREASING GAS-TO-OIL RATIOS (GOR) AND GAS CAPTURE PRESENT OPPORTUNITIES Williston Basin GOR’s have Statewide flaring has decreased from increased >80% since 2016. 36% in 2014 to 8% in August 2021. 3,500 3.00 3,500 Gas Produced (MMcf/d) Gas Produced (MMcf/d) 3,000 Oil P
Slide 9: Limited Activity Needed to Maintain Volumes
LIMITED ACTIVITY NEEDED TO MAINTAIN VO LUMES ONEOK Illustrative Williston Basin 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 average well completions per month opportunity ~15 aver
Slide 10: Increasing GORs Result 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 11: Increased 2021 Financial Guidance
INCREASED 2021 FINANCIAL G UIDANCE NON-GAAP RECONCILIATION Increased 2021 Guidance Range ($ in millions) Reconciliation of net income to adjusted EBITDA Net income(a) $ 1,430 - $ 1,550 Interest expense, net of capitalized interest 750 - 730 Depreciation and amortization 630 - 620 Income tax expense
Slide 12: Absolute Emissions Reduction Target
ABSOLUTE EMISSIONS REDUCTION TARGET Total 2019 Scope 1 & 2 Emissions (MMT CO2e) Carbon Dioxide Electricity Emissions Reduction Opportunities (CO2e) Consumption Electrification of natural gas 3.1 3.0 30% Reduction compression assets (2.2 MMT) Methane mitigation through best Scope 1 & 2 Emissions mana