Slide 1: 2025 Results and 2026 Guidance
2025 Results and 2026 Guidance February 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 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 4: 2025 Accomplishments and Recent Highlights
2025 Accomplishments and Recent Highlights Compared with 2024, unless noted Financial Operational Strategic Growth • 11% increase in EPS(a) • Permian processing volumes • Acquired the remaining interest in averaged 1.5 Bcf/d (first full year of Delaware Basin JV • 12 consecutive years of adjusted Pe
Slide 5: 2026 Guidance
2026 Guidance 5
Slide 6: ONEOK's Balanced Fee-Based Portfolio
ONEOK’s Balanced Fee-Based Portfolio 2026 Net Income Guidance Range: $3.19B - $3.71B Natural Gas Liquids Natural Gas Approximately 90% fee-based earnings Natural Gas Liquids Gathering and Processing 35% 27% Refined Products and Crude 2026 Approximately 90% fee-based earnings Adjusted EBITDA Guidance
Slide 7: 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) ~$250 vs ‘24 volumes (G&P optim
Slide 8: Seasonal Factors Drive Earnings Timing
Seasonal Factors Drive Earnings Timing Seasonal dynamics affect the timing of earnings within the year, while full-year results are driven by volumes, fees and operational execution. Relative Earnings Contribution (Illustrative) • Sustained volumes • Optimal operating conditions • Weather variabilit
Slide 9: Synergy Progress
Synergy Progress ($ 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 10: Historical EPS Growth
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 11: 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 12: 2025 Business Segment Results
2025 Business Segment Results 12
Slide 13: Business Segment Performance
Business Segment Performance Q4 2025 vs. Q3 2025 Adjusted EBITDA Variances • Natural gas liquids decreased: – $30 million decrease in exchange services due primarily to lower volumes in the Rocky Mountain and Mid-Continent regions, and narrower product price differentials, offset partially by higher
Slide 14: 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 15: 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 16: 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 17: 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 2.97 3,000 2.50 2.48 2,500 50%
Slide 18: 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 19: 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 20: 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 21: February 2026
February 2026