Slide 1: Investor Presentation May 2025
Investor Presentation May 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: Delivering the Energy That Improves Our Lives
Delivering the Energy That Improves Our Lives ONEOK delivers energy products that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. These essential energy products have many
Slide 5: New Business Lines Enhance Long-Term Value Creation
New Business Lines Enhance Long-Term Value Creation ONEOK BUSINESS LINES 2022 K E Y AC Q U I S I T O N S (a) ONEOK BUSINESS LINES 2025 Natural Gas Gathering and Processing Natural Gas Gathering and Processing Transportation Transportation Natural Gas Pipelines Natural Gas Pipelines Storage Storage T
Slide 6: Evolution of ONEOK’s Business Mix
Evolution of ONEOK’s Business Mix Gas Pipes Gas Pipes 8% Gas Pipes 13% NGLs NGLs G&P NGLs 13% G&P 37% 37% 28% $8.225 22% $6.784 ~$4 billion billion 30% billion 57% G&P 28% 27% Refined Products Refined Products and Crude and Crude Pre-Magellan EBITDA(a) 2024 EBITDA(b) 2025 EBITDA Guidance(c) Gas and
Slide 7: Strategic Integration Drives Growth
Strategic Integration Drives Growth Combined company adjusted EBITDA significantly exceeds acquired companies’ standalone 5-year forecasts. Combined ONEOK Adjusted EBITDA vs. Standalone Forecasts (adjusted EBITDA $ in millions) +$1.3 +$870 billion $8,225 +$523 million million (b) +$505 $6,571 Primar
Slide 8: Sustainable Adjusted EBITDA Growth
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) • 11 consecutive years of adjusted EBITDA growth (2013-2024). $150 $10,000 $9,000 • >16% annual adjusted EBITDA growth rate ~$8.225(d) $8,000 (2013-2024). WTI(a) $100 Earnings from ~$6.8(c) $7,0
Slide 9: ONEOK vs. S&P 500: A Unique Investment Opportunity
ONEOK vs. S&P 500 A Unique Investment Opportunity INVESTMENT GRADE LARGE CREDIT RATING MARKET CAP STRONG ESG RATING CONSENSUS EPS (Baa3/BBB-) (>$50 billion) CAGR (‘AAA’ MSCI rating) (~10% 2025E-2027E) 1 ATTRACTIVE DIVIDEND YIELD AND 18 DIVIDEND STABILITY OKE Debt Credit Ratings: 24 (~5%; >25 years o
Slide 10: Key Investment Considerations
Key Investment Considerations Scale. Scope. Growth. Resiliency. S&P 500 index member Integrated services, Flexibility to grow at the Strong balance sheet and one of the largest product mix and free cash pace customers need and investment-grade energy infrastructure flow generation with through highl
Slide 11: Attractive Dividend Profile
Attractive Dividend Profile ONEOK Dividend Growth Outpaces C-Corp Peers(a) >25 Years of ONEOK Dividend Stability(b) 100% $4.12 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 2000 2025 ONEO
Slide 12: 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 2025 earnings to be >90% fee based Major NGL transportation provider for the Rocky Mountain, Mid-
Slide 13: Natural Gas Liquids Segment Update
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) • Gulf Coast/Permian: – 13% increase in NGL raw feed throughput vs. 4Q Average Bundled Region Fourth Quarter 2024 First Quarter 2025 Rate (per gallon) 2024. Rocky Mountain(b) 410,000 bpd 413,000 bpd ~ 29 cents • Growth project
Slide 14: 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 2025 earnings to be ~90% fee based Longest refined products pipeline system 6% 7% 8% ~10% 11% 11% in the U.S. Access to
Slide 15: Refined Products and Crude Segment Update
Refined Products and Crude Segment Update Average Throughput Volumes(a) Fourth Quarter 2024 First Quarter 2025 • Refined products (1Q 2025 vs. 4Q 2024): Total refined products volume shipped 1,521,000 bpd 1,401,000 bpd – 6% increase in aviation and other. Gasoline 869,000 bpd 785,000 bpd • Growth pr
Slide 16: 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 2025 earnings to be ~90% fee based 14% 14% ~10% Primarily fee-based contracts 20% 15% 22% with a POP(a) component Primary natural gas processer
Slide 17: Natural Gas Gathering and Processing Segment Update
Natural Gas Gathering and Processing Segment Update • Growth projects: P r o c e s s e d Vo l u m e s (a) ( M M c f / d ) – Relocating a 150 MMcf/d processing plant to the Permian Basin from North Texas – expected Rocky Mountain Mid-Continent Permian completion first quarter 2026. 1,500 – 1,700 Aver
Slide 18: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased >95% since 2016 4,000 3.00 • Three-mile laterals are increasing; 10% fewer wells needed to connect same lateral footage (2025 vs. 2022). 2.88 3,500 3,000 2.50 2.42 2,500 2.04 65% 87%
Slide 19: 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 2025 earnings to be ~95% fee based Connected directly to end-use markets: Local gas distribution companies, electric-generation fac
Slide 20: 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 21: High-Return Organic Growth Projects
Expanding and Extending Core Infrastructure High-Return Organic Growth Projects Estimated Project Scope Completion 2 West Texas NGL Expands capacity 1 Pipeline Expansion to 740,000 bpd Completed(a) Elk Creek NGL Expands capacity 2 Pipeline Expansion to 435,000 bpd(b) Completed(b) Refined Products In
Slide 22: 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 joi
Slide 23: Gulf Coast NGL Pipelines Acquisition
Gulf Coast NGL Pipelines Acquisition Accelerates commercial synergies following the Magellan acquisition ~450 miles of NGL pipelines in strategic Gulf Coast market centers for NGLs, refined products and crude oil. Plan to connect ONEOK’s Mont Belvieu and Houston-based assets. Pipeline connectivity t
Slide 24: 2025 Financial Guidance Non-GAAP Reconciliation
2025 Financial Guidance Non-GAAP Reconciliation 2025 Guidance Ranges(a) ($ in millions) Reconciliation of net income to adjusted EBITDA 2023 2024 Net income $2,659 $3,112 $3,210 - $3,690 Interest expense, net of capitalized interest 866 1,371 1,770 - 1,730 Depreciation and amortization 769 1,134 1,6
Slide 25: Sustainability
New photo? New Sustainability
Slide 26: Sustainability Performance Recognized
Sustainability Performance Recognized ONEOK received Morningstar Included in the Oil and Gas an MSCI ESG Sustainalytics ESG FTSE4Good Storage and Risk Rating in the Transportation Rating of top 20% of the Index series Industry AAA refiners and Top 15% pipelines industry S&P Global ESG Score 2024 Inc
Slide 27: Sustainability Initiatives and Practices - Highlights
Sustainability Initiatives and Practices - Highlights Committed to Safety Our People and Effective Governance and the Environment Communities and Oversight Absolute emissions reduction target: >$8.5 million contributed to local Diverse board of directors: 2.2 million metric ton reduction of communit
Slide 28: ONEOK’s Sustainability Journey
ONEOK’s Sustainability Journey Milestones on Our Path to Continuous Improvement Achieved GHG reductions equating to approximately 77% of the 2030 target(a) 1st sustainability Announced 2030 GHG report published Emissions Reduction MSCI ESG Rating of Established ESG Council Target AAA Added safety an
Slide 29: Absolute Emissions Reduction Target
Absolute Emissions Reduction Target Total 2019 Scope 1 & 2 Emissions Emissions Reduction (MMT CO2e) Opportunities • Electrification of natural gas SCOPE 1 SCOPE 2 2.2 MMT Reduction compression assets. Carbon Dioxide Electricity Combined Scope 1 & 2 Emissions by 2030(a) • Methane emission mitigation
Slide 30: May 2025
May 2025