Slide 1: First Quarter 2022 Results
FIRST QUARTER 2 0 2 2 R E S U LT S M AY 3 , 2 0 2 2 Bear Creek Plant – North Dakota
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: ONEOK vs. S&P 500: A Unique Investment Opportunity
O NEO K VS. S&P 500 A UNIQUE INVESTMENT OPPORTUNITY 373 Investment Grade Credit Rating (BBB-/Baa3) 294 Large Market Cap 174 (>$20 billion) High ESG Rating 149 (‘A’ or better from MSCI) Consensus EPS Growth (>5% CAGR 2022-2024E) 2 High Dividend Yield and Dividend Stability (>5%; >25 years without a d
Slide 4: Financial Strength: Delivering Long-Term Value to Shareholders
FINANCIAL STRENG TH DELIVERING LONG-TERM VALUE TO SHAREHOLDERS SOLID RETURNS SUSTAINABLE EBITDA GROWTH >25 YEARS OF DIVIDEND RETURN ON INVESTED CAPITAL(a) STABILITY EBITDA vs. WTI ($ in millions) $4,000 $3,620 13.6% $3.74 $100 WTI(b) $3,000 13% CAGR Dividends Paid $75 2000 - 2021 11.0% $2,000 $50 $1
Slide 5: Business Segment Performance
BUSINESS SEG MENT PERFO RMANCE Q1 2022 VS. Q4 2021 ADJUSTED EBITDA VARIANCES ◆ Natural gas liquids increased ▪ $20.1 million increase in optimization and marketing due primarily to higher earnings on purity NGL sales. ▪ $19.5 million increase from lower operating costs due primarily to lower outside
Slide 6: Natural Gas Liquids Regional Volume Update
NATURAL G AS LIQ UIDS REGIONAL VOLUME UPDATE Average Raw Feed Throughput Volumes(a) ◆ Rocky Mountain: Average Bundled Region Fourth Quarter 2021 First Quarter 2022 ▪ 24% increase in NGL raw feed throughput compared Rate (per gallon) with the first quarter 2021. Rocky Mountain(b) 335,000 bpd 314,000
Slide 7: Strong Natural Gas Liquids Volume Recovery
STRO NG NATURAL G AS LIQ UIDS VO LUME RECO VERY Rockies Region NGL Raw Feed Throughput (bpd) Capacity Expandable to ~540,000 bpd • Minimal capital needed to further 100,000 expand Elk Creek Pipeline with pump stations to meet future Current Total Capacity ~440,000 bpd customer needs. • Significant o
Slide 8: Natural Gas Gathering and Processing Regional Volume Update
NATURAL G AS G ATHERING AND PRO CESSING REGIONAL VOLUME UPDATE G a t h e r e d Vo l u m e s ( M M c f / d ) ◆ Rocky Mountain: Rocky Mountain Mid-Continent ▪ Rocky Mountain region natural gas processed volumes reached more 2,090– 2,370 than 1.4 Bcf/d in April 2022. 2,065 1,909 2,030 ▪ 91 wells connec
Slide 9: Williston Basin Production
WILLISTO N BASIN PRO DUCTIO N RISING GAS-TO-OIL RATIOS (GORS) AND GAS CAPTURE PRESENT OPPORTUNITIES Williston Basin GOR’s have Statewide flaring has decreased from increased >80% since 2016. 36% in 2014 to 6% in February 2022. 3,500 3.00 3,500 Gas Produced (MMcf/d) Gas Produced (MMcf/d) 3,000 Oil Pr
Slide 10: Natural Gas Pipelines – Market Connected
NATURAL G AS PIPELINES – MARKET CO NNECTED Intrastate Pipeline System Interstate Pipeline System ◆ Connectivity between key markets ▪ Bi-directional between Mid-Continent and Permian Basin; Mexico markets; Gulf Coast market through pipeline interconnects ◆ Significant storage position creates reliab
Slide 11: 2022 Financial Guidance: Non-GAAP Reconciliation
2022 FINANCIAL G UIDANCE NON-GAAP RECONCILIATION 2022 Guidance Ranges ($ in millions) Reconciliation of net income to adjusted EBITDA Net income(a) $ 1,550 - $ 1,830 Interest expense, net of capitalized interest 705 - 685 Depreciation and amortization 655 - 655 Income tax expense 495 - 575 Noncash c