Slide 1: Second Quarter 2022 Results
SECOND QUARTER 2 0 2 2 R E S U LT S AUGUST 8, 2022 Bear Creek Plant – North Dakota
Slide 2: Forward-Looking Statements
FO RWARD -LO O KING S TATE M E NTS 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 l
Slide 3: ONEOK vs. S&P 500: A Unique Investment Opportunity
O NEO K VS. S&P 500 A UNIQUE INVESTMENT OPPORTUNITY 379 Investment Grade Credit Rating (BBB-/Baa3) 271 Large Market Cap 175 (>$20 billion) High ESG Rating 146 (‘A’ or better from MSCI) Consensus EPS Growth (>5% CAGR 2022-2024E) 1 High Dividend Yield and Dividend Stability (>6%; >25 years without a d
Slide 4: Financial Strength: Delivering Long-Term Value to Shareholders
FINANCIAL STRENG TH DELIVERING LONG-TERM VALUE TO SHAREHOLDERS SOLID RETURNS SUSTAINABLE EBITDA GROWTH >25 YEARS OF DIVIDEND RETURN ON INVESTED CAPITAL(a) STABILITY EBITDA vs. WTI ($ in millions) $4,000 $3,620 13.6% $150 $3.74 WTI(b) $125 $3,000 13% CAGR Dividends Paid $100 2000 - 2021 11.0% $2,000
Slide 5: Business Segment Performance
BUSINESS SEG MENT PERFO RMANCE Q2 2022 VS. Q1 2022 ADJUSTED EBITDA VARIANCES ◆ Natural gas liquids decreased ▪ $19.1 million decrease from higher operating costs due primarily to higher outside services expenses. ▪ $7.9 million increase in exchange services due primarily to: ◇ $26.5 million increase
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 First Quarter 2022 Second Quarter 2022 ▪ 5% increase in NGL raw feed throughput compared Rate (per gallon) with the first quarter 2022, despite severe weather Rocky Mountain(b
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 2,090– 2,370 approximately 1.4 Bcf/d in July 2022. 2,065 1,909 2,030 ▪ 157 wells co
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 May 2022. 3,500 3.00 3,500 Gas Produced (MMcf/d) Gas Produced (MMcf/d) 3,000 Oil Produc
Slide 10: Limited Activity Needed to Maintain Volumes
LIMITED ACTIVITY NEEDED TO MAINTAIN VO LUMES ONEOK Illustrative Williston Basin 1,750 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) ~45 average well completions per month 1,500 ~35 average well completions per month ~25 average well completions per month Gas capture opportunity ~15 average wel
Slide 11: 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 12: 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