Slide 1: Investor Presentation
Investor Presentation March 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 transporting natural gas liquids, refined products, crude oil and natural gas. High-Quality, Market-Connected Assets – Integrated value chain services, drivin
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: 2024 Accomplishments and Recent Highlights
2024 Accomplishments and Recent Highlights Financial Operational Sustainability • 11 consecutive years of EBITDA • Completed strategic acquisitions: • Received an MSCI ESG Rating of growth. • EnLink Midstream. AAA in 2024. • 4% dividend increase. • Medallion Midstream. • Morningstar Sustainalytics E
Slide 8: Sustainable Adjusted EBITDA Growth
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $10,000 • 11 consecutive years of adjusted EBITDA $9,000 ~$8.225(d) growth (2013-2024). $8,000 WTI(a) Earnings from ~$6.8(c) $7,000 • >16% annual adjusted EBITDA growth rate WTI ($/Bbl) $10
Slide 9: 2025 Financial Guidance
2025 Financial Guidance 2025 Guidance Ranges(a) 2025 Guidance Drivers ($ in millions, except per share amounts) Net income $ 3,210 – $ 3,690 • Higher volumes driven by increased production. Net income attributable to ONEOK $ 3,110 – $ 3,610 • Full-year earnings from recent Diluted earnings per commo
Slide 10: ONEOK vs. S&P 500
ONEOK vs. S&P 500 A Unique Investment Opportunity INVESTMENT GRADE LARGE CREDIT RATING MARKET CAP STRONG ESG RATING CONSENSUS EPS (Baa3/BBB-) (>$60 billion) CAGR (‘AAA’ MSCI rating) (~10% 2025E-2027E) 1 ATTRACTIVE DIVIDEND YIELD AND 15 DIVIDEND STABILITY OKE Debt Credit Ratings: 20 (~4%; >25 years o
Slide 11: 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 12: 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 13: 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 14: Natural Gas Liquids Segment Update
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) • Rocky Mountain: – 8% increase in NGL raw feed throughput Average Bundled Region Third Quarter 2024 Fourth Quarter 2024 Rate (per gallon) compared with 2023. Rocky Mountain(b) 420,000 bpd 410,000 bpd ~ 30 cents • Growth Proje
Slide 15: Refined Products and Crude
Refined Products and Crude Critical Liquids Infrastructure and Fee-Based Business Model Provides refined products transportation, storage and distribution, and crude gathering, transportation and storage. Expect 2025 earnings to be ~90% fee based Longest refined products pipeline system 6% 7% 8% ~10
Slide 16: Refined Products and Crude Segment Update
Refined Products and Crude Segment Update Average Throughput Volumes(a) Third Quarter 2024 Fourth Quarter 2024 • Refined products (4Q 2024 vs. 3Q 2024): Total refined products volume shipped 1,580,000 bpd 1,521,000 bpd – >5% increase in average tariff rate. Gasoline 909,000 bpd 869,000 bpd • Crude o
Slide 17: 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 18: Natural Gas Gathering and Processing Segment Update
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Rocky Mountain: – 6% increase in processed volumes compared Region Third Quarter 2024 Fourth Quarter 2024 with 2023. Rocky Mountain 1,656 MMcf/d 1,594 MMcf/d – 509 wells connected in 2024. • Mid-Continent: Mid-Contine
Slide 19: 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). 3,500 2.83 3,000 2.50 2.42 2,500 2.04 65% 87%
Slide 20: 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 21: Natural Gas Demand – Strategically Positioned
Natural Gas Demand – 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 op
Slide 22: Expanding and Extending Core Infrastructure
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 23: 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 24: 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 25: 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 26: Sustainability
New photo? New Sustainability
Slide 27: Sustainability Performance Recognized
Sustainability Performance Recognized ONEOK received Morningstar Included in the Oil and Gas an MSCI ESG Sustainalytics ESG Storage and FTSE4Good Transportation Risk Rating in the Rating of top 20% of the Index series Industry AAA refiners and Top 15% pipelines industry S&P Global ESG Score 2024 Inc
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: Innovation and Infrastructure
Innovation and Infrastructure Projects to Reduce Emissions NATURAL GAS CAPTURE RENEWABLE NATURAL GAS ONEOK is helping lead efforts to reduce ONEOK interconnects with renewable natural gas flaring in the Williston Basin, natural gas (RNG) facilities such as reducing GHG emissions and capturing landfi
Slide 31: March 2025
March 2025