Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Cautionary Statement
Cautionary Statement 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
Slide 3: Strategic Acquisition and Accelerated Deleveraging
Strategic Acquisition and Accelerated Deleveraging TRANSACTION CAPITAL FLOW SHAREHOLDER OUTCOME Immediately accretive Brazos Midstream $9 billion 1 to earnings and free cash flow per share minority equity investment $4.425 billion all-cash acquisition Increases momentum ↓ 2 toward the high end of ON
Slide 4: Brazos Permian Midland Acquisition: Premier Growth Platform
Brazos Permian Midland Acquisition: Premier Growth Platform Pro Forma Midland Basin Asset Map ~600,000 dedicated acres across seven core counties • ~4,000 remaining well locations 14 active drilling rigs provide visible volume growth 1.2 Bcf/d of processing capacity expected by Q3 2027 • Basin-wide
Slide 5: Acquisition Enhances ONEOK's Wellhead-to-Water NGL Value Chain
Acquisition Enhances ONEOK’s Wellhead-to-Water NGL Value Chain Gathering & Processing Brazos expands total Permian processing capacity to 3.5 Bcf/d NGL Takeaway 740,000 bpd of raw feed throughput capacity from Permian to Gulf Coast on West Texas NGL system NGL Fractionation ~1.2 million bpd of capac
Slide 6: ONEOK's Scaled and Integrated Permian Midland Basin Platform
ONEOK’s Scaled and Integrated Permian Midland Basin Platform GROWTH Transaction more than doubles ONEOK’s Permian Midland Basin processing capacity to 2.3 Bcf/d by Q3 2027. SCALE Acquisition creates one of the Permian Midland Basin’s largest midstream platforms. INTEGRATION Scaled and connected natu
Slide 7: Minority Equity: A Strategic Financing Decision
Minority Equity: A Strategic Financing Decision A Decision Framework Focused on Strategic Outcomes 1 Senior Common Hybrid Minority Provides capital to complete the Brazos acquisition? Notes Equity Securities Equity 2 Accelerates deleveraging and strengthens the Common Hybrid Minority Equity Securiti
Slide 8: Minority Equity Transaction Terms and Highlights
Minority Equity Transaction Terms and Highlights 1 TRANSACTION 2 ECONOMICS 3 ONEOK BENEFITS 4 GOVERNANCE No Change to Existing $9B investment 7.0% capped IRR 3.25x leverage Governance • Funds $4.425 billion Brazos • Class B receives 15% of quarterly • No common equity issuance • Nonvoting; no liquid
Slide 9: ONEOK Organizational Structure
ONEOK Organizational Structure GOVERNANCE CLASS A ECONOMICS The boards of HoldCo and OpCo ONEOK, Inc. (NYSE: OKE) consist of three ONEOK Quarterly dividends plus all upside Class A Interest from future business growth executives appointed by the board of directors of ONEOK, Inc. DISTRIBUTIONS All di
Slide 10: Minority Equity Investment Balance Decline
Minority Equity Investment Balance Decline Illustrative Class B Distributions Over Time YEAR 8 BUYOUT WINDOW 1 CAPPED RETURN The 7.0% IRR is applied first 2 CAPITAL PAYDOWN Excess distributions reduce the Class B capital balance 2027 2028 2029 2030 2031 2032 2033 2034 2035 Class B 7.0% Return on Cap
Slide 11: Summary Sources and Uses of Capital
Summary Sources and Uses of Capital Sources of Capital Uses of Capital ($ in millions) Amount ($ in millions) Amount Minority equity investment $9,000 Brazos Midstream purchase price $4,425 Cash on hand as of 6/30/26 161 Repay $1.2 Billion Term Loan Agreement 1,200 New borrowings under Commercial Pa
Slide 12: A Compelling Investment Opportunity
A Compelling Investment Opportunity Contiguous Balanced and Proven Track Strong Financial Integrated Energy Disciplined Capital Record of Value Profile and Resilient Infrastructure Allocation Strategy Creation Earnings Assets at Scale High-return organic 12 consecutive years of Strong cash flow, bal
Slide 13: 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 14: Announced Organic Growth Projects
Announced Organic Growth Projects OKE Expected Project Region/Basin Scope Ownership Completion Natural Gas Liquids 100,000 bpd: Q4 2026 Medford fractionator Mid-Continent 210,000 bpd 100% 110,000 bpd: Q1 2027 400,000 bpd Texas City Logistics export terminal Gulf Coast 50% Early 2028 LPG export termi
Slide 15: Historical EPS Growth – ~13% CAGR
Historical EPS Growth – ~13% CAGR Diluted EPS (excluding major one-time items) 2017-2026G $6.00 $5.38 - $5.99(e) $5.42 $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
Slide 16: History of Sustainable Adjusted EBITDA Growth
History of Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $9,000 $8.2-$8.5(e) $8.085(d) $8,000 • 12 consecutive years of adjusted EBITDA growth (2013-2025) ~$6.8(c) $7,000 $100 WTI (a) • 17% annual adjusted EBITDA growth rate WTI ($/Bbl
Slide 17: Capital Allocation Priorities Driving Sustainable Value
Capital Allocation Priorities Driving Sustainable Value Invest in high-return Sustain and Maintain strong Share repurchases organic projects increase dividend balance sheet Board authorized 2026 target 3%-4% Investment-grade credit $2 billion share Adjacent to existing asset annual growth(a) ratings
Slide 18: Attractive Dividend Profile
Attractive Dividend Profile ONEOK Dividend Growth Outpaces C-Corp Peers(a) >30 Years of ONEOK Dividend Stability(b) 100% $4.28 2026 50% TARGET Percent Change in Annual Dividends 3% - 4% annual dividend growth 0% -50% $0.31 -100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2000 2026 O
Slide 19: A Unique Investment Opportunity
A Unique Investment Opportunity ONEOK vs S&P 500 INVESTMENT GRADE LARGE CREDIT RATING MARKET CAP STRONG ESG RATING CONSENSUS EPS (Baa3/BBB-) ($60 billion) CAGR (‘AAA’ or ‘AA’ MSCI rating) (~9% 2026E-2028E) 1 O K E MS C I R a t i n g : A A ATTRACTIVE DIVIDEND YIELD AND 59 DIVIDEND STABILITY OKE Debt
Slide 20: 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 2026 earnings to be ~90% fee based Major NGL transportation provider for the Rocky 8% 9% 9% 7% 7%
Slide 21: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (Q2 2026 vs. Q1 2026): Region Q2 2025 Q1 2026 Q2 2026 Rate (per gallon) – 18% increase in Mid-Continent region Rocky Mountain(b) 468 MBbl/d 458 MBbl/d 478 MBbl/d ~ 27 cents – 6% increa
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 joint
Slide 23: 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 2026 earnings to be ~90% fee based Longest refined products pipeline system 7% 8% 11% 11% 11% ~10% in the U.S. Access t
Slide 24: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a)(b) Q2 2025 Q1 2026 Q2 2026 • Volumes shipped (Q2 2026 vs. Q1 2026): Total refined products volume shipped 1,503 MBbl/d 1,568 MBbl/d 1,629 MBbl/d – 12% increase in aviation and other Gasoline 853 MBbl/d 909 MBbl/d 943 MBbl/d – 9%
Slide 25: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Serving Producers in Key Basins Provides gathering, compression, treating and processing services. Expect 2026 earnings to be ~90% fee based Primarily fee-based contracts 14% 15% 12% ~10% 22% 20% with a POP(a) component Primary natural gas processer in the Willis
Slide 26: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) Region Q2 2025 Q1 2026 Q2 2026 • Processed volumes (Q2 2026 vs. Q1 2026): – 4% increase in Rocky Mountain region Rocky Mountain 1,642 MMcf/d 1,602 MMcf/d 1,673 MMcf/d – 4% increase in Mid-Continent region Mid-Continent
Slide 27: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased ~115% since 2016 4,000 3.11 • Three- and four-mile laterals are increasing; 20% fewer wells needed to connect same lateral footage (2026 vs. 2022) 3.00 3,500 3,000 2.50 2,500 2.48 50%
Slide 28: 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 2026 earnings to be ~85% fee based 2% 5% 4% 3% 19%(b) ~15%(b) Connected directly to end-use markets: Local gas distribution compani
Slide 29: 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 30: 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 31: 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 32: 2026 Updated Financial Guidance
2026 Updated Financial Guidance Non-GAAP Reconciliation 2026 Updated Guidance Range(a) Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $3,410 - $3,790 Interest expense, net of capitalized interest 1,371 1,783 1,775 - 1,725 Depreciation and amortizat
Slide 33: Sustainability
New photo? New Sustainability
Slide 34: Sustainability Highlights
Sustainability Highlights Initiatives and Practices Committed to Safety and Our People and Effective Governance the Environment Communities and Oversight Absolute emissions reduction target: $9.5 million contributed to local Diverse board of directors: Achieved more than 80% of 2030 GHG emissions co
Slide 35: ONEOK's Sustainability Journey
ONEOK’s Sustainability Journey Milestones on Our Path to Continuous Improvement Achieved GHG reductions equating to ~77% of the 2030 Announced 2030 target 1st sustainability Established ESG GHG Emissions MSCI ESG Rating of report published Council Reduction Target AAA Added safety and Included in DJ
Slide 36: 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 37: September 2026
September 2026