Slide 1: First Quarter 2025 Results
First Quarter 2025 Results April 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: 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 5: 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 6: 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 7: First Quarter 2025 Highlights
First Quarter 2025 Highlights Quarterly financial results Natural Gas Natural Gas Liquids • $636 million of net income attributable to ONEOK. Gathering and Processing $635 million $491 million • $1.04 per diluted share. Year-over-year Rocky Mountain region volume growth 1Q 2025 • 15% increase in NGL
Slide 8: Business Segment Performance
Business Segment Performance 1Q 2025 vs. 4Q 2024 Adjusted EBITDA Variances • Natural gas liquids decreased: – $37 million decrease in optimization and marketing due primarily to lower earnings on sales of purity NGLs held in inventory. – $33 million decrease in exchange services due primarily to low
Slide 9: Business Segment Performance
Business Segment Performance 1Q 2025 vs. 4Q 2024 Adjusted EBITDA Variances • Natural gas gathering and processing increased: – $13 million increase due to adjusted EBITDA from EnLink. – $10 million increase from lower operating costs due primarily to lower employee-related costs and outside services
Slide 10: Natural Gas Liquids
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 11: Refined Products and Crude
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 12: Natural Gas Gathering and Processing
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 13: Williston Basin Production Efficiency
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased >90% 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 2.81 3,000 2.50 2.42 2,500 2.04 65% 87%
Slide 14: 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 15: 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 16: 2025 Financial Guidance
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 17: April 2025
April 2025