Oneok, Inc. · NYSE:OKE
Oneok — Merger or Acquisition (August 2026)
13 slides from Oneok's merger presentation, August 2026
Slide 1: Brazos Permian Midland Asset Acquisition and Minority Equity Investment
Brazos Permian Midland Asset Acquisition and Minority Equity Investment August 2026
Slide 2: Cautionary Statement
Cautionary Statement Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical
Slide 3: A Premier Permian Acquisition and Investment to Drive Long-term Growth
A Premier Permian Acquisition and Investment to Drive Long-term Growth Strategic acquisition and minority equity investment enhance ONEOK's integrated Permian position and create a larger runway for growth. SCALE GROWTH VALUE CREATION Adds a premier Permian Significant organic expansion Immediately
Slide 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 $4.425 billion Brazos • Class B receives 15% of quarterly • No common equity issuance • Nonvoting; no liquid
Slide 10: ONEOK Organizational Structure
ONEOK Organizational Structure GOVERNANCE CLASS A ECONOMICS The boards of HoldCo and OpCo ONEOK, Inc. (NYSE: OKE) consist of three ONEOK Quarterly dividends plus all upside Class A Interest from future business growth executives appointed by the board of directors of ONEOK, Inc. DISTRIBUTIONS All di
Slide 11: Minority Equity Investment Balance Decline
Minority Equity Investment Balance Decline Illustrative Class B Distributions Over Time YEAR 8 BUYOUT WINDOW 1 CAPPED RETURN The 7.0% IRR is applied first 2 CAPITAL PAYDOWN Excess distributions reduce the Class B capital balance 2027 2028 2029 2030 2031 2032 2033 2034 2035 Class B 7.0% Return on Cap
Slide 12: Summary Sources and Uses of Capital
Summary Sources and Uses of Capital Sources of Capital Uses of Capital ($ 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 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