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ONEOK (OKE) investor relations material

ONEOK 2025 Wells Fargo 24th Annual Energy and Power Symposium summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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2025 Wells Fargo 24th Annual Energy and Power Symposium summary9 Dec, 2025

Strategic transformation and asset diversification

  • Shifted from supply-push to demand-pull model through major acquisitions, notably Magellan, enhancing refined products and cash flow stability.

  • Sequential acquisitions (Magellan, EnLink, Medallion) expanded presence in key basins and improved asset connectivity.

  • Reduced interstate natural gas exposure to align with a strategy focused on maximizing molecule touchpoints.

  • Grew intrastate and storage business, leveraging enhanced connectivity for operational advantage.

  • Integrated energy infrastructure assets span key U.S. basins, supporting diversified and resilient operations across natural gas, NGLs, refined products, and crude oil markets.

Synergy realization and integration progress

  • Achieved about 80% of expected Magellan synergies, with additional high-return projects identified.

  • Synergies realized in G&A, insurance, and small capital projects, with major system connections accelerating benefits.

  • Completed key pipeline connections (Easton, Kansas NGL network), expediting synergy capture.

  • Medallion and EnLink integrations provided operational and contractual synergies, with most within management control.

  • Achieved accelerated synergy realization from recent acquisitions, exceeding original cost-saving assumptions.

Market outlook and volume trends

  • U.S. oil production expected to remain around 13.5 million barrels/day, with LNG export capacity on the Gulf Coast projected to double by 2030.

  • AI data centers and local demand are driving new pipeline opportunities and natural gas growth.

  • Industrial demand growth, including LNG exports and data centers, is increasing natural gas transportation and storage needs.

  • Bakken and Rockies to see low single-digit gas growth; crude production flat, with strong drilling activity from major producers.

  • Mid-Continent shifting toward richer gas production, with increased excitement and volume growth potential.

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Frequently asked questions

ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

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