ONEOK (OKE) investor relations material

Conference overview

• The session focused on macro energy trends, strategy, and operational details, with audience-driven Q&A guiding the discussion.

• Key topics included global energy security, the impact of geopolitical events like the Strait of Hormuz, and the resilience of fee-based business models.

• The importance of diversified supply and the shift from price-driven to reliability-driven sourcing was emphasized.

• U.S. LNG and NGL export growth, infrastructure needs, and regulatory modernization were highlighted as central industry themes.

• The company’s multi-molecule midstream focus and disciplined approach to asset management were reiterated.

Market and industry insights

• Global disruptions have underscored the value of reliable energy supply and the risks of over-reliance on single sources.

• U.S. natural gas and NGLs are increasingly export-oriented, with new infrastructure projects supporting this trend.

• LNG is the primary demand driver, followed by data centers and industrial reshoring, with steady growth expected in all segments.

• Storage capacity is becoming more critical due to intermittent demand and operational risks, with ongoing expansions in key regions.

• Regulatory delays are a bottleneck for infrastructure development, prompting calls for process modernization and legislative certainty.

Strategic positioning and business model

• Operates a ~60,000-mile, regionally diversified pipeline network across key U.S. basins, providing integrated gathering, processing, transportation, storage, and export services for NGLs, natural gas, refined products, and crude oil.

• Maintains a resilient, predominantly fee-based business model, with 2026 earnings expected to be ~90% fee-based across most segments.

• Demonstrates strong producer connectivity, operational scale, and contiguous complementary assets, supporting stable cash flow and long-term growth.

• Focus remains on midstream operations, avoiding upstream commodity risk and maintaining stable, fee-based cash flows.

• The multi-molecule, fully integrated asset base provides flexibility and resilience across market cycles.