ONEOK (OKE) 23rd Annual Wells Fargo Midstream, Energy & Utilities Symposium summary

Industry and Regulatory Outlook

• Anticipates a more predictable permitting process under the new administration, though not necessarily easier.

• Operations are concentrated in regions favorable to fossil fuels, minimizing regulatory impact.

• Expects steady industry activity, with customers maintaining current capital allocation into 2025.

• Large E&P consolidations lead to longer-term, stable development plans.

Strategic Initiatives, M&A, and Portfolio Evolution

• Entered merger agreement to acquire all outstanding publicly held EnLink units, expanding integrated midstream services and establishing a fully integrated Permian Basin platform at scale.

• Closed Medallion acquisition, further diversifying commodity exposure and enhancing Permian customer solutions.

• Acquisitions like Magellan and EnLink provided demand-pull assets, Permian exposure, and geographic diversification.

• Integration of EnLink and Medallion secures Permian volumes and expands Louisiana's demand-side footprint.

• Announced sale of wholly owned interstate natural gas pipelines to optimize asset portfolio and align with integrated asset model.

Synergy Realization and Integration

• 2024 synergy targets from Magellan acquisition are expected to be exceeded, with further gains in 2025.

• Identified $250 million in base annual synergies from EnLink and Medallion within three years, with potential upside to $450 million.

• Integration efforts focus on connecting systems and optimizing asset use, such as new pipeline connections.

• Commercial teams are methodically integrated to prioritize and execute high-return projects.

• Easton acquisition accelerated and expanded synergy opportunities, including increased throughput.