ONEOK (OKE) Barclays 38th Annual CEO Energy-Power Conference summary

Strategic acquisitions and integration

• Recent acquisitions of EnLink and Medallion differ from the Magellan deal, focusing on integrating assets to enhance competitiveness and margin generation through connectivity and long-haul capabilities.

• Synergies are defined by the ability to do more together, with EnLink and Medallion assets making the system more competitive for volume and higher-margin opportunities.

• Integration connects previously disparate EnLink businesses, enabling a fully integrated value chain and additional margin opportunities.

• The Easton Energy acquisition accelerates connectivity between NGL and refined product assets, increasing throughput and offering bundling services to customers.

• Strategic fit and asset integration are expected to drive significant value and growth opportunities.

Synergy targets and realization

• Synergy targets are risk-weighted, with a base case of $250 million and an upside of $450 million, based on operational and commercial probabilities.

• Teams identify specific projects and opportunities, with volume growth and competitive advantages as key drivers.

• Conservative estimates are used, with confidence in exceeding targets as integration progresses.

• Cost and operational synergies include optimizing frac capacity and leveraging the integrated value chain for efficiency.

• Magellan synergy realization is ahead of schedule, with innovative collaboration driving results above initial targets.

Asset footprint and growth opportunities

• EnLink assets provide entry into LNG feed gas, natural gas storage, and dry gas infrastructure, complementing existing operations.

• Intrastate assets in Louisiana offer unique last-mile connectivity to industrial, utility, and potential hydrogen and ammonia plants.

• Storage expansion is a focus, supporting reliability amid weather volatility and renewable integration.

• Intrastate businesses in Oklahoma and Texas have proven steady, with similar expectations for Louisiana.