ONEOK (OKE) Barclays 39th Annual CEO Energy-Power Conference 2025 summary

Integration and Synergy Progress

• Synergy targets of $250 million for 2025 remain on track, with Magellan integration ahead of expectations and additional opportunities identified.

• Medallion synergies are progressing well, leveraging control over assets to optimize crude gathering and pipeline utilization.

• EnLink integration is on pace, with immediate gains from insurance and other corporate synergies, while some benefits will accrue over time as contracts roll off.

• Processing capacity constraints in EnLink require new plant construction, affecting the pace of synergy realization.

• Accelerated synergy realization from Magellan, EnLink, and Medallion acquisitions, with $700M+ potential from Magellan and $450M+ from EnLink/Medallion.

Operational Optimization and Cost Savings

• Integration of NGL and refined product systems reduces butane logistics costs from $0.20 to $0.10 per gallon by 2026, with further savings expected as expansions come online.

• Blending operations are being optimized by shifting volumes from truck to pipeline, enhancing efficiency and reducing costs.

• Customers have responded positively to new offerings and capital investments, leading to increased volume commitments.

• Connecting legacy systems enables more efficient use of processing plants and maximizes NGL recovery.

• NGL segment saw 18% volume growth in 2Q 2025, with major expansion projects underway and >90% fee-based earnings expected.

Growth Projects and Strategic Expansions

• New processing plants are being sanctioned in the Delaware and Midland Basins to support volume growth and system integration.

• The Denver refined product pipeline will enter service in mid-2026 at 30,000 barrels per day, scalable to 250,000 barrels per day to meet demand in PADD 4 and PADD 5.

• Elk Creek and West Texas NGL pipelines were oversized to allow for future volume growth, providing operating leverage and competitive advantage.

• The Medford Fractionator, coming online in late 2026, will offer additional low-cost fractionation capacity.

• Investing in high-return organic growth projects, including the Medford fractionator rebuild (2026–2027), Bighorn processing plant (mid-2027), and multiple joint venture pipelines and export terminals (2027–2028).