ONEOK (OKE) Investor presentation summary

Investment highlights and strategy

• Operates a ~60,000-mile, regionally diversified pipeline network across key U.S. basins, supporting integrated energy infrastructure at scale.

• Maintains a balanced capital allocation strategy focused on high-return organic growth, dividend growth, a strong balance sheet, and share repurchases.

• Achieved 12 consecutive years of adjusted EBITDA growth and a 13% EPS CAGR from 2017 to 2026G.

• Business model is ~90% fee-based, providing resilient earnings and strong cash flow.

• Holds investment-grade credit ratings and a robust ESG profile, with an MSCI AA rating.

Financial performance and guidance

• Adjusted EBITDA guidance for 2026 increased to $8.0–$8.5 billion, with net income guidance of $3.2–$3.785 billion.

• Diluted EPS guidance for 2026 is $5.06–$5.99, reflecting continued strong growth.

• Maintains a target dividend payout ratio of ~85% or lower, with 3–4% annual dividend growth.

• Returned ~$2.7 billion to shareholders in 2025 through dividends and share repurchases.

• Targeting to return 75–85% of forecasted cash flow from operations after capex over the next two years.

Growth projects and operational updates

• Major projects include a refined products expansion to Denver, Medford fractionator rebuild, Bighorn processing plant, and Texas City export terminal JV, with completions from mid-2026 to 2028.

• NGL raw feed throughput volumes increased significantly in Gulf Coast/Permian and Rocky Mountain regions.

• Refined products volumes rose, with a 16% increase in gasoline and 12% in distillates year-over-year.

• Natural gas gathering and processing volumes grew in all regions, with new processing capacity coming online in the Permian.

• Over $700 million in total synergies expected by year-end 2026 from recent M&A and operational improvements.