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 2026.

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

• Holds investment-grade credit ratings and targets a 3.5x debt-to-EBITDA ratio.

Financial performance and guidance

• 2026 adjusted EBITDA guidance 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.

• Returned ~$2.7 billion to shareholders in 2025 through dividends and share repurchases, targeting 75–85% of forecasted cash flow from operations.

• Dividend growth target of 3–4% annually, with over 30 years of dividend stability and a current yield of ~5%.

• Consensus EPS CAGR projected at ~9% for 2026E–2028E.

Operational updates and growth projects

• Major organic growth projects include refined products expansion to Denver, Medford fractionator rebuild, Bighorn processing plant, and Texas City export terminal JV.

• NGL raw feed throughput increased significantly in Gulf Coast/Permian and Rocky Mountain regions; Medford and Texas City projects to add substantial capacity by 2028.

• 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 and Delaware Basins.

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