ONEOK (OKE) Investor presentation summary

Investment highlights and business model

• Operates a ~60,000-mile, regionally diversified pipeline network across key U.S. basins, providing integrated energy infrastructure for NGLs, natural gas, refined products, and crude oil.

• Maintains a balanced capital allocation strategy with high-return organic growth projects, 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, supporting resilient earnings and stable cash flow.

• Holds investment-grade credit ratings and a large market cap over $55 billion.

Financial performance and guidance

• 2026 net income guidance range: $3.19B–$3.71B; adjusted EBITDA guidance: $7.9B–$8.3B.

• 2026 diluted EPS guidance: $5.04–$5.87; annual dividend growth targeted at 3–4% with a payout ratio of ~85% or lower.

• Over $2.7B returned to shareholders in 2025 through dividends and share repurchases.

• More than $700M in total synergies expected by year-end 2026, including cost and capex savings.

• 2026 earnings expected to remain ~90% fee-based across major business segments.

Growth projects and operational updates

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

• Key projects have estimated completions from mid-2026 to mid-2028, expanding capacity and market reach.

• Q4 2025 saw a 10% increase in Gulf Coast/Permian NGL throughput and 11% increase in refined products distillates.

• Permian and Delaware Basin processing expansions underway, with significant new capacity expected in 2026–2027.

• Strategic focus on asset optimization, market share growth, and operational synergies.