ONEOK (OKE) Investor presentation summary

Investment highlights

• 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 with high-return organic growth projects, dividend growth, and share repurchases.

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

• Boasts a strong financial profile with ~90% fee-based business and investment-grade credit ratings.

• Large market cap (> $55 billion), attractive dividend yield (~5%), and strong ESG ratings (MSCI AA).

Financial performance and guidance

• 2026 adjusted EBITDA guidance increased to $8.2–$8.5 billion, with net income guidance of $3.4–$3.785 billion.

• Diluted EPS guidance for 2026 is $5.38–$5.99, reflecting continued strong earnings growth.

• Targeting to return 75–85% of forecasted cash flow from operations to shareholders after capex.

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

• Maintains a target debt-to-EBITDA ratio of 3.5x and a dividend payout ratio of ~85% or lower.

Growth projects and operational updates

• Multiple organic growth projects underway, including new fractionators, export terminals, and processing plants across key regions.

• Significant capacity expansions in NGL, refined products, crude, and natural gas gathering and processing.

• Notable projects: Medford fractionator (210,000 bpd), Texas City LPG export terminal (400,000 bpd), and Eiger Express pipeline (3.7 Bcf/d).

• Recent throughput and processed volumes show strong growth across all regions and product lines.

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