ONEOK (OKE) Investor presentation summary

Investment highlights and strategic positioning

• Operates a ~60,000-mile, regionally diversified pipeline network across key U.S. basins, supporting gathering, processing, transportation, and storage of NGLs, natural gas, refined products, and crude oil.

• Maintains a balanced, multi-commodity platform with ~90% fee-based business model, providing stable cash flows and resilience across market cycles.

• Demonstrates a proven track record with 12 consecutive years of adjusted EBITDA growth and a tenured management team experienced in organic growth and disciplined M&A.

• Holds investment-grade credit ratings and a strong balance sheet, supporting disciplined capital allocation and dividend growth.

Financial performance and guidance

• 2026 net income guidance range is $3.19B–$3.71B, with adjusted EBITDA guidance of $7.9B–$8.3B.

• Achieved ~13% CAGR in EPS from 2017–2026G, with 2026 diluted EPS guidance of $5.04–$5.87.

• 2026 guidance includes $150M in annual synergies, with over $700M in total synergies expected by year-end 2026.

• Maintains a target dividend payout ratio of ~85% or lower, with 3–4% annual dividend growth and over 25 years of dividend stability.

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

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, with completions spanning 2026–2028.

• NGL segment expects 2026 earnings to be ~90% fee-based, with significant throughput growth in the Gulf Coast/Permian region and new fractionation and export capacity coming online.

• Refined products and crude segment operates the longest refined products pipeline system in the U.S., with access to nearly 50% of U.S. refining capacity and ~90% fee-based earnings expected in 2026.

• Natural gas gathering and processing segment serves key basins with >7 Bcf/d processing capacity, primarily under fee-based contracts.

• Natural gas pipelines segment provides 8,300 miles of transportation and 74 Bcf of storage, with direct connectivity to end-use markets and ~85% fee-based earnings in 2026.