In afternoon trading on Thursday, Energy stocks are the worst performing sector, showing a 2.0% loss. Within that group, Diamondback Energy, Inc. (Symbol: FANG) and ONEOK Inc (Symbol: OKE) are two large stocks that are lagging, showing a loss of 6.0% and 5.4%, respectively. Among energy ETFs, one ETF following the sector is the Energy Select Sector SPDR ETF (Symbol: XLE), which is down 1.7% on the day, and up 4.77% year-to-date. Diamondback Energy, Inc., meanwhile, is up 14.21% year-to-date, and ONEOK Inc i ...

Valued at $45.7 billion by market cap, Tulsa, Oklahoma-based ONEOK, Inc. (OKE) operates as a leading midstream energy company focused on processing, transportation, and storage of crude, natural gas, and natural gas liquids. The company plays a crucial role in connecting oil & gas producers with end markets across North America. Companies worth $10 billion or more are generally described as “large-cap stocks.” ONEOK fits right into that category, with its market cap exceeding this threshold, reflecting it ...

Core Insights - ONEOK is focused on integrating its recently acquired assets and achieving synergy targets of $250 million by 2025 [1] - The company has not changed its expectations regarding synergies since the initial guidance was provided [2] Synergy Progress - The Magellan acquisition, completed in September 2023, is the area where ONEOK is making the most progress towards synergy targets [2] - The company has been able to capitalize on opportunities that were within its control, leading to better-than-expected results from the Magellan acquisition [2]

Core Viewpoint - Kayne Anderson Energy Infrastructure Fund, Inc. reported its financial position as of August 31, 2025, highlighting a strong net asset value and significant asset coverage ratios under the Investment Company Act of 1940 [1][2]. Financial Summary - The Company's net assets totaled $2.3 billion, with a net asset value per share of $13.82 as of August 31, 2025 [2]. - Total assets amounted to $3,234.7 million, which included investments of $3,223.1 million and cash and cash equivalents of $8.9 million [3]. - The asset coverage ratio for senior securities representing indebtedness was 723%, while the total leverage coverage ratio was 522% [2]. Liabilities Overview - Total liabilities were reported at $347.1 million, which included a credit facility of $50 million, notes of $350 million, and a deferred tax liability of $294.2 million [3]. Investment Composition - The Company had 169,126,038 common shares outstanding and invested primarily in Midstream Energy Companies (94%), with smaller allocations to Power Infrastructure (3%) and Other (3%) [5]. - The ten largest holdings included significant investments in companies such as The Williams Companies, Inc. ($344 million), Enterprise Products Partners L.P. ($327.1 million), and Energy Transfer LP ($323.8 million) [5]. Investment Objective - The Company aims to provide a high after-tax total return with a focus on cash distributions to stockholders, investing at least 80% of its total assets in securities of Energy Infrastructure Companies [7].

Summary of ONEOK (OKE) FY Conference Call - September 03, 2025 Company Overview - **Company**: ONEOK (OKE) - **Industry**: Midstream Energy Key Points and Arguments Synergy Targets and Acquisitions - ONEOK is focused on achieving $250 million in synergies by 2025, with progress tracking positively, especially from the Magellan acquisition completed in September 2023 [3][4][7] - The integration of Medallion and EnLink acquisitions is ongoing, with synergies expected to materialize over time, particularly as contracts roll off and new processing plants are built [5][8][10] - The company is ahead of expectations with Magellan, and synergies from Medallion are also progressing well [4][7] Cost Optimization and Logistics - ONEOK is optimizing logistics costs by reducing the cost of transporting butane from 20¢ per gallon to 10¢ per gallon by 2026, which will significantly enhance profitability [12][13][14] - The integration of NGL and refined product systems allows for more efficient movement of products, enhancing overall operational efficiency [12][13] Customer Engagement and Market Demand - Customers have responded positively to ONEOK's enhanced offerings and willingness to invest in infrastructure, leading to increased volume commitments [15][16] - The Denver refined product infrastructure project is strategically important due to growing demand in PADD four and five, with potential for expansion to meet future needs [24][25][26] Pipeline and Capacity Expansion - ONEOK has strategically oversized pipelines to allow for future volume growth without significant additional capital expenditure [18][21][32] - The Elk Creek and West Texas NGL pipelines are expected to contribute to future earnings, with a focus on filling existing capacity [19][20] Natural Gas Segment Growth - The Eiger Express Pipeline JV is aimed at increasing natural gas egress from the Permian Basin, driven by growing demand for LNG along the Gulf Coast [55][56][58] - ONEOK is optimistic about growth in the natural gas sector, particularly in Louisiana and West Texas, with ongoing projects to meet industrial demand [58][59][60] Competitive Positioning - ONEOK holds a 60% market share in the Bakken region, providing a strong competitive advantage despite new entrants in the NGL space [39][40] - The company emphasizes the importance of integrated services, offering a seamless supply chain from production to market [42][44] Capital Allocation and Future Outlook - ONEOK's capital allocation strategy focuses on organic growth while managing debt levels post-acquisition [63][64] - The recent tax changes are expected to provide significant free cash flow, allowing for potential stock buybacks as debt targets are met [65][66] Additional Important Insights - The company is prepared to scale the Denver project to 250,000 barrels per day if market conditions warrant [29][31] - ONEOK's strategic positioning near key markets and infrastructure enhances its competitive edge in the midstream sector [49][51] This summary encapsulates the critical insights from the ONEOK FY Conference Call, highlighting the company's strategic initiatives, market positioning, and future growth prospects.

Investor Presentation September 2025 Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. See a discussion of the factors that could affect such forward- looking statements at the end of this presentation. This presentation contains fa ...

Industry Overview - Companies in the Zacks Oil and Gas – Production Pipeline sector are crucial for meeting global energy demands, providing crude oil and natural gas essential for various industries and households [1] - Pipeline operators are vital for energy logistics, ensuring safe and efficient transportation of energy resources, which supports economic stability and the transition to sustainable energy [2] Company Comparisons - Energy Transfer (ET) and ONEOK Inc. (OKE) are significant midstream energy companies in North America, operating extensive networks for transporting and storing natural gas and crude oil [3] - Both companies connect producers in resource-rich areas to end markets, playing a key role in the energy supply chain [3] Investment Case for Energy Transfer - Energy Transfer presents a strong investment opportunity due to its diversified midstream network and stable fee-based cash flows, which are enhanced by strategic export terminal access and effective capital management [4] - The company is positioned for growth amid increasing U.S. energy output and global demand, with a strong distribution yield and consistent EBITDA growth [4] Investment Case for ONEOK - ONEOK offers a robust investment opportunity through its extensive natural gas liquids infrastructure and strategically located pipeline network [5] - The company generates stable cash flows with limited exposure to commodity price fluctuations, ensuring earnings visibility and competitive advantages in transportation and processing [5] Earnings Growth Projections - The Zacks Consensus Estimate indicates a decline of 3.47% in ET's earnings per unit for 2025, followed by a growth of 5.44% in 2026, with a long-term growth projection of 13.67% [7] - ONEOK's earnings per share are projected to grow by 4.78% in 2025 and 4.69% in 2026, with a long-term growth estimate of 7.68% [9] Financial Metrics - Energy Transfer's current Return on Equity (ROE) is 11.08%, while ONEOK's ROE stands at 14.90%, which is above the industry average of 11.55% [10] - The debt-to-capital ratio for ET is 57.29%, slightly lower than OKE's 57.49%, indicating both companies utilize debt for funding [13] Capital Expenditure Plans - Energy Transfer plans to invest $6.1 billion in capital expenditures in 2025, while ONEOK targets $2.8-$3.2 billion for the same year [15] Valuation and Price Performance - Energy Transfer is trading at a forward P/E of 11.85X, which is lower than ONEOK's 12.53X, suggesting a more attractive valuation [16] - Over the past three months, ET's units have gained 0.1%, contrasting with OKE's decline of 5.9%, while the sector overall has increased by 9.1% [17] Conclusion - Energy Transfer is favored over ONEOK due to its higher earnings growth expectations, larger capital expenditures, discounted valuation, and better recent price performance [19]

Core Viewpoint - The Eiger Express Pipeline project, a joint venture involving ONEOK, Enbridge, MPLX, and WhiteWater, is set to enhance the growth potential of these high-yielding dividend stocks by transporting natural gas from the Permian Basin to the Gulf Coast, with completion expected by mid-2028 [1][2][4]. Group 1: Eiger Express Pipeline Overview - The Eiger Express Pipeline will transport up to 2.5 million cubic feet per day of natural gas, enabling producers in the Permian Basin to access higher-value markets along the Gulf Coast [4]. - The pipeline will support growing demand from gas-fired power plants and LNG export terminals, receiving gas from various processing facilities in the Permian Basin [4]. Group 2: Financial Structure and Ownership - Firm transportation contracts with terms of 10 years or more will provide stable income for the pipeline's owners upon its commercial service launch in mid-2028 [5]. - The Matterhorn JV, which owns 70% of the Eiger Express Pipeline, includes WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%) [5]. Group 3: Growth Prospects for ONEOK - ONEOK will hold a 25.5% interest in the Eiger Express Pipeline, positioning it as the largest beneficiary among publicly traded pipeline companies [6]. - The company is also involved in other significant projects, including a JV with MPLX for the Texas City Logistics LPG export terminal and associated MBTC pipeline, with an investment of approximately $1 billion [6]. Group 4: MPLX's Growth Strategy - MPLX will have a 15% direct interest in the Eiger Express Pipeline, enhancing its long-term growth outlook alongside several expansion projects in its backlog [9]. - The company aims for mid-single-digit annual earnings growth, supporting distribution growth at or above this level, with a historical increase in payouts exceeding 10% annually since 2021 [10]. Group 5: Enbridge's Expansion Plans - Enbridge will have a 10% interest in the Matterhorn JV, but it has a substantial expansion project backlog exceeding 32 billion Canadian dollars ($23 billion) [11]. - The company anticipates 3% compound annual cash flow per-share growth through 2026, increasing to around 5% annually thereafter, supporting dividend growth of up to 5% per year [12]. Group 6: Investment Outlook - The Eiger Express Pipeline adds a significant growth driver for ONEOK, MPLX, and Enbridge, enhancing their ability to grow high-yielding dividends, making them attractive long-term investment options for passive income [13].

Core Viewpoint - The Eiger Express Pipeline is a new infrastructure project aimed at transporting natural gas from the Permian Basin to the Gulf Coast, addressing the increasing demand for natural gas in electricity generation and LNG exports [1][4]. Pipeline Details - The Eiger Express Pipeline will span approximately 450 miles and have a diameter of 42 inches, with a capacity to transport up to 2.5 billion cubic feet per day (Bcf/d) [2]. - It will connect natural gas from processing facilities owned by ONEOK and MPLX, as well as pipeline connections in the Midland and Delaware basins [2]. Joint Venture Ownership - The Eiger Express Pipeline joint venture is owned 70% by the Matterhorn JV, with ONEOK and MPLX each holding a 15% stake [3]. - ONEOK's total ownership interest in the pipeline is 25.5%, which includes its stake in the Matterhorn JV [3]. Strategic Importance - The pipeline is positioned to enhance transportation capacity from the Permian Basin, which is known for its high productivity [4]. - It is supported by firm transportation agreements with contract terms of 10 years or longer, ensuring stable revenue streams [4]. Construction and Timeline - WhiteWater will be responsible for the construction and operation of the pipeline, which is expected to be completed by mid-2028, pending regulatory approvals [4]. Company Background - ONEOK is a leading midstream operator with a vast pipeline network of approximately 60,000 miles, providing essential energy products and services [5]. - The company is headquartered in Tulsa, Oklahoma, and is part of the S&P 500 [6]. Matterhorn Joint Venture - The Matterhorn JV, which includes WhiteWater, ONEOK, MPLX, and Enbridge, owns long-haul natural gas pipelines that connect the Permian Basin to the Gulf Coast and LNG export markets [7]. WhiteWater Overview - WhiteWater is an infrastructure company based in Austin, Texas, operating multiple gas transmission assets, including the Eiger Express Pipeline [8]. MPLX Overview - MPLX is a diversified master limited partnership that operates midstream energy infrastructure and logistics assets, including crude oil and refined product pipelines [9]. Enbridge Overview - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is investing in modern energy delivery infrastructure [10].

Group 1: Eiger Express Pipeline Overview - The Eiger Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 450 miles of 42-inch pipeline from the Permian Basin in West Texas to the Katy area [2] - The pipeline will source supply from multiple connections in the Permian Basin, including gas processing facilities in the Midland Basin and from the Delaware Basin via the Agua Blanca Pipeline [2] - The Eiger Express Pipeline is a joint venture owned 70% by the Matterhorn JV, with ONEOK and MPLX each holding a 15% stake, resulting in 25.5% and 22% ownership in the pipeline for ONEOK and MPLX respectively [3] Group 2: Matterhorn Joint Venture - The Matterhorn JV is owned by WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%), and it owns long-haul natural gas pipelines that transport gas from the Permian Basin to the Gulf Coast [4] - The Matterhorn JV also owns the Matterhorn Express Pipeline and 70% of the Eiger Express Pipeline [4] Group 3: Company Profiles - WhiteWater is an Austin, Texas-based infrastructure company that operates multiple gas transmission assets, including the Matterhorn Express Pipeline and the Eiger Express Pipeline [5] - ONEOK is a leading midstream operator with a pipeline network of approximately 60,000 miles, providing essential energy products and services [8][9] - MPLX is a diversified master limited partnership that owns and operates midstream energy infrastructure and logistics assets [10] - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is investing in modern energy delivery infrastructure [11]