Financial Strategy and Performance - The company aims to maintain investment-grade credit ratings and a strong balance sheet, expecting internally generated cash flows to fund high-return capital projects, grow dividends, reduce debt, and support a $2.0 billion share repurchase program[45]. - The company is focused on maximizing total shareholder return through high-return capital projects and consistent returns on invested capital[45]. - The company completed the sale of three interstate natural gas pipeline systems on December 31, 2024[74]. Natural Gas Operations - The Natural Gas Gathering and Processing segment has a processing capacity of 1.9 Bcf/d in the Rocky Mountain region and 1.0 Bcf/d in the Mid-Continent region, with utilization rates of 84% and 77% for 2024 and 2023, respectively[54]. - The Natural Gas Liquids segment has a processing capacity of 1.4 Bcf/d in the Mid-Continent region, 1.7 Bcf/d in the Permian Basin, and 0.8 Bcf/d in North Texas, with fee-based contracts representing 76% and 72% of supply volumes for 2024 and 2023, respectively[60]. - The company operates a natural gas pipeline system that connects key supply areas and demand centers, supporting low-cost expansions to meet growing demand from data centers and utilities[72]. - The company has a 50% ownership interest in Northern Border, which transports natural gas with a capacity of 2.5 Bcf/d[85]. - The ONEOK Gas Transportation has access to major natural gas production areas in the Mid-Continent region, including the SCOOP and STACK areas[76]. - The Sabine Pipeline, acquired through EnLink Acquisitions, operates as an interstate natural gas pipeline connecting Port Arthur, Texas, to the Henry Hub[75]. Infrastructure and Capacity Expansion - The Natural Gas Liquids segment added 9,300 miles of gathering pipelines and 4,800 miles of distribution pipelines as a result of the EnLink Acquisitions, with NGL fractionators having a combined operating capacity of 960 MBbl/d[64]. - The ongoing Denver area pipeline expansion project will add 35 MBbl/d to the system capacity[89]. - The company has access to 6 MMBbl of combined NGL storage capacity at facilities in Kansas and Texas, enhancing its operational flexibility[63]. - The company is reconstructing a 210 MBbl/d fractionator in Medford, Oklahoma, to improve its NGL processing capabilities[62]. Environmental and Regulatory Compliance - The company is subject to various environmental regulations, including the Clean Air Act and the Clean Water Act, which may require capital expenditures for compliance[106]. - The company is required to satisfy its Renewable Volume Obligation (RVO) under the Renewable Fuel Standard, which may increase compliance costs over time[116]. - The company has completed updates to its pipeline maintenance procedures to minimize methane leaks as part of compliance with the Protecting our Infrastructure of Pipelines and Enhancing Safety Act[113]. - The company does not anticipate a material impact on its operations from the EPA's finalized rule targeting oil and gas section emissions of greenhouse gases[115]. - The company anticipates future governmental legislation may require limits on GHG emissions, potentially impacting capital expenditures and operations[120]. - The company is subject to the EPA's Mandatory Greenhouse Gas Reporting Rule, which requires annual reporting of GHG emissions from affected facilities[114]. Employee Engagement and Benefits - Employee engagement participation rate increased to 93% in 2024 from 90% in 2022, with the overall engagement mean rising to the 80th percentile[134]. - As of December 31, 2024, the company had 5,177 employees, excluding EnLink employees[135]. - The company provides up to $10,000 for reasonable and necessary expenses related to adoption and surrogacy[142]. - The company offers up to $5,250 per year in qualifying tuition expenses for furthering education[145]. - The company maintains a 401(k) Plan with a 100% match on employee contributions up to 6% of eligible compensation, with 96% of eligible employees participating as of December 31, 2024[147]. - Effective January 1, 2025, profit-sharing quarterly contributions will increase from 1% to 6% of quarterly eligible compensation[147]. - The company provides full pay for maternity, paternity, or adoption leave of up to 240 hours per qualifying event[142]. - The ONE Trust Fund allows employees to contribute donated vacation hours or monetary donations to assist fellow employees in times of personal crises[143]. - The company has a charitable giving matching program of $10,000 annually through the ONEOK Foundation[143]. Sustainability and Emissions Reduction - In 2023, GHG emissions were approximately 3.7 million metric tons of carbon dioxide equivalents for Scope 1 and 3.1 million metric tons for Scope 2 emissions[109]. - The company aims for a 30% reduction in combined operational Scope 1 and location-based Scope 2 GHG emissions by 2030, targeting a reduction of 2.2 million metric tons of carbon dioxide equivalents[110]. - As of December 31, 2024, the company has achieved reductions totaling approximately 1.7 million metric tons towards its GHG emissions reduction target[110]. - The company is actively participating in the Our Nation's Energy (ONE) Future Coalition to report methane emission reductions and calculate methane intensity for its natural gas transmission and storage assets[111]. - The company has achieved a reduction of approximately 1.7 million metric tons of GHG emissions towards its target of 2.2 million metric tons by 2030, representing a 30% reduction from 2019 levels[110]. - The company is monitoring potential future regulations that may require it to limit GHG emissions or pay additional fees associated with its emissions[120]. Corporate Culture and Diversity - The company has a zero-incident culture commitment for employee safety and environmental responsibility[137]. - The company has established four employee-led business resource groups to promote inclusion and diversity[139]. - The company has a cross-functional inclusion and diversity strategy aimed at attracting and retaining talent[138]. - The company has implemented a Cybersecurity Implementation Plan, with the last approval in August 2024[132].

Financial Data and Key Metrics Changes - Net income attributable to ONEOK for Q4 2024 was $923 million, or $1.57 per share, and for the full year, it totaled $3 billion, or $5.17 per share [19] - Adjusted EBITDA for Q4 2024 was nearly $2.2 billion, with a full-year total exceeding $6.7 billion [19] - The annualized run rate net debt-to-EBITDA ratio for Q4 2024 was 3.6x, with over $730 million in cash on hand and no outstanding borrowings [20] Business Line Data and Key Metrics Changes - The refined products and crude segment contributed its first full year of earnings, benefiting from higher average refined product tariff rates and increased long-haul crude oil pipeline earnings [26] - NGL raw feed throughput volumes increased by 8%, and natural gas volumes processed rose by 6% in the Rocky Mountain region [27] - The Natural Gas Pipeline segment exceeded its 2024 financial guidance, driven by strong demand for intrastate pipeline and storage services [27] Market Data and Key Metrics Changes - In the Permian Basin, the company expects higher year-over-year adjusted EBITDA and raw feed throughput volumes, primarily driven by growth in production [28] - The company anticipates natural gas processing volumes in the Permian Basin to average approximately 1.6 Bcf per day [38] - The company is positioned to benefit from industrial demand growth driven by data centers, LNG exports, and ammonia facilities [39] Company Strategy and Development Direction - ONEOK has executed a disciplined growth strategy, enhancing its regional diversification and integrated operations [10] - Key projects include NGL pipeline expansions in the Bakken and Permian Basins, and a joint venture for an LPG export project [13][32] - The company remains committed to returning value to shareholders through sustained dividends and share repurchases [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong earnings growth for 2025, driven by expanded operations and higher volumes [9] - The 2026 growth outlook includes expectations for over 15% earnings per share growth and adjusted EBITDA growth approaching 10% [24] - Management highlighted the importance of safety and customer service in maintaining operational resilience [42] Other Important Information - The company has provided 11 consecutive years of adjusted EBITDA growth, with 2025 adjusted EBITDA guidance more than double that of three years ago [16] - The company announced a 4% increase in its quarterly dividend in January 2025 [20] Q&A Session Summary Question: Additional details on bridging 2025 to 2026 guidance - Management indicated that synergy capital from connecting Easton assets will contribute to benefits in 2026 [47] Question: Strategic benefits of the LPG export JV with MPLX - The strategic rationale includes location advantages and reduced costs due to proximity to existing infrastructure [52][54] Question: Assumptions for uncontracted rates for the LPG dock - Management does not share the view that docks will be overbuilt and has assumed typical market rates for spot volumes in their economics [61] Question: Update on commercial development for power plant expansion projects - Management noted that they are in discussions with various projects, with a focus on capturing demand from data centers [75][76] Question: Directional guidance for 2026 CapEx - Management expects a peak in 2025 CapEx, with a higher baseline moving forward due to recent acquisitions [80] Question: Synergies tracking for Magellan and EnLink - Management confirmed that they exceeded original synergy targets and expect additional synergies in 2025 [84] Question: Opportunities from Medallion and EnLink acquisitions - Management highlighted positive surprises in operational synergies and increased efficiency in connecting systems [92] Question: Expected returns on the LPG export project - Expected returns are projected in the mid-teens to high-teens, emphasizing the integrated strategy [103] Question: M&A strategy in the Permian - Management remains focused on integration and realizing synergies from recent acquisitions before pursuing new M&A opportunities [106]

Core Insights - ONEOK Inc. reported fourth-quarter 2024 operating earnings per share (EPS) of $1.57, exceeding the Zacks Consensus Estimate of $1.45 by 8.3% and improving 33.1% from the previous year's $1.18 [1] - For the full year 2024, ONEOK's EPS was $5.17, a decrease of 5.7% compared to $5.48 in 2023 [2] Financial Performance - Operating revenues for the fourth quarter totaled $7 billion, surpassing the Zacks Consensus Estimate of $6.56 billion by 6.8% and increasing 33.7% from $5.24 billion in the prior-year quarter [3] - Total revenues for 2024 reached nearly $21.7 billion, reflecting a year-over-year increase of 22.7% from $17.68 billion in 2023 [3] - Adjusted EBITDA for the quarter was $2.17 billion, up 43.6% year over year [4] - Operating income totaled $1.57 billion, a 42.7% increase from the prior year's $1.1 billion [4] - Interest expenses rose to $448 million, up 46.9% from $305 million in the year-ago period [4] - Cash and cash equivalents as of December 31, 2024, were $733 million, compared to $338 million a year earlier [6] - Long-term debt (excluding current maturities) increased to $31.02 billion from $21.18 billion as of December 31, 2023 [6] - Cash provided by operating activities for 2024 was $4.89 billion, up from $4.42 billion in 2023 [6] Future Guidance - ONEOK anticipates consolidated net income for 2025 in the range of $3.21 billion to $3.69 billion and adjusted EBITDA between $8 billion and $8.45 billion [7] - Interest expenses for 2025 are expected to be in the range of $1.77 billion to $1.73 billion [7] - Total capital expenditures are projected to be between $2.8 billion and $3.2 billion, including various expansion and relocation projects [8] - Diluted EPS for 2025 is expected to be in the range of $4.97 to $5.77 per share, with the Zacks Consensus Estimate at $5.95 per share [9] Company Ranking - ONEOK currently holds a Zacks Rank 3 (Hold) [10]

Core Insights - Oneok reported a strong performance in Q4 2024, with a 33% increase in both EPS and revenue compared to the previous year, exceeding analysts' expectations [1][3] - The company's strategic acquisitions and increased throughput contributed to robust growth, reflecting effective management and operational strategies [2][6] Financial Performance - Q4 2024 EPS was $1.57, surpassing the estimate of $1.49 and showing a 33.1% increase from $1.18 in Q4 2023 [3] - Revenue for Q4 2024 reached $7 billion, exceeding the expected $6.18 billion and representing a 33.6% increase from $5.24 billion in Q4 2023 [3] - Adjusted EBITDA for Q4 2024 was $2.17 billion, a 44% increase from $1.51 billion in Q4 2023 [3] - Net income for Q4 2024 was $1 billion, up 45% from $688 million in Q4 2023 [3] Business Overview - Oneok is a key player in the natural gas liquids sector, with infrastructure projects like pipelines being vital to its business model [4] - The acquisition of Magellan Midstream Partners for $18.8 billion in September 2023 aimed to diversify and strengthen Oneok's market position [4] - Over 85% of Oneok's earnings in 2023 were fee-based, providing stability against commodity price volatility [5] Strategic Developments - The acquisition of Medallion in October 2024 significantly boosted EBITDA, particularly in the Refined Products and Crude segments, with adjusted EBITDA rising from $465 million in 2023 to $1.89 billion in 2024 [6] - The Natural Gas Gathering and Processing segment saw EBITDA growth to $1.48 billion from $1.24 billion, driven by increased volumes and asset sales [7] Capital Allocation and Sustainability - Oneok increased its quarterly dividend by 4% and repurchased 1.675 million shares, demonstrating a commitment to returning value to shareholders [8] - The company achieved 77% of its 2030 greenhouse gas emission reduction target, indicating a focus on sustainability [8] Future Outlook - Management anticipates further EBITDA growth into 2025, driven by newly integrated assets and expansive projects [10] - The successful integration of acquisitions like Medallion Midstream and EnLink Midstream is expected to enhance performance and volume growth [10][11] - The focus remains on operational efficiencies and robust shareholder returns through strategic capital allocation [11]

Core Insights - Oneok Inc. reported a revenue of $7 billion for the quarter ended December 2024, marking a 33.7% increase year-over-year [1] - The company's EPS was $1.57, up from $1.18 in the same quarter last year, exceeding the consensus estimate of $1.45 by 8.28% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $6.56 billion, resulting in a surprise of 6.77% [1] Financial Performance Metrics - Adjusted EBITDA for Natural Gas Liquids was $696 million, exceeding the average estimate of $639.37 million from two analysts [4] - Adjusted EBITDA for Natural Gas Pipelines reached $417 million, significantly higher than the average estimate of $167.62 million [4] - Adjusted EBITDA for Natural Gas Gathering and Processing was $489 million, compared to the average estimate of $317.21 million from two analysts [4] Stock Performance - Over the past month, Oneok's shares have returned -6.2%, while the Zacks S&P 500 composite experienced a -0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Oneok Inc. reported quarterly earnings of $1.57 per share, exceeding the Zacks Consensus Estimate of $1.45 per share, and showing an increase from $1.18 per share a year ago, indicating a positive earnings surprise of 8.28% [1] Financial Performance - Oneok's revenues for the quarter ended December 2024 were $7 billion, surpassing the Zacks Consensus Estimate by 6.77%, and up from $5.24 billion year-over-year [2] - Over the last four quarters, the company has exceeded consensus EPS estimates two times and topped revenue estimates once [2] Stock Performance and Outlook - Oneok shares have declined approximately 2.3% since the beginning of the year, while the S&P 500 has gained 2.2% [3] - The company's earnings outlook is mixed, with current consensus EPS estimates at $1.48 for the coming quarter and $5.95 for the current fiscal year, with revenues projected at $7.06 billion and $27.1 billion respectively [7] Industry Context - The Oil and Gas - Production Pipeline - MLB industry, to which Oneok belongs, is currently ranked in the top 8% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Exhibit 99.1 News Feb. 24. 2025 Analyst Contact: Megan Patterson Media Contact: 918-561-5325 Brad Borror 918-588-7582 ONEOK Announces Higher Fourth Quarter and Full-year 2024 Earnings Completed Projects and Expanded Asset Base Provide a Platform For Growth TULSA, Okla. - Feb. 24, 2025 - ONEOK, Inc. (NYSE: OKE) today announced higher fourth quarter and full-year 2024 results. Higher Fourth-quarter 2024 Results, Compared With Fourth Quarter 2023: Higher Full-year 2024 Results, Compared with Full Year 2023: "O ...

Higher 2025 Expectations Driven by Volume Growth, Completed Projects and Expanded Operations TULSA, Okla., Feb. 24, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced 2025 financial guidance and provided a 2026 growth outlook.2025 Financial Guidance: ONEOK announces 2025 financial guidance and provides 2026 growth outlook. Net income including noncontrolling interests midpoint of $3.45 billion, an 11% increase year-over-year. Net income excluding noncontrolling interests midpoint of $3.36 bi ...

Completed Projects and Expanded Asset Base Provide a Platform For GrowthTULSA, Okla., Feb. 24, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher fourth quarter and full-year 2024 results.Higher Fourth-quarter 2024 Results, Compared With Fourth Quarter 2023: ONEOK announces higher fourth quarter and full-year 2024 earnings. Net income including noncontrolling interests of $1.0 billion. Net income excluding noncontrolling interests of $923 million (most of which is related to the EnLi ...

ONEOK Inc. (OKE) is expected to report an improvement in its top and bottom lines when it reports 2024 results on Feb. 24, after market close. Find the latest earnings estimates and surprises on Zacks Earnings Calendar.The Zacks Consensus Estimate for OKE’s fourth-quarter revenues is pegged at $6.56 billion, indicating growth of 25.2% from the year-ago reported figure.The Zacks Consensus Estimate for earnings is pegged at $1.45 per share. The Zacks Consensus Estimate for OKE’s fourth-quarter earnings indica ...