PresentationMariana FernandezInvestor Relations Manager Good morning, everyone, and welcome to this year's AGUA Day. We're delighted to have you with us. Please note that today's call is being recorded. Before we begin, I'd like to remind you that today's discussion contains forward-looking statements. These statements are based on the environment as we currently see it, and there may be certain risks and uncertainties associated with them. The company has no intention or obligation to update or revise any ...

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Summary of ONEOK Conference Call Company Overview - **Company**: ONEOK - **Key Executives Present**: - Pierce Norton, President and CEO - Walt Hulse, EVP and Chief Financial Officer - Sheridan Swords, EVP, Chief Commercial Officer Strategic Shifts - ONEOK has undergone significant strategic shifts over the past few years, diversifying its pipeline concentration and reducing natural gas exposure while increasing its presence in refined products and crude NGLs [3][4][6] - The acquisition of Magellan was pivotal, transitioning from a supply push to a demand pull model, enhancing cash flow stability and allowing for sustained earnings with minimal capital [4][5] - Subsequent acquisitions, including EnLink and Medallion, were strategically sequenced to enhance connectivity and operational efficiency across their assets [5][6] Synergies and Financial Performance - ONEOK has identified $700 million to $1.1 billion in synergies from its acquisitions, with approximately 80% of expected synergies from the Magellan acquisition already realized [8][9] - The company has successfully executed small capital projects yielding high returns, such as spending $12 million to generate $30 million in EBITDA [9][10] - The integration of assets has allowed for improved operational control and efficiency, particularly in the NGL system [11][12] Market Outlook - The U.S. is projected to produce approximately 13.5 million barrels of oil daily, with significant growth expected in the Permian Basin, which will drive natural gas and liquids production [15][41] - The LNG capacity in the Gulf Coast is expected to reach 30 BCF per day by 2030, indicating a strong demand for natural gas from regions like the Permian and Haynesville [15][16] - The Bakken region is anticipated to see low single-digit growth in gas production, while the Rockies are expected to maintain stable crude oil production levels [18][20] Capital Expenditure and Growth Drivers - ONEOK's growth into 2026 is driven by completed projects and expansions, including the Bison Pipeline and Denver expansion of refined products pipeline [30][31] - The company has adjusted its outlook for 2026 due to a decrease in crude prices from $75 to $60, leading to a more cautious approach from producers [32][33] M&A Strategy - ONEOK remains open to M&A opportunities but is currently in a position to be patient and selective, having built a strong asset mix and identified potential targets [34][35] - The company emphasizes intentionality in its M&A strategy, ensuring that any future acquisitions align with its existing operational framework [35] Competitive Landscape - The wellhead-to-water strategy aims to control the entire process from gas production to market delivery, enhancing competitive positioning [36][39] - The Permian Basin is recognized as the most competitive area for natural gas and NGLs, with ongoing investments in pipeline and fractionation capacity [52][53] Conclusion - ONEOK is strategically positioned for growth through its diversified asset base, successful integration of acquisitions, and a strong focus on operational efficiency and market demand dynamics. The company is prepared to navigate the evolving energy landscape while maintaining a disciplined approach to capital allocation and M&A activities.

Company Overview and Strategy - ONEOK has a ~60,000-mile pipeline network and strategically located assets [5, 11] - The company's business model is approximately 90% fee-based, providing resilient earnings [6] - ONEOK aims for 3%-4% annual dividend growth with a payout ratio of ~85% or lower [33] Financial Performance and Synergies - The adjusted EBITDA guidance range for 2025 is $80 billion to $845 billion [14, 26] - ONEOK returned approximately $25 billion to shareholders in 2024 through dividends and share repurchases [34] - Magellan synergies are expected to exceed $350 million by the end of 2025 [28] - EnLink and Medallion synergies are expected to exceed $125 million by the end of 2025 [30] Operational Highlights and Growth Projects - Natural Gas Liquids segment expects 2025 earnings to be >90% fee based with >12 million bpd fractionation capacity [47] - Refined Products and Crude segment expects 2025 earnings to be ~90% fee based [63] - The company is developing a 400,000 bpd LPG export terminal in Texas City, with expected completion in early 2028 [35, 57]

ONEOK, Inc. (OKE), based in Tulsa, Oklahoma, is a prominent midstream energy company focused on natural gas and natural gas liquids. It plays a vital role in collecting raw natural gas, processing it to separate valuable liquids, and then transporting these products through an extensive network of pipelines. Operating in major U.S. energy regions, ONEOK links producers to key markets, delivering energy resources to utilities, refiners, and exporters through multiple business segments, including its refine ...

Core Viewpoint - ONEOK has significantly expanded and diversified its operations over the past five years through a series of acquisitions, enhancing its position as one of the largest energy infrastructure companies in the U.S. [1] Performance Summary - ONEOK's share price has seen a one-year decline of 29.5%, but over three years, it has returned 14%, and over five years, it has achieved an impressive 88.5% return. [3] - The total return, including reinvested dividends, shows a decline of 27% over one year, but a growth of 31.4% over three years and a remarkable 148.4% over five years, outperforming the S&P 500 in total returns. [3] Key Financial Data - ONEOK's current market capitalization stands at $48 billion, with a current price of $76.34 and a dividend yield of 5.4%. [4][5] - The company's gross margin is reported at 19.10%. [5] Acquisition Strategy - ONEOK's transformation began with the $18.8 billion acquisition of Magellan Midstream Partners in 2023, which added refined products, crude oil, and export terminals to its portfolio. [6] - Subsequent acquisitions include Medallion Midstream and a 43% interest in EnLink for $5.9 billion, followed by the complete acquisition of EnLink for $4.3 billion. [6] - Smaller acquisitions include NGL pipelines from Easton Energy for $280 million and a 49.9% interest in a Delaware Basin gathering and processing company for $940 million. [6] Growth Prospects - The acquisitions have fueled significant earnings growth and positioned ONEOK for continued growth, with expectations of capturing hundreds of millions in merger synergies in the coming years. [7] - The company has approved several growth capital projects expected to come online through mid-2028, which will support its growth strategy. [7] Investor Returns - ONEOK has generated robust returns driven by its acquisition strategy and a growing dividend, with expectations to increase its dividend by 3% to 4% per year over the next five years. [8]

Core Insights - Kayne Anderson Energy Infrastructure Fund, Inc. reported its net assets as of November 30, 2025, totaling $2.3 billion, with a net asset value per share of $13.79 [2][5] - The company's asset coverage ratio for senior securities representing indebtedness was 695%, while the total leverage asset coverage ratio was 508% [2][5] - The fund's total assets amounted to $3.22 billion, with long-term investments primarily in Midstream Energy Companies (95%) [3][5] Financial Summary - Total assets: $3,222.4 million, including investments of $3,217.2 million and cash equivalents of $1.6 million [3] - Total liabilities: $321.9 million, with total leverage at $567.5 million, which includes a credit facility of $18 million and notes of $400 million [3] - Net assets were reported as $2,333.0 million [3] Investment Focus - The company focuses on investing at least 80% of its total assets in securities of Energy Infrastructure Companies, aiming for high after-tax total returns with an emphasis on cash distributions to stockholders [7] - The top ten holdings are predominantly in Midstream Energy Companies, with the largest being The Williams Companies, Inc. at $343 million, representing 10.7% of long-term investments [5]

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, as these companies typically have high free cash flows and offer substantial dividend payouts [1] Group 1: Analyst Ratings and Price Targets - ONEOK Inc (NYSE:OKE) has a dividend yield of 5.81%. Citigroup analyst Spiro Dounis maintained a Buy rating but reduced the price target from $102 to $95, with an accuracy rate of 74%. TD Cowen analyst Jason Gabelman maintained a Hold rating and lowered the price target from $78 to $76, with an accuracy rate of 61% [7] - Patterson-UTI Energy Inc (NASDAQ:PTEN) has a dividend yield of 5.60%. Susquehanna analyst Charles Minervino maintained a Positive rating and cut the price target from $8 to $7, with an accuracy rate of 66%. Barclays analyst David Anderson maintained an Overweight rating and also reduced the price target from $8 to $7, with an accuracy rate of 66% [7] - Chevron Corp (NYSE:CVX) has a dividend yield of 4.61%. Piper Sandler analyst Ryan Todd maintained an Overweight rating and slightly reduced the price target from $169 to $168, with an accuracy rate of 67%. Morgan Stanley analyst Devin McDermott maintained an Overweight rating and increased the price target from $177 to $180, with an accuracy rate of 76% [7] Group 2: Recent Company News - ONEOK reported positive quarterly results on October 28, which was highlighted by Benzinga Pro's real-time newsfeed [7] - Patterson-UTI Energy also posted upbeat quarterly results on October 22, as reported by Benzinga Pro's real-time newsfeed [7] - Chevron unveiled its 2030 roadmap during its investor day on November 12, focusing on steady cash flow growth, portfolio enhancement, AI data center power solutions, and increased shareholder returns [7]

Core Viewpoint - The article highlights several companies that offer attractive dividend yields above 5%, contrasting with the average S&P 500 dividend yield of only 1.2% [1]. Group 1: Clearway Energy - Clearway Energy has a current dividend yield of 5%, supported by stable cash flows from its renewable energy facilities [2]. - The company plans to pay out approximately 70% of its free cash flow in dividends, with expectations to grow cash available for distribution from $2.11 per share in 2023 to at least $2.70 per share by 2027 [3]. - Clearway aims to increase its annualized dividend from $1.81 per share to $1.98 per share by 2027, with long-term goals of reaching around $3.00 per share by 2030 [3]. Group 2: Oneok - Oneok has a dividend yield of 5.9%, supported by resilient, fee-based cash flows and a history of dividend stability and growth [5]. - The company plans to increase its dividend by 3% to 4% annually and has completed strategic acquisitions expected to generate significant cost savings [6]. - Ongoing organic expansion projects are anticipated to enhance cash flow, supporting the company's dividend growth strategy [6]. Group 3: NNN REIT - NNN REIT offers a dividend yield of 5.9% and has raised its dividend for 36 consecutive years, indicating strong performance in the REIT sector [7]. - The REIT pays out 70% of its stable cash flow in dividends, allowing for reinvestment in new properties [9]. - NNN REIT focuses on retail properties secured by triple-net leases, providing stable cash flow as tenants cover all operating costs [9]. Group 4: Verizon - Verizon's dividend yield stands at 6.7%, with a growth streak of 19 consecutive years [10]. - The company generated $28 billion in cash flow from operations in the first nine months of the year, with $15.8 billion in free cash flow available to cover its $8.6 billion dividend payout [11]. - Verizon is working on a $20 billion acquisition of Frontier Communications to expand its fiber footprint, which is expected to enhance customer loyalty and profit margins [12]. Group 5: VICI Properties - VICI Properties has a dividend yield of 6.2%, focusing on experiential real estate and leasing properties under long-term NNN agreements [14]. - The REIT pays out about 75% of its stable rental income in dividends and has grown its payout at a 6.6% compound annual rate since 2018 [15]. - Recent acquisitions, including a $1.2 billion sale-leaseback deal, are expected to support continued dividend increases [15]. Group 6: Investment Outlook - The highlighted companies provide high-quality, high-yield dividend stocks with solid financial profiles and growth potential, making them attractive investment opportunities for income-seeking investors [16].

Group 1 - The article discusses the investment strategy of focusing on high-quality dividend growth ideas to build stable and growing income for investors [2][3] - It highlights the importance of investing in industry leaders to ensure stability and long-term wealth creation [2] - The leader of the Cash Builder Opportunities group emphasizes the use of covered calls and option writing as methods to enhance income from investments [3] Group 2 - The article mentions that the leader of Cash Builder Opportunities has 14 years of investing experience and focuses on closed-end funds, dividend growth stocks, and option writing [3] - It indicates that the group provides model portfolios and research to assist investors in making informed decisions [3]