Investor Presentation May 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. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For additional information ...

Core Viewpoint - ONEOK, Inc. will participate in an investor conference and a fireside chat session, highlighting its commitment to engaging with investors and stakeholders [1]. Company Overview - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, fractionation, transportation, storage, and marine export services [2]. - The company operates an extensive pipeline network of approximately 60,000 miles, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil to meet both domestic and international energy demands [2]. - As one of the largest integrated energy infrastructure companies in North America, ONEOK plays a crucial role in energy security and delivering reliable energy solutions [2]. Additional Information - ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma, and maintains an active presence on various social media platforms [3].

Investors interested in Oil and Gas - Production Pipeline - MLB stocks are likely familiar with Energy Transfer LP (ET) and Oneok Inc. (OKE) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positi ...

Oneok Inc. (OKE) reported $8.04 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 68.2%. EPS of $1.04 for the same period compares to $1.09 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $7 billion, representing a surprise of +14.89%. The company delivered an EPS surprise of -15.45%, with the consensus EPS estimate being $1.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Oneok (OKE -6.61%) is a bit of an outlier. The energy infrastructure company has a high-yielding dividend (recently around 4.7%) and a high earnings growth rate (more than 10% annually). That growth and income combo has enabled the company to produce strong total returns (13% annually over the past decade). The energy midstream company has a lot of growth coming down the pipeline over the next several years. Because of that, it could continue producing robust total returns, making it look like an attractive ...

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents ONEOK's unaudited consolidated financial statements for the three-month periods ending March 31, 2025, and 2024, including income, comprehensive income, balance sheets, cash flows, and equity statements, along with detailed notes on accounting policies, acquisitions, fair value, debt, equity, and segments [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) For the first quarter of 2025, ONEOK reported total revenues of $8.04 billion, a significant increase from $4.78 billion in Q1 2024, with net income attributable to ONEOK at $636 million, slightly down from $639 million, resulting in a diluted EPS of $1.04 compared to $1.09, while total assets grew to $64.26 billion, cash from operations increased to $904 million, and cash used in investing and financing activities also rose, leading to a decrease in cash and cash equivalents to $141 million Consolidated Statements of Income Highlights (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | $8,043 | $4,781 | +68.2% | | **Operating Income** | $1,220 | $1,064 | +14.7% | | **Net Income Attributable to ONEOK** | $636 | $639 | -0.5% | | **Diluted EPS** | $1.04 | $1.09 | -4.6% | Consolidated Balance Sheet Highlights (As of March 31, 2025) | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :--- | :--- | :--- | | **Total Current Assets** | $4,116 | $4,238 | | **Total Assets** | $64,263 | $64,069 | | **Total Current Liabilities** | $6,183 | $4,719 | | **Total Liabilities** | $42,143 | $42,636 | | **Total ONEOK Shareholders' Equity** | $21,364 | $17,036 | Consolidated Statements of Cash Flows Highlights (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | | :--- | :--- | :--- | | **Cash provided by operating activities** | $904 | $596 | | **Cash used in investing activities** | $(694) | $(578) | | **Cash used in financing activities** | $(802) | $(291) | | **Cash and cash equivalents at end of period** | $141 | $65 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail key accounting events and policies, including the EnLink Acquisition completed on January 31, 2025, accounted for as an equity transaction, the company's debt including $2.06 billion in current maturities and an upsized $3.5 billion credit facility, and segment reporting showing significant revenue and EBITDA contributions from four main areas, with acquisitions being a key driver of growth - On January 31, 2025, ONEOK completed the acquisition of all publicly held common units of EnLink, issuing **41 million shares** of common stock valued at **$4.0 billion**; as ONEOK already controlled EnLink, this was treated as an equity transaction, adjusting paid-in capital[24](index=24&type=chunk)[25](index=25&type=chunk) - In February 2025, the company amended and upsized its revolving credit facility from **$2.5 billion to $3.5 billion** and extended the term to February 2030; as of March 31, 2025, there were no outstanding borrowings under this facility[41](index=41&type=chunk) - The company has four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude; corporate costs and eliminations are reported separately[67](index=67&type=chunk)[69](index=69&type=chunk) Segment Adjusted EBITDA (Q1 2025 vs Q1 2024) | Segment | Q1 2025 (Millions) | Q1 2024 (Millions) | | :--- | :--- | :--- | | Natural Gas Gathering and Processing | $491 | $306 | | Natural Gas Liquids | $635 | $588 | | Natural Gas Pipelines | $212 | $165 | | Refined Products and Crude | $471 | $381 | | **Total Segment Adjusted EBITDA** | **$1,809** | **$1,440** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 earnings increase primarily to the positive impact of the EnLink and Medallion acquisitions, with operations approximately 90% fee-based, reducing exposure to commodity price volatility, and key developments including the completion of the EnLink acquisition, formation of new joint ventures with MPLX, and progress on major capital projects, with total capital expenditures expected to be $2.8 - $3.2 billion in 2025, and strong liquidity maintained through a $3.5 billion credit facility and access to capital markets - Earnings increased in Q1 2025 compared to Q1 2024, primarily due to the positive impact of the EnLink and Medallion Acquisitions[79](index=79&type=chunk) - The company's consolidated earnings are expected to be approximately **90% fee-based** in 2025, supported by long-term contracts, which reduces exposure to direct commodity price volatility[81](index=81&type=chunk) - Total capital expenditures for 2025 are projected to be between **$2.8 billion and $3.2 billion**[134](index=134&type=chunk) - On January 31, 2025, ONEOK completed the EnLink Acquisition, making EnLink a wholly owned subsidiary; **41 million shares** of common stock were issued, valued at **$4.0 billion**[77](index=77&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) Key recent developments include the completion of the EnLink Acquisition, making EnLink a wholly owned subsidiary, the formation of two joint ventures with MPLX for a new LPG export terminal and a connecting pipeline with an expected investment of approximately $1.0 billion, and major capital projects underway, including the Elk Creek pipeline expansion, the Medford fractionator rebuild, and the Greater Denver pipeline expansion - Announced definitive agreements with MPLX to form joint ventures for a **400 MBbl/d** LPG export terminal (Texas City Logistics) and a connecting pipeline (MBTC Pipeline), with ONEOK expecting to invest approximately **$1.0 billion**[78](index=78&type=chunk) Major Capital Projects Update | Project | Scope | Approx. Cost (Millions) | Expected Completion | | :--- | :--- | :--- | :--- | | Elk Creek pipeline expansion | Increase capacity to 435 MBbl/d | $355 | Completed (partially in service) | | Medford fractionator | Rebuild 210 MBbl/d facility | $385 | Phased, Q4 2026 - Q1 2027 | | Texas City Logistics export terminal | 400 MBbl/d LPG export terminal | $700 | Early 2028 | | MBTC Pipeline | 24-inch pipeline to terminal | $280 | Early 2028 | | Greater Denver pipeline expansion | Increase capacity by 35 MBbl/d | $480 | Mid-2026 | [Financial Results and Operating Information](index=26&type=section&id=Financial%20Results%20and%20Operating%20Information) Consolidated operating income for Q1 2025 increased by $156 million year-over-year to $1.22 billion, driven by contributions from the EnLink and Medallion acquisitions across all four segments, with Adjusted EBITDA rising to $1.775 billion from $1.441 billion, and the Natural Gas Gathering and Processing segment seeing the largest adjusted EBITDA increase of $185 million, primarily from EnLink's contribution, while the Refined Products and Crude segment's adjusted EBITDA grew by $90 million, also boosted by recent acquisitions Consolidated Financial Results (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change (Millions) | | :--- | :--- | :--- | :--- | | **Operating Income** | $1,220 | $1,064 | $156 | | **Net Income** | $691 | $639 | $52 | | **Adjusted EBITDA** | $1,775 | $1,441 | $334 | - The **$156 million** increase in operating income was primarily driven by contributions from recent acquisitions: **$129M** from Natural Gas Gathering and Processing (EnLink), **$9M** from Natural Gas Liquids (EnLink), **$28M** from Natural Gas Pipelines (EnLink), and **$39M** from Refined Products and Crude (Medallion and EnLink); this was partially offset by **$39M** in transaction costs[94](index=94&type=chunk) - Natural Gas Gathering and Processing adjusted EBITDA increased by **$185 million**, primarily due to a **$213 million** contribution from EnLink[99](index=99&type=chunk) - Refined Products and Crude adjusted EBITDA increased by **$90 million**, mainly due to a **$92 million** contribution from the Medallion and EnLink acquisitions[113](index=113&type=chunk)[115](index=115&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) ONEOK maintains a strong liquidity position, with primary sources being operating cash flow, a commercial paper program, and a newly upsized $3.5 billion revolving credit facility expiring in 2030, which are believed sufficient to fund operations, capital expenditures ($2.8-$3.2B for 2025), dividends, and debt maturities, despite a working capital deficit of $2.1 billion as of March 31, 2025, mainly due to current debt maturities, which is not expected to adversely impact operations, and credit ratings remain investment grade - Primary liquidity sources include operating cash flows, a commercial paper program, and a **$3.5 Billion** Credit Agreement which was upsized from **$2.5 billion** and extended to February 2030[118](index=118&type=chunk)[124](index=124&type=chunk) - The company maintains investment-grade credit ratings from Moody's (**Baa2**), S&P (**BBB**), and Fitch (**BBB**), all with a stable outlook[135](index=135&type=chunk) - In March 2025, the company repaid **$250 million** of **3.2%** senior notes at maturity using cash on hand[129](index=129&type=chunk) - Cash flow from operations in Q1 2025 was **$904 million**, an increase of **$308 million** from Q1 2024, primarily due to the impact of the EnLink and Medallion acquisitions[141](index=141&type=chunk)[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section addresses the company's market risk, focusing on counterparty credit risk, confirming no material changes in market risk exposure from the 2024 Annual Report, and noting that for the Refined Products and Crude segment, approximately 85% of revenues in Q1 2025 were from customers rated investment-grade or otherwise secured, mitigating credit risk - There have been no material changes in market risk exposures from those disclosed in the Annual Report[155](index=155&type=chunk) - In the Refined Products and Crude segment, approximately **85%** of Q1 2025 revenues were from customers rated investment-grade or secured by letters of credit, liens, or other collateral[154](index=154&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2025, and no changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period (March 31, 2025)[157](index=157&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the first quarter of 2025[158](index=158&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note J of the financial statements and its Annual Report for information on legal proceedings, having established a $1 million threshold for the disclosure of environmental proceedings - The company has elected to use a **$1 million** threshold for disclosing environmental proceedings[159](index=159&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors set forth in the company's Annual Report[160](index=160&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during the first quarter of 2025, with a total of 315,000 shares purchased under the publicly announced program, and approximately $1.811 billion remaining available for repurchase under the current authorization as of March 2025 Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Remaining Authorization (Millions) | | :--- | :--- | :--- | :--- | | January 2025 | 125,000 | $100.46 | $1,828 | | February 2025 | 0 | $0.00 | $1,828 | | March 2025 | 190,000 | $91.79 | $1,811 | | **Total** | **315,000** | | | [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company reports two key items: first, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter, and second, on April 28, 2025, the company filed a certificate of retirement for all outstanding Series E Preferred Stock after repurchasing them, amending its certificate of incorporation to eliminate all references to this series of stock - On April 28, 2025, the company filed a certificate of retirement to cancel all outstanding shares of Series E Preferred Stock and amend its certificate of incorporation accordingly[166](index=166&type=chunk) - No director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025[165](index=165&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the 10-Q report, including the Amended and Restated Certificate of Incorporation, various supplemental indentures related to debt, credit agreements, guaranty agreements, officer certifications required by the Sarbanes-Oxley Act, and Inline XBRL data files - A list of exhibits filed with the report is provided, including corporate governance documents, debt and credit agreements, and required officer certifications (302 and 906)[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)

ONEOK Inc. (OKE) reported first-quarter 2025 operating earnings per share (EPS) of $1.04, which missed the Zacks Consensus Estimate of $1.23 by 15.4%. The bottom line also declined 4.6% from the year-ago quarter’s figure of $1.09. (See the Zacks Earnings Calendar to stay ahead of market-making news.)OKE’s Total RevenuesOperating revenues for the quarter totaled $8.04 billion, which surpassed the Zacks Consensus Estimate of $7 billion by 14.9%. The top line also improved 68.2% from $4.78 billion in the prior ...

ONEOK (OKE) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Speaker0 Good day, everyone, and welcome to the First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Megan Patterson. Ma'am, please go ahead. Speaker1 Thank you, Jamie, and welcome to ONEOK's first quarter twenty twenty five earnings ...

ONEOK (OKE) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Company Participants Megan Patterson - Vice President, Investor RelationPierce Norton - President, CEO and DirectorWalter Hulse - CFO, Treasurer and EVP, IR & Corporate DevelopmentSheridan Swords - EVP & CCODoug Irwin - Vice PresidentTheresa Chen - MD - Equity ResearchMichael Blum - Managing DirectorJean Ann Salisbury - Managing DirectorManav Gupta - Executive DirectorKeith Stanley - DirectorAJ O'Donnell - Director - Equity ResearchSunil Sibal - M ...

April 2025 Forward-Looking Statements First Quarter 2025 Results Strategic Competitive Advantages 3 Natural Gas Liquids Refined Products Natural Gas Gathering & Processing Natural Gas Pipelines Crude Oil Marine Terminal Growth Project 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 a ...