Group 1 - ONEOK, Inc. will hold its 2025 annual meeting of shareholders virtually on May 21, 2025, at 9 a.m. Central Time, with a record date of March 24, 2025, for determining eligible shareholders [1][4] - ONEOK is a leading midstream operator in North America, providing essential energy products and services, including gathering, processing, transportation, and storage, through a pipeline network of approximately 60,000 miles [2][3] - The company plays a significant role in meeting both domestic and international energy demand, contributing to energy security and providing reliable energy solutions [2]

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 ...