Financial Data and Key Metrics Changes - The company reported a 6% increase in production quarter over quarter to 35,600 barrels of oil equivalent per day, near the high end of guidance [6] - Adjusted EBITDA grew by 11% quarter over quarter to $39,000,000 despite lower commodity prices [7] - Unrestricted cash increased to approximately $125,000,000, while net debt was reduced to under $226,000,000, marking a $60,000,000 decrease in net debt thus far in 2025 [7][8] Business Line Data and Key Metrics Changes - Production from former Cox assets was successfully integrated, contributing to the overall production increase [10] - The company performed three recompletions on former Cox assets in Q3 2025, which helped boost production [10] - Capital expenditures for Q3 2025 were $22,500,000, with a full-year expectation of around $60,000,000, reflecting strategic investments in midstream infrastructure [12][13] Market Data and Key Metrics Changes - The company noted that the Gulf of America is open for business, indicating a favorable M&A environment [24] - The company has $125,000,000 in cash and additional liquidity options, positioning it well for potential acquisitions [24] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through operational excellence and maximizing production across its asset portfolio [5] - Future growth will be driven by accretive, low-risk acquisitions rather than higher-risk drilling, especially in the current uncertain commodity price environment [14] - The company aims to reduce operating costs and find synergies to drive costs lower in the long term [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adjust to market conditions, having previously operated profitably at lower commodity prices [37] - There has been no impact from recent government shutdowns on permitting or regulatory constraints, allowing operations to continue smoothly [32][36] Other Important Information - The company has maintained a consistent quarterly dividend for the past two years and announced the fourth quarter 2025 payment [5][9] - The company is committed to operational excellence and maximizing cash flow potential from its asset base [19] Q&A Session Summary Question: Infrastructure investments and future operating costs - Management indicated that pipeline infrastructure investments will enhance earnings, cash flow, and reserves, supporting both short-term and long-term value [21] Question: Current M&A environment and potential deals - Management highlighted the favorable M&A environment in the Gulf of America and the company's strong liquidity position for potential acquisitions [24] Question: Recompletion and workover projects for 2026 - Management noted that the increase in production in 2025 was achieved without new drilling, and they are optimistic about opportunities moving into 2026 and 2027 [30][31]

Summary of ONEOK Fireside Chat - September 30, 2025 Company Overview - **Company**: ONEOK (NYSE: OKE) - **Industry**: Midstream Energy Key Points and Arguments Strategic Acquisitions - ONEOK has been highly acquisitive in the midstream space, doubling its size through mergers and acquisitions (M&A) since the early 2000s [2][3] - The company has established specific criteria for future acquisitions, focusing on projects that are credit accretive and provide scale [4][8] - Recent acquisitions include Magellan, Easton, EnLink, and Medallion, with five acquisitions completed in two years [5][4] Market Position and Integration - ONEOK is currently focused on integrating recent acquisitions and extending existing assets rather than pursuing new acquisitions aggressively [6][7] - The company aims to diversify its operations beyond the Bakken region, seeking demand-pull businesses [6][7] Volume Growth and Market Dynamics - The company anticipates modest volume growth across key basins, including Bakken, Mid Continent, and Permian, despite some winter-related volume declines [12][19] - The Mid Continent region has shown unexpected growth, particularly in the Cherokee formation [13][14] - The Permian Basin continues to grow, with producers becoming more efficient in drilling operations [20][21] Financial Outlook - ONEOK targets mid to upper single-digit growth in EBITDA for 2026, driven by volume growth and capital projects [23] - The company is completing several projects that will contribute to incremental growth, including the Denver expansion project [27][28] Risks and Market Sentiment - The primary risk to achieving growth targets is potential slowdowns in producer activity due to fluctuating crude oil prices [30][31] - There is skepticism in the market regarding the company's ability to model the impact of multiple acquisitions on earnings [10][11] New Projects and Infrastructure - The Sunbelt Connector project aims to address growing demand in Phoenix, with plans to connect refined products from various regions [33][34] - The company is optimistic about the returns from this project, which will include a larger pipeline to accommodate future demand [35][36] Capital Expenditure and Financial Strategy - ONEOK's growth capital expenditure (CapEx) is projected to remain around $3 billion, with expectations for a decrease in future years as projects are completed [40][42] - The company plans to utilize tax savings from new legislation to enhance cash flow and reduce leverage [42] Ethane Market and Export Opportunities - There is potential for increased ethane recovery in the Mid Continent region due to rising demand from export projects [47][49] - ONEOK is supportive of ethane export projects, recognizing their positive impact on pricing and demand [51][52] Natural Gas and LNG Demand - The company is well-positioned to benefit from increasing LNG demand, particularly in Louisiana, where it has seen unexpected growth in natural gas assets [55][56] - The Mid Continent region is viewed as an option for natural gas production, with expectations for increased activity as prices rise [57][58] Competition and Market Share - ONEOK holds a 60% market share in the Bakken for gas processing, with limited competition expected to impact its operations significantly [71][72] - The company maintains strong relationships with producers, which helps mitigate competitive risks [75] Additional Important Insights - The company is expanding its gas storage capabilities to manage increased gas flow and maintenance needs [66][68] - ONEOK's integrated systems provide a competitive advantage, allowing for streamlined operations and customer relationships [75]