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Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, totaling $1,980,000,000, with a net income attributable to ONEOK of $841,000,000 or $1.34 per share, representing a more than 30% increase compared to the first quarter [5][8] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8][9] - The 2025 financial guidance was affirmed, with net income expected to be between $3,100,000,000 and $3,600,000, and adjusted EBITDA projected between $8,000,000,000 and $8,450,000,000 [9][10] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with the Rocky Mountain Region achieving record volumes of nearly 470,000 barrels per day [15] - Refined product volumes increased sequentially due to seasonal demand, with diesel and aviation fuel volumes remaining strong [19] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, with the Permian Basin seeing a 4% growth in volumes [21][23] Market Data and Key Metrics Changes - The company noted strong domestic and global demand for U.S. energy, with producers executing their 2025 drilling plans effectively [5][6] - The Permian Basin continues to be a key area for strategic growth, with a new natural gas processing plant announced to enhance operations in the Delaware Basin [6][22] - The overall decrease in crude volumes was attributed to low-margin exchange volumes, while wellhead gathering volumes on Medallion assets increased approximately 20% year over year [20] Company Strategy and Development Direction - ONEOK is focused on high-return organic projects, including pipeline expansions and fractionation facilities, to capture incremental growth across its assets [6][7] - The company is committed to disciplined capital allocation and is actively monitoring market dynamics to support its growth strategy [7][10] - The integration of acquired assets is expected to deliver significant synergies, with approximately $250,000,000 of synergies anticipated in 2025 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector despite evolving macroeconomic conditions, with expectations for mid to upper single-digit EBITDA growth in 2026 [10][11] - The company is tempering its 2026 outlook based on current commodity prices, adjusting expectations downward by approximately 2% or $200,000,000 [10] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25][26] Other Important Information - The company expects to benefit from over $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [11] - The new Bighorn plant in the Delaware Basin is expected to have a capacity of 300,000,000 cubic feet per day and is projected to be completed by mid-2027 [22] Q&A Session Summary Question: 2026 outlook and growth drivers - Management acknowledged the change in market conditions since February and noted that the 2026 outlook was adjusted downward by 2% due to tightened spread differentials [29][31] Question: Natural gas business performance - Management indicated ongoing discussions with over 30 potential customers in the AI and data center sectors, with some contracts expected to materialize in the coming years [33][35] Question: Synergy capture and guidance confidence - Management highlighted specific projects, including connections between NGL and refined products assets, as key drivers for synergy capture and guidance confidence [42][44] Question: BridgeTex performance and outlook - Management confirmed that increasing volumes on the BridgeTex pipeline are expected, benefiting from integrated assets and strategic decisions [60][61] Question: LPG export facility and market pricing - Management stated that the location of the Texas City terminal provides a competitive advantage, with rates in line with estimated economics [50][52] Question: Hedging strategy and margins - Management noted that hedging activity is in line with previous years, allowing for opportunistic decisions based on market conditions [97][99] Question: New processing plant economics - Management discussed the integrated value of the new processing plant investment, emphasizing the benefits of having an integrated footprint [101][105]

Talent Acquisition & Retention - Recommends offering significant tax benefits, such as five years tax-free or no taxation on stock options, to attract computer science graduates and tech professionals to relocate to Europe [1] - Suggests leveraging Europe's attractiveness as a desirable place to live to attract talent to London, Berlin, Munich, and other cities [2] Competitive Landscape - Notes that Europe faces challenges in competing with less capital, a more scattered landscape, more bureaucracy, and less talent [1] - Argues that solving the talent shortage is crucial for Europe's success [2]

This will be the sixth straight year that a Florida based team is participating in the Stanley Cup final. And of course, a lot of people will talk about the state's tax benefits as uh a reason why Florida teams are doing so well. I know that you and Bill Daly have kind of dismissed that as a factor, but I'm curious uh Mr.. Commissioner, what is it about Florida's operating environment that enables its teams to consistently outperform. Since we had the salary cap in the economic system we have in 20056, u no ...