Financial Data and Key Metrics Changes - In 2025, the company generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [8][16] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [16] - The company expects to generate approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow for 2026, which includes the impact of approximately $600 million in growth investments [14] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [6][8] - Operating costs and capital spending beat expectations, with average well costs per lateral foot coming in 13% lower year-over-year and 6% below internal forecasts [7][8] - The cumulative benefits of marketing optimization resulted in over $200 million of free cash flow uplift relative to guidance [6] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [19][20] - Eastern storage levels are now 13% below the 5-year average, indicating a tightening market [20] - The company anticipates both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range due to growing LNG exports [20] Company Strategy and Development Direction - The company is focused on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [5] - The 2026 plan includes a disciplined maintenance capital program and the allocation of the first $600 million of post-dividend free cash flow to high-return growth projects [12][14] - The company is investing in infrastructure projects like the Clarington Connector pipeline and compression projects to strengthen its platform and capture premium pricing [24][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure for the reliability of the U.S. energy system, advocating for more pipeline infrastructure to meet demand [10] - The company is well-positioned to fund high-return infrastructure growth projects and continue its track record of base dividend growth [18] - Management expressed confidence in the company's ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [23] Other Important Information - The company recently elected to purchase additional interest in MVP Mainline and MVP Boost, expected to fund approximately $115 million of the total consideration for the acquisition [11] - The company’s operational performance during Winter Storm Fern showcased its integrated model and ability to respond effectively to extreme weather events [9][26] Q&A Session Questions and Answers Question: Can you provide an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [30][31] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [35][36] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management stated that the focus is on Mountain Valley projects, with a goal to create more opportunities across the integrated platform [48][49] Question: How does the company balance growth in the current environment? - Management emphasized responding to demand rather than chasing price signals, with a focus on building infrastructure to meet future demand [65][66]

Core Viewpoint - Oneok Inc. (OKE) is expected to report a quarterly earnings per share (EPS) of $1.49, reflecting a decline of 5.1% year-over-year, while revenues are forecasted to increase by 35.6% to $9.49 billion [1] Earnings Estimates - The consensus EPS estimate has been revised down by 2.6% in the last 30 days, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions and have shown a strong correlation with short-term stock performance [3] Revenue Projections - Analysts project 'Revenues- Natural Gas Gathering and Processing' to be $1.46 billion, a decrease of 20.1% from the previous year [5] - 'Revenues- Natural Gas Pipelines' are expected to reach $355.94 million, reflecting a year-over-year increase of 17.5% [5] - The consensus estimate for 'Revenues- Refined Products & Crude' stands at $2.29 billion, indicating a 39.4% increase from the prior year [6] - 'Revenues- Natural Gas Liquids' are projected to be $2.47 billion, showing a significant decline of 45.3% year-over-year [6] Adjusted EBITDA Estimates - 'Raw feed throughput - Natural Gas Liquids' is estimated at 1,650.68 thousand barrels per day, up from 1,306.00 thousand barrels per day a year ago [7] - 'Adjusted EBITDA- Natural Gas Liquids' is expected to reach $781.79 million, compared to $696.00 million in the same quarter last year [7] - 'Adjusted EBITDA- Refined Products & Crude' is projected at $608.12 million, slightly up from $603.00 million year-over-year [8] - 'Adjusted EBITDA- Natural Gas Pipelines' is expected to be $224.21 million, down from $417.00 million in the previous year [8] - 'Adjusted EBITDA- Natural Gas Gathering and Processing' is estimated at $574.43 million, compared to $489.00 million last year [9] Stock Performance - Oneok shares have returned +15.6% over the past month, contrasting with a -1.3% change in the Zacks S&P 500 composite [9] - The company holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near future [9]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [5] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [7] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [6] Business Line Data and Key Metrics Changes - The marketing business has shifted towards premium markets, with nearly 50% of sales now outside of basin sales, showing significant progress [8] - The company aims to capture new demand and improve realizations across its business, targeting an increase of $0.20 in margins, which could translate to approximately $500 million in EBITDA [18][19] Market Data and Key Metrics Changes - The Gulf Coast is experiencing growing demand, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key assets and pipeline capacity [27] Company Strategy and Development Direction - The company is adapting its strategy to address the changing natural gas business, focusing on getting gas to premium markets and managing volatility through hedging and storage [9][10] - The company is committed to operational excellence and maintaining a strong balance sheet while exploring potential M&A opportunities to enhance its position [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational capabilities and the potential for future growth, emphasizing the importance of execution and competitiveness [12] - The company anticipates continued volatility in gas prices but believes its hedging strategies will mitigate risks [7] Other Important Information - The company has added 3.5 billion cubic feet of storage capacity, which is crucial for managing market volatility [90] - The company is exploring opportunities in the Utica region, indicating potential for future growth and development [92] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [15] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations across the portfolio [17] Question: Changes in supply-demand dynamics in the Gulf Coast - The company is seeing increased demand in the Gulf Coast, particularly from LNG, which is beneficial for its operations [25] Question: Maintenance capital expenditures and production guidance - The company has improved its maintenance CapEx, reflecting a stronger business, and is focused on maintaining flexibility in production based on market conditions [46][47] Question: Integrated operations and midstream ownership - The company is more focused on partnerships with midstream companies rather than outright ownership, aiming to enhance its market access [54] Question: Cash tax visibility and future expectations - The company expects to be a full cash taxpayer by the end of the decade, with a gradual increase in cash tax rates [55] Question: Challenges in expanding volumes to demand growth areas - The company faces challenges in both transaction aggressiveness and physical transportation to customers, necessitating partnerships with midstream companies [66] Question: Potential monetization of inventory - While not actively seeking to monetize inventory, the company remains open to attractive offers that could enhance shareholder value [82]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [5][6] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [7] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [6][8] Business Line Data and Key Metrics Changes - The marketing business has shifted towards capturing premium markets, with nearly 50% of sales now outside of basin sales, up from almost all in-basin sales previously [8] - The company is actively working on hedging and storage transactions to manage volatility in gas prices, which is crucial for maintaining margins [9] - The company has identified a target of $0.20 improvement in realizations across its business, which could translate to approximately $500 million in EBITDA [18][19] Market Data and Key Metrics Changes - The Gulf Coast is experiencing significant demand growth, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key assets and pipeline capacity [27] - The company is observing a shift in demand dynamics, with end-use customers preferring to be closer to wellhead supplies [25] Company Strategy and Development Direction - The company is adapting its strategy to address the changing natural gas business, focusing on premium market access and improved marketing efforts [8][10] - The leadership change is seen as a tactical shift rather than a change in mission or strategy, emphasizing the need for urgency and competitiveness [11][12] - The company is exploring partnerships with midstream companies rather than outright acquisitions to enhance its market position [54] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in gas prices and emphasizes the importance of effective hedging and operational excellence to navigate this environment [7][11] - The company expects continued growth in demand for natural gas, projecting a 35%-40% increase over the next five years [8] - Management is committed to maintaining a strong balance sheet while also considering shareholder returns, indicating a cautious yet optimistic outlook [36][38] Other Important Information - The company has made significant improvements in its maintenance capital expenditures, reflecting a stronger business performance [45] - The company is actively looking to expand its storage capacity to manage market volatility, although it faces competition in acquiring more capacity [90] - The company is exploring the potential of the Utica development in West Virginia, indicating a focus on leveraging geological advantages for future growth [91][92] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [15] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations, with a longer-term focus on facilitating demand through LCM deals [17][18] Question: Changes in supply-demand dynamics in the Gulf Coast - The company is seeing growing demand in the Gulf Coast, with a unique market dynamic that favors its operational positioning [24][25] Question: Maintenance CapEx improvements - The company has seen significant improvements in maintenance CapEx, which reflects a stronger operational performance [45] Question: Storage capacity and competitive landscape - The company has added to its storage capacity and plans to continue growing this position, although it faces a competitive market for additional capacity [90] Question: Future of the Utica development - The company sees potential in the Utica development across the Ohio River, with plans to leverage its experience from the Haynesville [91][92]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [4] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [5] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [4] Business Line Data and Key Metrics Changes - The marketing business has shifted towards premium markets, with nearly 50% of sales now outside of basin sales, reflecting significant progress [6] - The company aims to capture new demand and improve realizations across its business, targeting an uplift of $0.20, which could translate to approximately $500 million in EBITDA [17][18] Market Data and Key Metrics Changes - The Gulf Coast is experiencing growing demand, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key markets and pipeline capacity [27] Company Strategy and Development Direction - The company is adapting to changes in the natural gas business, focusing on marketing strategies that enhance competitiveness and customer proximity [6][10] - The strategy includes a shift towards integrated operations through partnerships with midstream companies rather than outright ownership [52] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in gas prices and emphasizes the importance of hedging and disciplined operations to navigate this environment [5][10] - The company is committed to maintaining a strong balance sheet while pursuing growth opportunities, indicating a cautious yet optimistic outlook for the future [36][37] Other Important Information - The company has made significant improvements in its maintenance capital expenditures, reflecting a stronger business performance [44] - The company is actively exploring opportunities in storage capacity to manage market volatility, although it faces competition in acquiring more capacity [85] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [13] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations across the portfolio [15] Question: Challenges in expanding volumes to demand growth areas - The company faces challenges in being more aggressive in reviewing transactions and ensuring physical transportation of gas to customers [64] Question: Cash tax visibility and drivers - The company expects to be a full cash taxpayer by the end of the decade, with increases in cash tax rates anticipated over the next few years [54] Question: Storage capacity and competitive landscape - The company has added storage capacity and plans to grow this position, but it acknowledges the competitive nature of the market [85] Question: Future drilling plans in the Western Haynesville - The company has plans to drill additional wells in the Western Haynesville, with positive initial results from recent drilling activities [47] Question: Marketing strategy regarding LNG and LCM agreements - The company is pursuing both LNG and LCM agreements as part of its marketing strategy to enhance margins [73]

Investor Presentation Fourth Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION 1 February 17, 2026 Cautionary Statements The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms and estima ...

Core Insights - Natural gas prices have sharply declined from early-year highs, raising questions about potential buying opportunities or warning signs for investors [1][2] - The current price drop represents a roughly 60% pullback from January highs of above $7 per MMBtu to the $3 to $3.10 range [2][9] Supply and Demand Dynamics - Despite the price drop, storage data indicates a tighter market, with total withdrawals reaching record levels, including a historic 360 billion cubic feet (Bcf) draw for the week ending January 30 [4] - Current inventories are about 6% below the five-year average and 4% below last year's level, with gas being withdrawn from storage at a rate 21% faster than normal for this time of year [5] - Warmer temperatures have led to a decline in consumption by approximately 19.1 Bcf per day, with expectations of a mild winter potentially capping upside momentum [6] Future Outlook - The U.S. Energy Information Administration projects an average price of $4.31 per MMBtu by 2026, indicating expectations for firmer pricing over time [8][9] - Production is expected to rise toward 110 Bcf per day as new pipelines come online, which could temper sustained price rallies even if demand rebounds [8] Investment Opportunities - The Williams Companies is well-positioned for long-term growth with a strong portfolio and significant expansion projects, projected to have a 10.5% year-over-year earnings growth in 2026 [13][14] - Comstock Resources, focused on the Haynesville and Bossier shales, is expected to see a 27.8% year-over-year earnings surge in 2026, benefiting from Gulf Coast LNG demand growth [15][16] - Expand Energy, the largest natural gas producer in the U.S., is projected to have a 38.1% year-over-year earnings improvement in 2026, capitalizing on rising natural gas demand driven by LNG exports and electrification trends [17][18]

Core Insights - The company experienced performance outperformance in 2025 due to structural improvements in well productivity and compression projects, resulting in a 15% greater-than-expected base production uplift [1] - Management reported a $200 million increase in free cash flow attributed to its marketing optimization strategy, leveraging its position as the second-largest natural gas marketer in the U.S. [1] - Operational efficiency gains led to a 13% year-over-year reduction in well cost per lateral foot, which was 6% below internal forecasts [1] Operational Resilience - The integrated model demonstrated resilience during Winter Storm Fern, maintaining 97.2% uptime and capturing peak cash pricing of up to $130 per MMBtu at Transco Station 165 [1] - Strategic vertical integration, particularly in water infrastructure, allowed per-unit lease operating expenses (LOE) to finish 15% below expectations and approximately 50% lower than the peer average [1] Infrastructure Insights - The Mountain Valley Pipeline (MVP) flowed 6% above nameplate capacity during peak demand, reinforcing the management's thesis that the U.S. is structurally constrained by a lack of pipeline infrastructure [1]

Core Insights - The company achieved a 15% reduction in Haynesville breakeven costs through operational efficiencies, including self-sourcing sand and optimizing completion designs [1] - The corporate focus is transitioning 'beyond the wellbore' to capture a larger share of the natural gas value chain, targeting a $0.20 per Mcf realization uplift [1] - Marketing operations are being relocated to Houston to increase proximity to Gulf Coast demand centers and improve competitiveness in trading and commercial deal-making [1] Financial Performance - The strong performance in 2025 is attributed to the successful integration of the Southwestern merger and a disciplined hedging program that generated $200 million in gains [1] - The company is prioritizing balance sheet strength and debt reduction as 'non-negotiable' foundations before considering more aggressive shareholder returns or M&A [1] Operational Strategy - The operational headquarters will remain in Oklahoma City to preserve the technical execution that drove record drilling efficiencies and inventory expansion [1] - There is an acknowledgment of disappointment in the pace of new demand facilitation, prompting a tactical pivot toward more aggressive pursuit of industrial and LNG partnerships [1]

Core Insights - DT Midstream, Inc. is a significant entity in the natural gas infrastructure sector, focusing on pipelines, storage, and gathering systems [1] - The company is set to release its Q4 2025 earnings on February 19, 2026, with Wall Street expecting earnings per share of $1.11 and revenue of approximately $319.9 million [1][2] Financial Performance - Analysts project a year-over-year increase in earnings due to higher revenues for the quarter ending December 2025, with expected earnings of $1.11 per share and revenue of $320 million [2] - DTM's stock opened at $131.81, with a market capitalization of $13.4 billion and a P/E ratio of 33.29, indicating investor willingness to pay for earnings [3][6] - The stock has experienced a price range from $83.30 to $133.16 over the past year [4] Financial Stability - The company's debt-to-equity ratio stands at 0.69, with quick and current ratios both at 0.92, reflecting financial stability [4][6] - Institutional investors have shown active interest in DTM, with recent adjustments in their holdings [4] Earnings Call - The sustainability of immediate price changes and future earnings expectations will depend on management's discussion during the earnings call scheduled for 9:00 AM ET on February 19, accessible via live internet broadcast [5]