ONEOK (OKE) FY Earnings Call Presentation

Financial Performance and Guidance - ONEOK's 2025 adjusted EBITDA guidance is $8225 billion, based on the midpoint of the $8 billion to $845 billion range provided on Feb 24, 2025 [14, 23, 25] - The company targets a 3%-4% annual dividend growth and a dividend payout ratio of approximately 85% or lower [31] - Approximately $25 billion was returned to shareholders in 2024 through dividends and share repurchases [32] - The company is targeting to return approximately 75-85% of forecasted cash flow from operations [32] Business Segments and Operations - Natural Gas Liquids contribute 37% to the adjusted EBITDA [14] - Natural Gas Gathering and Processing contribute 28% to the adjusted EBITDA [14] - Refined Products and Crude contribute 27% to the adjusted EBITDA [14] - Natural Gas Pipelines contribute 8% to the adjusted EBITDA [14] - The company's pipeline network spans approximately 60000 miles [5, 11] Synergies and Growth Projects - Magellan synergies are expected to be over $700 million in total potential [26] - EnLink and Medallion synergies are expected to be over $450 million in total potential [28] - The company is undertaking high-return organic growth projects, including a refined products expansion to the Denver area, increasing system capacity by 35000 bpd [33] Sustainability - ONEOK is targeting a 22 million metric ton reduction of combined Scope 1 and 2 GHG emissions by 2030 [107, 117, 121]