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Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc.

Oneok Inc. · Dec 10, 2013 · 93 slides

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Slides

  1. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 1
    Wells Fargo Energy Symposium New York City December 10-11, 2013
  2. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 2
    John W. Gibson Chairman and Chief Executive Officer Page 2
  3. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 3
    What Well Cover Key Points Vision and Strategy Premier energy companies Well-positioned assets Connecting prolific supply basins to key markets Creating two independent energy companies 100% regulated natural gas utility ONE Gas…
  4. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 4
    Vision & Strategy Page 5
  5. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 5
    ONEOK Vision and Mission Our Vision A pure-play General Partner that creates exceptional value for all stakeholders through our ownership in ONEOK Partners Providing management and resources enabling ONEOK Partners to execute its…
  6. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 6
    ONEOK Partners Vision and Mission Our Vision Creating exceptional value for all stakeholders by: Re-bundling services across the energy value chain, primarily through vertical integration, to provide customers with premium services…
  7. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 7
    Our Key Strategies A Premier Energy Company ONEOK Partners Increase distributable cash flow per unit through investments in internal growth projects and acquisitions Natural Gas Distribution* Increase operating income through rate…
  8. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 8
    Well-Positioned Assets Page 9
  9. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 9
    ONEOK as Pure-Play GP Overview ONEOK will consist of GP and LP interests in OKS post ONE Gas separation Discontinuation of Energy Services by April 2014 ONEOK will be one of the largest pure-play publicly traded GPs Significant…
  10. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 10
    ONEOK Partners Asset Overview Owns and operates assets in midstream natural gas and natural gas liquids businesses Provides non- discretionary services to producers, processors and customers Predominantly fee-based earnings…
  11. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 11
    OKS Predominantly Fee-Based Earnings Percent of Margin Commodity price risk Sources of Margin Exists primarily in natural gas 1.2 B 1.6 B 1.6 B 1.7B 2.1 B gathering and processing segment 9% 12% 13% Mitigated by hedging 20% 31%…
  12. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 12
    Natural Gas Distribution* Asset Overview Kansas City Eighth largest U.S. natural gas distributor Wichita Tulsa Largest in Oklahoma and Kansas; Oklahoma City third largest in Texas More than 2 million customers served El…
  13. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 13
    Creating Two Independent, Highly Focused Energy Companies Page 14
  14. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 14
    Separation Overview Unlocking Shareholder Value The ONEOK board unanimously authorized management to pursue a plan to separate the Natural Gas Distribution segment into a new stand-alone publicly traded company to be called ONE Gas…
  15. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 15
    Post-Separation Dividend Growth Expected Impact to Current OKE Shareholders Future intent is to distribute OKE Dividend Growth majority of free cash flow in the form of dividends + 2.61 0.28 OKE to increase dividend + declared 53%…
  16. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 16
    Timeline Completion Expected by End of First Quarter 2014 Obtain regulatory approvals including: Private letter ruling from IRS Kansas Corporation Commission Final ONEOK board approval Transition affected employees to new…
  17. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 17
    Disciplined Growth Continues Page 18
  18. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 18
    Disciplined Growth Continues 10 to 11 Billion in Capital Investments Completed more than 2 billion in growth projects (2006-2009) Approximately 6.0 to 6.4 billion in growth projects and acquisition in 2010-2016 Approximately 2.7…
  19. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 19
    Announced Capital Investments 6.0 to 6.4 Billion By Region* By Segment* 1.0 1.5 3.1 3.1 3.7 Williston Basin to Bushton, Kan. Natural Gas Gathering and Processing Mid-Continent to Mont Belvieu, Texas Natural Gas Liquids…
  20. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 20
    Williston Basin Strategic Fit Largest independent natural gas gatherer and processor Extensive infrastructure Williston Basin Bakken Shale Best positioned to provide critical midstream capability Knowledgeable workforce and…
  21. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 21
    Williston Basin Natural Gas Gathering and Processing Investments Six new plants and related 2.3 billion to 2.5 billion infrastructure Garden Creek 100 MMcf/d Williston Basin In service December 2011 Bakken Shale Stateline I 100…
  22. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 22
    Williston Basin Lonesome Creek Natural Gas Gathering and Processing Investments Lonesome Creek plant 200 MMcf/d natural gas Williston Basin Bakken Shale processing facility, our largest in North Dakota Expected to be completed by…
  23. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 23
    Sage Creek Acquisition Powder River Basin Sage Creek acquisition 305 million investment Approximately 440 million 50 MMcf/d natural gas processing facility and related natural gas gathering and NGL infrastructure Closed September…
  24. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 24
    Williston Basin Natural Gas Liquids Investments 840 million to 880 million Bakken NGL Pipeline Expansion 100 million to expand to 135,000 bpd from 60,000 bpd with additional pump stations; Williston Basin Bakken Shale expected to…
  25. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 25
    Sterling NGL Pipelines Investments 700 million to 800 million Sterling III pipeline Flexibility to transport purity products and unfractionated NGLs 540-plus-mile, 16-inch diameter 193,000 bpd expandable to 250,000 bpd 75% of…
  26. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 26
    New Fractionators and E/P Splitter Investments at Mont Belvieu 950 million to 1.0 billion MB-2 fractionator - 75,000 bpd capacity Completed November 2013 100% of available capacity committed MB-3 fractionator - 75,000 bpd capacity…
  27. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 27
    Cana-Woodford - Canadian Valley Plant Natural Gas Gathering and Processing Investments Canadian Valley Plant 200 MMcf/d natural gas processing Mississippian facility Lime Expected to be in service January 2014 190 million…
  28. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 28
    Routine Growth Capital The Other Stuff Routine Growth Capital Expenditures Smaller projects included in by Segment (Millions) capital guidance but not announced specifically 18 Well-connections 94 NGL storage expansions and 27…
  29. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 29
    Future Growth 2 to 3 Billion Backlog Lengthy backlog of unannounced growth projects Includes natural gas, NGL and crude-oil-related infrastructure projects, including: Natural gas processing plants Natural gas pipelines NGL…
  30. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 30
    Demonstrated Ability to Create Value Page 31
  31. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 31
    Creating OKS Unitholder Value Distribution Growth 6-8% expected annual distribution growth between 2013-2016 29% total increase in distributions paid since 2011 67% since 2006 Distributions Declared Per Unit Per Year Distributions…
  32. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 32
    OKS Growth Benefits OKE Value of GP Interest to ONEOK Growth projects expected Distributions Paid to ONEOK ( in Millions) to drive continued OKS 20% CAGR distribution growth 607 Two-thirds of every 536 incremental OKS EBITDA…
  33. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 33
    Creating OKE Shareholder Value Dividend Growth 53% increase in 2014 dividends declared compared with 2013 Excludes expected ONE Gas dividend 20-25% average annual growth between 2013 and 2016 10% average annual growth in 2015 and…
  34. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 34
    Key Investment Considerations Premier Energy Companies Strategic assets connecting prolific supply basins and key markets Non-discretionary services to producers, processors and customers Focused on creating value for both customers…
  35. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 35
    Questions Page 36
  36. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 36
    Index Overview Vision and strategy 5 Well-positioned assets 9 Creating two independent, highly focused energy companies 14 Disciplined growth continues 18 Demonstrated ability to create value 31 Appendix ONEOK Financial 38…
  37. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 37
    Appendix ONEOK Financial Page 38
  38. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 38
    OKE Financial Guidance Summary 2014 Cash flow available for dividends 560-640 million Dividend: 53% increase in dividends declared for 2014 compared with 2013 56 cents per share in the first quarter following the separation…
  39. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 39
    ONEOK Income Taxes Assumes bonus depreciation expires in 2013 GP earnings pay full corporate tax rate Taxes on LP distributions have been 100% sheltered in recent years No cash taxes expected to be paid in 2014 Beyond 2014, cash…
  40. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 40
    Appendix ONEOK Partners Financial Page 41
  41. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 41
    OKS Financial Guidance Summary 2014 Net income: range of 975 million - 1.075 billion EBITDA: range of 1.565 - 1.665 billion Distributable cash flow: range of 1.15 - 1.25 billion Capital expenditures: 2.25 billion 2.1 billion in…
  42. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 42
    OKS Three-year Financial Outlook 2013-2016 Expected average annual EBITDA growth of 15-20% between 2013-2016 Driven by earnings from completed capital projects Sustainable distribution growth Projected 1.5-cent-per-unit per-quarter…
  43. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 43
    ONEOK Partners 2014 Operating Income and Equity Earnings by Segment Natural Gas Gathering Natural Gas Liquids Natural Gas Pipelines and Processing 23% 61% 16% 308 million 803 million 206 million Page 44
  44. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 44
    OKS 2014 Financial Guidance By Segment Natural gas gathering and processing: Operating Income and Equity Earnings ( in Millions) Higher gathered and processed 14% CAGR volumes Benefit of new processing plants 308 on line 211 240…
  45. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 45
    OKS Distribution Coverage Financial Discipline Distributable Cash Flow (DCF) Target long-term annual ( in Millions) 16% CAGR coverage ratio of 1.05x 1,202 to 1.15x 87 1,008 955 Considerations 946 190 8 1,115 Capital project…
  46. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 46
    OKS Strong Balance Sheet Investment Grade Committed to investment-grade credit ONEOK Partners rating Long-Term Debt-to-Capitalization Ratio S&P: BBB (negative) Moodys: Baa2 (stable) Capital structure targets 47% 51% 46% 52% 54%…
  47. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 47
    Appendix ONEOK Partners Growth Projects Page 48
  48. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 48
    OKS Growth: 2006-2009 More than 2 Billion of Growth Projects Completed 2010 was first full year of all projects contributing EBITDA Two-thirds of investments were fee based NGL-related projects Set the stage for next tranche of…
  49. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 49
    Williston Basin Natural Gas Flaring Currently flaring 29% of natural gas production Loss of NGL and natural gas value uplift North Dakota Monthly Natural Gas Flared Garden Creek Percent of Production startup % 40 Stateline II…
  50. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 50
    Williston Basin Drilling Economics More than 90% of producer Producer Economics economics from crude-oil Natural production NGLs gas Drilling is economical with 4% 2% crude-oil prices as low as 55-70 per barrel (WTI) Increased…
  51. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 51
    Williston Basin-related Project Status 2010-2016 Major Project Contracting Status Committed Contract Type Completed Garden Creek plant and related Backed by acreage dedications Acreage dedications POP with fee December 2011…
  52. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 52
    Mid-Continent-Gulf Coast-related Project Status 2010-2015 Contract Major Project Contracting Status Completed Committed Type Sterling I expansion Capacity available for optimization 100% Differential November 2011 or fee based…
  53. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 53
    Appendix Natural Gas Gathering and Processing Page 54
  54. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 54
    Asset Overview Natural Gas Gathering and Processing Non-discretionary services to Williston Basin producers Gathering, compression, treating and processing Diverse contract portfolio Wind River Powder River More than 2,000…
  55. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 55
    Natural Gas Gathering and Processing Gathered Volumes 2014 volumes gathered expected to increase 26% from 2013 Well connections have quadrupled since 2010 Well Connections by Region Natural Gas Gathered (BBtu/d) 1,700 1,300…
  56. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 56
    Natural Gas Gathering and Processing Processed Volumes 2014 processed volumes Natural Gas Processed (BBtu/d) expected to increase 30% from 2013 1,410 Higher volumes in Williston Basin Stateline II in service April 2013 1,085 780…
  57. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 57
    Natural Gas Gathering and Processing Commodity Price Risk Mitigation Commodity Price Sensitivity Before Hedging 2014 hedged positions* Margin Impact Natural gas: 63% at 4.11/MMBtu 110,600 MMBtu/d estimated total equity (in…
  58. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 58
    Natural Gas Gathering and Processing Contract Portfolio Current contract mix aligns interests with customers Minimal keep-whole contracts Contract Mix by Margin 65% 69% 66% 60% 68% 35% 34% 40% 32% 31% 2010 2011 2012…
  59. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 59
    ONEOK Partners Commodity Price Point-of-View Price Assumptions (Unhedged) 2014 2015 2016 NYMEX crude oil/Bbl 93.84 95.72 98.00 NYMEX natural gas/ MMBtu 4.10 4.50 4.80 NGL composite/gallon* 1.25 0.99 0.92 Conway-to-Mont Belvieu…
  60. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 60
    Appendix Natural Gas Liquids Page 61
  61. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 61
    Asset Overview Natural Gas Liquids Provides non-discretionary and fee-based services to processors and customers Gathering, fractionation, transportation, marketing and storage Extensive NGL gathering system Connected to…
  62. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 62
    Natural Gas Liquids Gathering and Fractionation Volumes 2014 gathering volumes estimated to increase by 13%; fractionation volumes estimated to increase by 8% MB-2 fractionator completed November 2013 MB-3 fractionator expected to…
  63. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 63
    Natural Gas Liquids Margin Profile Margin Profile Mix Exchange & Storage Services Gather, fractionate, transport and store NGLs and deliver to market hubs; primarily fee based 68% 55% Exchange & Transportation 59% Storage…
  64. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 64
    Ethane Outlook Supply and Demand are Key Drivers Ethane rejection, particularly in markets distant from Mont Belvieu, is expected to continue through 2016 until new world-scale ethylene cracking capacity comes on line in 2017 Ethane…
  65. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 65
    Fractionation Capacity Natural Gas Liquids Currently 684,000 bpd, net ownership Increased our fractionation capacity 60,000 bpd of fractionation services from Targa began in second quarter 2011 Bushton 60,000 bpd expansion in…
  66. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 66
    Appendix Natural Gas Pipelines Page 67
  67. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 67
    Asset Overview Natural Gas Pipelines Predominantly fee-based Viking Gas Northern Border Transmission income Pipeline Assumes 88% of transportation Guardian capacity contracted under Pipeline demand-based rates in 2014 100% of…
  68. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 68
    Northern Border Pipeline 50-Percent Equity Investment Links natural gas supply from the Williston Basin and western Canada to Midwest Williston Basin Bakken Shale markets Bison Pipeline interconnection Powder Supply diversity…
  69. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 69
    Appendix ONE Gas Page 70
  70. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 70
    ONE Gas Vision and Mission Our Vision To be a premier natural gas distribution company creating exceptional value for its stakeholders Attract, select, develop and retain a diverse group of employees to support strategy…
  71. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 71
    ONE Gas Key Investment Considerations Focused business strategy 100% regulated natural gas distribution utility Kansas City Third largest publicly traded pure-play natural gas distributor Constructive regulatory environment…
  72. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 72
    ONE Gas Margin Profile Kansas Oklahoma Texas Total Fixed Charges- 55% 85% 81% 73% Residential Average Heating 4,800 3,334 1,799 - Degree Days Normal Weather 100% 100% 62% 87% Normalization Residential Margin 67% 71% 68%…
  73. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 73
    ONE Gas High Percentage of Residential Customers Net Sales Margin Customer Count 2012 2012 1% 7% 1% 16% 83% 92% Customer Type Residential Commercial/Industrial Wholesale Page 74
  74. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 74
    ONE Gas Location Supports Sustainability Kansas City Mississippian Wichita Close proximity to significant Lime natural gas reserves Granite Wash Tulsa Delivered natural gas costs Oklahoma Woodford Cana-Woodford City Shale are…
  75. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 75
    ONE Gas Growth Strategies Capital investments targeted toward safety, reliability and efficiency Results in steady rate base growth Efficiency projects reduce expenses to sustainable levels Minimize gap between actual and allowed…
  76. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 76
    ONE Gas Capital Expenditures Majority of capital 286 280 expenditures for safety, 263 243 reliability and efficiency System integrity and replacements 195 New service lines and main 219 extensions for customer growth 182…
  77. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 77
    ONE Gas Comparative Highlights Peer Group* ONE Gas Average Range Target Key credit- Regulated Business 77% 63% - 92% 100% rating Allowed ROE 10.1% 9.5% - 10.7% 10% factors Equity/Capital Ratio 51% 46% - 56% 55% Shareholder…
  78. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 78
    ONE Gas 2014 Guidance Net income: range of 95-105 million Operating income midpoint: 217 million Cash flows from operations midpoint: 236 million Dividend of 0.28 cents per share per quarter following the separation ONE Gas…
  79. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 79
    ONE Gas Five-year Financial Outlook Expected average annual net income growth of 4-6% comparing 2014 earnings guidance with the 2018 forecast Driven by regulatory filings, including rate cases and capital-recovery mechanisms Rate…
  80. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 80
    ONE Gas Operating Income Goal: Minimize the gap between allowed and actual returns* 2014 allowed return on equity (ROE): 9.9% 2014 ROE estimate: 7.4% 2013 ROE estimate: 8.3% Operating Income ( In Millions) 216 227 217 200…
  81. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 81
    ONE Gas 2014 Sources and Uses of Cash Flow Target dividend payout ratio of 321 321 55-65% of net income Short-term debt Capital expenditures primarily 85 funded by cash flow from operations ( In Millions) Cash flow from…
  82. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 82
    ONE Gas Balance Sheet Expect Strong Investment-Grade Ratings Commitment to investment-grade credit rating, consistent with peers Capital structure Equity capitalization of 55% Long-term debt-to-EBITDA ratio of 3.5x…
  83. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 83
    Appendix Energy Services Page 84
  84. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 84
    Accelerated Wind Down Energy Services Discontinue segment through an accelerated wind down process and release a significant portion of its nonaffiliated third-party natural gas transportation and storage contracts to third parties…
  85. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 85
    Non-GAAP Reconciliations ONEOK Page 86
  86. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 86
    Non-GAAP Reconciliations ONEOK, Inc. Stand-Alone ONEOK has disclosed in this presentation stand-alone cash flow, before changes in working capital, cash available for dividends, and free cash flow, amounts that are non-GAAP financial…
  87. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 87
    Financial Measures Cash Flow Available for Dividends ( in Millions) 2014G* Recurring cash flows: Distributions received from ONEOK Partners declared 636 Interest expense (60) Cash taxes - Energy services cash flow 39 Corporate…
  88. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 88
    Non-GAAP Reconciliation Cash Flow Available for Dividends and Free Cash Flow ( in Millions) 2014G* Net income attributable to ONEOK 285 Depreciation and amortization 4 Deferred income taxes 178 Equity in earnings of ONEOK Partners…
  89. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 89
    Non-GAAP Reconciliations Stand-Alone Cash Flow, Before Changes in Working Capital and Free Cash Flow ( in Millions) 2008 2009 2010 2011 2012 2013G* Net income attributable to ONEOK 312 305 335 361 361 260 Charges attributable to exit…
  90. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 90
    Non-GAAP Reconciliations ONEOK Partners Page 91
  91. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 91
    Non-GAAP Reconciliations ONEOK Partners ONEOK Partners has disclosed in this presentation historical and anticipated EBITDA, Distributable Cash Flow (DCF) and coverage ratio levels that are non-GAAP financial measures. EBITDA, DCF…
  92. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 92
    Non-GAAP Reconciliations EBITDA and Distributable Cash Flow ( in Millions) 2006 2007 2008 2009 2010 2011 2012 2013G* 2014G* Reconciliation of Net Income to EBITDA and Distributable Cash Flow Net Income 445 408 626 435 473 831 888 810…
  93. Wells Fargo 12th Annual MLP Pipeline Energy Conference – Oneok Inc. – slide 93

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