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APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P.

Oneok Partners, L.P. · Apr 3, 2012 · 91 slides

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Slides

  1. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 1
    Investor Update April 3, 2012
  2. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 2
    Rob Martinovich Executive Vice President, Chief Financial Officer and Treasurer Page 2
  3. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 3
    What Well Cover Key Points Vision and Strategy A premier energy company Well-positioned assets Connecting prolific supply basins to key markets Track record of disciplined growth Investing in new and existing infrastructure…
  4. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 4
    Vision and Strategy Page 5
  5. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 5
    Our Vision A Premier Energy Company Creating exceptional value for customers Rebundling services across the value chain, primarily through vertical integration, to provide customers with premium services at lower costs Applying our…
  6. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 6
    Our Key Strategies A Premier Energy Company Operate in a safe, reliable and environmentally responsible manner Generate consistent growth and sustainable earnings Increase distributable cash flow at ONEOK Partners through a…
  7. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 7
    Well-Positioned Assets Page 8
  8. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 8
    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 Primarily fee-based earnings Aligned…
  9. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 9
    Predominantly Fee-Based Earnings Percent of Margin Fee-based margins increase in 2012 Sources of Margin Capital investments provide 0.9 B 1.1 B 1.1 B 1.2 B 1.6 B 1.6 B predominantly fee-based earnings 9% 13% 18% growth 20% 20%…
  10. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 10
    Natural Gas Gathering and Processing Asset Overview Non-discretionary services Williston Basin to producers Gathering, compression, treating and processing Wind River Powder River Natural gas supplies from six basins Diverse…
  11. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 11
    Natural Gas Pipelines Asset Overview Predominantly fee-based income Viking Gas Northern Border Transmission Approximately 82% of Pipeline transportation capacity contracted under demand-based Guardian Pipeline rates in 2012…
  12. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 12
    Natural Gas Liquids Asset Overview Provides non-discretionary and fee-based services to processors and customers Gathering, fractionation, transportation, marketing and storage Extensive NGL gathering system NGL Gathering…
  13. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 13
    Well Positioned in Shale Plays Our Fairway Active in and evaluating numerous shale plays Producer supply commitments are key Exposure to NGL-rich resource development Provides platform for future growth Bakken Shale Williston…
  14. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 14
    Track Record of Disciplined Growth Page 15
  15. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 15
    Disciplined Growth Continues 6 Billion in Capital Investments Announced approximately 2.7 to 3.3 billion in growth projects in 2011-2014 Adjacent to and within our existing operating footprint including: 1.5 to 1.8 billion related…
  16. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 16
    Bakken Shale Strategic Fit Largest independent processor Extensive infrastructure Best positioned to provide critical midstream capability Knowledgeable workforce and contractors in place Strong producer relationships Existing…
  17. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 17
    Bakken Shale Drilling Economics More than 90% of producer economics from crude-oil Producer Economics* production Natural Drilling is economical with NGLs gas 6% 3% crude oil prices as low as 50-60 per barrel* Increased…
  18. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 18
    Bakken Shale Natural Gas Gathering and Processing Investments Three new plants and 910 million 1.1 billion related infrastructure Garden Creek 100 MMcf/d Bakken Completed December 2011 Shale Stateline I 100 MMcf/d Expected to be…
  19. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 19
    Bakken Shale Natural Gas Liquids Investments Bakken Pipeline 595 million to 730 million 450-550 million 525-to 615-mile, 12-inch diameter, NGL pipeline from Bakken Shale to Overland Pass Pipeline Bakken Initial capacity to…
  20. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 20
    Cana-Woodford Shale and Granite Wash Investments 235 million to 295 million Natural Gas Liquids Expands partnerships existing Mid- Continent NGL gathering system Connects three new processing plants and expands capacity at three…
  21. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 21
    Sterling NGL Pipelines and Fractionator Investments 910 million to 1.2 billion Build new Sterling III pipeline Flexibility to transport purity products and unfractionated NGLs 610 million to 810 million 570-plus-mile, 16-inch…
  22. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 22
    Demonstrated Ability to Create Value Page 23
  23. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 23
    Three-year Financial Outlook Expectations for ONEOK Partners Average annual EBITDA growth of 18-22% (2012-2014)* Driven by earnings from capital projects Sustainable distribution growth Projected 2.5-cent-per-unit per-quarter…
  24. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 24
    Value Creation for OKS Unitholders Outlook Expects 2.5-cent-per-unit Distributions Paid Per Unit per-quarter increase for (Split Adjusted) 7% CAGR** 0.710 2012* 0.685 0.660 15-20% annual distribution 0.635 0.610…
  25. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 25
    Distribution Coverage Financial Discipline Target coverage ratio of Distributable Cash Flow (DCF) 1.05x to 1.15x ( in Millions) Considerations 946 955 140 Capital project execution 320 815 Volume growth 637 558 588 626…
  26. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 26
    Creating Unitholder Value Total Unitholder Return ONEOK Partners total return exceeds S&P 500 and Alerian MLP Indices ONEOK Partners as of Mar. 30, 2012 600% 500% 449% 400% 341% 300% 226% 200% 150% 126% 88% 100% 76%…
  27. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 27
    Key Investment Considerations A Premier Energy Company Strategic assets connecting prolific supply basins and key markets Non-discretionary services to producers, processors and customers Focused on creating value for both customers…
  28. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 28
    Questions
  29. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 29
    Index Key Points Vision and Strategy 5 Well-positioned assets 8 Track record of disciplined growth 15 Demonstrated ability to create value 23 Appendix ONEOK Partners 31 Financial 33 Growth Projects 37 Natural Gas Gathering and…
  30. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 30
    Appendix ONEOK Partners Page 31
  31. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 31
    ONEOK Partners Strong Asset Position Strategic assets connecting prolific supply basins to key markets Embedded growth opportunities within existing operating footprint Provides non-discretionary services to producers, processors…
  32. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 32
    Appendix ONEOK Partners Financial Page 33
  33. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 33
    Financial Guidance Summary* 2012 Net income: range of 810-870 million Distributable cash flow: range of 925-985 million Capital expenditures: approximately 2.0 billion 1.9 billion in growth capital 109 million in maintenance…
  34. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 34
    Earnings 2012 Financial Guidance Gathering and processing: Higher gathered and processed Operating Income and Equity Earnings* ( in Millions) volumes 14% CAGR Garden Creek natural gas 1,067 1,037 processing plant in service late…
  35. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 35
    Strong Balance Sheet Investment Grade ONEOK Partners Committed to investment-grade credit rating Debt-to-Capitalization Ratio* S&P: BBB (stable) Moodys: Baa2 (stable) Capital structure targets 45% 48% 55% 54% 55% 50% 53% 50/50…
  36. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 36
    Appendix ONEOK Partners Growth Projects Page 37
  37. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 37
    ONEOK Partners Growth More than 2 Billion of Growth Projects Completed 2006-2009 2010 was first full year of all projects contributing EBITDA Two-thirds of investments were NGL-related projects fee based Set the stage for next…
  38. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 38
    Bakken Shale Current Environment Backlog of wells waiting to be fractured Shortage of crews Competing with other shales Increases well-completion costs Crude takeaway capacity with pipeline, rail and truck Existing OKS…
  39. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 39
    Bakken Shale Garden Creek Plant Natural Gas Gathering and Processing Investments Garden Creek plant 100 MMcf/d natural gas processing facility 150-210 million In service Well-connects, upgrades and expansions to existing Garden…
  40. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 40
    Bakken Shale Stateline I Plant Natural Gas Gathering and Processing Investments Stateline I plant 100 MMcf/d natural gas processing facility 180-205 million In service third quarter 2012 Well-connects, upgrades and expansions to…
  41. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 41
    Bakken Shale Stateline II Plant Natural Gas Gathering and Processing Investments Stateline II plant 100 MMcf/d natural gas processing facility 135-150 million In service first half of 2013 Well-connects, upgrades and expansions…
  42. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 42
    Bakken-related Project Status 2011-2014 % Contract In-service Major Project Contracting Status Committed Type Date Garden Creek plant and related Backed by volume commitments 100% committed POP with fee Dec. 2011 infrastructure and…
  43. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 43
    NGL Distribution Pipeline Expansion Sterling I Installed seven additional pump stations along Sterling I pipeline Increased capacity by 15,000 bpd Transports NGL purity products from Medford, Okla., fractionator to Mont Belvieu,…
  44. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 44
    NGL Transportation Capacity Four Straws Sterling I and II distribution pipelines are at capacity Sterling I expansion complete Arbuckle NGL gathering pipeline can be used to capture market differentials The Four Straws will…
  45. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 45
    Mid-Continent-Gulf Coast NGL Project Status 2011-2014 Contracting % Contract In-service Major Project Status Committed Type Date Sterling I expansion Capacity available 100% committed Differential November for optimization or fee…
  46. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 46
    Niobrara Shale Growth Potential Producers accumulating significant acreage Bakken Driven by crude-oil Shale economics Gathering and processing infrastructure required Bakken NGL pipeline designed to expand in order Niobrara…
  47. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 47
    Mississippian Lime New Play with Great Potential Existing natural gas gathering and processing and NGL assets are well positioned Exceptional potential Mississippian Lime Eastern section contains higher amount of NGLs Western…
  48. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 48
    Appendix Natural Gas Gathering and Processing Page 49
  49. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 49
    Gathered Volumes Natural Gas Gathering and Processing 2012 volumes gathered Natural Gas Gathered (BBtu/d) increase by 15% Wells connected 1,171 1,164 1,188 2012: 800+ (estimate) 1,123 1,067 1,030 2011: 583 2010: 316 754 2009:…
  50. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 50
    Processed Volumes Natural Gas Gathering and Processing 2012 processed volumes Natural Gas Processed (BBtu/d) expected to increase 24% from 2011 886 Higher volumes in Williston Basin 674 713 Garden Creek in service 658 621 641…
  51. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 51
    Volume Growth by Basin Natural Gas Gathering and Processing Williston Basin produces high NGL-content gas; produced with crude oil Oklahoma and Kansas regions produce moderately wet gas - requires processing Powder River Basin…
  52. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 52
    Contract Portfolio Natural Gas Gathering and Processing Contract restructuring is a core capability Increases fee-based business and reduces commodity price sensitivity Conditioning language on 75% of keep-whole contracts to reduce…
  53. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 53
    Commodity Price Risk Mitigation Natural Gas Gathering and Processing Contract restructuring reduced keep-whole sensitivity Commodity Price Sensitivity Before Hedging Margin Impact 2012 hedged positions* 4.8 4.5 NGLs: 72% at…
  54. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 54
    Future Growth Opportunities Natural Gas Gathering & Processing Continue growing our Bakken Shale/Williston Basin super- system New processing plants, additional infrastructure in Williston Basin region Western Oklahoma and Texas…
  55. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 55
    Appendix Natural Gas Pipelines Page 56
  56. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 56
    Northern Border Pipeline 50-Percent Equity Investment Links natural gas supply from western Canada to Midwest markets Bakken Shale Bison Pipeline interconnection Supply diversity accessing Powder River Rockies natural gas with…
  57. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 57
    Future Growth Opportunities Natural Gas Pipelines Connections to new natural gas-fired electric-generation plants Providing pipeline takeaway capacity for growing natural gas shale plays Pipeline expansions and extensions into new…
  58. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 58
    Appendix Natural Gas Liquids Page 59
  59. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 59
    NGL Industry Environment Key Points NGL supply growing from liquids-rich regions Helping to offset natural declines of base production Petrochemical demand growth in Gulf Coast NGLs enjoy significant price advantage vs. crude-oil…
  60. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 60
    NGL Supply Decline Rates 80,000 Substantial new supply needed U.S. Natural Gas Production by Year to just offset U.S. base decline 70,000 Correlation of U.S. natural gas 2011 production to NGL production 60,000 2010 Industry…
  61. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 61
    Margin Profile Natural Gas Liquids Exchange & Storage Services Gather, fractionate, transport and store Exchange & NGLs and deliver to market hubs; primarily Storage Services fee based 68% 62% Transportation Transportation 59%…
  62. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 62
    Volume Growth Natural Gas Liquids 2012 gathering volumes increase by 25%; fractionation volumes increase by 13% Significant volume growth in the Mid-Continent from 30 new processing plants and growth from existing plants Currently…
  63. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 63
    Future Growth Opportunities Natural Gas Liquids Gathering, Fractionation & Storage NGL Pipelines Increase fractionation capacity Overland Pass and Arbuckle Expand existing Mid-Continent Expansions and laterals to new NGL supply…
  64. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 64
    Arbuckle Pipeline Delivering Unfractionated NGLs to Gulf Coast Expanding to 240,000 bpd From southern Oklahoma through Barnett Shale to Mont Belvieu Expected to be in service early second quarter 2012 Another option to deliver…
  65. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 65
    Overland Pass Pipeline 50-Percent Equity Investment Links NGL supply from Bakken Shale Rockies to Mid-Continent and Gulf-Coast markets Williams is 50% owner and became operator in April 2011 Williams is anchor shipper Strong…
  66. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 66
    Optimization Opportunities Natural Gas Liquids Provides earnings upside to fee-based business How it works: Ability to deliver NGL products at either Conway or Mont Belvieu Utilize assets, contract portfolio and market knowledge…
  67. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 67
    Fractionation Capacity Natural Gas Liquids 549,000 bpd, net ownership* Increasing our fractionation capacity 60,000 bpd of fractionation services from Targa began in second quarter 2011 Expanding Bushton by 60,000 bpd in 2012…
  68. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 68
    U.S. NGL Supply Sources and End Uses 2011 Averages NGL Supply Sources NGL products1 NGL End Uses Ethane - 42% Primary Propane - 28% Petrochemicals 54% of NGLs Supplied Gas Processing Normal Butane - 7% 80% of U.S Supply…
  69. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 69
    Appendix ONEOK Page 70
  70. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 70
    ONEOK Today A Premier Energy Company Assets that fit and work together Integrated operations Connecting prolific supply basins to key markets Proven ability to grow profitably ONEOK Partners is ONEOKs primary growth vehicle…
  71. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 71
    Business Segments Provide Stability and Opportunity ONEOK Partners ONEOKs primary growth vehicle Growth at OKS benefits OKE Generates primarily fee-based earnings Provides non-discretionary services to producers, processors and…
  72. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 72
    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…
  73. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 73
    Energy Services Asset Overview Delivers natural gas, together with bundled, reliable, premium products and services Peaking services Primarily to LDCs Access to prolific supply and high-demand areas Deep industry knowledge and…
  74. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 74
    Appendix ONEOK Financial Page 75
  75. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 75
    Financial Guidance Summary* 2012 Net income: range of 360-410 million Capital expenditures: approximately 302 million on a stand- alone basis Stand-alone cash flow before changes in working capital: midpoint of 740 million 155-195…
  76. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 76
    Creating Shareholder Value Total Shareholder Return ONEOKs total return exceeds S&P 500 and S&P 500 Utilities Indices ONEOK as of Mar. 30, 2012 700% 600% 500% 464% 400% 305% 300% 200% 119% 77% 88% 100% 50% 56% 8% 10%…
  77. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 77
    Earnings 2012 Financial Guidance Operating income and equity earnings growth: Stand-alone Operating Income Plus Equity Earnings* 8% increase from 2011 ( in Millions) ONEOK Partners 706 655 decreases: 609 625 591 597 ONEOK…
  78. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 78
    Three-year Financial Outlook Expectations for ONEOK Average annual net income growth of 18-22% between 2012- 2014* Driven by continued growth at ONEOK Partners Dividend growth of 50% by 2014** Long-term dividend payout target of…
  79. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 79
    Value for ONEOK Shareholders Dividend Growth July 2012 dividend increase Dividends paid per share 13% CAGR** of 5 cents per share* Dividend growth of 50% by 2014* Long-term dividend payout target of 60-70% of recurring 2.54…
  80. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 80
    OKS Growth Benefits OKE ONEOKs Growth Engine 1-cent-per-quarter Distributions paid to ONEOK ( in Millions) distribution increase 20% CAGR provides 12.5 million in 432 incremental annual distributions to ONEOK 333 Growth projects…
  81. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 81
    Free Cash Flow at ONEOK Provides Financial Flexibility 155-195 million in 2012 guidance Stand-alone cash flow, before changes in working capital Lower bonus depreciation than in 2011 ( in Millions) 215-260 million in 2013 and…
  82. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 82
    Strong Balance Sheet Investment Grade Commitment to investment- grade credit rating S&P: BBB (stable) ONEOK Stand Alone Moodys: Baa2 (stable) Debt-to-Capitalization Ratio* Capital structure Goal: 50/50 capitalization 46% 40%…
  83. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 83
    Acquisitions Point of View Expand current businesses in existing footprint or adjacent areas Enter new lines of business within the energy value chain Must create value for both customers and investors Disciplined buyer Corporate…
  84. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 84
    Non-GAAP Reconciliations ONEOK Partners Page 85
  85. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 85
    Non-GAAP Reconciliations ONEOK Partners ONEOK Partners has disclosed in this presentation EBITDA and Distributable Cash Flow (DCF) amounts that are non-GAAP financial measures. Management believes these measures provide useful…
  86. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 86
    Non-GAAP Reconciliations EBITDA and Distributable Cash Flow ( in Millions) 2006 2007 2008 2009 2010 2011 2012G* Reconciliation of Net Income to EBITDA and Distributable Cash Flow Net Income 445 408 626 435 473 831 840 Interest expense…
  87. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 87
    Non-GAAP Reconciliations ONEOK Page 88
  88. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 88
    Non-GAAP Reconciliations ONEOK ONEOK has disclosed in this presentation stand-alone cash flow, before changes in working capital, free cash flow, and stand-alone operating income and equity earnings, amounts that are non-GAAP…
  89. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 89
    Non-GAAP Reconciliations Stand-Alone Cash Flow, Before Changes in Working Capital and Free Cash Flow ( in Millions) 2008 2009 2010 2011 2012G* Net income attributable to ONEOK 312 305 335 361 385 Equity in earnings of ONEOK Partners…
  90. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 90
    Non-GAAP Reconciliations Stand-Alone Operating Income and Equity Earnings ( in Millions) 2007 2008 2009 2010 2011 2012G* Consolidated operating income from continuing operations 815 908 883 943 1,159 1,132 Operating income from…
  91. APRIL 2012 INVESTOR PRESENTATION – Oneok Partners, L.P. – slide 91

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