A Premier Energy Infrastructure Leader Extensive and Regionally Diversified Operations Strategically located, 60,000-mile pipeline network. Gathering, fractionation, transportation and storage of NGLs. Gathering, processing,…
Second Quarter 2025 Highlights Strong Sequential Growth 23% increase in net income (2Q 2025 net income: 853 million). 12% increase in adjusted EBITDA. Natural Gas Natural Gas Liquids Gathering and Processing 18% increase in NGL…
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA in billions) 150 10,000 11 consecutive years of adjusted EBITDA 8.225(d) 9,000 growth (2013-2024). 8,000 WTI(a) Earnings from 6.8(c)…
Business Segment Performance 2Q 2025 vs. 1Q 2025 Adjusted EBITDA Variances Natural gas liquids increased: 43 million increase in exchange services due primarily to higher volumes across ONEOKs system, offset partially by lower average…
Business Segment Performance 2Q 2025 vs. 1Q 2025 Adjusted EBITDA Variances Natural gas gathering and processing increased: 51 million increase from higher volumes due primarily to increased production. 21 million increase from lower…
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled NGL raw feed throughput (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 Rate (per gallon) 20% increase in Gulf…
Refined Products and Crude Segment Update Average Throughput Volumes(a) First Quarter 2025 Second Quarter 2025 Refined products volumes (2Q 2025 vs. 1Q 2025): Total refined products volume shipped 1,401,000 bpd 1,503,000 bpd 9%…
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) Processed volumes (2Q 2025 vs. 1Q 2025): Region First Quarter 2025 Second Quarter 2025 9% increase in Mid-Continent region. Rocky Mountain 1,583 MMcf/d…
Williston Basin Production Efficiency Williston Basin GORs Longer laterals = fewer well connections needed increased 105% since 2016 4,000 3.02 Three-mile laterals are increasing; 10% fewer wells needed 3.00 to connect same lateral…
Natural Gas Pipelines Strategically Positioned Well positioned to benefit from industrial demand growth driven by data centers, LNG and ammonia facilities. LNG export and industrial demand: Directly connected to major LNG and…
2025 Financial Guidance Non-GAAP Reconciliation 2025 Guidance Ranges ( in millions) Reconciliation of net income to adjusted EBITDA 2023 2024 Net income 2,659 3,112 3,168 - 3,648 Interest expense, net of capitalized interest 866…
Non-GAAP Reconciliation Reconciliation of net income to adjusted EBITDA Three Months Ended Three Months Ended ( in millions) March 31, 2025 June 30, 2025 Net income 691 853 Interest expense, net of capitalized interest 442 438…
Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of federal securities laws. Words such as estimates, expects, forecasts, outlook, plans, projects, scheduled, should, will, would, and…
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