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INVESTOR UPDATE – Oneok Partners, L.P.

Oneok Partners, L.P. · Sep 23, 2013 · 94 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR UPDATE – Oneok Partners, L.P. – slide 1
    Investor Update September 23, 2013
  2. INVESTOR UPDATE – Oneok Partners, L.P. – slide 2
    Index Overview Vision and strategy 5 Well-positioned assets 8 Creating two independent, highly focused energy companies 13 Disciplined growth continues 20 Appendix ONEOK Financial 43 Natural Gas Distribution 48 Energy Services…
  3. INVESTOR UPDATE – Oneok Partners, L.P. – slide 3
    Overview Key Points Vision and Strategy A premier energy company Well-positioned assets Connecting prolific supply basins to key markets Creating two independent energy companies 100% regulated natural gas utility ONE Gas…
  4. INVESTOR UPDATE – Oneok Partners, L.P. – slide 4
    Vision & Strategy Page 5
  5. INVESTOR UPDATE – 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. INVESTOR UPDATE – Oneok Partners, L.P. – slide 6
    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…
  7. INVESTOR UPDATE – Oneok Partners, L.P. – slide 7
    Well-Positioned Assets Page 8
  8. INVESTOR UPDATE – Oneok Partners, L.P. – slide 8
    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 source of growth…
  9. INVESTOR UPDATE – Oneok Partners, L.P. – slide 9
    Business Segments Provide Stability and Opportunity ONEOK Partners ONEOKs primary source of growth Growth at OKS benefits OKE Generates primarily fee-based earnings Provides non-discretionary services to producers, processors and…
  10. INVESTOR UPDATE – Oneok Partners, L.P. – 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 Primarily fee-based earnings…
  11. INVESTOR UPDATE – Oneok Partners, L.P. – slide 11
    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…
  12. INVESTOR UPDATE – Oneok Partners, L.P. – slide 12
    Creating Two Independent, Highly Focused Energy Companies Page 13
  13. INVESTOR UPDATE – Oneok Partners, L.P. – slide 13
    Transaction Overview Unlocking Shareholder Value The ONEOK board unanimously authorized management to pursue a plan to separate the Natural Gas Distribution business into a new standalone publicly traded company Company to be called…
  14. INVESTOR UPDATE – Oneok Partners, L.P. – slide 14
    Strategic Rationale Why do it Enhances strategic and financial strength and flexibility, and growth potential of both businesses Sharpen management focus on distinct strategic goals Resolve the internal competition for capital by:…
  15. INVESTOR UPDATE – Oneok Partners, L.P. – slide 15
    Separation Benefits Capital Allocation, Investor Alignment and Valuation Benefits ONEOK, Inc. (OKE) ONE Gas, Inc. (OGS) Capital Allocation Focus on cash flow generation Expect lower cost of capital, and growth reflecting lower risk…
  16. INVESTOR UPDATE – Oneok Partners, L.P. – slide 16
    Structure Tax-free Transaction Current Structure Future Structures ONEOK, Inc. ONE Gas, Inc. ONEOK, Inc. GP/LP Interests + LDC Oklahoma Natural Gas General Partner Kansas Gas Service Limited Partner Texas Gas Service Interests…
  17. INVESTOR UPDATE – Oneok Partners, L.P. – slide 17
    Post-spin Dividend Growth Illustration Expected Impact to Current OKE Shareholders* Higher OKE dividend anticipated post spin consistent Dividend with peer group = Growth + Distributes majority of free cash flow + OGS to pay…
  18. INVESTOR UPDATE – Oneok Partners, L.P. – slide 18
    Timeline Completion Expected by End of First Quarter 2014 Initial board authorization - complete Transaction does not require shareholder approval IRS ruling request - filed Third Quarter 2013 Complete necessary regulatory filings…
  19. INVESTOR UPDATE – Oneok Partners, L.P. – slide 19
    Disciplined Growth Continues Page 20
  20. INVESTOR UPDATE – Oneok Partners, L.P. – slide 20
    Disciplined Growth Continues 9 to 11 Billion in Capital Investments Approximately 5.2 to 5.6 billion in growth projects and acquisitions in 2010-2015 Adjacent to and within our existing operating footprint, including: Williston…
  21. INVESTOR UPDATE – Oneok Partners, L.P. – slide 21
    Announced Capital Investments 5.2 to 5.6 Billion By Region* By Segment* 1.0 2.5 3.0 2.9 1.4 Williston Basin to Bushton, Kan. Natural Gas Gathering and Processing Mid-Continent to Mont Belvieu, Texas Natural Gas…
  22. INVESTOR UPDATE – Oneok Partners, L.P. – slide 22
    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…
  23. INVESTOR UPDATE – Oneok Partners, L.P. – slide 23
    Williston Basin Strategic Fit Largest independent processor Extensive infrastructure Williston Basin Best positioned to provide Bakken Shale critical midstream capability Knowledgeable workforce and contractors in place Strong…
  24. INVESTOR UPDATE – Oneok Partners, L.P. – slide 24
    Williston Basin Natural Gas Flaring Currently flaring 30-35% of natural gas production* Loss of NGL and natural gas value uplift North Dakota Monthly Natural Gas Flared Garden Creek Percent of Production* startup % 45 Stateline II…
  25. INVESTOR UPDATE – Oneok Partners, L.P. – slide 25
    Williston Basin Drilling Economics More than 90% of producer Producer Economics* economics from crude-oil production NGLs Natural 6% gas Drilling is economical with 3% crude-oil prices as low as 55-70 per barrel (WTI)*…
  26. INVESTOR UPDATE – Oneok Partners, L.P. – slide 26
    Williston Basin-related Project Status 2010-2015 Contract Major Project Contracting Status Committed Completed Type Garden Creek plant and Backed by acreage dedications Acreage dedications POP with fee December 2011 related…
  27. INVESTOR UPDATE – Oneok Partners, L.P. – slide 27
    Williston Basin Natural Gas Gathering and Processing Investments Five new plants and related 1.7 billion to 1.8 billion infrastructure Garden Creek 100 MMcf/d Williston Basin In service December 2011 Bakken Shale Stateline I 100…
  28. INVESTOR UPDATE – Oneok Partners, L.P. – slide 28
    Williston Basin Natural Gas Liquids Investments Bakken NGL Pipeline 740 million to 780 million 590-620 million 600-mile, 12-inch diameter Williston Basin Initial capacity of 60,000 bpd Bakken Shale In service April 2013…
  29. INVESTOR UPDATE – Oneok Partners, L.P. – slide 29
    Williston Basin Garden Creek Plants Natural Gas Gathering and Processing Investments Garden Creek plant 100 MMcf/d natural gas processing facility Williston Basin In service December 2011 Bakken Shale Garden Creek II plant 100…
  30. INVESTOR UPDATE – Oneok Partners, L.P. – slide 30
    Williston Basin Stateline Plants Natural Gas Gathering and Processing Investments Stateline I plant 100 MMcf/d natural gas Williston Basin processing facility Bakken Shale In service September 2012 Stateline II plant 100 MMcf/d…
  31. INVESTOR UPDATE – Oneok Partners, L.P. – slide 31
    Williston Basin Divide County Natural Gas Gathering and Processing Investments Divide County gathering system Williston Basin 270-mile system in Divide Bakken Shale County, N.D. Significant portion in service second quarter 2013…
  32. INVESTOR UPDATE – Oneok Partners, L.P. – slide 32
    Sage Creek Acquisition Powder River Basin Sage Creek acquisition Approximately 440 million 305 million 50 MMcf/d natural gas processing facility and related natural gas gathering and NGL infrastructure Expected to close in third…
  33. INVESTOR UPDATE – Oneok Partners, L.P. – slide 33
    Niobrara Shale Growth Potential Producers accumulating significant acreage Williston Basin Bakken Shale Driven by crude-oil economics Gathering and processing infrastructure required Bakken NGL pipeline designed to expand in…
  34. INVESTOR UPDATE – Oneok Partners, L.P. – slide 34
    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…
  35. INVESTOR UPDATE – Oneok Partners, L.P. – slide 35
    Sterling NGL Pipelines Investments 610 million to 810 million Construct 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…
  36. INVESTOR UPDATE – Oneok Partners, L.P. – slide 36
    New Fractionators and E/P Splitter Investments at Mont Belvieu 950 million to 1.0 billion MB-2 fractionator - 75,000 bpd capacity 360-390 million 100% of available capacity committed Commissioning activities for startup have begun…
  37. INVESTOR UPDATE – Oneok Partners, L.P. – slide 37
    Cana-Woodford - Canadian Valley Plant Natural Gas Gathering and Processing Investments Canadian Valley Plant 190 million Mississippian 200 MMcf/d natural gas processing Lime facility Expected to be completed in first quarter 2014…
  38. INVESTOR UPDATE – Oneok Partners, L.P. – slide 38
    Cana-Woodford Shale and Granite Wash Natural Gas Liquids Investments 220 million Natural Gas Liquids Expanded partnerships existing Mid- Continent NGL gathering system Connected three new processing plants and expands capacity at…
  39. INVESTOR UPDATE – Oneok Partners, L.P. – slide 39
    NGL Pipeline Natural Gas Liquids Investments 140 million Hutchinson, Kan., to Medford, Okla. 95-mile NGL pipeline between existing NGL fractionation infrastructure Modifications to existing NGL fractionation infrastructure at…
  40. INVESTOR UPDATE – Oneok Partners, L.P. – slide 40
    Mississippian Lime New Play with Great Potential Existing natural gas gathering and processing and NGL assets are well positioned Significant potential Mississippian Lime Eastern section contains higher amount of NGLs Western…
  41. INVESTOR UPDATE – Oneok Partners, L.P. – slide 41
    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…
  42. INVESTOR UPDATE – Oneok Partners, L.P. – slide 42
    Appendix ONEOK Financial Page 43
  43. INVESTOR UPDATE – Oneok Partners, L.P. – slide 43
    OKS Growth Benefits OKE ONEOKs Source of Growth Growth projects expected to Distributions Paid to ONEOK ( in Millions) drive continued ONEOK 21% CAGR Partners distribution growth 548 Two-thirds of every incremental ONEOK 437…
  44. INVESTOR UPDATE – Oneok Partners, L.P. – slide 44
    OKE Financial Guidance Summary* 2013 ONEOK net income: range of 235 million - 285 million Capital expenditures: 316 million on a stand-alone basis Stand-alone cash flow before changes in working capital: midpoint of 787 million…
  45. INVESTOR UPDATE – Oneok Partners, L.P. – slide 45
    OKE Three-year Financial Outlook* 2012-2015 Expected average annual net income growth of 15-20% comparing 2012 results with 2015** Driven by continued earnings growth at ONEOK Partners, primarily through volume growth Total…
  46. INVESTOR UPDATE – Oneok Partners, L.P. – slide 46
    Creating OKE Shareholder Value Dividend Growth and Total Shareholder Return 63% total increase in dividends paid since 2010 143% since 2006 Long-term dividend payout target of 60-70% of recurring earnings* Dividends Paid Per Share…
  47. INVESTOR UPDATE – Oneok Partners, L.P. – slide 47
    Appendix - Natural Gas Distribution Page 48
  48. INVESTOR UPDATE – Oneok Partners, L.P. – slide 48
    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…
  49. INVESTOR UPDATE – Oneok Partners, L.P. – slide 49
    Financial Performance Natural Gas Distribution* Goal: Minimize the gap between allowed and actual returns** 2013 allowed return on equity (ROE): 9.9% 2013 ROE estimate: 8.3% Operating Income ( In Millions) CAGR = 10% 225 216…
  50. INVESTOR UPDATE – Oneok Partners, L.P. – slide 50
    Regulatory - On the Horizon Natural Gas Distribution* Oklahoma - Performance- Oklahoma - Performance-based rate filing based rate filing approved in in March 2013, with no change in rates Oklahoma - A July 2012 general rate review…
  51. INVESTOR UPDATE – Oneok Partners, L.P. – slide 51
    Oklahoma Natural Gas Natural Gas Distribution* Largest customer base Approximately 87 percent of states natural gas customers 852,000 customers 75% in metropolitan areas Oklahoma Corporation Commission Three commissioners elected…
  52. INVESTOR UPDATE – Oneok Partners, L.P. – slide 52
    Kansas Gas Service Natural Gas Distribution* Coldest territory Approximately 70 percent of states natural gas customers 639,000 customers 60% in metropolitan areas Kansas Corporation Commission Three commissioners appointed by…
  53. INVESTOR UPDATE – Oneok Partners, L.P. – slide 53
    Texas Gas Service Natural Gas Distribution* Third largest natural gas distributor in the state Approximately 14 percent of states natural gas customers 635,000 customers 75% in metropolitan areas Home Rule with 10 jurisdictions…
  54. INVESTOR UPDATE – Oneok Partners, L.P. – slide 54
    Appendix Energy Services Page 55
  55. INVESTOR UPDATE – Oneok Partners, L.P. – slide 55
    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,…
  56. INVESTOR UPDATE – Oneok Partners, L.P. – slide 56
    Appendix ONEOK Partners Financial Page 57
  57. INVESTOR UPDATE – Oneok Partners, L.P. – slide 57
    OKS Predominantly Fee-Based Earnings Percent of Margin Fee-based margins expected to increase in 2013 Sources of Margin Capital investments provide 0.9 B 1.1 B 1.1 B 1.2 B 1.6 B 1.6 B 1.7B predominantly fee-based earnings 9% 13%…
  58. INVESTOR UPDATE – Oneok Partners, L.P. – slide 58
    OKS 2013 Financial Guidance By Segment Natural gas gathering and Operating Income and Equity Earnings** processing: ( in Millions) Higher gathered and processed volumes 12% CAGR Benefit of three new processing plants 1,067 1,086…
  59. INVESTOR UPDATE – Oneok Partners, L.P. – slide 59
    OKS Distribution Coverage Financial Discipline Distributable Cash Flow (DCF) Target long-term annual ( in Millions) 15% CAGR coverage ratio of 1.05x to 1.15x 1,008 955 Considerations 946 8 190 Capital project execution 320…
  60. INVESTOR UPDATE – Oneok Partners, L.P. – slide 60
    OKS Financial Guidance Summary* 2013 Net income: range of 790 million - 870 million Distributable cash flow: range of 910 million - 1.0 billion Expected annual minimum coverage ratio of 1.0x Capital expenditures: approximately 2.36…
  61. INVESTOR UPDATE – Oneok Partners, L.P. – slide 61
    OKS Three-year Financial Outlook* 2012-2015 Expected average annual EBITDA growth of 15-20% comparing 2012 results with 2015 Driven by earnings from completed capital projects Sustainable distribution growth Projected…
  62. INVESTOR UPDATE – Oneok Partners, L.P. – slide 62
    OKS Strong Balance Sheet Investment Grade Committed to investment-grade ONEOK Partners credit rating Long-Term Debt-to-Capitalization Ratio S&P: BBB (negative) Moodys: Baa2 (stable) Capital structure targets 47% 51% 46% 52% 52%…
  63. INVESTOR UPDATE – Oneok Partners, L.P. – slide 63
    Creating OKS Unitholder Value Distribution Growth and Total Unitholder Return 29% total increase in distributions paid since 2010 59% since 2006 8-12% expected annual distribution growth between 2012-2015* Distributions Paid Per…
  64. INVESTOR UPDATE – Oneok Partners, L.P. – slide 64
    Appendix Natural Gas Gathering and Processing Page 65
  65. INVESTOR UPDATE – Oneok Partners, L.P. – slide 65
    Asset Overview Natural Gas Gathering and Processing Non-discretionary services Williston Basin to producers Gathering, compression, treating and processing Wind River Powder River Natural gas supplies from six basins Diverse…
  66. INVESTOR UPDATE – Oneok Partners, L.P. – slide 66
    Commodity Price Risk Mitigation Natural Gas Gathering and Processing 2013 hedged positions* Commodity Price Sensitivity Before Hedging Natural gas: 81% at 3.83/MMBtu Margin Impact 2.9 83,100 MMBtu/d estimated total equity…
  67. INVESTOR UPDATE – Oneok Partners, L.P. – slide 67
    Commodity Price Point-of-View Price Assumptions 2H2013 2013 2014 2015 (Unhedged)* NYMEX crude oil/Bbl 102.60 98.00 94.00 96.00 NYMEX natural gas/ MMBtu 3.75 3.60 4.25 4.60 NGL composite/gallon* * 0.62 0.84 1.04 1.14 Conway-to-Mont…
  68. INVESTOR UPDATE – Oneok Partners, L.P. – slide 68
    Contract Portfolio Natural Gas Gathering and Processing Current contract mix aligns interests with customers Minimal keep-whole contracts by volume and margin Contract restructuring is a core capability Contract Mix by Volume…
  69. INVESTOR UPDATE – Oneok Partners, L.P. – slide 69
    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…
  70. INVESTOR UPDATE – Oneok Partners, L.P. – slide 70
    Gathered Volumes Natural Gas Gathering and Processing 2013 volumes gathered Natural Gas Gathered (BBtu/d) expected to increase 21% 1,350 from 2012 Wells connected 1,171 1,164 1,123 1,067 1,030 1,119 2013: 1,000+ (estimate)…
  71. INVESTOR UPDATE – Oneok Partners, L.P. – slide 71
    Processed Volumes Natural Gas Gathering and Processing 2013 processed volumes Natural Gas Processed (BBtu/d) expected to increase 25% 1,085 from 2012 Higher volumes in Williston Basin 866 Stateline I in service September 2012…
  72. INVESTOR UPDATE – Oneok Partners, L.P. – slide 72
    OKS Commodity Price Risk 2013 Hedging Commodity price risk primarily 2013 Margin Breakdown* resides in natural gas gathering and processing Equity production from percent-of- proceeds contracts 12% 2013 hedged positions* Natural…
  73. INVESTOR UPDATE – Oneok Partners, L.P. – slide 73
    Appendix Natural Gas Pipelines Page 74
  74. INVESTOR UPDATE – Oneok Partners, L.P. – slide 74
    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 2013* 92% of…
  75. INVESTOR UPDATE – Oneok Partners, L.P. – slide 75
    Northern Border Pipeline 50-Percent Equity Investment Links natural gas supply from western Canada to Midwest markets Williston Basin Bakken Shale Bison Pipeline interconnection Supply diversity accessing Rockies natural gas with…
  76. INVESTOR UPDATE – Oneok Partners, L.P. – slide 76
    Appendix Natural Gas Liquids Page 77
  77. INVESTOR UPDATE – Oneok Partners, L.P. – slide 77
    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…
  78. INVESTOR UPDATE – Oneok Partners, L.P. – slide 78
    Volume Growth Natural Gas Liquids 2013 gathering volumes estimated to increase by 8%; fractionation volumes estimated to decrease by 5% Bakken NGL Pipeline in service April 2013 Widespread and prolonged ethane rejection in 2013…
  79. INVESTOR UPDATE – Oneok Partners, L.P. – slide 79
    Margin Profile Natural Gas Liquids Margin Profile Mix Exchange & Storage Services Gather, fractionate, transport and store NGLs and deliver to market hubs; primarily fee based 68% 55% Exchange & Transportation Storage Services…
  80. INVESTOR UPDATE – Oneok Partners, L.P. – slide 80
    NGL Demand Driven by Petrochemical Companies Petrochemical demand remains strong NGLs enjoy significant price advantage vs. crude oil-based feedstocks Cracker capacity utilization rates expected to remain more than 90% Petrochemical…
  81. INVESTOR UPDATE – Oneok Partners, L.P. – slide 81
    Ethane Fractionation and Cracker Capacity Outlook for Ethane Capacity* Ethane Fractionation Capacity and Cracker Capacity 1,900 1,800 1,700 1,600 1,500 MBPD 1,400 1,300 1,200 1,100 1,000 900 Sep-12 Mar-13…
  82. INVESTOR UPDATE – Oneok Partners, L.P. – slide 82
    Arbuckle Pipeline Delivering Unfractionated NGLs to Gulf Coast Expanded to 240,000 bpd From southern Oklahoma through Barnett Shale to Mont Belvieu In service April 2012 Expanding to 255,000 bpd in 2013 Another option to deliver…
  83. INVESTOR UPDATE – Oneok Partners, L.P. – slide 83
    Overland Pass Pipeline 50-Percent Equity Investment Williston Basin 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…
  84. INVESTOR UPDATE – Oneok Partners, L.P. – slide 84
    Optimization Opportunities Natural Gas Liquids Provides earnings upside to fee- based business How it works: Ability to deliver NGL products to either Conway or Mont Belvieu Utilize assets, contract portfolio and market knowledge…
  85. INVESTOR UPDATE – Oneok Partners, L.P. – slide 85
    Fractionation Capacity Natural Gas Liquids Currently 609,000 bpd, net ownership* Increasing our fractionation capacity 60,000 bpd of fractionation services from Targa began in second quarter 2011 Bushton 60,000 bpd expansion in…
  86. INVESTOR UPDATE – Oneok Partners, L.P. – slide 86
    U.S. NGL Supply Sources and End Uses 2012 Averages NGL Supply Sources NGL products1 NGL End Uses Ethane - 41% Primary Propane - 29% Petrochemicals 53% of NGLs Supplied Gas Processing Normal Butane - 8% 81% of U.S Supply…
  87. INVESTOR UPDATE – Oneok Partners, L.P. – slide 87
    Non-GAAP Reconciliations ONEOK Page 88
  88. INVESTOR UPDATE – 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. INVESTOR UPDATE – 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 2012 2013G* Net income attributable to ONEOK 312 305 335 361 361 260 Charges attributable to exit…
  90. INVESTOR UPDATE – Oneok Partners, L.P. – slide 90
    Non-GAAP Reconciliations Stand-Alone Operating Income and Equity Earnings ( in Millions) 2007 2008 2009 2010 2011 2012 2013G* Consolidated operating income from continuing operations 815 908 883 943 1,159 1,103 948 Operating income…
  91. INVESTOR UPDATE – Oneok Partners, L.P. – slide 91
    Non-GAAP Reconciliations ONEOK Partners Page 92
  92. INVESTOR UPDATE – Oneok Partners, L.P. – slide 92
    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…
  93. INVESTOR UPDATE – Oneok Partners, L.P. – slide 93
    Non-GAAP Reconciliations EBITDA and Distributable Cash Flow ( in Millions) 2006 2007 2008 2009 2010 2011 2012 2013G* Reconciliation of Net Income to EBITDA and Distributable Cash Flow Net Income 445 408 626 435 473 831 888 830 Interest…
  94. INVESTOR UPDATE – Oneok Partners, L.P. – slide 94

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