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INVESTOR UPDATE – Oneok Partners, L.P.

Oneok Partners, L.P. · Mar 6, 2015 · 90 slides

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Slides

  1. INVESTOR UPDATE – Oneok Partners, L.P. – slide 1
    INVESTOR UPDATE March 2015
  2. INVESTOR UPDATE – Oneok Partners, L.P. – slide 2
    INDEX Overview ONEOK 4 ONEOK Partners 6 Disciplined Growth Continues Williston Basin 14 Powder River Basin 19 Mid-Continent 22 Permian Basin 24 Fractionation Capacity 27 Demonstrated Ability to Create Value Creating ONEOK…
  3. INVESTOR UPDATE – Oneok Partners, L.P. – slide 3
    ONEOK OVERVIEW
  4. INVESTOR UPDATE – Oneok Partners, L.P. – slide 4
    ONEOK AS PURE-PLAY GP CORPORATE STRUCTURE IS WORKING Simplified capital allocation ONEOK, Inc. Earnings and cash flow underpinned by 37.8% GP and LP interest as of Dec. 31, 2014 investment-grade MLP with fee-based business model…
  5. INVESTOR UPDATE – Oneok Partners, L.P. – slide 5
    ONEOK PARTNERS OVERVIEW
  6. INVESTOR UPDATE – Oneok Partners, L.P. – slide 6
    ONEOK PARTNERS ASSET OVERVIEW Owns and operates strategically located assets in midstream natural gas and natural gas liquids businesses Provides nondiscretionary services to producers, processors and customers Operates a 36,000…
  7. INVESTOR UPDATE – Oneok Partners, L.P. – slide 7
    ONEOK PARTNERS WELL-POSITIONED TO WITHSTAND CHALLENGING MARKET CONDITIONS Disciplined growth continues, driven by volume increases from organic growth projects and strategic acquisitions Fee-based earnings will continue gather,…
  8. INVESTOR UPDATE – Oneok Partners, L.P. – slide 8
    OUR KEY STRATEGIES A PREMIER ENERGY COMPANY GROWTH Increase distributable cash flow through investments in organic growth projects and strategic acquisitions Continue to grow/expand our integrated natural gas and natural gas liquids…
  9. INVESTOR UPDATE – Oneok Partners, L.P. – slide 9
    ONEOK PARTNERS SOURCES OF MARGIN PERCENT OF MARGIN Sources of Margin 2015 fee based margin increased to 75% due to 1.2 B 1.6 B 1.6 B 1.7 B 2.1 B 2.3 B low commodity prices 9% 9% 11% 12% Commodity price risk 20% 31% 16% Exists…
  10. INVESTOR UPDATE – Oneok Partners, L.P. – slide 10
    DISCIPLINED GROWTH CONTINUES IN MULTIPLE BASINS
  11. INVESTOR UPDATE – Oneok Partners, L.P. – slide 11
    DISCIPLINED GROWTH CONTINUES 14 BILLION TO 16 BILLION IN CAPITALGROWTH PROJECTS Completed nearly 8 billion of capital-growth projects and acquisitions from 2006 2014 Announced capital-growth projects of nearly 3 billion 4 to 5 14 to…
  12. INVESTOR UPDATE – Oneok Partners, L.P. – slide 12
    FUTURE GROWTH 4 BILLION 5 BILLION BACKLOG Future growth across multiple supply basins Development of supply basins over the next two decades will require significant infrastructure Backlog of unannounced growth projects includes:…
  13. INVESTOR UPDATE – Oneok Partners, L.P. – slide 13
    WILLISTON BASIN
  14. INVESTOR UPDATE – Oneok Partners, L.P. – slide 14
    WILLISTON BASIN REDUCED FLARING AND VOLUME BACKLOG Flaring results in loss of NGL and natural gas value uplift 24% of North Dakotas natural gas production was flared in December 2014 North Dakota Industrial Commission (NDIC) policy…
  15. INVESTOR UPDATE – Oneok Partners, L.P. – slide 15
    OKS IN THE WILLISTON BASIN A LEADING SERVICE PROVIDER TO PRODUCERS Largest independent natural gas gatherer and processor in the Williston Basin. 3+ million Acreage net acres Dedications 60% of total acreage footprint…
  16. INVESTOR UPDATE – Oneok Partners, L.P. – slide 16
    WILLISTON BASIN BEAR CREEK NATURAL GAS GATHERING AND PROCESSING AND NGL INVESTMENTS Bear Creek plant and related natural 265 million to 375 million gas infrastructure 230 million to 330 million 80 MMcf/d Expected to be completed…
  17. INVESTOR UPDATE – Oneok Partners, L.P. – slide 17
    WILLISTON BASIN LONESOME CREEK NATURAL GAS GATHERING AND PROCESSING INVESTMENTS Lonesome Creek plant and upgrades and expansions of existing infrastructure 550 million 680 million 200 MMcf/d natural gas processing facility…
  18. INVESTOR UPDATE – Oneok Partners, L.P. – slide 18
    POWDER RIVER BASIN
  19. INVESTOR UPDATE – Oneok Partners, L.P. – slide 19
    OKS IN THE POWDER RIVER BASIN OPERATIONS IN NGL-RICH BASIN 130,000 Acreage net acres Dedications 23% of total acreage footprint Processing 50 MMcf/d current Capacity 50 MMcf/d announced Existing Gathering Pipeline Bronco…
  20. INVESTOR UPDATE – Oneok Partners, L.P. – slide 20
    WILLISTON AND POWDER RIVER BASIN NATURAL GAS LIQUIDS TAKEAWAY Approximately 1 billion Bakken NGL Pipeline expansion Expand capacity to 135,000 bpd from 60,000 Williston Basin Bakken Shale bpd with additional pump stations;…
  21. INVESTOR UPDATE – Oneok Partners, L.P. – slide 21
    MID-CONTINENT
  22. INVESTOR UPDATE – Oneok Partners, L.P. – slide 22
    MID-CONTINENT INTEGRATED ASSETS AT WORK 500,000+ Acreage net acres Dedications 28% of total acreage footprint Processing 700 MMcf/d currently Capacity 200 MMcf/d announced Integrated assets Natural Gas plants Natural Gas…
  23. INVESTOR UPDATE – Oneok Partners, L.P. – slide 23
    PERMIAN BASIN
  24. INVESTOR UPDATE – Oneok Partners, L.P. – slide 24
    WEST TEXAS LPG PIPELINE SYSTEM NATURAL GAS LIQUIDS ACQUISITION 2,600 miles of NGL gathering pipeline 800 million 285,000 bpd, gross Acquisition closed in November 2014 Expands NGL segments portfolio of assets NGL gathering system…
  25. INVESTOR UPDATE – Oneok Partners, L.P. – slide 25
    NATURAL GAS PIPELINES GROWING EXPORTS TO MEXICO Proposed project: 208 miles of 30-inch pipeline from the Waha Hub area to a delivery point near San Elizario, Texas 450 million - 550 million Provide 500 600 MMcf/d capacity to…
  26. INVESTOR UPDATE – Oneok Partners, L.P. – slide 26
    FRACTIONATION CAPACITY
  27. INVESTOR UPDATE – Oneok Partners, L.P. – slide 27
    FRACTIONATION CAPACITY NATURAL GAS LIQUIDS Increased our fractionation capacity MB-2 75,000 bpd fractionator in service in December 2013 MB-3 75,000 bpd fractionator completed in December 2014 Total capacity of 840,000 bpd…
  28. INVESTOR UPDATE – Oneok Partners, L.P. – slide 28
    DEMONSTRATED ABILITY TO CREATE VALUE
  29. INVESTOR UPDATE – Oneok Partners, L.P. – slide 29
    CREATING OKS UNITHOLDER VALUE DISTRIBUTION GROWTH 3% 5% increase expected in 2015 distributions declared compared with 2014 Long-term distribution growth rate will be re-evaluated as the environment becomes more stable…
  30. INVESTOR UPDATE – Oneok Partners, L.P. – slide 30
    OKS GROWTH BENEFITS OKE VALUE OF GP INTEREST TO ONEOK ONEOK Partners capital-growth Distributions Declared to ONEOK projects and strategic ( in Millions) 17% CAGR 694 acquisitions expected to drive 633 continued distribution growth…
  31. INVESTOR UPDATE – Oneok Partners, L.P. – slide 31
    CREATING OKE SHAREHOLDER VALUE DIVIDEND GROWTH 4% 8% increase expected in 2015 dividends declared compared with 2014 Long-term dividend growth rate will be re-evaluated as the environment becomes more stable Target long-term annual…
  32. INVESTOR UPDATE – Oneok Partners, L.P. – slide 32
    FINANCIAL STRENGTH
  33. INVESTOR UPDATE – Oneok Partners, L.P. – slide 33
    OKS STRONG BALANCE SHEET INVESTMENT GRADE Committed to investment-grade credit Total Debt-to-Capitalization Ratio ratings S&P: BBB (stable) Moodys: Baa2 (stable) 50% 52% 53% 55% 54% Capital structure targets 50/50 capitalization…
  34. INVESTOR UPDATE – Oneok Partners, L.P. – slide 34
    OKS STRONG BALANCE SHEET LIQUIDITY* OKS Revolver Availability OKS Debt Maturities** ( in millions) ( in millions) Cash 43 2015 - Total Capacity Available*** 2,400 2016 1,100 Less 2017 400 Commercial Paper (1,055) 2018 425…
  35. INVESTOR UPDATE – Oneok Partners, L.P. – slide 35
    OKE STAND-ALONE BALANCE SHEET LIQUIDITY* OKE Revolver Availability OKE Debt Maturities ( in millions) ( in millions) Cash 130 2015 2021 - Total Capacity Available 300 2022 2035 1,135 Less Letters of Credit (2) Liquidity…
  36. INVESTOR UPDATE – Oneok Partners, L.P. – slide 36
    KEY INVESTMENT CONSIDERATIONS PREMIER ENERGY COMPANIES Strategic assets connecting prolific supply basins and key markets Non-discretionary services to producers, processors and customers Stable cash flow ONEOK Partners primarily…
  37. INVESTOR UPDATE – Oneok Partners, L.P. – slide 37
    APPENDIX Page 38
  38. INVESTOR UPDATE – Oneok Partners, L.P. – slide 38
    ONEOK VISION AND MISSION Our Vision A pure-play general partner that creates exceptional value for all stakeholders through our ownership in ONEOK Partners by: Providing management and resources to ONEOK Partners, enabling it to…
  39. INVESTOR UPDATE – Oneok Partners, L.P. – slide 39
    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…
  40. INVESTOR UPDATE – Oneok Partners, L.P. – slide 40
    APPENDIX ONEOK PARTNERS FINANCIALS
  41. INVESTOR UPDATE – Oneok Partners, L.P. – slide 41
    ONEOK PARTNERS 2015 OPERATING INCOME AND EQUITY EARNINGS GUIDANCE BY SEGMENT Natural Gas Gathering and Processing Natural Gas Liquids Natural Gas Pipelines 14% 68% 18% 180 million 864 million 225 million Page 42
  42. INVESTOR UPDATE – Oneok Partners, L.P. – slide 42
    OKS FINANCIAL GUIDANCE SUMMARY 2015 Adjusted EBITDA range: 1.51 billion 1.73 billion Net income range: 845 million 1.01 billion Distributable cash flow range: 1.08 billion 1.26 billion Capital expenditures: 1.0 billion 1.4 billion…
  43. INVESTOR UPDATE – Oneok Partners, L.P. – slide 43
    OKS 2015 FINANCIAL GUIDANCE BY SEGMENT Operating Income and Equity Earnings* Natural gas gathering and processing: ( in Millions) Higher gathered and processed volumes 13% CAGR since 2010 Benefit of new processing plants and 1,269…
  44. INVESTOR UPDATE – Oneok Partners, L.P. – slide 44
    APPENDIX ONEOK FINANCIALS
  45. INVESTOR UPDATE – Oneok Partners, L.P. – slide 45
    OKE FINANCIAL GUIDANCE SUMMARY 2015 Cash flow available for dividends: 570 million 650 million Free cash flow: 90 million 120 million after capital expenditures and dividends No expected borrowings; 300 million credit facility…
  46. INVESTOR UPDATE – Oneok Partners, L.P. – slide 46
    ONEOK INCOME TAXES Taxes on GP distributions at full corporate tax rate Taxes on LP distributions have been 100% deferred in recent years Bonus depreciation renewed in 2014 2015 cash taxes expected to be zero Page 47
  47. INVESTOR UPDATE – Oneok Partners, L.P. – slide 47
    APPENDIX ONEOK PARTNERS GROWTH PROJECTS
  48. INVESTOR UPDATE – Oneok Partners, L.P. – slide 48
    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…
  49. INVESTOR UPDATE – Oneok Partners, L.P. – slide 49
    WILLISTON BASIN-RELATED GROWTH PROJECTS COMPLETED 2.4 BILLION IN PROJECTS CapEx Contract Major Project Scope Completed ( Millions) Type Garden Creek I plant and related 120 MMcf/d* capacity 360 POP with fee December 2011…
  50. INVESTOR UPDATE – Oneok Partners, L.P. – slide 50
    WILLISTON BASIN-RELATED GROWTH PROJECTS 2.0 BILLION ANNOUNCED CapEx Contract Major Project Scope Timing ( Millions) Type Lonesome Creek plant and related 200 MMcf/d* capacity 550680 POP with fee Fourth quarter infrastructure…
  51. INVESTOR UPDATE – Oneok Partners, L.P. – slide 51
    MID-CONTINENT-GULF COAST-RELATED GROWTH PROJECTS 2.3 BILLION IN PROJECTS COMPLETED Major Project Scope CapEx Contract Completed ( Millions) Type Sterling I expansion Installed 7 additional pump stations to increase capacity by…
  52. INVESTOR UPDATE – Oneok Partners, L.P. – slide 52
    MID-CONTINENT-GULF COAST-RELATED GROWTH PROJECTS 470 MILLION ANNOUNCED Major Project Scope CapEx Contract Timing ( Millions) Type Hutchinson to Medford NGL 95-mile NGL pipeline between existing NGL fractionation at Hutchinson,…
  53. INVESTOR UPDATE – Oneok Partners, L.P. – slide 53
    ACQUISITIONS 1.2 BILLION Major Project Scope CapEx Contract Timing ( Millions) Type Sage Creek natural gas 50 MMcf/d* natural gas processing capacity 305 POP with fee September 2013 processing plant Powder River Basin components…
  54. INVESTOR UPDATE – Oneok Partners, L.P. – slide 54
    OKS GROWTH: 2006 2009 MORE THAN 2 BILLION OF GROWTH PROJECTS COMPLETED 2010 was first full year of all of these projects contributing Grasslands Plant Expansion EBITDA Two-thirds of investments Fort Union Gas Guardian II…
  55. INVESTOR UPDATE – Oneok Partners, L.P. – slide 55
    APPENDIX NATURAL GAS GATHERING AND PROCESSING
  56. INVESTOR UPDATE – Oneok Partners, L.P. – slide 56
    ASSET OVERVIEW NATURAL GAS GATHERING AND PROCESSING Nondiscretionary services to producers Gathering, compression, treating and processing Williston Basin Diverse contract portfolio More than 2,000 contracts Powder River Primarily…
  57. INVESTOR UPDATE – Oneok Partners, L.P. – slide 57
    NATURAL GAS GATHERING AND PROCESSING GATHERED VOLUMES 2015 volumes gathered expected to increase 10% from 2014 Significant acreage dedications in core, higher return areas targeted by producers Improved drilling efficiencies drive…
  58. INVESTOR UPDATE – Oneok Partners, L.P. – slide 58
    NATURAL GAS GATHERING AND PROCESSING PROCESSED VOLUMES Natural Gas Processed (BBtu/d) 2015 processed volumes expected to increase 20% CAGR since 2010 8% from 2014 1,660 Higher volumes in Williston Basin 1,534 Garden Creek II…
  59. INVESTOR UPDATE – Oneok Partners, L.P. – slide 59
    NATURAL GAS GATHERING AND PROCESSING CONTRACT PORTFOLIO Current contract mix aligns interests with customers Primarily percent-of-proceeds contracts with a fee-based component 2015 fee based margin increased due to low commodity…
  60. INVESTOR UPDATE – Oneok Partners, L.P. – slide 60
    NATURAL GAS GATHERING AND PROCESSING COMMODITY PRICE RISK MITIGATION 2015 hedged positions* 2016 hedged positions* Natural gas: 80% at 4.03/MMBtu All commodities: Unhedged 141,600 MMBtu/d of estimated equity Natural gas: 172,700…
  61. INVESTOR UPDATE – Oneok Partners, L.P. – slide 61
    NATURAL GAS GATHERING AND PROCESSING COMMODITY PRICE SENSITIVITIES 2015 Volume* Assumed Prices Annual Contribution Net Margin ( in millions) Impact of 10% Price Movement ** ( in millions) Natural gas (MMBtu/d) 28,800 3.50 / MMbtu…
  62. INVESTOR UPDATE – Oneok Partners, L.P. – slide 62
    ONEOK PARTNERS COMMODITY PRICE ASSUMPTIONS ONEOK Partners' 2015 composite NGL barrel is: approximately 10 to 15 percent ethane priced at the Mont Belvieu, Texas, and Conway, Kansas, market hubs reduced natural gasoline weighting,…
  63. INVESTOR UPDATE – Oneok Partners, L.P. – slide 63
    WILLISTON BASIN DRILLING ECONOMICS Producer Economics Approximately 97% of producer economics Natural from crude-oil and NGL production gas NGLs Drilling is economical with crude-oil prices 4% 3% (WTI) as low as 4560 per barrel…
  64. INVESTOR UPDATE – Oneok Partners, L.P. – slide 64
    WILLISTON BASIN ANNOUNCED CAPITAL INVESTMENTS CapEx Expected Project ( in millions) Completion Lonesome Creek plant 1 and related infrastructure 550680 Q4 2015 200 MMcf/d Additional compression 80100 Q4 2015 Stateline…
  65. INVESTOR UPDATE – Oneok Partners, L.P. – slide 65
    WILLISTON BASIN DEMICKS LAKE NATURAL GAS GATHERING AND PROCESSING AND NGL INVESTMENTS Demicks Lake plant and related natural gas 565 million to 785 million infrastructure 475 million to 670 million 200 MMcf/d natural gas processing…
  66. INVESTOR UPDATE – Oneok Partners, L.P. – slide 66
    POWDER RIVER BASIN DRILLING ECONOMICS Approximately 83% of producer Producer Economics economics from crude-oil and NGL production NGLs 11% Drilling is economical with crude-oil prices (WTI) as low as 6070 per Natural barrel gas…
  67. INVESTOR UPDATE – Oneok Partners, L.P. – slide 67
    POWDER RIVER BASIN ANNOUNCED CAPITAL INVESTMENTS CapEx Expected Project ( in millions) Completion Sage Creek plant and 50 Q4 2015 infrastructure upgrades Bronco plant and related 130200 Suspended* infrastructure 50 MMcf/d…
  68. INVESTOR UPDATE – Oneok Partners, L.P. – slide 68
    POWDER RIVER BASIN BRONCO NATURAL GAS GATHERING AND PROCESSING INVESTMENTS Bronco plant 175 million to 260 million 130 million to 200 million 50 MMcf/d Suspended Natural gas liquids pipeline connecting the Bronco plant to the…
  69. INVESTOR UPDATE – Oneok Partners, L.P. – slide 69
    MID-CONTINENT DRILLING ECONOMICS Approximately 85% of producer Producer Economics economics from crude-oil and NGL production NGLs Drilling is economical with crude-oil 15% prices (WTI) as low as 4570 per barrel in the SCOOP…
  70. INVESTOR UPDATE – Oneok Partners, L.P. – slide 70
    SCOOP KNOX PLANT KNOX NATURAL GAS PROCESSING PLANT Knox plant and related natural gas infrastructure, including natural gas gathering pipelines and natural gas compression 240 million to 470 million 200 MMcf/d natural gas…
  71. INVESTOR UPDATE – Oneok Partners, L.P. – slide 71
    PERMIAN DRILLING ECONOMICS Producer Economics Approximately 78% of producer economics from crude-oil and NGL production NGLs Drilling is economical with crude-oil 23% prices (WTI) as low as 4761 per barrel in the Delaware…
  72. INVESTOR UPDATE – Oneok Partners, L.P. – slide 72
    APPENDIX NATURAL GAS LIQUIDS
  73. INVESTOR UPDATE – Oneok Partners, L.P. – slide 73
    ASSET OVERVIEW NATURAL GAS LIQUIDS Provides nondiscretionary, fee-based services to natural gas processors and customers Gathering, fractionation, transportation, marketing and storage Extensive NGL gathering system Connected to…
  74. INVESTOR UPDATE – Oneok Partners, L.P. – slide 74
    NATURAL GAS LIQUIDS GATHERING AND FRACTIONATION VOLUMES Increasing estimated 2015 gathering volumes by 56% compared with 2014, due primarily to the West Texas LPG pipeline system acquisition; fractionation volumes are relatively flat…
  75. INVESTOR UPDATE – Oneok Partners, L.P. – slide 75
    NATURAL GAS LIQUIDS MARGIN PROFILE MIX Exchange & Storage Services Gather, fractionate, transport and store NGLs Exchange & and deliver to market hubs; primarily fee based 77% Storage Services Transportation 68% 74% Transportation…
  76. INVESTOR UPDATE – Oneok Partners, L.P. – slide 76
    WILLISTON BASIN SERVING NEW ETHANE MARKETS De-ethanization facilities adjacent to Stateline Natural Gas Processing plants ONEOK Partners Stateline natural gas processing plants Gas Residue Gas Approximately 60 million - 80 million…
  77. INVESTOR UPDATE – Oneok Partners, L.P. – slide 77
    STERLING NGL PIPELINES EXPANDING ACCESS TO GULF COAST MARKETS Sterling III pipeline Approximately 800 million Flexibility to transport NGL purity products and unfractionated NGLs 550-plus miles, 16-inch diameter 193,000 bpd,…
  78. INVESTOR UPDATE – Oneok Partners, L.P. – slide 78
    FRACTIONATORS AND E/P SPLITTER INVESTMENTS AT MONT BELVIEU 945 million to 965 million MB-2 fractionator - 75,000 bpd capacity In service in December 2013 100% of available capacity committed MB-3 fractionator - 75,000 bpd capacity…
  79. INVESTOR UPDATE – Oneok Partners, L.P. – slide 79
    ETHANE REJECTION ASSUMPTIONS 2014 2017 Ethane rejection continues at existing Mid-Continent, Rockies and Williston Basin natural gas processing plants that supply ONEOK Partners NGL assets Estimated Ethane Rejection (MBbl/d) 45…
  80. INVESTOR UPDATE – Oneok Partners, L.P. – slide 80
    APPENDIX NATURAL GAS PIPELINES
  81. INVESTOR UPDATE – Oneok Partners, L.P. – slide 81
    ASSET OVERVIEW NATURAL GAS PIPELINES Viking Gas Northern Border Transmission Primarily fee-based income Pipeline 92% of transportation capacity contracted under demand-based rates in 2015 Guardian Pipeline 85% of contracted…
  82. INVESTOR UPDATE – Oneok Partners, L.P. – slide 82
    NORTHERN BORDER PIPELINE 50 PERCENT EQUITY INVESTMENT Links natural gas supply from Williston Basin western Canada and the Williston Bakken Shale Basin to Midwest markets Bison Pipeline interconnection Powder River Basin…
  83. INVESTOR UPDATE – Oneok Partners, L.P. – slide 83
    NON-GAAP RECONCILIATIONS ONEOK
  84. INVESTOR UPDATE – Oneok Partners, L.P. – slide 84
    NON-GAAP RECONCILIATIONS ONEOK, INC. ONEOK has disclosed in this presentation anticipated cash flow available for dividends, free cash flow and dividend coverage ratio, all amounts that are non-GAAP financial measures. Management…
  85. INVESTOR UPDATE – Oneok Partners, L.P. – slide 85
    OKE FINANCIAL MEASURES CASH FLOW AVAILABLE FOR DIVIDENDS ( in Millions) 2014 2015G* Recurring cash flows: Distributions received from ONEOK Partners declared 633 694 Interest expense, excluding non cash items (69) (63) Cash income…
  86. INVESTOR UPDATE – Oneok Partners, L.P. – slide 86
    OKE NON-GAAP RECONCILIATION CASH FLOW AVAILABLE FOR DIVIDENDS AND FREE CASH FLOW ( in Millions) 2014 2015G* Net income attributable to ONEOK 314 317 Depreciation and amortization 15 3 Deferred income taxes 141 173 Equity in…
  87. INVESTOR UPDATE – Oneok Partners, L.P. – slide 87
    NON-GAAP RECONCILIATIONS ONEOK PARTNERS
  88. INVESTOR UPDATE – Oneok Partners, L.P. – slide 88
    NON-GAAP RECONCILIATIONS ONEOK PARTNERS ONEOK Partners has disclosed in this presentation its historical and anticipated adjusted EBITDA, distributable cash flow (DCF) and coverage ratio, which are non- GAAP financial metrics, used to…
  89. INVESTOR UPDATE – Oneok Partners, L.P. – slide 89
    OKS NON-GAAP RECONCILIATIONS ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW ( in Millions) 2010 2011 2012 2013 2014 2015G* Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow Net Income 473 831 888 804 911 935…
  90. INVESTOR UPDATE – Oneok Partners, L.P. – slide 90

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