| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| Natural Gas Transportation Capacity Contracted (MDth/d) | 7,428 **[0001039684-23-000012_okeq42022earningsrelease.htm:15]** | 7,693 **[0001039684-23-000037_oke-20230331.htm:29]** **[0001039684-23-000034_okeq12023earningsrelease.htm:10]** | 7,656 **[0001039684-23-000061_oke-20230630.htm:36]** **[0001213900-23-064141_ea182998-425_oneokinc.htm:13]** | 7,704 **[0001039684-23-000081_oke-20230930.htm:42]** | 7,920 **[0001039684-24-000013_okeq42023earningsrelease.htm:14]** | 8,086 **[0001039684-24-000035_oke-20240331.htm:24]** | 7,991 **[0001039684-24-000138_oke-20240630.htm:32]** | 8,231 **[0001039684-24-000342_oke-20240930.htm:41]** **[0001039684-24-000339_okeq32024earningsrelease.htm:13]** |
| Natural Gas Processed (BBtu/d) | 2,679 **[0001039684-23-000012_okeq42022earningsrelease.htm:15]** | 2,794 **[0001039684-23-000037_oke-20230331.htm:27]** **[0001039684-23-000034_okeq12023earningsrelease.htm:10]** | 2,922 **[0001213900-23-064141_ea182998-425_oneokinc.htm:13]** | 3,085 **[0001039684-23-000081_oke-20230930.htm:38]** | 3,172 **[0001039684-24-000013_okeq42023earningsrelease.htm:14]** | 2,894 **[0001039684-24-000035_oke-20240331.htm:23]** | 3,102 **[0001039684-24-000135_okeq22024earningsrelease.htm:10]** **[0001039684-24-000138_oke-20240630.htm:29]** | 3,236 **[0001039684-24-000339_okeq32024earningsrelease.htm:13]** |
| Average Fee Rate ($/MMBtu) | 1.15 **[0001039684-23-000012_okeq42022earningsrelease.htm:15]** | 1.13 **[0001039684-23-000037_oke-20230331.htm:27]** **[0001039684-23-000034_okeq12023earningsrelease.htm:10]** | 1.20 **[0001213900-23-064141_ea182998-425_oneokinc.htm:13]** **[0001039684-23-000061_oke-20230630.htm:32]** | 1.17 **[0001039684-23-000081_oke-20230930.htm:38]** **[0001039684-23-000079_okeq32023earningsrelease.htm:13]** | 1.18 **[0001039684-24-000013_okeq42023earningsrelease.htm:14]** | 1.21 **[0001039684-24-000035_oke-20240331.htm:23]** | 1.22 **[0001039684-24-000138_oke-20240630.htm:29]** **[0001039684-24-000135_okeq22024earningsrelease.htm:10]** | 1.20 **[0001039684-24-000342_oke-20240930.htm:38]** **[0001039684-24-000339_okeq32024earningsrelease.htm:13]** |
| Raw Feed Throughput (MBbl/d) | 1,191 **[0001039684-23-000012_okeq42022earningsrelease.htm:15]** | 1,256 **[0001039684-23-000037_oke-20230331.htm:28]** **[0001039684-23-000034_okeq12023earningsrelease.htm:10]** | 1,399 **[0001213900-23-064141_ea182998-425_oneokinc.htm:13]** | 1,413 **[0001039684-23-000081_oke-20230930.htm:41]** **[0001039684-23-000079_okeq32023earningsrelease.htm:13]** | 1,367 **[0001039684-24-000013_okeq42023earningsrelease.htm:14]** | 1,241 **[0001039684-24-000035_oke-20240331.htm:24]** **[0001039684-24-000032_okeq12024earningsrelease.htm:9]** | 1,365 **[0001039684-24-000135_okeq22024earningsrelease.htm:10]** | 1,324 **[0001039684-24-000339_okeq32024earningsrelease.htm:13]** |
| Average Conway-to-Mont Belvieu OPIS Price Differential ($/Gallon) | 0.03 **[0001039684-23-000012_okeq42022earningsrelease.htm:15]** | 0.03 **[0001039684-23-000037_oke-20230331.htm:28]** **[0001039684-23-000034_okeq12023earningsrelease.htm:10]** | 0.03 **[0001039684-23-000061_oke-20230630.htm:35]** **[0001213900-23-064141_ea182998-425_oneokinc.htm:13]** | 0.08 **[0001039684-23-000081_oke-20230930.htm:41]** **[0001039684-23-000079_okeq32023earningsrelease.htm:13]** | 0.01 **[0001039684-24-000013_okeq42023earningsrelease.htm:14]** | 0.00 **[0001039684-24-000035_oke-20240331.htm:24]** **[0001039684-24-000032_okeq12024earningsrelease.htm:9]** | 0.04 **[0001039684-24-000138_oke-20240630.htm:31]** **[0001039684-24-000135_okeq22024earningsrelease.htm:10]** | (0.01) **[0001039684-24-000342_oke-20240930.htm:40]** **[0001039684-24-000339_okeq32024earningsrelease.htm:13]** |
| Elk Creek Pipeline Expansion Capacity (BPD) | 100,000 **[OKE_3278432_7]** **[OKE_3278434_16]** | 100,000 **[OKE_3278432_7]** **[0001213900-23-045356_ea179676-425_oneok.htm:13]** | 100,000 **[OKE_3278432_7]** | 435,000 **[0001039684-24-000013_okeq42023earningsrelease.htm:1]** | 435,000 **[0001039684-24-000013_okeq42023earningsrelease.htm:1]** **[0001039684-24-000015_oke-20231231.htm:70]** | 435,000 **[0001039684-24-000013_okeq42023earningsrelease.htm:1]** **[0001039684-24-000015_oke-20231231.htm:70]** **[0001039684-24-000035_oke-20240331.htm:20]** | 435,000 **[0001039684-24-000138_oke-20240630.htm:25]** **[0001039684-24-000342_oke-20240930.htm:33]** **[0001039684-24-000035_oke-20240331.htm:20]** | 435,000 **[0001039684-24-000342_oke-20240930.htm:33]** **[0001039684-24-000138_oke-20240630.htm:25]** |
| Greater Denver Pipeline Expansion Capacity (BPD) | N/A | N/A | N/A | N/A | 35,000 **[0001039684-24-000131_a7-18x24rpcdenverexpansi.htm:0]** **[0001039684-24-000138_oke-20240630.htm:25]** | 35,000 **[0001039684-24-000131_a7-18x24rpcdenverexpansi.htm:0]** **[0001039684-24-000138_oke-20240630.htm:26]** **[OKE_3396793_4]** | 35,000 **[0001039684-24-000131_a7-18x24rpcdenverexpansi.htm:0]** **[0001039684-24-000138_oke-20240630.htm:25]** **[0001039684-24-000342_oke-20240930.htm:33]** **[OKE_3396793_4]** | 35,000 **[0001039684-24-000342_oke-20240930.htm:33]** **[0001039684-24-000131_a7-18x24rpcdenverexpansi.htm:0]** **[0001039684-24-000138_oke-20240630.htm:26]** |
| Residue Natural Gas Sales ($ Million) | N/A | 593 **[0001039684-23-000037_oke-20230331.htm:19]** | 219 **[0001039684-23-000061_oke-20230630.htm:32]** | 282 **[0001039684-23-000081_oke-20230930.htm:27]** | N/A | 344 **[0001039684-24-000035_oke-20240331.htm:22]** | 169 **[0001039684-24-000138_oke-20240630.htm:29]** | 219 **[0001039684-24-000342_oke-20240930.htm:37]** |
| Gathering, Processing and Exchange Services Revenue ($ Million) | N/A | 169 **[0001039684-23-000037_oke-20230331.htm:19]** | 168 **[0001039684-23-000061_oke-20230630.htm:22]** | 186 **[0001039684-23-000081_oke-20230930.htm:27]** | N/A | 157 **[0001039684-24-000035_oke-20240331.htm:16]** | 170 **[0001039684-24-000138_oke-20240630.htm:20]** | 164 **[0001039684-24-000342_oke-20240930.htm:27]** |
| Transportation and Storage Revenue ($ Million) | N/A | 145 **[0001039684-23-000037_oke-20230331.htm:29]** | 45 **[0001039684-23-000061_oke-20230630.htm:34]** | 191 **[0001039684-23-000081_oke-20230930.htm:28]** | N/A | 1,321 **[0001039684-24-000015_oke-20231231.htm:151]** | 704 **[0001039684-24-000138_oke-20240630.htm:20]** | 747 **[0001039684-24-000342_oke-20240930.htm:27]** |
| Adjusted EBITDA from Unconsolidated Affiliates ($ Million) | N/A | N/A | N/A | 91 **[0001039684-24-000013_okeq42023earningsrelease.htm:15]** | 91 **[0001039684-24-000013_okeq42023earningsrelease.htm:15]** | 101 **[0001039684-24-000035_oke-20240331.htm:25]** | 110 **[0001039684-24-000138_oke-20240630.htm:33]** | 112 **[0001039684-24-000342_oke-20240930.htm:42]** |
| Capital Expenditures ($ Million) | N/A | 289 **[0001039684-23-000037_oke-20230331.htm:32]** | 594 **[0001039684-23-000061_oke-20230630.htm:39]** | 1,595 **[0001039684-24-000015_oke-20231231.htm:83]** | N/A | 512 **[0001039684-24-000035_oke-20240331.htm:27]** | 991 **[0001039684-24-000138_oke-20240630.htm:35]** | 1,459 **[0001039684-24-000342_oke-20240930.htm:29]** |

22086d08069588e473d992cc8e1537e69afb7b4bbe026d2e643ddab6d6495baa

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

cda5e290b8fb4b1c6fe34ae069ce67a9d753dcb3a62860f428112e1f2b3bfb86

6ae09912a42b95fe8fddf7b7957ca1c2538e9e77f1bb3d9ed0581c1898a40525

OKE, or ONEOK, Inc., is a leading midstream service provider in North America, specializing in gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, natural gas liquids (NGLs), refined products, and crude oil **[0001213900-24-029562_ea0202348-01.htm:6]** **[0001039684-24-000015_oke-20231231.htm:4]**. The company operates through four main business segments, with a focus on providing fee-based services, which accounted for more than 85% of its consolidated earnings in 2023 **[0001213900-24-038511_ea0202348-03.htm:6]**. ONEOK's operations are primarily centered around the handling and distribution of natural gas and its derivatives, making it a key player in the energy sector **[0001039684-24-000138_oke-20240630.htm:20]** **[0001039684-24-000015_oke-20231231.htm:4]**.

1. **Natural Gas Liquids** - Involves gathering, treating, fractionating, transporting, storing, marketing, and distributing Purity NGLs, making it the largest revenue contributor.
2. **Natural Gas Gathering and Processing** - Focuses on gathering, treating, processing, and marketing natural gas.
3. **Refined Products and Crude** - Engages in transporting, storing, and distributing refined products and crude oil, added after acquiring Magellan Midstream Partners.
4. **Natural Gas Pipelines** - Provides transportation and storage services for natural gas.

b6d01ded61ccdc53fc7f77f34c134f65f5087a449bf5fff97622e89cf2846fdd

| Segment/Quarter | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2024 | Q2 2024 | Q1 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Natural Gas Gathering and Processing ($ million) | **1,014**  **[0001039684-24-000015_oke-20231231.htm:151]**  | **965**  **[0001039684-23-000081_oke-20230930.htm:27]**  | **809**  **[0001039684-23-000061_oke-20230630.htm:22]**  | **1,258**  **[0001039684-23-000037_oke-20230331.htm:19]**  | N/A | **905**  **[0001039684-24-000342_oke-20240930.htm:27]**  | **846**  **[0001039684-24-000138_oke-20240630.htm:20]**  | **1,010**  **[0001039684-24-000035_oke-20240331.htm:16]**  |
| Natural Gas Liquids ($ million) | **3,607**  **[0001039684-24-000015_oke-20231231.htm:151]**  | **3,634**  **[0001039684-23-000081_oke-20230930.htm:27]**  | **3,300**  **[0001039684-23-000061_oke-20230630.htm:22]**  | **3,735**  **[0001039684-23-000037_oke-20230331.htm:19]**  | N/A | **3,679**  **[0001039684-24-000342_oke-20240930.htm:27]**  | **3,530**  **[0001039684-24-000138_oke-20240630.htm:20]**  | **3,436**  **[0001039684-24-000035_oke-20240331.htm:16]**  |
| Natural Gas Pipelines ($ million) | **157**  **[0001039684-24-000015_oke-20231231.htm:151]**  | **146**  **[0001039684-23-000081_oke-20230930.htm:27]**  | **146**  **[0001039684-23-000061_oke-20230630.htm:22]**  | **171**  **[0001039684-23-000037_oke-20230331.htm:19]**  | N/A | **171**  **[0001039684-24-000342_oke-20240930.htm:27]**  | **163**  **[0001039684-24-000138_oke-20240630.htm:20]**  | **185**  **[0001039684-24-000035_oke-20240331.htm:16]**  |
| Refined Products and Crude ($ million) | **457**  **[0001039684-24-000015_oke-20231231.htm:151]**  | **72**  **[0001039684-23-000081_oke-20230930.htm:27]**  | N/A | N/A | N/A | **963**  **[0001039684-24-000342_oke-20240930.htm:27]**  | **1,014**  **[0001039684-24-000138_oke-20240630.htm:20]**  | **844**  **[0001039684-24-000035_oke-20240331.htm:16]**  |

47678bfd1eae374a0441ded3b9f9f56ad190c71f97cad85f9423e1b6b652b2cf

1. How does the decision to rebuild the Medford fractionation facility for $385 million align with your recent Magellan merger and Easton acquisition, considering the potential to utilize existing infrastructure to transport NGLs from Mont Belvieu to Conway?
2. Given that a peer is converting a pipeline to NGL service in the Bakken where you hold significant market share, how are you assessing the risk to your Bakken position, and could this impact your volumes or contracts in the region?
3. With the strong performance in your refined products and crude segment this quarter, are these earnings levels sustainable or primarily driven by seasonal factors and temporary market conditions like refinery downtime in Chicago?
4. Your leverage ratio is at 3.36x, hitting your long-term target. What factors are influencing your timing on executing the $2 million share repurchase program, and why not accelerate buybacks now that leverage is within your target?
5. After the Magellan and Easton acquisitions, can you elaborate on how these integrated assets are providing asymmetric upside, and how you plan to capitalize on blending and optimization opportunities to enhance stable, long-term returns?

8bfa79e98a79f9ea32c35bc00313d6356f9560954b6a7e34ca1764387934baf3

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

dc7feeae56a3765031a0a5f8ebfeea56cb7b609aa1c40b5ffac03411c7595853

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Income**: Midpoint increased to **$2.88 billion**  **[OKE_3381967_2]** .
  2. **Adjusted EBITDA**: Midpoint increased by $75 million to **$6.175 billion**, with the high end at **$6.325 billion**  **[OKE_3381967_2]** **[OKE_3396793_2]** .
  3. **Cost and Commercial Synergies**: Expect to meet or exceed the midpoint of **$175 million** in 2024, with additional annual synergies expected to meet or exceed **$125 million** in 2025  **[OKE_3381967_2]** **[OKE_3396793_2]** .
  4. **Capital Expenditure**: Total 2024 capital expenditure guidance remains unchanged at **$1.75 billion to $1.95 billion**  **[OKE_3381967_2]** .
  5. **Net Debt-to-EBITDA Ratio**: Run rate net debt-to-EBITDA ratio was **3.36x** at the end of the second quarter, in line with their long-term leverage target of **3.5x**  **[OKE_3396793_2]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Income**: Midpoint increased to **$2.88 billion**  **[OKE_3381967_2]** .
  2. **Adjusted EBITDA**: Midpoint increased by **$75 million** to **$6.175 billion**  **[OKE_3381967_2]** .
  3. **Cost and Commercial Synergies**: Expect to meet or exceed the midpoint of **$175 million** in 2024, with additional annual synergies expected to meet or exceed **$125 million** in 2025  **[OKE_3381967_2]** .
  4. **Capital Expenditure**: Total 2024 capital expenditure guidance remains unchanged at **$1.75 billion to $1.95 billion**  **[OKE_3381967_2]** .
  5. **Natural Gas Gathering and Processing Segment**: Processing volumes expected to grow **9%** at the midpoint compared with 2023, averaging more than **1.6 Bcf per day** in 2024  **[OKE_3375326_4]** .
  6. **Mid-Continent Region Processing Volumes**: Expected to grow approximately **3%** at the guidance midpoint compared with 2023, averaging approximately **770 million cubic feet per day** in 2024  **[OKE_3375326_4]** .
  7. **Natural Gas Pipelines Segment**: Strong demand for natural gas storage and transportation services in 2024, with storage capacity contracted under long-term agreements and pipeline transportation capacity nearly **96% contracted**  **[OKE_3375326_4]** .
  8. **Refined Products and Crude Segment**: Healthy business fundamentals with more than **85% fee-based earnings** and anticipate additional mid-single-digit tariff rate increases in July 2024  **[OKE_3375326_4]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Income**: Midpoint of more than **$2.8 billion**  **[OKE_3375326_2]** .
  2. **Earnings Per Share (EPS)**: Midpoint of **$4.88** per diluted share  **[OKE_3375326_2]** .
  3. **Adjusted EBITDA**: Midpoint of **$6.1 billion**  **[OKE_3375326_2]** .
  4. **Synergies**: Assumed a midpoint of **$175 million** of total realized annual cost and initial commercial synergies in 2024, followed by an additional **$125 million** in 2025  **[OKE_3375326_2]** .
  5. **Capital Expenditures**: Total of **$1.85 billion**, which includes growth and maintenance capital  **[OKE_3375326_2]** .
  6. **Dividend Growth Rate**: Targeting an annual growth rate ranging between **3% to 4%**  **[OKE_3375326_2]** .
  7. **Share Repurchase Authorization**: Announced a **$2 billion** share repurchase authorization, targeted to be largely used over the next 4 years  **[OKE_3375326_2]** .
  8. **Natural Gas Processing Volumes**: Expected to grow **9%** at the midpoint compared with 2023, averaging more than **1.6 Bcf per day** in the Rocky Mountain region  **[OKE_3375326_4]** .
  9. **Mid-Continent Processing Volumes**: Expected to grow approximately **3%** at the guidance midpoint compared with 2023, averaging approximately **770 million cubic feet per day**  **[OKE_3375326_4]** .
  10. **Natural Gas Storage and Transportation**: Expected strong demand with more than **75%** of natural gas storage capacity contracted under long-term agreements and nearly **96%** of pipeline transportation capacity contracted  **[OKE_3375326_4]** .
  11. **Refined Products Tariff Rates**: Expected additional mid-single-digit increases in July 2024  **[OKE_3375326_4]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the guidance provided in the Q3 2024 earnings call for ONEOK (OKE). The available information is from the Q2 2024 earnings call.

5357fa7b2a0747e4fdb5080c7985ca465df0940bbb78b1e05274305c84d79a47

Natural Gas Transportation Capacity Contracted (MDth/d)

Natural Gas Processed (BBtu/d)

Average Fee Rate ($/MMBtu)

Raw Feed Throughput (MBbl/d)

Average Conway-to-Mont Belvieu OPIS Price Differential ($/Gallon)

Elk Creek Pipeline Expansion Capacity (BPD)

Greater Denver Pipeline Expansion Capacity (BPD)

Residue Natural Gas Sales ($ Million)

Gathering, Processing and Exchange Services Revenue ($ Million)

Transportation and Storage Revenue ($ Million)

Adjusted EBITDA from Unconsolidated Affiliates ($ Million)

Capital Expenditures ($ Million)

bfa658fa9ade2f6e0744fcfc8aad3e9bf4da8148ef8c81d222b6f9900598d448

03625e936baf558a0e07c248f817fb026576e4823ed2f60783b89b20c9ebaa0b

444bac31c02505de554dd58c20ea237dfe9d305f540421465ae11b92e05c3796

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                | Position                                                                 | Start Date | Short Bio                                                                                                                                                                                                 |
|---------------------|--------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Julie H. Edwards    | Board Chair                                                              | 2022       | Julie H. Edwards has been serving as the **Board Chair of ONEOK, Inc.** since **2022**. She has been a director at ONEOK since **2007**. She is the first female Board Chair in ONEOK's 118-year history  **[0001213900-24-038511_ea0202348-03.htm:59]** **[0001039684-24-000015_oke-20231231.htm:34]** **[0001193125-23-091474_d406129ddef14a.htm:8]** . |
| Pierce H. Norton II | President and Chief Executive Officer                                    | 2021       | Pierce H. Norton II is the President and Chief Executive Officer of ONEOK, Inc. since **2021**. He joined ONEOK in 2004 and held various roles before becoming President and CEO of ONE Gas in 2014  **[0001039684-24-000015_oke-20231231.htm:34]** **[0001213900-23-073456_ea184632-425_oneokinc.htm:1]** .           |
| Walter S. Hulse III | Chief Financial Officer, Treasurer, and Executive Vice President         | 2022       | Walter S. Hulse III has been serving in his current role since **2022**. He previously held various executive positions at ONEOK from **2017 to 2021**  **[0001039684-24-000015_oke-20231231.htm:34]** .                                                                 |
| Kevin L. Burdick    | Executive Vice President and Chief Enterprise Services Officer           | 2023       | Kevin L. Burdick has been in his current role since **2023**. He was previously the Executive Vice President and Chief Commercial Officer from **2022 to 2023**  **[0001039684-24-000015_oke-20231231.htm:34]** .                                                      |
| Sheridan C. Swords  | Executive Vice President, Commercial Liquids and Gathering and Processing | 2023       | Sheridan C. Swords has been serving in his current role since **2023**. He was previously the Senior Vice President of Natural Gas Liquids and Natural Gas Gathering and Processing from **2022 to 2023**  **[0001039684-24-000015_oke-20231231.htm:34]** .          |
| Lyndon C. Taylor    | Executive Vice President, Chief Legal Officer, and Assistant Secretary   | 2023       | Lyndon C. Taylor has been serving in his current role since **2023**. Before joining ONEOK, he was with Devon Energy Corporation from **2005 to 2021**  **[0001039684-24-000015_oke-20231231.htm:34]** .                                                              |
| Charles M. Kelley   | Senior Vice President, Natural Gas Pipelines                             | 2022       | Charles M. Kelley has been serving as the Senior Vice President, Natural Gas Pipelines at ONEOK since **2022**. He was previously the Senior Vice President, Natural Gas from **2018 to 2022**  **[0001039684-24-000015_oke-20231231.htm:34]** **[0001039684-23-000016_oke-20221231.htm:30]** .                  |
| Mary M. Spears      | Senior Vice President and Chief Accounting Officer, Finance and Tax      | 2022       | Mary M. Spears has been in her current role since **2022**. She was previously the Vice President and Chief Accounting Officer from **2019 to 2021**  **[0001039684-24-000015_oke-20231231.htm:34]** **[0001039684-23-000016_oke-20221231.htm:30]** .                                                              |
| Scott D. Schingen   | Senior Vice President, Natural Gas Liquids and Natural Gas Operations    | 2023       | Scott D. Schingen has been serving in his current role since **2023**. He was previously the Senior Vice President, Operations from **2021 to 2023**  **[0001039684-24-000015_oke-20231231.htm:34]** .                                                                |
| James R. Hoskin     | Senior Vice President, Refined Products and Crude Operations             | 2023       | James R. Hoskin serves as the Senior Vice President, Refined Products and Crude Operations at ONEOK since **2023**. He was previously with Magellan Midstream Partners in 2023  **[0001039684-24-000015_oke-20231231.htm:34]** .                                      |

46a1493259e8b43125654942620287c9b8c943afbc9f2b8ab78ff23518dcb7bc

| Program Details           | Program 1       |
|---------------------------|-----------------|
| Approval Date             | January 2024  **[0001039684-24-000342_oke-20240930.htm:58]** **[0001039684-24-000342_oke-20240930.htm:34]** **[0001039684-24-000342_oke-20240930.htm:44]**  |
| End Date/Duration         | January 1, 2029 or upon completion of $2.0 billion repurchase  **[0001039684-24-000342_oke-20240930.htm:58]** **[0001039684-24-000342_oke-20240930.htm:34]** **[0001039684-24-000342_oke-20240930.htm:44]**  |
| Total additional amount   | **$2.0 billion**  **[0001039684-24-000342_oke-20240930.htm:58]** **[0001039684-24-000342_oke-20240930.htm:34]** **[0001039684-24-000342_oke-20240930.htm:44]**  |
| Remaining authorization   | **$2.0 billion** as of October 21, 2024  **[0001039684-24-000342_oke-20240930.htm:58]** **[0001039684-24-000342_oke-20240930.htm:34]** **[0001039684-24-000342_oke-20240930.htm:44]**  |
| Details                   | Part of capital allocation strategy for long-term value, funded through cash on hand, operating cash flows, and short-term borrowings  **[OKE_3381967_2]** **[0001039684-24-000035_oke-20240331.htm:20]** **[0001039684-24-000138_oke-20240630.htm:26]** **[0001039684-24-000035_oke-20240331.htm:27]** **[0001039684-24-000138_oke-20240630.htm:35]** **[0001039684-24-000342_oke-20240930.htm:34]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000015_oke-20231231.htm:136]**  |

32b95fc456788933861f0bf33751ba21aa3dd812fd7fe18e81a6015c0f0de0ae

**Annual guidance for FY 2024:**
- **Net income (stand-alone)**: $2.945B  **[OKE_3404657_2]**  (raised from $2.88B  **[OKE_3404657_11]** )  
- **Adjusted EBITDA (stand-alone)**: $6.275B  **[OKE_3404657_2]**  (raised from $6.175B  **[OKE_3404657_11]** )  
- **Capital expenditures (stand-alone)**: $1.75B–$1.95B  **[OKE_3404657_2]**  (no change from prior guidance  **[OKE_3404657_11]** )  
- **Net income (consolidated)**: $3B  **[OKE_3404657_2]**  (no prior guidance)  
- **Adjusted EBITDA (consolidated)**: $6.625B  **[OKE_3404657_2]**  (no prior guidance)  
- **Williston Basin well connects**: 500–530  **[OKE_3404657_2]**  (no prior guidance)  
- **Mid-Continent region well connects**: 65 on ONEOK’s acreage and 90 on EnLink’s acreage  **[OKE_3404657_2]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Adjusted EBITDA (pro forma)**: comfortably above $8B  **[OKE_3404657_2]**  (no prior guidance)  
- **Net debt-to-EBITDA ratio**: approximately 3.9x by year-end 2025  **[OKE_3404657_2]**  (no prior guidance)

f015b5895e08313d025c57519ddde280a14e6b32da4fff7002ba898fd313d134

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP   | 2007  **[0001039684-24-000015_oke-20231231.htm:98]**    | Present  | Current auditor   |

beea49d031ec85f406260b0fba980dbe7ec59ee712af37393182cc616fbd8d44

- Total Revenue: $5,023 million (+20% YoY)  **[0001039684-23-000081_oke-20230930.htm:4]** **[0001039684-24-000342_oke-20240930.htm:5]**   
- Natural Gas Gathering and Processing: $905 million (-6% YoY)  **[0001039684-23-000081_oke-20230930.htm:27]** **[0001039684-24-000342_oke-20240930.htm:27]**   
- Refined Products and Crude: $963 million (**+1,238% YoY**)  **[0001039684-23-000081_oke-20230930.htm:27]** **[0001039684-24-000342_oke-20240930.htm:27]**   
- Natural Gas Pipelines: $171 million (+17% YoY)  **[0001039684-23-000081_oke-20230930.htm:27]** **[0001039684-24-000342_oke-20240930.htm:27]**   
- Net Income: $693 million (**+53% YoY**)  **[0001039684-23-000081_oke-20230930.htm:4]** **[0001039684-24-000342_oke-20240930.htm:5]**   
- EPS (Diluted): $1.18 (+20% YoY)  **[0001039684-23-000081_oke-20230930.htm:4]** **[0001039684-24-000342_oke-20240930.htm:5]**   

7571f216fff78324dc87ece4e80e802f31675c2ff9a136207f55fbb5d885417d

Raw feed throughput (MBbl/d)

Average Conway-to-Mont Belvieu OPIS price differential - ethane in ethane/propane mix ($/gallon)

Natural gas transportation capacity contracted (MDth/d)

Transportation capacity contracted (percentage)

Refined Products volume shipped (MBbl/d)

Crude oil volume shipped (MBbl/d)

Natural gas processed (BBtu/d)

Average fee rate ($/MMBtu)

5e836305d3236a3b1599a5a5675de04c098aa73665a3fc6a675d57b1afd8161c

| Year | Amount Due (in millions) | Debt Type | Interest Rate | % of Total Debt |
|----------|------------------------------|---------------|-------------------|---------------------|
| 2025     | $250                         | Senior Notes  | 3.20%             | 0.9% = (250 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2025     | $500                         | Senior Notes  | 4.90%             | 1.8% = (500 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2025     | $387                         | Senior Notes  | 2.20%             | 1.4% = (387 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2025     | $120                         | Guardian Term Loan | 6.47%       | 0.4% = (120 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2026     | N/A                          | 5.00% Senior Notes | 5.00%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2026     | N/A                          | 5.55% Senior Notes | 5.55%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2026     | N/A                          | 5.85% Senior Notes | 5.85%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2027     | $1,250                       | Senior Notes  | 4.25%             | 4.4% = (1250 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2028     | N/A                          | 4.55% Senior Notes | 4.55%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2028     | N/A                          | 5.65% Senior Notes | 5.65%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2029     | $600                         | Senior Notes  | 4.40%             | 2.1% = (600 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2030     | N/A                          | 3.25% Senior Notes | 3.25%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2030     | N/A                          | 3.10% Senior Notes | 3.10%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2030     | N/A                          | 5.80% Senior Notes | 5.80%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2031     | $1,250                       | Senior Notes  | 4.75%             | 4.4% = (1250 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2032     | N/A                          | 6.10% Senior Notes | 6.10%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2033     | N/A                          | 6.05% Senior Notes | 6.05%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2034     | $1,600                       | Senior Notes  | 5.05%             | 5.7% = (1600 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2035     | N/A                          | 6.00% Notes   | 6.00%             | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2036     | N/A                          | 6.65% Senior Notes | 6.65%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2037     | N/A                          | 6.40% Senior Notes | 6.40%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2037     | N/A                          | 6.85% Senior Notes | 6.85%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2041     | N/A                          | 6.125% Senior Notes | 6.125%     | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2042     | N/A                          | 4.20% Senior Notes | 4.20%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2043     | N/A                          | 5.15% Senior Notes | 5.15%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2043     | N/A                          | 6.20% Senior Notes | 6.20%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2045     | N/A                          | 4.20% Senior Notes | 4.20%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2046     | N/A                          | 4.25% Senior Notes | 4.25%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2047     | N/A                          | 4.20% Senior Notes | 4.20%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2047     | N/A                          | 4.95% Senior Notes | 4.95%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2048     | N/A                          | 5.20% Senior Notes | 5.20%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2049     | N/A                          | 4.85% Senior Notes | 4.85%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2049     | N/A                          | 4.45% Senior Notes | 4.45%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2050     | N/A                          | 3.95% Senior Notes | 3.95%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2050     | N/A                          | 4.50% Senior Notes | 4.50%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2051     | N/A                          | 7.15% Senior Notes | 7.15%       | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2053     | N/A                          | 6.625% Senior Notes | 6.625%     | N/A **[0001039684-24-000342_okeq32024exhibit221.htm:0]** |
| 2054     | $1,500                       | Senior Notes  | 5.70%             | 5.3% = (1500 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |
| 2064     | $800                         | Senior Notes  | 5.85%             | 2.8% = (800 / 28100) * 100 **[0001039684-24-000342_oke-20240930.htm:21]** **[0001039684-24-000342_oke-20240930.htm:44]** **[0001039684-24-000342_oke-20240930.htm:6]** |

3ebd274a41434068bdc18f7db5397d6d4de41e209e40fce78bc51a040d2de1dc

- **Decrease in Q3 volumes on the West Texas LPG system**: OKE experienced a step down in volumes in **Q3 2023** on its West Texas LPG system, raising concerns about operational or demand issues.  **[OKE_3363450_25]**
- **Risk of NGL pipeline overbuild in the Permian basin**: Analysts noted the potential for a **severe Permian NGL pipe overbuild in 2025**, which could lead to excess capacity and lower returns on OKE's pipeline expansion investments. Long-term contracts become crucial in this scenario.  **[OKE_3363450_16]**
- **Potential increased competition in the Bakken region**: Peers considering the development of LNG infrastructure in the Bakken may threaten OKE's **60% market share** in the region, posing risks to its future growth and volumes.  **[OKE_3363450_13]**

f3bdbae94768f218484469c94fdffd000fc0edcf28ea447ded3903e0b36083a5

- **ONEOK expects strong volume growth from the Bakken region**, with volumes increasing strongly throughout the year.  **[OKE_3381967_5]**  This is driven by **strong volumes as we come out of winter and with the rigs that we have running**.  **[OKE_3381967_5]**
- **The El Paso market expansion is complete and fully allocated**, contributing to increased volumes in the refined products segment.  **[OKE_3381967_5]**  For May, **that expansion is already on allocation**.  **[OKE_3381967_5]**
- **Synergies from the Magellan acquisition are exceeding expectations**, and the company is finding **more and more synergies** to execute on, giving **even more momentum as we move into 2025**.  **[OKE_3381967_5]**

25d4ecc31d3cd53531baecdf7f590a20a28d9c663a7918106f6b24bae2d9cc9d

- **ONEOK is executing high-return, low-cost expansion projects** such as the rebuild of the Medford fractionator, which will add **210,000 barrels per day of fractionation capacity for approximately $385 million**  **[OKE_3396793_22]** . This expansion offers a **very low cost per barrel capacity** and enhances system efficiency and balance  **[OKE_3396793_22]** .
- **The company is capitalizing on integration synergies from recent acquisitions**, including the Magellan merger and the Easton acquisition, leading to increased **blending opportunities and bundled services** that provide **very attractive returns** and **asymmetric upside**  **[OKE_3396793_23]** . This integrated approach strengthens ONEOK's ability to capture value across the entire value chain  **[OKE_3396793_23]** .
- **Strong performance in the refined products and crude segment** is driven by synergies realized ahead of schedule, seasonal demand, and additional tailwinds from refinery downtimes in the Chicago area. **Blending activity is expected to ramp up in the third quarter**, reinforcing confidence in achieving or exceeding the **$175 million** in synergies outlined  **[OKE_3396793_10]** .

b9edbba9fc3216132e1c89482f4556581d64d8c8c3d630dd339c28f06df3a263

- **Strong Volume Growth Expected in the Rocky Mountain Region:** ONEOK anticipates a **9% increase** in processing volumes in the Rocky Mountain region in 2024, driven by continued producer activity and increased efficiency from longer **3-mile laterals**, which also reduces required capital expenditures.  **[OKE_3375326_29]** **[OKE_3375326_13]**
- **Attractive Capital Projects Coming Online with High Returns:** Three major projects are expected to come online in **Q1 2025**—the MB-6 fractionator, West Texas NGL pipeline expansion, and Elk Creek pipeline expansion—with **strong return multiples**, enhancing earnings growth prospects.  **[OKE_3375326_15]**
- **Significant Shareholder Returns Through Dividends and Share Repurchases:** ONEOK plans to initiate a **$2 billion share repurchase program** over the next four years, beginning in 2024, complementing a targeted annual dividend growth rate of **3-4%**, and expects total shareholder returns to trend towards **75-85%** of forecasted cash flow from operations after capital expenditures.  **[OKE_3375326_7]**

cd8979c3a99b9ec117ac71d5810a749bce99fa72db05d16723313a8fda73f394

ae8bb46a2d6eb5e9145cd1033d44d2aa5cba6b2c1313a867a749f6e94b44f27d

1. **Earnings Guidance and Outlook**  
   **Q:** Will you beat your earnings guidance?  
   **A:** The team is confident about their performance and likes where they are trending. They raised guidance in the first quarter and will **re-evaluate guidance** again in the **third quarter**.  **[OKE_3396793_6]** 

2. **Capital Allocation and Share Repurchases**  
   **Q:** Will you start share buybacks after debt maturity?  
   **A:** They plan to allocate capital appropriately from the **third quarter** onwards and are committed to completing the **$2 billion** share repurchase program over the announced time frame, balancing it with opportunities for high-growth projects and maintaining a strong balance sheet.  **[OKE_3396793_19]** **[OKE_3396793_22]** 

3. **Medford Rebuild Decision and Economics**  
   **Q:** Why rebuild Medford when you can batch NGLs?  
   **A:** Rebuilding Medford provides **low-cost fractionation capacity** and is the most efficient way to balance their system. It avoids moving all raw feed to Mont Belvieu, creating capacity on Arbuckle for more raw feed, and fits best into their system.  **[OKE_3396793_22]** **[OKE_3396793_25]** 

4. **Easton Acquisition Synergies**  
   **Q:** What synergies does Easton acquisition unlock?  
   **A:** The Easton acquisition accelerates commercial synergies through a more **capital-efficient and faster** connection of NGL and refined products systems, allowing them to capture synergies at a **lower capital cost** and faster pace.  **[OKE_3396793_8]** 

5. **2025 CapEx Outlook**  
   **Q:** How will pulling projects forward affect 2025 CapEx?  
   **A:** Capital for projects pulled forward into 2024 will positively impact 2025 CapEx, leading to **lower capital expenditure** in 2025. They will enjoy **operating leverage** from existing systems as they fill demand.  **[OKE_3396793_13]** 

6. **Refined Products and Crude Segment Strength**  
   **Q:** What's driving strength in refined products and crude segment?  
   **A:** **Synergies are coming in strong** and will accelerate through the remainder of the year. Seasonal factors and increased **blending activities** in the third quarter contribute, and issues in Chicago are creating **tailwinds**. They are confident in where the segment will end the year.  **[OKE_3396793_10]** 

7. **Butane Blending Opportunities**  
   **Q:** Any butane blending opportunities?  
   **A:** By integrating refined products and NGL systems, they can supply butane into refined products, saving on **sourcing and logistics**. They continue to find ways to **blend more butane**, with greater blending opportunities expected next year through **small capital projects**.  **[OKE_3396793_18]** 

8. **Ethane Market Trends and Outlook**  
   **Q:** How is ethane trending and outlook?  
   **A:** Ethane prices are **volatile** and dependent on natural gas prices. The **Permian is in full recovery**, while the **Mid-Continent is in rejection**. They have locked in incentivized ethane through the **third and fourth quarters** and expect recovery in ethane markets as petrochemicals run at **high utilization rates**.  **[OKE_3396793_12]** 

9. **Bakken Mergers and Impact**  
   **Q:** How will Bakken producer mergers affect you?  
   **A:** They have good relationships with all parties involved and believe the mergers won't impact their business. Consolidation brings assets into **strong hands**, which may even lead to **increased activity**.  **[OKE_3396793_14]** 

10. **AI Data Center Projects**  
    **Q:** Updates on AI data center-related projects?  
    **A:** They now have **17** potential power plant projects, with **5** specifically for AI demand, totaling around **1 Bcf per day** across their footprint. Discussions are ongoing with more activity expected as markets look **long-term**.  **[OKE_3396793_16]** **[OKE_3396793_20]** 

11. **Producer Activity and Bakken Well Connects**  
    **Q:** How are Bakken well connects compared to guidance?  
    **A:** Despite fewer well connects, wells are more **efficient** with **longer laterals**. They are confident in meeting volume guidance for the remainder of the year and into **2025**.  **[OKE_3396793_9]** 

12. **Growth Opportunities and Optimization**  
    **Q:** Are there more growth opportunities beyond initial guidance?  
    **A:** They continue to find ways to grow through **low-capital projects**, increasing **blending opportunities**, and integrating refined products and NGL systems. **Diversification reduces downside risk**.  **[OKE_3396793_24]** 

13. **Denver Expansion Economics**  
    **Q:** Tell us about Denver expansion economics.  
    **A:** It's a **5x multiple** project on **35,000 barrels per day**. They've laid a **16-inch line** into Denver, providing **cheap expansion capability**. As demand grows, they can conduct subsequent **open seasons**.  **[OKE_3396793_11]** 

14. **Williston Basin Gas-Oil Ratios**  
    **Q:** Are GORs in Williston Basin increasing?  
    **A:** Yes, as wells age, the gas-oil ratio naturally **increases**. Overall, GORs are increasing as a **general trend**.  **[OKE_3396793_21]** 

15. **Saguaro Project Update**  
    **Q:** Any updates on Saguaro project?  
    **A:** The project is **commercially strong** with **world-class customers**. MPL is working on project financing to make their final investment decision. No material capital spend is anticipated in **2024**.  **[OKE_3396793_17]** 

16. **Bakken Position and Competition**  
    **Q:** What's the risk from a competitor's pipeline conversion in Bakken?  
    **A:** They are aware of the alternative pipeline but don't expect a **material impact**. They have **long-term contracts** averaging over **9 years** and provide **superior service** with **redundancy and reliability**.  **[OKE_3396793_7]** 

6dab69293ec3385ca947245b62c2b59d7d2dcb3100b60653f144a2900a8baab0

- **Regulatory uncertainties pose risks to key projects:** The Saguaro Connector Pipeline and associated LNG export volumes face uncertainties due to Department of Energy export approvals, particularly for Train 3 of the Mexico Pacific LNG project. The company acknowledges they don't know how this will play out, which could impact future growth.  **[OKE_3375326_28]**
- **Lower NGL volume growth expected in 2024:** ONEOK anticipates lower natural gas liquids (NGL) volume growth compared to processing volume growth due to expecting less incentivized ethane recovery in the Bakken region and the expiration of a low-margin, high-volume contract on the Overland Pass Pipeline.  **[OKE_3375326_20]**
- **Higher third-party fractionation costs impacting earnings:** Before the MB-6 fractionator comes online in the first quarter of 2025, ONEOK expects to incur significant third-party fractionation costs—approximately **$30 million per quarter in 2024**—which may weigh on earnings.  **[OKE_3375326_7]**

2633091fcd0363163a5eb85a42ba69b7eaafce89ee13f929e653ef038640d5f7

- **ONEOK experienced lower NGL volumes in the Permian Basin during the first quarter of 2024 due to weather-related disruptions, leading to a volume decrease.**  **[OKE_3381967_17]**
- **The company saw an increase in operating costs in the first quarter, particularly in the refined products and crude segment, due to the allocation of corporate costs for the first time to that segment, creating uncertainty about future cost trends.**  **[OKE_3381967_11]**
- **Higher operating costs were also driven by two large planned turnarounds in the first quarter, which significantly pushed up expenses; although these are one-time events, they impacted the first-quarter results.**  **[OKE_3381967_5]**

98da7f3a7fbeb92db2c34b57df3d00eb0eccaaf8ba04b84a8dba140d527714f4

1. **Synergies Upside**  
   **Q:** What is driving the increased synergies to $400 million?  
   **A:** Management sees upside in synergies, now approximately **$700 million**, driven by integrating refined product, crude oil, and NGL systems across their networks. They have already realized significant cost savings in 2023, with full impact expected in 2024.  **[OKE_3375326_6]** 

2. **Capital Returns**  
   **Q:** How should we think about capital returns in 2025–26?  
   **A:** The company plans to initiate a share repurchase program in 2024, ramping up over the next four years while targeting a debt-to-EBITDA ratio of **3.5x**. They expect to generate significant free cash flow, allowing for increased shareholder returns and funding high-return projects.  **[OKE_3375326_7]** 

3. **CapEx Outlook**  
   **Q:** Will growth CapEx decrease after 2024?  
   **A:** Growth CapEx is expected to decline post-2024 as major projects—MB-6, West Texas LPG expansion, and Bakken expansion—are completed. Future projects are anticipated to be smaller, funded by free cash flow, and focused on accelerating synergies in 2025–26.  **[OKE_3375326_9]** 

4. **Saguaro Project Impact**  
   **Q:** Will Saguaro FID affect CapEx plans?  
   **A:** If the Saguaro project reaches FID in mid-2024, it won't materially change 2024 CapEx, and 2025 CapEx is still expected to decrease from 2024 levels. The project aligns with their capital program and will take a couple of years to construct.  **[OKE_3375326_11]** 

5. **Producer Efficiency**  
   **Q:** Will longer laterals reduce required CapEx?  
   **A:** The increase in **3-mile laterals** enhances production per well, reducing capital needed to maintain volumes. With **1.6 Bcf** of throughput and **1.9 Bcf** of processing capacity in the Bakken, they expect capital expenditures to decrease.  **[OKE_3375326_13]** 

6. **Northern Border Capacity**  
   **Q:** Are there limits on Bakken gas takeaway?  
   **A:** Management does not foresee restrictions on Bakken gas takeaway before 2026. The **400 million cubic feet per day** of legacy Canadian volumes on Northern Border will continue, and growth will be accommodated by projects like Bison Express and WBI expansions.  **[OKE_3375326_13]** **[OKE_3375326_17]** 

7. **Project Returns**  
   **Q:** What returns are expected from 2025 projects?  
   **A:** MB-6 will operate at high rates upon start-up, delivering strong returns. The West Texas expansion returns are improving with ongoing contracting, and the Elk Creek expansion requires minimal volume to achieve a **return multiple well below 1** when fully utilized.  **[OKE_3375326_15]** 

8. **LPG Export Opportunities**  
   **Q:** Any updates on entering LPG export business?  
   **A:** The company continues to explore options, including leveraging Magellan assets or a greenfield site at Sabine Pass. While LPG exports could enhance integration, they are not essential, as current markets provide sufficient export capabilities.  **[OKE_3375326_20]** 

9. **M&A Strategy**  
   **Q:** How are you approaching consolidation opportunities?  
   **A:** The primary focus is integrating the Magellan acquisition to maximize shareholder value. The company remains disciplined and intentional in M&A, considering transactions that strengthen their competitive position.  **[OKE_3375326_9]** 

10. **Refined Products Opportunities**  
    **Q:** Are price swings creating new opportunities?  
    **A:** Price differentials between the Gulf Coast and Mid-Continent have created opportunities for longer-haul tariffs on their refined product systems. They've also utilized NGL pipelines to move refined products recently.  **[OKE_3375326_21]** 

e2e718b6ea27604e61104ce3f3b598823e88f813a55a5465cb881f963f98bf07

1. **2025 EBITDA Guidance**  
   **Q:** Is the over $8 billion 2025 EBITDA guidance conservative?  
   **A:** Management affirmed that the 2025 EBITDA guidance of over **$8 billion** is comfortably achievable, and did not dispute analyst estimates suggesting a potential run rate of around **$8.3 billion**.  **[OKE_3404657_11]** 

2. **Acquisition Synergies**  
   **Q:** How are the Magellan acquisition synergies progressing?  
   **A:** Management stated they are ahead of schedule on the Magellan synergies, expecting to meet or exceed initial targets. They are finding more opportunities, particularly low-capital projects, and anticipate benefits accruing in **2025** and **2026**.  **[OKE_3404657_23]** **[OKE_3404657_19]** 

3. **Capital Allocation and Buybacks**  
   **Q:** How do recent acquisitions impact your buyback plans?  
   **A:** Management remains committed to the **$2 billion** buyback plan through **2027**, stating that the EnLink and Medallion transactions are approximately **20% accretive** from a free cash flow standpoint. They plan to let leverage decrease before adjusting buyback predictions and note that they effectively conducted a **$3.3 billion** buyback through recent transactions.  **[OKE_3404657_18]** 

4. **EnLink Acquisition**  
   **Q:** Any updates on acquiring the remaining EnLink stake?  
   **A:** Management has not disclosed intentions to pursue acquisition of all outstanding public units of EnLink but mentioned they have cleared necessary regulatory reviews and will provide updates when appropriate.  **[OKE_3404657_17]** 

5. **Bakken Volume Trends**  
   **Q:** Can you discuss Bakken volume trends amid recent data?  
   **A:** Management observed consistent drilling activity in the Bakken, attributing recent volume fluctuations to temporary factors like wildfires and unplanned outages. They expect volumes to return to anticipated levels.  **[OKE_3404657_10]** 

6. **Ethane Demand and Recovery**  
   **Q:** How do weak natural gas prices affect ethane recovery?  
   **A:** Management confirmed that regional natural gas prices drive ethane recovery decisions. Depressed gas prices, especially in the Bakken and Mid-Continent, incentivize ethane extraction, a trend expected to continue into next year.  **[OKE_3404657_16]** 

7. **Future Consolidation Opportunities**  
   **Q:** Are there plans for further consolidation in the space?  
   **A:** Management is evaluating opportunities, particularly in the Mid-Continent on the gathering and processing side. The integration with EnLink and Medallion enhances competitiveness and positions them for additional growth.  **[OKE_3404657_24]** 

8. **Medallion Assets and Growth Projects**  
   **Q:** Any growth projects planned for Medallion assets?  
   **A:** While specific projects haven't been detailed, management expects to find low-capital opportunities once the teams collaborate, drawing from positive experiences with the Magellan integration.  **[OKE_3404657_20]** **[OKE_3404657_21]** 

9. **Natural Gas Infrastructure Demand**  
   **Q:** How are you positioned to meet rising natural gas demand?  
   **A:** Management is engaged in discussions on **23 different projects**, with **10** specifically targeting data center demand. They believe their assets, including EnLink's, are well-positioned to capitalize on natural gas growth.  **[OKE_3404657_6]** 

10. **Bakken Lateral Lengths**  
    **Q:** What's causing changes in Bakken lateral lengths guidance?  
    **A:** Changes depend on producers' drilling plans and acreage. Some delays may push activity into **2025**, but advances in completion techniques are resulting in strong volumes from new wells.  **[OKE_3404657_14]** 

4bef109ab7570260982c20cb103a4bb1612fa41222e0f22411dc4b24a1c2af15

- **ONEOK's financial flexibility is increasing**, with leverage metrics improving faster than expected, aiming for a **debt-to-EBITDA ratio of 3.5x or lower** sooner than anticipated. This strengthens their ability for capital allocation and potential increased shareholder returns.  **[OKE_3363450_18]** **[OKE_3363450_14]** **[OKE_3363450_8]**
- Secured **long-term contracts** in the **Permian** underpin their LPG and NGL expansions, ensuring **favorable returns** and competitiveness even as new pipelines emerge. They are expanding capacity from **approximately 430,000 barrels per day** to **over 740,000 barrels per day**, highlighting significant growth potential.  **[OKE_3363450_16]** **[OKE_3363450_25]** **[OKE_3363450_23]**
- In the **Bakken**, ONEOK holds a **60% market share in Gathering and Processing**, securing volumes for their NGL pipeline and positioning them to **maintain and capture growth** despite potential new competition.  **[OKE_3363450_13]**

f0e070e4dbd67ca4adfaefc41650174bdd2862a8ec69b19aac30d790a8f18329

1. **Guidance Increase Details**  
   **Q:** What drove the guidance increase?  
   **A:** The guidance increase is driven by stronger volumes, particularly from the **Bakken**, and better-than-expected synergies. Volumes are increasing strongly throughout the year, especially as they come out of winter, and the refined products segment is also seeing good volume into the **El Paso market**, with the expansion already on allocation in May. Additionally, the company is finding more synergies across the business, giving confidence in raising guidance.  **[OKE_3381967_5]** 

2. **Synergy Realization**  
   **Q:** Are you getting closer to **$800 million** synergies?  
   **A:** Yes, the company is more confident in moving towards the higher end of synergy targets, as they continue to identify more opportunities across the business, including optimizing storage, logistics savings, and cost reductions on the G&A side. By measuring synergies closely, the numbers continue to improve.  **[OKE_3381967_8]** 

3. **CapEx Outlook**  
   **Q:** How should we think about normal CapEx?  
   **A:** With **three major projects** coming online in early 2025, CapEx is expected to trend down. Future opportunities are more manageable, with **lower capital** requirements and **high returns**. While not providing specific 2025 guidance, it's fair to say that sustainable CapEx levels will be lower than in **2024**.  **[OKE_3381967_9]** 

4. **AI Data Center Potential**  
   **Q:** What is the opportunity with AI data centers?  
   **A:** The increasing energy demand from data centers is a potential tailwind for natural gas demand over the next **half-decade** and beyond. The company is in conversations with potential customers, including utilities, and exploring how their assets could serve this growing need, although it's yet to be seen exactly how infrastructure will develop.  **[OKE_3381967_6]** **[OKE_3381967_7]** **[OKE_3381967_12]** 

5. **Bakken Volumes and Fee Rates**  
   **Q:** Should we expect higher fee rates and Bakken volumes?  
   **A:** The increase in fee rates to **$1.21 per Mcf** is driven by inflationary escalators and volumes from certain customers, and it's expected to continue. Bakken volumes may be lumpy due to compressor additions, and while winter weather impacts are budgeted, actual impacts may vary between quarters.  **[OKE_3381967_18]** 

6. **Saddlehorn Acquisition Impact**  
   **Q:** Is Saddlehorn part of the guidance increase?  
   **A:** Yes, the Saddlehorn acquisition contributed to the guidance increase, but it's a small portion—about **one-third** of the increase is attributed to Saddlehorn. The main drivers are strength across the entire business.  **[OKE_3381967_10]** **[OKE_3381967_13]** 

7. **Permian Contracting and Expansion**  
   **Q:** Update on Permian volumes and contracting?  
   **A:** The decrease in Permian NGL volumes was due to weather impacts in Q1. Contracting for the **West Texas pipeline expansion** is going as planned, with more volumes being contracted. The expansion remains on time and on budget, coming online in **Q1 2025**.  **[OKE_3381967_16]** 

8. **Ethane Recovery and NGL Rates**  
   **Q:** What's driving higher NGL bundled rates?  
   **A:** Higher NGL bundled rates, around **$0.28 to $0.30 per gallon**, are driven by reduced incentivized ethane recovery. Rates could go higher if volumes ramp up and capacity management requires backing out of ethane to favor **C3+** products.  **[OKE_3381967_20]** **[OKE_3381967_23]** 

9. **M&A Strategy**  
   **Q:** Are you looking for more bolt-on acquisitions?  
   **A:** The company is always looking for opportunities to expand its footprint. Currently, the focus is on integrating the recent acquisition of **Magellan**. Future M&A will be approached intentionally and with discipline.  **[OKE_3381967_21]** 

10. **Natural Gas Pipeline Earnings**  
    **Q:** Will higher gas sales from inventory continue?  
    **A:** Seasonal factors led to higher natural gas sales volumes in Q1 as part of a plan to optimize value. Depending on price spikes during electric generation in the summer or next winter, additional inventory may be sold, but this varies seasonally.  **[OKE_3381967_24]** 

11. **Corporate Cost Allocation**  
    **Q:** How should we model corporate cost allocation?  
    **A:** This was the first quarter allocating corporate costs to the refined products and crude segment. To understand the trend, it's advised to look over the next couple of quarters, as costs will proportionately carry their fair share based on **EBITDA contribution**.  **[OKE_3381967_11]** 

12. **NGL Throughput Volumes**  
    **Q:** What's driving the NGL volume range?  
    **A:** The range in NGL throughput volumes is largely driven by **ethane recovery**, influenced by price spreads and natural gas prices. Other factors include strong **Bakken volumes** and increased drilling in high **GPM areas** of the Mid-Continent.  **[OKE_3381967_22]** 

13. **Conway to Mont Belvieu Spreads**  
    **Q:** Outlook on Conway to Mont Belvieu spreads?  
    **A:** While spreads have contracted, there are still opportunities to lock in favorable rates. They may not widen to double digits due to ample capacity between basins but are acceptable for meeting expectations and possibly exceeding guidance.  **[OKE_3381967_25]** 

f8f25eb106c3414a241fff76f460c196831889c253dd6c2317a8505af7b9fcc1

ONEOK Inc (OKE)

Financials