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Investor Presentation September 2025
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Forward-Looking Statements 2 Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. See a discussion of the factors that could affect such forward- looking statements at the end of this presentation. This presentation contains factual business information or forward-looking information and is neither an offer to sell nor a solicitation of an offer to buy any securities of ONEOK. All references in this presentation to financial guidance are based on the news releases issued on Feb. 24, 2025, April 29, 2025, and Aug. 4, 2025, and are not being updated or affirmed by this presentation.
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A Compelling Investment Opportunity 3 3 Contiguous Integrated Energy Infrastructure Assets at Scale Regionally diversified across key basins (Permian, Bakken and Mid-Continent) ~60,000-mile pipeline network Balanced and Disciplined Capital Allocation Strategy High-return organic growth projects, dividend growth, strong balance sheet and share repurchases Proven Track Record of Value Creation 11 consecutive years of adjusted EBITDA growth Tenured management team with success in organic growth and disciplined M&A Strong Financial Profile and Resilient Earnings Strong cash flow, balance sheet and investment- grade credit ratings ~90% fee-based business model
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Extensive and Regionally Diversified Operations • Strategically located, ~60,000-mile pipeline network. – Gathering, fractionation, transportation and storage of NGLs. – Gathering, processing, transportation and storage of natural gas. – Transportation, storage and distribution of refined products. – Gathering, transportation and storage of crude oil. Market-Connected Assets • Integrated value chain services, driving growth and creating synergies across key markets, including an expanded presence in the Permian Basin. Strategic Competitive Advantages • Producer connectivity, operational scale and contiguous complementary assets. Resilient, Fee-Based Business Model • Diverse product and regional portfolio supporting strong, stable cash flow and long-term growth. A Premier Energy Infrastructure Leader 4 Natural Gas Liquids Refined Products Natural Gas Gathering & Processing Natural Gas Pipelines Crude Oil Marine Terminal Growth Project
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2025 Adjusted EBITDA Guidance(a) $8.225B Natural Gas Liquids 37% Natural Gas Gathering and Processing 28% Refined Products and Crude 27% Natural Gas Pipelines 8% Resilient by Design: A Balanced Midstream Portfolio 5 (a) Chart percentages and EBITDA estimate based on ONEOK’s 2025 guidance midpoint provided Feb. 24, 2025. A reconciliation to the relevant GAAP measure is included in appendix. Multi-Commodity Platform Natural gas, NGLs, refined products and crude oil provide diversified cash flow sources across market cycles. Integrated Value Chain Midstream services from wellhead to end-use markets provides competitive advantage. Geographic Diversity Strong, strategic positions in the most prolific U.S. shale basins enhance volume resiliency and growth. Diverse and Stable Customer Base Directly connected to utilities, industrials, petrochemical facilities, refineries and exporters.
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~$6.8(c) $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $- $50 $100 $150 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025G 2026E Sustainable Adjusted EBITDA Growth 6 Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) WTI ($/Bbl) • 11 consecutive years of adjusted EBITDA growth (2013-2024). • >16% annual adjusted EBITDA growth rate (2013-2024). • 2025 guidance range: – $8 billion to $8.45 billion adjusted EBITDA. (a) Energy Information Administration (EIA) data. Year-end West Texas Intermediate (WTI) futures price for each period shown. Data as of July 2025. (b) Includes a one-time insurance settlement gain of $779 million related to the Medford incident, offset partially by $146 million of third-party fractionation costs incurred in 2023. (c) Includes earnings from EnLink and Medallion following the close of the majority interest in EnLink on Oct. 15, 2024, and the close of the Medallion acquisition on Oct. 31, 2024, as well as $286 million from non-strategic asset divestitures. (d) Midpoint of $8,000 million to $8,450 million guidance range provided Feb. 24, 2025. 2025 adjusted EBITDA guidance includes a full year of earnings from the EnLink and Medallion acquisitions and approximately $250 million of incremental synergies. Note: Adjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to GAAP net income is provided in this presentation. WTI(a) COVID-19Oil Price Collapse Earnings from EnLink and Medallion ~$5.2(b) ~$8.225(d) Annual synergies Included in 2025 guidance: +$250 million Additional synergies expected in 2026+ Mid- to upper- single-digit growth
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Accelerated Synergy Realization EnLink and Medallion Synergies: $450MM+ Total Potential Magellan Synergies: $700MM+ Total Potential • Corporate cost savings • Operational efficiencies • Enhanced blending opportunities • Logistics costs savings • Marketing optimization • Additional logistics costs savings • Connectivity with new refined products markets • Contract bundling Up to $350 MM>$350 MMCurrent Assumption: Up to $200 MM$125 MM>$125 MM • Enhanced commercial flexibility • Increased NGL throughput • Fractionation optimization Up to $200 MM $215 MM+ Up to $300 MM >$250 MM Original Assumption: • Corporate cost savings • Increased NGL throughput • Operational efficiencies • Optimize natural gas • Crude optimization • Crude gathering Assumed in economics Current Assumption: Original Assumption: $200 MM Near-term potential (1-4 yrs) Realized by YE’25 (approx. 2 yrs) Additional near-term Unweighted potential synergies Immediate to near-term (1-4 years): Additional near-term: Base case expected within 3 years: Base case (within 3 yrs) Realized by YE’25 Longer-term potential Additional near-term Longer-term potential Longer-term potential: 7
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Capital Allocation Priorities Driving Sustainable Value ~$2.5 billion returned to shareholders in 2024 through dividends and share repurchases Targeting to return ~75-85% of forecasted cash flow from operations(a) 8 Sustain and increase dividend Target 3%-4% annual growth and dividend payout ratio of ~85% or lower >25 years of dividend stability Maintain strong balance sheet Investment-grade credit ratings Target 3.5x debt-to-EBITDA ratio Share repurchases $2 billion share repurchase authorization (a) Target range after capital expenditures over the next three years. Invest in high-return organic projects Adjacent to existing asset footprint; increased opportunities post-M&A Historical EBITDA multiples of 4-6x
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Expanding and Extending Core Infrastructure High-Return Organic Growth Projects (a) Joint venture between ONEOK (50% owner) and MPLX (50% owner and operator). (b) Joint venture between ONEOK (80% owner and operator) and MPLX (20% owner). (c) ONEOK’s total ownership interest is 25.5%, which includes its ownership in Matterhorn JV. WhiteWater is the operator of the pipeline. 9 3 1 2 4 Project Scope Estimated Completion Refined Products Expansion to Denver Area Increases system capacity by 35,000 bpd Mid-year 2026 Medford Fractionator Rebuild 210,000 bpd fractionator in Medford, OK 100,000 bpd: 4Q 2026 110,000 bpd: 1Q 2027 Bighorn Processing Plant 300 MMcf/d processing plant in the Delaware Basin Mid-year 2027 Texas City Logistics Export Terminal JV 400,000 bpd LPG export terminal(a) Early 2028 MBTC Pipeline JV 24-inch pipeline from Mont Belvieu to Texas City(b) Early 2028 Eiger Express Pipeline JV Up to 2.5 Bcf/d natural gas pipeline from the Permian Basin to Katy, Texas(c) Mid-year 2028 1 2 3 4 5 5 6 6
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-100% -50% 0% 50% 100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Percent Change in Annual Dividends 10 ONEOK Dividend Growth Outpaces C-Corp Peers(a) ONEOK Peer 1 Peer 2 Peer 3 >25 Years of ONEOK Dividend Stability(b) . (a) Defined as the percentage change in annual dividends paid per share compared with the annual dividends paid per share in 2014. (b) 2025 dividend annualized based on $1.03 per share paid in Q1 2025. Attractive Dividend Profile $0.31 $4.12 2000 2025 TARGET 3% - 4% future annual dividend growth
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CONSENSUS EPS CAGR (~10% 2025E-2027E) STRONG ESG RATING (‘AAA’ MSCI rating) LARGE MARKET CAP (>$50 billion) ONEOK vs. S&P 500 11Source: Bloomberg market data as of July 31, 2025. INVESTMENT GRADE CREDIT RATING (Baa3/BBB-) A Unique Investment Opportunity 391 185 26 1 ATTRACTIVE DIVIDEND YIELD AND DIVIDEND STABILITY (~5%; >25 years of consistent dividends) OKE Debt Credit Ratings: Moody’s: Baa2 S&P: BBB Fitch: BBB 17
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Natural Gas Gathering and Processing Natural Gas Gathering and Processing Natural Gas Pipelines Natural Gas Pipelines Natural Gas Liquids Natural Gas Liquids Refined Products Crude Oil Export Terminals New Business Lines Enhance Long-Term Value Creation ONEOK BUSINESS LINES 2022 ONEOK BUSINESS LINES 2025 Transportation Fractionation Storage Transportation Storage Gathering Transportation Storage Refined Products Crude Oil LPG (early 2028) Transportation Storage Transportation Storage Transportation Fractionation Storage KEY ACQUISITIONS (a) (a) Acquisitions: Magellan Midstream Partners (Sept. 25, 2023); NGL pipelines from Easton Energy (June 17, 2024); Medallion Midstream (Oct. 31, 2024); EnLink Midstream (Jan. 31, 2025). 12
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Strong Sequential Growth • 23% increase in net income (2Q 2025 net income: $853 million). • 12% increase in adjusted EBITDA. • 18% increase in NGL volumes. • 7% increase in refined products volumes. • 6% increase in natural gas processed volumes. Second Quarter 2025 Highlights 13 2Q 2025 Adjusted EBITDA ~$2 billion Natural Gas Liquids $673 million Natural Gas Gathering and Processing $540 million Refined Products and Crude $557 million Continued Financial Strength • $1.03/share quarterly dividend declared ($4.12 annualized). • Extinguished nearly $600 million of senior notes. Natural Gas Pipelines $188 millionSustainability Highlights • MSCI ESG Rating of AAA as of May 2025. • Included in FTSE4Good Index as of June 2025. • 17th annual Corporate Sustainability Report released in August 2025. Note: Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) is a non-GAAP measure. A reconciliation of adjusted EBITDA to GAAP net income is provided in this presentation.
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6% 8% 9% 9% 7% ~5%7% 6% 5% 5% 5% ~5% 87% 86% 86% 86% 88% ~90% 2020 2021 2022 2023 2024 2025G Natural Gas Liquids 14 One of the Largest Integrated NGL Service Providers Provides fee-based gathering, fractionation, transportation, marketing and storage services linking key NGL market centers. Major NGL transportation provider for the Rocky Mountain, Mid-Continent and Gulf Coast/Permian regions Value chain connectivity from the Williston Basin to the Gulf Coast Significant connections to ONEOK and third-party natural gas processing plants >1.2 million bpd fractionation capacity Expect 2025 earnings to be >90% fee based OptimizationMarketingTransportation & StorageExchange Services Natural Gas Liquids Pipeline Natural Gas Liquids Fractionator Joint Venture Growth Project
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Natural Gas Liquids 15 Segment Update (a) Represents physical raw feed volumes for which ONEOK provides transportation and/or fractionation services. EnLink volumes included beginning 1Q 2025. (b) Rocky Mountain: Bakken NGL and Elk Creek NGL pipelines. (c) Mid-Continent: ONEOK transportation and/or fractionation volumes from Overland Pass pipeline (OPPL) and all volumes originating in Oklahoma, Kansas and the Texas Panhandle. (d) Gulf Coast/Permian: West Texas NGL pipeline system, Arbuckle pipeline volume originating from the Barnett, Cajun-Sibon pipeline volume and volume delivered to ONEOK’s Texas and Louisiana fractionation facilities from a third-party pipeline. Average Raw Feed Throughput Volumes(a) Region First Quarter 2025 Second Quarter 2025 Average Bundled Rate (per gallon) Rocky Mountain(b) 413,000 bpd 468,000 bpd ~ 28 cents Mid-Continent(c) 444,000 bpd 534,000 bpd ~ 9 cents Gulf Coast/Permian(d) 436,000 bpd 525,000 bpd ~ 9 cents Total 1,293,000 bpd 1,527,000 bpd NGL Raw Feed Throughput Volumes (a) ( MBbl /d) • NGL raw feed throughput (2Q 2025 vs. 1Q 2025): – 20% increase in Gulf Coast/Permian region. – 20% increase in Mid-Continent region. – 13% increase in Rocky Mountain region. • Growth projects: – Medford Fractionator: – Phase I: 100,000 bpd; expected completion 4Q 2026. – Phase II: 110,000 bpd; expected completion 1Q 2027. – Texas City LPG terminal and related pipeline joint ventures: – 400,000 bpd terminal (50% owner); expected completion early 2028. 1,237 1,359 1,309 1,425 – 1,525 2022 2023 2024 2025G
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Texas City Logistics Export Terminal Joint Venture (TCX) (a) Texas City Logistics LLC (TCX) is owned 50% by ONEOK and 50% by MPLX, with MPLX constructing and operating the facility. ONEOK’s share of the total investment is expected to be approximately $700 million. (b) MBTC Pipeline LLC is owned 80% by ONEOK and 20% by MPLX, with ONEOK constructing and operating the pipeline. ONEOK’s share of the total investment is expected to be approximately $280 million. 16 Premier Gulf Coast location establishes wellhead-to-water NGL strategy • 50/50 joint venture with MPLX to construct a new, 400,000-bpd LPG export terminal(a). – 200,000 bpd for ONEOK customers. – Project also includes an 80/20 NGL pipeline joint venture from ONEOK’s Mont Belvieu storage facility to the new Texas City terminal. • ~ $1.0 billion for ONEOK’s share of capital investment. • Expected completion early 2028. 400,000 bpd LPG export terminal 24-inch pipeline Texas City, Texas Mont Belvieu, Texas
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Gulf Coast NGL Pipelines Acquisition 17 Accelerates commercial synergies following the Magellan acquisition ~450 miles of NGL pipelines in strategic Gulf Coast market centers for NGLs, refined products and crude oil. Plan to connect ONEOK’s Mont Belvieu and Houston-based assets. Pipeline connectivity to and within critical Gulf Coast supply and demand centers. ONEOK Assets Acquired Assets Note: NGL pipelines acquired from Easton Energy on June 17, 2024.
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94% 93% 92% 89% 89% ~90% 6% 7% 8% 11% 11% ~10% 2020 2021 2022 2023 2024 2025G Fee Based Commodity Refined Products and Crude 18 Critical Liquids Infrastructure and Fee-Based Business Model Provides gathering, transportation, storage, distribution and marine export services. Expect 2025 earnings to be ~90% fee based Refined Products Pipeline Refined Products Terminal Crude Oil Pipeline Crude Oil Terminal Joint Venture Marine Terminal Growth Project Longest refined products pipeline system in the U.S. Access to nearly 50% of U.S refining capacity ~14,000 miles of pipelines 53 refined products terminals 4 marine terminals ~115 million barrels of storage Note: Asset stats include joint ventures.
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• Refined products volumes (2Q 2025 vs. 1Q 2025): – 9% increase in gasoline. – 7% increase in distillates. • Growth projects: – Refined products pipeline expansion to Denver area – expands system capacity by 35,000 bpd; expected completion mid-2026. 1,512 1,500 – 1,600 783 1,900 – 2,100 2024 2025G Volume Shipped (a) ( MBbl /d) Refined Products Crude Oil Refined Products and Crude 19(a) Includes volumes for consolidated entities only. Medallion and EnLink volumes included beginning 1Q 2025. Average Throughput Volumes(a) First Quarter 2025 Second Quarter 2025 Total refined products volume shipped 1,401,000 bpd 1,503,000 bpd Gasoline 785,000 bpd 853,000 bpd Distillates 500,000 bpd 535,000 bpd Aviation, other 116,000 bpd 115,000 bpd Average refined products tariff rate (per gallon) 5.2 cents 5.3 cents Crude oil volume shipped 1,846,000 bpd 1,782,000 bpd 56% Segment Update
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Natural Gas Gathering and Processing 20 Serving Producers in Key Basins Primarily fee-based contracts with a POP(a) component Primary natural gas processer in the Williston Basin ~7 Bcf/d of natural gas processing capacity (~1.9 Bcf/d in the Williston Basin) (~1.7 Bcf/d in the Permian Basin) Provides gathering, compression, treating and processing services to producers. Expect 2025 earnings to be ~90% fee based (a) Percent of Proceeds. Natural Gas Gathering Pipeline Processing Plant Growth Project 86% 86% 78% 80% 85% ~90% 14% 14% 22% 20% 15% ~10% 2020 2021 2022 2023 2024 2025G Fee Based Commodity
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Natural Gas Gathering and Processing 21 Segment Update Average Processed Volumes(a) Region First Quarter 2025 Second Quarter 2025 Rocky Mountain 1,583 MMcf/d 1,642 MMcf/d Mid-Continent 2,248 MMcf/d 2,452 MMcf/d Permian 1,419 MMcf/d 1,479 MMcf/d Total 5,250 MMcf/d 5,573 MMcf/d • Processed volumes (2Q 2025 vs. 1Q 2025): – 9% increase in Mid-Continent region. – 4% increase in Rocky Mountain region. – 4% increase in Permian region. • Growth projects: – Relocating a 150 MMcf/d processing plant to the Permian Basin from North Texas; expected completion first quarter 2026. – Bighorn processing plant: – 300 MMcf/d processing plant in the Delaware basin; expected completion mid-2027. 1,321 1,499 1,590 1,650 – 1,800 652 750 727 2,270 – 2,660 1,500 – 1,700 2022 2023 2024 2025G Processed Volumes (a) (MMcf/d) Rocky Mountain Mid-Continent Permian (a) Includes volumes for consolidated entities only. EnLink volumes included beginning 1Q 2025.
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22 Williston Basin Production Efficiency 2022 2023 2024 2025G Average Length per Well (miles) 2.05 2.12 2.18 2.30 Longer laterals = fewer well connections needed • Three-mile laterals are increasing; 10% fewer wells needed to connect same lateral footage (2025 vs. 2022). 7% 13% 21% 35% 93% 87% 79% 65% 2022 2023 2024 2025G Three-mile laterals Traditional laterals 1.46 1.79 2.04 2.42 2.96 1.00 1.50 2.00 2.50 3.00 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Williston Basin GORs increased >100% since 2016 Gas Produced (MMcf/d) Oil Produced (MBbl/d) GOR June 2025
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98% 98%(a) 95% 96% 97% ~95% 2020 2021 2022 2023 2024 2025G Fee Based Commodity 23(a) Excludes the impact of natural gas sales related to Winter Storm Uri during the first quarter 2021. Natural Gas Pipelines Provides fee-based natural gas transportation and storage services, and direct connectivity to end-use markets. Connected directly to end-use markets: Local gas distribution companies, electric-generation facilities, large industrial companies 74 billion cubic feet natural gas storage capacity 8,400 miles of pipelines Expect 2025 earnings to be ~95% fee based Connectivity to Key Markets Natural Gas Pipeline Joint Venture Natural Gas Storage Growth Project
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Fee based transportation and storage contracts. Growing demand for natural gas transportation and storage. Connecting natural gas supply with LNG and ammonia facilities. 24 Natural Gas Pipelines – Strategically Positioned 1 Well positioned to benefit from industrial demand growth driven by data centers, LNG and ammonia facilities. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers. – Exports provide brownfield storage expansion opportunities. • Data center and growth opportunities: – Key asset locations in Oklahoma, Texas and Louisiana to address natural gas demand growth. – ~30 potential power plant expansion projects (including data centers) across footprint, >4 Bcf/d of potential demand. Key Themes and Opportunities 2 3 4 1 2 3 41 2 3 Oklahoma and Texas opportunities Louisiana opportunities Power plant expansion, including data center projects.
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25 (a) Guidance range includes transaction costs of $42 million after tax. (b) Guidance range excludes transaction costs. (c) Resulting in a diluted earnings per common share range of $4.97 - $5.77. Note: ONEOK estimates no return of capital for the 2025 annual dividend for the calendar year. For prior year reconciliations, see previous earnings releases available at www.oneok.com. Key 2025 Guidance Assumptions Book income tax rate 24% 2025 Net income attributable to ONEOK(c) $3,110 - $3,610 Average diluted shares outstanding 625.2 million 2025 Guidance Ranges Reconciliation of net income to adjusted EBITDA 2023 2024 ($ in millions) Net income $2,659 $3,112 $3,168 - $3,648 Interest expense, net of capitalized interest 866 1,371 1,770 - 1,730 Depreciation and amortization 769 1,134 1,695 - 1,635 Income taxes 838 998 1,005 - 1,175 Adjusted EBITDA from unconsolidated affiliates 264 532 495 - 465 Equity in net earnings from investments (202) (439) (315) - (345) Noncash compensation expense and other(a) 49 76 182 - 142 Adjusted EBITDA(b) $5,243 $6,784 $8,000 - $8,450 2025 Financial Guidance Non-GAAP Reconciliation
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26 Reconciliation of net income to adjusted EBITDA ($ in millions) Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Net income $691 $853 Interest expense, net of capitalized interest 442 438 Depreciation and amortization 380 368 Income taxes 197 260 Adjusted EBITDA from unconsolidated affiliates 139 113 Equity in net earnings from investments (108) (81) Noncash compensation expense and other(a) 34 30 Adjusted EBITDA(a) $1,775 $1,981 Non-GAAP Reconciliation (a) Adjusted EBITDA for the three months ended March 31, 2025, and June 30, 2025, respectively, include transaction costs related primarily to the EnLink acquisition of $31 million and $21 million, respectively. Transaction costs of $11 million and $1 million, respectively, were noncash and were not included in adjusted EBITDA.
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Sustainability New New photo?
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28 Natural Gas Liquids (NGLs) Healthcare Products Food packaging critical in reducing food waste NGLs provide developing nations access to safer, cleaner energy Industrial/Manufacturing & Energy Infrastructure A lower-emission hydrocarbon-based fuel, producing reliable and cleaner energy, compared with other fossil fuels. Natural Gas Electricity Generation Transportation Fuel Heating & Cooking Industrial/ Manufacturing Crude oil can be processed into many different refined products such as gasoline, diesel fuel and aviation fuel. Refined Products and Crude Oil ONEOK delivers energy products that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. These essential energy products have many end-uses. Delivering the Energy That Improves Our Lives NGLs – ethane, propane, butane, isobutane and natural gasoline – are frequently produced along with natural gas and crude oil. Transportation Fuel Agriculture Aviation Industrial/ Manufacturing
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Sustainability Performance Recognized 29 Included in the FTSE4Good Index series As of June 2023 ONEOK received an MSCI ESG Rating of AAA As of May 2025 Morningstar Sustainalytics ESG Risk Rating in the top 20% of the refiners and pipelines industry As of December 2024 Included in the FTSE4Good Index series As of June 2025 Oil and Gas Storage and Transportation Industry Top 15% S&P Global ESG Score 2024 As of February 2025
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>$8.5 million contributed to local communities. ~20,000 hours volunteered in 2024. Company sponsored Business Resource Groups. Inclusive employee benefits: Including adoption assistance, fertility services, mental health benefits, domestic partnership benefits and more. Absolute emissions reduction target: 2.2 million metric ton reduction of combined Scope 1 and 2 GHG emissions by 2030 (a). Member of ONE Future Initiative: Committed to a methane emissions intensity target. Committed to safe operations and proactive community outreach: Including pipeline safety outreach and open house events for growth projects. Diverse board of directors: Members elected annually, including a nonexecutive independent board chair and independent committee chairs. 90% independent; 30% female; 20% racial or ethnic minority. Executive compensation: Aligned with business strategies. Environmental and safety performance metrics: Included in short-term incentive compensation for all employees. Sustainability Initiatives and Practices - Highlights 30 Committed to Safety and the Environment Our People and Communities Effective Governance and Oversight (a) ONEOK is targeting an absolute greenhouse gas emissions reduction of 2.2 million metric tons (MMT) of combined Scope 1 and Scope 2 emissions by 2030, which represents a 30% reduction in total operational emissions attributable to ONEOK assets in 2019.
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Achieved GHG reductions equating to approximately 20% of the 2030 target MSCI ESG Rating of AAA Formed Alternative Energy Solutions and ONEOK Ventures business groups 2022 Announced 2030 GHG Emissions Reduction Target Added reporting references to TCFD 2021Renewables team established Joined ONE Future SASB reporting External assurance received on several E&S metrics 2020 Established ESG Council Included in DJSI North American Index 2019Added environmental metric to incentive program Formed new Sustainability Group Conducted first GRI materiality assessment 1st sustainability report published Added safety and health metric to incentive program ONEOK’s Sustainability Journey 31 Milestones on Our Path to Continuous Improvement 2009 2014–2018 Achieved GHG reductions equating to approximately 77% of the 2030 target (a) MSCI ESG Rating of AAA America’s Greatest Workplaces 2024, Newsweek 2023–2025 (a) As of Dec. 31, 2024.
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Absolute Emissions Reduction Target 32 (a) ONEOK is targeting an absolute greenhouse gas emissions reduction of 2.2 million metric tons (MMT) of combined Scope 1 and Scope 2 emissions by 2030, which represents a 30% reduction in total operational emissions attributable to ONEOK assets in 2019. Note: Scope 1 emissions are defined as emissions that result directly from operations. Scope 2 emissions are defined as indirect emissions that occur from the consumption of energy generated by other entities, such as a utility. (MMT CO2e) Total 2019 Scope 1 & 2 Emissions Combined Scope 1 & 2 Emissions by 2030(a) 2.2 MMT Reduction Emissions Reduction Opportunities • Electrification of natural gas compression assets. • Methane emission mitigation through best management practices. • System optimizations. • Collaborating with utility providers to increase the availability of lower carbon power options. Total Scope 1 & 2 7.2 MMT3.1 1.1 3.0 SCOPE 2 Electricity Consumption SCOPE 1 Methane Emissions (in CO2e) SCOPE 1 Carbon Dioxide (CO2e) Achieved reductions equating to 77% of our total reduction target as of Dec. 31, 2024.
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Safe Harbor Statement 33 This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward- looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, adjusted EBITDA, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward- looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward- looking statements. These risks and uncertainties include, without limitation, the following: the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers’ desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities; the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth; the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability; the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas; the economic or other impact of announced or future tariffs, including inflationary impacts; our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities; the impact of increased attention to ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change; risks associated with operational hazards and unforeseen interruptions at our operations; the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss; the risk of increased costs for insurance premiums or less favorable coverage; demand for our services and products in the proximity of our facilities; risks associated with our ability to hedge against commodity price risks or interest rate risks; a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage; exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities; the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes; our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment; the impact of changes in estimation, type of commodity and other factors on our measurement adjustments; excess capacity on our pipelines, processing, fractionation, terminal and storage assets; risks associated with the period of time our assets have been in service; our partial reliance on cash distributions from our unconsolidated affiliates on our operating cash flows; our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree; our reliance on others to operate certain joint-venture assets and to provide other services; our ability to use net operating losses and certain tax attributes; increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater; impacts of regulatory oversight and potential penalties on our business; risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate; the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.; incurrence of significant costs to comply with the regulation of greenhouse gas emissions; the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies; the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control; actions by rating agencies concerning our credit; our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt; an event of default may require us to offer to repurchase certain of our or ONEOK Partners’ senior notes or may impair our ability to access capital; the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes; use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners’ indebtedness; the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; the risk that the EnLink and Medallion businesses will not be integrated successfully; our ability to effectively manage our expanded operations following closing of recent acquisitions; our ability to pay dividends; our exposure to the credit risk of our customers or counterparties; a shortage of skilled labor; misconduct or other improper activities engaged in by our employees; the impact of potential impairment charges; the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees; our ability to maintain an effective system of internal controls; and the risk factors listed in the reports we have filed and may file with the SEC. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov.
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