Slides
Page 1
Second-Quarter 2026 Results August 2026
Page 2
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. 23, 2026, April 28, 2026, and Aug. 3, 2026, and are not being updated or affirmed by this presentation.
Page 3
3 Natural Gas Liquids Refined Products Natural Gas Gathering & Processing Natural Gas Pipelines Crude Oil Marine Terminal Growth Project 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
Page 4
Q2 2026 Adjusted EBITDA $2.12 billion Natural Gas Liquids $659 million Natural Gas Gathering and Processing $546 million Refined Products and Crude $627 million Natural Gas Pipelines $297 million 4 Q2 2026 Net Income of $967 million Note: Adjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to GAAP net income is provided in this presentation. Second-Quarter 2026 Highlights Continued Financial Strength • 25% increase in net income vs. Q1 2026 • 6% increase in adjusted EBITDA vs. Q1 2026 • 4% increase in quarterly dividend YoY ($1.07/share) Increased 2026 Financial Guidance • $3.6 billion net income midpoint • $8.35 billion adjusted EBITDA midpoint Strong Sequential Volume Growth • Record NGL raw feed throughput • 9% increase in crude oil • 4% increase in refined products • 4% increase in natural gas processed
Page 5
$- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026G Historical EPS Growth – ~13% CAGR 5 Diluted EPS (excluding major one-time items) 2017-2026G $4.87(d) $1.86(a) $4.61(c) $3.84 $3.35 $2.57(b) $3.07 $2.78 $5.38 - $5.99(e) (a) Excludes a 47-cent negative impact related to the enactment of the Tax Cuts and Jobs Act and 10 cents related to ONEOK and ONEOK Partners merger transaction-related costs. (b) Excludes a $1.15 negative impact related primarily to impairments in the natural gas gathering and processing segment. (c) Excludes an 87-cent benefit primarily related to a one-time insurance settlement related to the Medford incident, partially offset by third-party fractionation and transaction-related costs. (d) Excludes a 30-cent benefit primarily related to non-strategic asset divestitures. (e) Increased 2026 guidance range provided Aug. 3, 2026. Note: Growth percentage represents Compound Annual Growth Rate (CAGR). • Strong EPS growth driven by fee-based earnings • Annual EPS growth rate: • ~13% (2017-2026G) $5.42
Page 6
~$6.8(c) $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $- $50 $100 $150 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026G History of Sustainable Adjusted EBITDA Growth 6 Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) WTI ($/Bbl) • 12 consecutive years of adjusted EBITDA growth (2013-2025) • 17% annual adjusted EBITDA growth rate (2013-2025) • Increased 2026 guidance range: – $8.2 billion to $8.5 billion adjusted EBITDA (a) Energy Information Administration (EIA) data. Year-end West Texas Intermediate (WTI) futures price for each period shown. Data as of January 2026. (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) Excludes ~$65 million in transaction costs. (e) Increased adjusted EBITDA guidance range provided Aug. 3, 2026. 2026 adjusted EBITDA guidance includes approximately $150 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 ~$5.2(b) $8.2-$8.5(e) Annual synergies Included in 2026 guidance: $150 million Additional synergies expected in 2027+ $8.085(d)
Page 7
Seasonal Factors Drive Earnings Timing 7 Graphic is illustrative only; not intended to imply quarterly guidance or earnings weighting. High-level daily adjusted EBITDA calculation: 2026 adjusted EBITDA guidance midpoint $8.35 billion / 365 days = ~$23 million per day. Relative Earnings Contribution (Illustrative) • Seasonal recovery provides improved operating conditions • Increasing RP volumes and blending sales • Peak refinery turnaround season • A portion of G&P CPI/PPI inflation adjustments • 91 days in the quarter Seasonal dynamics affect the timing of earnings within the year, while full-year results are driven by volumes, fees and operational execution. • Optimal operating conditions • Increasing RP volumes from summer travel season • FERC tariff adjustments (July) • Contributions from completed Denver RP expansion project • 92 days in the quarter • Sustained volumes • Weather variability • Peak RP blending season (mid-September to mid-April) • Increasing RP volumes from seasonal inventory builds • Seasonal natural gas prices • Contributions from completed projects – Denver RP expansion and Medford frac Phase I • 92 days in the quarter • Severe weather volume impacts • ~8%-10% lower Bakken G&P and associated NGL volume from heater treater usage • ~10% lower seasonal refined products (RP) volumes vs. Q3/Q4 peak • RP blending volumes sold forward at higher prices (primarily Q2 benefit) • Seasonal natural gas prices • 90 days in the quarter Q1 Q2 Q3 Q4
Page 8
• Natural gas liquids decreased: – $35 million decrease in optimization and marketing due primarily to lower earnings on sales of purity NGLs held in inventory. – $19 million decrease in transportation and storage due to lower volumes. – $14 million decrease from higher operating costs due primarily to the timing of projects. – $23 million increase in exchange services due primarily to higher volumes across ONEOK’s system, offset partially by a higher inventory of raw feed NGLs and lower average fee rates in the Mid-Continent region. • Refined products and crude increased: – $89 million increase in transportation and storage due primarily to higher refined products and crude oil volumes and rates, and the timing of operational gains and losses. – $75 million increase in optimization and marketing due primarily to higher liquids blending earnings and higher crude marketing earnings. – $11 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to losses in first quarter 2026 on Powder Springs Logistics, a 50% owned joint venture. – $38 million decrease from higher operating costs due primarily to the timing of projects, higher property taxes and higher employee- related costs associated with the growth of ONEOK’s operations. Additional segments continued on next slide. Business Segment Performance 8 Q2 2026 vs. Q1 2026 Adjusted EBITDA Variances
Page 9
• Natural gas gathering and processing increased: – $60 million increase due primarily to higher realized condensate prices, net of hedging, and higher average fee rates. – $35 million increase from higher volumes due to increased production in all regions and the impact of winter weather in the first quarter. – $15 million decrease from higher operating costs related to the timing of projects. • Natural gas pipelines decreased: – $15 million decrease in optimization and marketing due primarily to seasonality, offset partially by favorable price differentials between the Waha Hub and Katy, Texas, markets. – $9 million decrease in net retained fuel due primarily to lower equity gas sales due to seasonality. – $7 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to seasonality on Northern Border Pipeline. – $5 million decrease from higher operating costs due primarily to higher outside services related to the timing of projects. Business Segment Performance 9 Q2 2026 vs. Q1 2026 Adjusted EBITDA Variances
Page 10
Natural Gas Liquids 10 (a) Represents physical raw feed volumes for which ONEOK provides transportation and/or fractionation services. EnLink volumes included beginning Q1 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. NGL Raw Feed Throughput Volumes (a) ( MBbl /d) • NGL raw feed throughput (Q2 2026 vs. Q1 2026): – 18% increase in Mid-Continent region – 6% increase in Gulf Coast/Permian region – 4% increase in Rocky Mountain region • Growth projects: – Medford fractionator: – Phase I: 100,000 bpd; expected completion Q4 2026 – Phase II: 110,000 bpd; expected completion Q1 2027 – Texas City LPG terminal and related pipeline joint ventures: – 400,000 bpd terminal (50% owner); expected completion early 2028 Segment Update 1,359 1,309 1,496 1,450 – 1,550 2023 2024 2025 2026G Average Raw Feed Throughput Volumes(a) Region Q2 2025 Q1 2026 Q2 2026 Average Bundled Rate (per gallon) Rocky Mountain(b) 468 MBbl/d 458 MBbl/d 478 MBbl/d ~ 27 cents Mid-Continent(c) 534 MBbl/d 462 MBbl/d 547 MBbl/d ~ 9 cents Gulf Coast/Permian(d) 525 MBbl/d 573 MBbl/d 605 MBbl/d ~ 9 cents Total 1,527 MBbl/d 1,493 MBbl/d 1,630 MBbl/d
Page 11
1,512 1,526 1,525 – 1,625 783 1,784 1,650 – 1,950 2024 2025 2026G Shipped Volumes (a) ( MBbl /d) Refined Products Crude Oil Segment Update • Volumes shipped (Q2 2026 vs. Q1 2026): – 12% increase in aviation and other – 9% increase in crude oil – 4% increase in gasoline – 3% increase in distillates • Growth projects: – Refined products pipeline expansion to Denver area – expands system capacity by 35,000 bpd; mechanically complete Q3 2026 Refined Products and Crude 11 (a) Includes volumes for consolidated entities only. Medallion and EnLink volumes included beginning Q1 2025. (b) Beginning in Q4 2025, reported volumes reflect a change in revenue-recognition timing on a portion of ONEOK’s refined products system. Average Throughput Volumes(a)(b) Q2 2025 Q1 2026 Q2 2026 Total refined products volume shipped 1,503 MBbl/d 1,568 MBbl/d 1,629 MBbl/d Gasoline 853 MBbl/d 909 MBbl/d 943 MBbl/d Distillates 535 MBbl/d 562 MBbl/d 577 MBbl/d Aviation, other 115 MBbl/d 97 MBbl/d 109 MBbl/d Average refined products tariff rate (per gallon) 5.3 cents 5.4 cents 5.5 cents Crude oil volume shipped 1,782 MBbl/d 1,613 MBbl/d 1,766 MBbl/d
Page 12
Segment Update Natural Gas Gathering and Processing 12 • Processed volumes (Q2 2026 vs. Q1 2026): – 4% increase in Rocky Mountain region – 4% increase in Mid-Continent region – 3% increase in Permian region • Permian growth projects: – 150 MMcf/d Midland Basin processing plant relocation; completed Q1 2026 – 110 MMcf/d of processing plant expansion projects in the Delaware Basin; expected completion Q3 2026 – Bighorn processing plant: – 300 MMcf/d processing plant in the Delaware Basin; expected completion mid-2027 (a) Includes volumes for consolidated entities only. EnLink volumes included beginning Q1 2025. 1,499 1,590 1,643 1,560 – 1,770 750 727 2,444 2,350 – 2,700 1,501 1,500 – 1,700 2023 2024 2025 2026G Processed Volumes (a) ( MMcf /d) Rocky Mountain Mid-Continent Permian Average Processed Volumes(a) Region Q2 2025 Q1 2026 Q2 2026 Rocky Mountain 1,642 MMcf/d 1,602 MMcf/d 1,673 MMcf/d Mid-Continent 2,452 MMcf/d 2,414 MMcf/d 2,516 MMcf/d Permian 1,479 MMcf/d 1,474 MMcf/d 1,518 MMcf/d Total 5,573 MMcf/d 5,490 MMcf/d 5,707 MMcf/d
Page 13
Fee-based transportation and storage contracts Growing demand for natural gas transportation and storage Connecting natural gas supply with LNG and industrial demand 13 Natural Gas Pipelines – Strategically Positioned 1 Well-positioned to benefit from natural gas demand growth driven by data centers, LNG and industrial demand. • 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 – Engaged with >40 counterparties related to data center and electric generation projects, representing >5 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
Page 14
14 Key 2026 Guidance Assumptions Book income tax rate 24% 2026 net income attributable to ONEOK(c) $3,400 - $3,785 Average diluted shares outstanding 632.1 million 2026 Updated Guidance Range(a) Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $3,410 - $3,790 Interest expense, net of capitalized interest 1,371 1,783 1,775 - 1,725 Depreciation and amortization 1,134 1,514 1,600 - 1,530 Income taxes 998 1,028 1,065 - 1,185 Adjusted EBITDA from unconsolidated affiliates 532 516 550 - 530 Equity in net earnings from investments (439) (386) (375) - (425) Impairment of equity investments - - 60 - 60 Noncash compensation expense and other 76 103 115 - 105 Adjusted EBITDA(b) $6,784 $8,020 $8,200 - $8,500 2026 Updated Financial Guidance Non-GAAP Reconciliation (a) Increased 2026 guidance provided Aug. 3, 2026. (b) 2025 adjusted EBITDA includes transaction costs of $65 million ($8,085 million excluding transaction costs). (c) Resulting in a diluted earnings per common share range of $5.38 - $5.99. For prior year and segment reconciliations, see previous earnings releases available at www.oneok.com.
Page 15
15 Reconciliation of net income to adjusted EBITDA ($ in millions) Three Months Ended March 31, 2026 June 30, 2026 Net income $776 $967 Interest expense, net of capitalized interest 439 434 Depreciation and amortization 378 387 Income taxes 245 299 Adjusted EBITDA from unconsolidated affiliates 130 134 Equity in net earnings from investments (89) (103) Impairment of equity investments 60 - Noncash compensation expense and other 58 3 Adjusted EBITDA $1,997 $2,121 Non-GAAP Reconciliation
Page 16
Safe Harbor Statement 16 This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “guidance,” “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 economic or other impact of announced or future tariffs, including inflationary impacts; 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 (including instability in the Middle East and Venezuela); 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; 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 scrutiny and conflicting stakeholder expectations regarding 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 construct and/or 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; our ability to effectively manage our expanded operations following closing of recent and potential future 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.
Page 17
August 2026