FOURTH QUARTER AND FULL-YEAR 2019 RESULTS F E B . 2 4 , 2 0 2 0 - PowerPoint PPT Presentation

FOURTH QUARTER AND FULL-YEAR 2019 RESULTS F E B . 2 4 , 2 0 2 0

FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For additional information that could cause actual results to differ materially from such forward- looking statements, refer to ONEOK’s Securities and Exchange C ommission filings. 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 or outlooks are based on the news release issued on Feb. 24, 2020, and are not being updated or affirmed by this presentation. P A G E 2

INDEX FINANCIAL STRENGTH 4 2020 FINANCIAL GUIDANCE 5 2020 EARNINGS DRIVERS 6 EXPANDING CORE INFRASTRUCTURE 7 NATURAL GAS LIQUIDS 8 NATURAL GAS GATHERING AND PROCESSING 9 NATURAL GAS PIPELINES 10 FOURTH QUARTER 2019 VS. THIRD QUARTER 2019 11 SEGMENT VARIANCES 12 NON-GAAP RECONCILIATIONS Arbuckle II Pipeline — Texas

FINANCIAL STRENGTH – A COMPETITIVE ADVANTAGE INCREASING LIQUIDITY D i s t r i b u t a b l e C a s h F l o w ( D C F ) i n E x c e s s o f D i v i d e n d s P a i d ◆ Significant liquidity from a $2 billion senior notes issuance completed in ( $ i n m i l l i o n s ) August 2019 No borrowings outstanding under ONEOK’s $2.5 billion credit facility, $220 million of $558 ▪ commercial paper outstanding and $21 million of cash and cash equivalents as of $487 Dec. 31, 2019 ◆ DCF in excess of dividends paid of $558 million for full year 2019, a 15% $285 increase compared with 2018 ◆ Investment-grade credit ratings provide a competitive advantage S&P: BBB (stable); Moody’s: Baa3 (positive) ▪ ◆ Net debt-to-EBITDA ratio of 4.8 times on an annualized run-rate basis 2017 2018 2019 A d j u s t e d E B I T D A G r o w t h ( $ i n b i l l i o n s ) 2021 Outlook: ~20% increase in adjusted EBITDA $3.23 compared with 2020 guidance midpoint $2.58 $2.45 $1.99 2017 2018 2019 2020G P A G E 4

ONEOK 2020 FINANCIAL GUIDANCE 2020 Guidance ($ in millions) Net income $ 1,355 – $ 1,605 Diluted earnings per common share $ 3.25 – $ 3.85 Adjusted EBITDA $ 3,100 – $ 3,350 Distributable cash flow $ 2,245 – $ 2,505 Capital-growth expenditures $ 2,250 – $ 2,730 Maintenance capital expenditures $ 200 – $ 220 Segment Adjusted EBITDA: Natural Gas Liquids $ 1,945 – $ 2,075 Natural Gas Gathering and Processing $ 790 – $ 860 Natural Gas Pipelines $ 365 – $ 405 Other $ – – $ 10 Note: Adjusted EBITDA and distributable cash flow are non-GAAP measures. Reconciliations to relevant GAAP measures are included in the appendix. P A G E 5

EARNINGS DRIVERS KEY DRIVERS FEE-BASED SOLUTIONS 2020 GUIDANCE ~300 MMcf/d NATURAL GAS FLARING ~850 MMcf/d on ONEOK dedicated acreage and recent new processing capacity from volume growth from continued strong ~500 MMcf/d currently flaring in North Dakota (a) ONEOK and third-party plants producer activity ROCKY MOUNTAIN NGLS >240,000 bpd Incremental supply from ONEOK and third-party processing plants that were Rocky Mountain region throughput 25% increase being railed or flared >240,000 bpd of volume contracted on Elk Creek expected by end of Q1 2020 in adjusted EBITDA compared with 2019 Addressing NGL growth across ARBUCKLE II PIPELINE & MB-4 Fully complete in Q1 2020 ONEOK’s operations by more than 75,000 bpd of MB-4 capacity doubling current Mid-Con to Mont 375,000 bpd of volume contracted on Arbuckle II completed in December 2019 Belvieu NGL transportation capacity 80,000 bpd expansion Continued strong producer activity PERMIAN BASIN ACTIVITY of West Texas LPG Pipeline and supplying new volumes contracted at connection with Arbuckle II expected to market-based rates be completed Q1 2020 (a) Based on December 2019 production, the most recent North Dakota Pipeline Authority data available. ONEOK expects flaring in the region to be reduced in future months based on the completion of ONEOK’s Demicks Lake I and II natural gas processing plants and related infrastructure, and third-party natural gas processing plants. P A G E 6

EXPANDING CORE INFRASTRUCTURE PROVIDING ADDITIONAL CONNECTIVITY FROM THE WILLISTON BASIN TO THE GULF COAST Expected to generate 4-6x adjusted EBITDA multiples or better MB-5 fractionator (Q1 2021, $750M) Arbuckle II Pipeline extension (Q1 2021, $240M) Arbuckle II Pipeline expansion (Q1 2021, $60M) WTLPG pipeline expansion (Q1 2021, $145M) Demicks Lake II plant (Completed Jan. 2020, $410M) Mid-Continent fractionation facility expansions (Q1 2021, $150M) (b) MB-4 fractionator (Q1 2020, $575M) (a) Bear Creek plant expansion (Q1 2021, $405M) Arbuckle II Pipeline (Q1 2020, $1.36B) WTLPG pipeline expansion (Q2 2021, $310M) Elk Creek Pipeline (Completed Dec. 2019, $1.4B) WTLPG pipeline expansion and Arbuckle II connection (Q1 2020, $295M) Elk Creek Pipeline expansion (Q3 2021, $305M) (c) Demicks Lake I plant (Completed Oct. 2019, $400M) Bakken NGL Pipeline extension (Q4 2020, $100M) Demicks Lake III plant (Q3 2021, $305M) 2019 2020 2021 (a) 75,000 bpd of capacity completed December 2019; remaining 50,000 bpd expected to be completed in the first quarter 2020. (b) 15,000 bpd of capacity expected to be completed in the third quarter 2020; remaining 50,000 bpd expected to be completed in the first quarter 2021. (c) Incremental capacity available in early 2021, ramping to the full 400,000 bpd in the third quarter 2021. P A G E 7

NATURAL GAS LIQUIDS VOLUME UPDATE Average NGL Raw Feed Throughput Volumes (b) ◆ Rocky Mountain (a) NGL raw reed throughput volume increased Average Bundled approximately 9% compared with the third quarter 2019 Region Third Quarter 2019 Fourth Quarter 2019 Rate (per gallon) ◆ 2019 third-party or ONEOK natural gas processing plant Rocky Mountain (a) 179,000 bpd 196,000 bpd ~ 30 cents (d) connections: Mid-Continent 554,000 bpd 550,000 bpd ~ 9 cents (d) New connections: ▪ Gulf Coast/Permian (c) 353,000 bpd 350,000 bpd ~ 6 cents (e) Mid-Continent (5); Williston Basin (2); Permian Basin (1) Total 1,086,000 bpd 1,096,000 bpd Existing connection expansions: ▪ Mid-Continent (2); Williston Basin (2); Permian Basin (2) N G L R a w F e e d T h r o u g h p u t V o l u m e ( b ) ◆ More than 240,000 bpd Rocky Mountain region throughput ( M B b l / d ) expected by end of Q1 2020 ◆ Recent project completions: Elk Creek Pipeline fully completed December 2019 ▪ 1,175-1,315 75,000 bpd of capacity at MB-4 fractionator completed in the fourth ▪ 1,079 1,010 quarter 2019 895 Remaining 50,000 bpd expected to be completed in the first quarter 2020 ◇ 2017 2018 2019 2020G (a) Rocky Mountain: Bakken NGL pipeline, Elk Creek NGL pipeline and railed volume. (b) Represents physical raw feed volumes on which ONEOK charges a fee for transportation and/or fractionation services. (c) Gulf Coast/Permian: West Texas LPG pipeline system, Arbuckle Pipeline volume originating in Texas and any volume fractionated at ONEOK’s Mont Belvieu fractionation facilities received from a third -party pipeline. (d) Includes transportation and fractionation. (e) Primarily transportation only. P A G E 8

NATURAL GAS GATHERING AND PROCESSING VOLUME UPDATE G a t h e r e d Vo l u m e s ( M M c f / d ) Rocky Mountain 2,125 – 2,405 2,065 1,937 ◆ 526 well connects completed in 2019 1,680 835-945 983 ◆ Expect to connect approximately 575-625 wells in 2020 973 839 ◆ 200 MMcf/d Demicks Lake I natural gas processing plant completed in October 2019 1,290-1,460 1,082 964 841 ◆ 200 MMcf/d Demicks Lake II natural gas processing plant completed in January 2020 2017 2018 2019 2020G (a) Mid-Continent Rocky Mountain Mid-Continent ◆ 117 well connects completed in 2019 ◆ Expect to connect approximately 40-60 wells in 2020 P r o c e s s e d Vo l u m e s ( M M c f / d ) 2,010 – 2,270 Third Quarter Fourth Quarter Third Quarter Fourth Quarter 1,933 1,808 2019 – Average 2019 – Average 2019 – Average 2019 – Average 1,552 Region 750-850 Gathered Gathered Processed Processed 880 858 Volumes Volumes Volumes Volumes 723 Mid-Continent 1,000 MMcf/d 974 MMcf/d 899 MMcf/d 879 MMcf/d 1,260-1,420 1,053 950 829 Rocky Mountain 1,107 MMcf/d 1,106 MMcf/d 1,073 MMcf/d 1,080 MMcf/d 2017 2018 2019 2020G (b) Total 2,107 MMcf/d 2,080 MMcf/d 1,972 MMcf/d 1,959 MMcf/d Rocky Mountain Mid-Continent (a) 2020 guidance gathered volumes (BBtu/d): 2,695 – 3,045 (b) 2020 guidance processed volumes (BBtu/d): 2,850 – 3,220 P A G E 9