ONEOK : Earnings Presentation

S E C O N D Q U A R T E R 2 0 2 1 R E S U LT S

A U G U S T 3 , 2 0 2 1

Bear Creek Plant Expansion

F O R WA R D - LO O K I N G STATEM E N T S

Statements contained in this presentation that include company expectations, outlooks 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 Commission 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 are based on the news releases issued on Feb. 22, 2021, April 27, 2021, and Aug. 3, 2021, and are not being updated or affirmed by this presentation.

P A G E 2

O N EO K VS . S& P 5 0 0

A UNIQUE INVESTMENT OPPORTUNITY

Investment Grade Credit Rating

(BBB-/Baa3)

Large Market Cap

(>$20 billion)

High ESG Rating

('A' or better from MSCI)

Consensus EPS Growth

(>5% CAGR 2021-2023E)

High Dividend Yield

and Dividend Stability

(>5%; >25 years without dividend cut)

ONEOK is included in more than 20 MSCI ESG Indices.

According to recent MSCI research(a), ONEOK is the most common energy holding among the largest ESG funds globally.

Source: Bloomberg market data as of July 26, 2021.

1. MSCI: Top 20 Largest ESG Funds - Under the Hood (April 2021)
   P A G E 3

374

287

139

113

1

N AT U R A L G A S LI Q U I D S

VOLUME UPDATE

◆	Rocky Mountain:
	▪ NGL raw feed throughput increased 18% compared with the
	first quarter 2021.
◆	Mid-Continent:
	▪ NGL raw feed throughput increased 16% compared with the
	first quarter 2021.
	▪ Arbuckle II expansion completed in the second quarter 2021.
	◇ Increases capacity up to 500,000 bpd.

Average Raw Feed Throughput Volumes(a)

Region	First Quarter 2021	Second Quarter 2021	Average Bundled
Rate (per gallon)
Rocky Mountain(b)	253,000 bpd	299,000 bpd	~ 25 cents(e)
Mid-Continent(c)	494,000 bpd	574,000 bpd	~ 8 cents(e)
Gulf Coast/Permian(d)	289,000 bpd	336,000 bpd	~ 6 cents(f)
Total	1,036,000 bpd	1,209,000 bpd

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 s ( a )

◆ Gulf Coast/Permian:

▪ NGL raw feed throughput increased 16% compared with the

first quarter 2021.

1,010

( M B b l / d )

1,105 - 1,225

1,0791,084

2018

2019

2020

2021G

1. Represents physical raw feed volumes on which ONEOK charges a fee for transportation and/or fractionation services.
2. Rocky Mountain: Bakken NGL and Elk Creek NGL pipelines.
3. Mid-Continent:ONEOK transportation and/or fractionation volumes from Overland Pass pipeline (OPPL) and all volumes originating in Oklahoma, Kansas and the Texas Panhandle.
4. Gulf Coast/Permian: West Texas NGL 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.
5. Includes primarily transportation and fractionation.
6. Includes transportation only and transportation and fractionation.

P A G E 4

N AT U R A L G A S G AT H E R I N G A N D PR O C ESSI N G

VOLUME UPDATE

• Rocky Mountain:
• • Processed volumes increased 6% compared with the first quarter 2021.
  • 200 MMcf/d Bear Creek natural gas processing plant expansion and related infrastructure expected to be completed in the fourth quarter 2021.

G a t h e r e d V o l u m e s ( M M c f / d )

1,937	2,065	1,909	1,850 - 2,110
973	983	827	690 - 800
964	1,082	1,082	1,160 - 1,310

• 122 wells connected year-to-date; expect to connect more than 300 in 2021.

	Average Gathered Volumes	Average Processed Volumes
Region	First Quarter	Second Quarter	First Quarter	Second Quarter
2021	2021	2021	2021
Rocky Mountain	1,213 MMcf/d	1,309 MMcf/d	1,183 MMcf/d	1,256 MMcf/d
Mid-Continent	708 MMcf/d	734 MMcf/d	623 MMcf/d	648 MMcf/d
Total	1,921 MMcf/d	2,043 MMcf/d	1,806 MMcf/d	1,904 MMcf/d

1. 2021 guidance gathered volumes (BBtu/d): 2,475 - 2,830
2. 2021 guidance processed volumes (BBtu/d): 2,360 - 2,690

P A G E 5

2018	2019	2020	2021G(a)
		Rocky Mountain		Mid-Continent

P r o c e s s e d V o l u m e s ( M M c f / d )

1,808	1,933	1,783	1,750 - 2,000
858	880	735	600 - 700
950	1,053	1,048	1,150 - 1,300
2018	2019	2020	2021G(b)
		Rocky Mountain		Mid-Continent