Oneok Inc /new,
Fiscal Year 2024 Q4.

Diluted EPS$1.18 $0.99 $3.60 $4.36 0.19 (0.76) Adjusted EBITDA (a)$1,545 $1,015 $4,610 $3,729 530 881 Capital expenditures$468 $398 $1,459 $992 70 467 (a) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. This change resulted in an additional $14 million and $40 million of adjusted EBITDA for the three and nine months ended Sept. 30, 2023, respectively. Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel in our Consolidated Statements of Income and, therefore, the impact is largely offset between these line items. Operating income increased $389 million for the three months ended Sept. 30, 2024, compared with the same period in 2023, primarily as a result of the following: •Natural Gas Gathering and Processing - a decrease of $9 million due primarily to lower realized NGL prices, net of hedging, and higher operating costs, offset partially by higher volumes in the Rocky Mountain region; and •Natural Gas Liquids - a decrease of $6 million due primarily to lower earnings on sales of Purity NGLs held in inventory, offset partially by higher exchange services; offset by •Natural Gas Pipelines - an increase of $21 million due primarily to higher transportation services; •Refined Products and Crude - contributed $267 million to operating income for the three months ended Sept. 30, 2024, due to the impact of the Magellan Acquisition; and

Natural Gas Liquids During the nine months ended Sept. 30, 2024, we connected one third-party natural gas processing plant in the Permian Basin. In addition, two third-party natural gas processing plants connected to our system were expanded, one in the Permian Basin and one in the Mid-Continent region. Selected Financial Results and Operating Information - The following tables set forth certain selected financial results and operating information for our Natural Gas Liquids segment for the periods indicated:

•an increase of $18 million related to the Medford incident due to lower third-party fractionation costs in the current quarter; and •an increase of $7 million in adjusted EBITDA from unconsolidated affiliates due primarily to higher volumes delivered to the Overland Pass Pipeline; offset by •a decrease of $45 million in optimization and marketing due primarily to lower earnings on sales of Purity NGLs held in inventory. We expect an earnings benefit on the forward sales of inventory over the next two quarters; and

Natural Gas Liquids (a)624 616 1,847 2,432 Natural Gas Pipelines166 136 483 427 Refined Products and Crude441 41 1,289 41 Other (c)(4)(101)(4)(92) Adjusted EBITDA (a)(b)(c)$1,545 $1,015 $4,610 $3,729 (a) - The nine months ended Sept. 30, 2023, includes $667 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $112 million of third-party fractionation costs. (b) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. This change resulted in an additional $14 million and $40 million of adjusted EBITDA for the three and nine months ended Sept. 30, 2023, respectively. (c) - Includes transaction costs related to the Magellan Acquisition of $123 million, offset partially by interest income of $26 million, for the three months ended Sept. 30, 2023, and transaction costs related to the Magellan Acquisition of $133 million, offset partially by interest income of $42 million, for the nine months ended Sept. 30, 2023.

Capital expenditures, excluding the equity portion of AFUDC, were $1.5 billion and $992 million for the nine months ended Sept. 30, 2024 and 2023, respectively. We expect total capital expenditures, excluding AFUDC and capitalized interest, of $1.75-$1.95 billion in 2024. This range excludes EnLink's capital expenditure expectations.

•an increase of $53 million from the sale of certain Kansas assets; and •an increase of $38 million from higher volumes due primarily to increased production in the Rocky Mountain region; offset by •a decrease of $29 million due primarily to lower realized NGL and natural gas prices, net of hedging, offset partially by higher realized condensate prices, net of hedging. Adjusted EBITDA increased $79 million for the six months ended June 30, 2024, compared with the same period in 2023, primarily as a result of the following:

Consolidated Operations Selected Financial Results - The following table sets forth certain selected financial results for the periods indicated: Three Months EndedNine Months EndedThree MonthsNine Months

Capital Projects - Our primary capital projects are outlined in the table below: Project (d) ScopeApproximateCost (a) Expected Completion Natural Gas Liquids(In millions)

Three Months EndedNine Months EndedThree MonthsNine Months Sept. 30, Sept. 30,2024 vs. 20232024 vs. 2023 Financial Results2024202320242023$ Increase (Decrease)$ Increase (Decrease)

(Millions of dollars) NGL and condensate sales$648 $641 $1,912 $1,835 7 77 Residue natural gas sales219 279 732 1,066 (60)(334) Gathering, compression, dehydration and processing fees and other revenue38 45 117 131 (7)(14)

•an increase of $81 million from higher volumes due primarily to increased production in the Rocky Mountain region; and •an increase of $49 million from the sale of certain Kansas assets in 2024; offset by •a decrease of $30 million due primarily to lower realized NGL prices, net of hedging, offset partially by higher average fee rates and higher realized condensate prices, net of hedging; and •an increase of $23 million in operating costs due primarily to higher outside services, employee-related costs and materials and supplies expenses due primarily to the growth of our operations. Changes in capital expenditures for the three and nine months ended Sept. 30, 2024, compared with the same periods in 2023, relate to the timing of routine capital projects.

Three Months EndedNine Months Ended Sept. 30, Sept. 30, Operating Information (a)2024202320242023 Natural gas processed (BBtu/d) (b) 3,236 3,085 3,078 2,935

Average fee rate ($/MMBtu) $1.20 $1.17 $1.21 $1.17 (a) - Includes volumes for consolidated entities only. (b) - Includes volumes we processed at company-owned and third-party facilities. Our natural gas processed volumes increased for the three and nine months ended Sept. 30, 2024, compared with the same periods in 2023, due primarily to increased production in the Rocky Mountain region. Our average fee rate increased for the three and nine months ended Sept. 30, 2024, compared with the same periods in 2023, due primarily to inflation-based escalators in our contracts. Commodity Price Risk - Our Natural Gas Gathering and Processing segment is exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts. We have hedged approximately 70% of our forecasted equity volumes for our Natural Gas Gathering and Processing segment for the remainder 2024. 31

•an increase of $24 million in adjusted EBITDA from unconsolidated affiliates due primarily to higher volumes delivered to the Overland Pass Pipeline. Capital expenditures increased for the three and nine months ended Sept. 30, 2024, compared with the same periods in 2023, due primarily to capital projects, which includes our MB-6 fractionator and pipeline expansion projects.

Three Months EndedNine Months Ended Sept. 30,Sept. 30, Operating Information2024202320242023 Raw feed throughput (MBbl/d) (a) 1,324 1,413 1,310 1,357

Average Conway-to-Mont Belvieu OPIS price differential - ethane in ethane/propane mix ($/gallon) $(0.01)$0.08 $0.01 $0.04 (a) - Represents physical raw feed volumes for which we provide transportation and/or fractionation services. We generally expect ethane volumes to increase or decrease with corresponding increases or decreases in overall NGL production. However, ethane volumes may experience growth or decline greater than corresponding growth or decline in overall NGL production due to ethane economics causing producers to recover or reject ethane. While earnings increased, volumes decreased for the three and nine months ended Sept. 30, 2024, compared with the same periods in 2023, due primarily to a contract expiration and low-margin short-term fractionation contracts in the prior year, offset partially by increased production in the Rocky Mountain region at higher fee rates. The three months ended Sept. 30, 2024, was also impacted by lower ethane volumes in the Mid-Continent region.

Adjusted EBITDA from unconsolidated affiliates (a)45 40 133 120 5 13 Other1 1 - 1 - (1) Adjusted EBITDA (a)$166 $136 $483 $427 30 56 Capital expenditures$56 $70 $187 $155 (14)32 (a) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. This change resulted in an additional $11 million and $31 million of adjusted EBITDA for the three and nine months ended Sept. 30, 2023, respectively. Adjusted EBITDA increased $30 million for the three months ended Sept. 30, 2024, compared with the same period in 2023, primarily as a result of an increase of $25 million in transportation services due primarily to higher firm and interruptible rates. Adjusted EBITDA increased $56 million for the nine months ended Sept. 30, 2024, compared with the same period in 2023, primarily as a result of the following:

•an increase of $11 million in operating costs due primarily to planned asset maintenance and employee-related costs. 33 Capital expenditures decreased for the three months ended Sept. 30, 2024, compared with the same period in 2023, due primarily to completion of growth projects. Capital expenditures increased for the nine months ended Sept. 30, 2024, compared with the same period in 2023, due primarily to our project to reactivate previously idled storage in Texas.

Three Months EndedNine Months Ended Sept. 30,Sept. 30, Operating Information (a)2024202320242023 Natural gas transportation capacity contracted (MDth/d)

8,231 7,704 8,103 7,684 Transportation capacity contracted97 %96 %97 %95 % (a) - Includes volumes for consolidated entities only. Natural gas transportation capacity contracted increased for the three and nine months ended Sept. 30, 2024, compared to the same periods in 2023, due primarily to the completion of expansion projects on our assets. In July 2023, Viking filed a proposed increase in rates pursuant to Section 4 of the Natural Gas Act with the FERC. In February 2024, Viking reached a settlement with the participants in the Section 4 rate case, which was approved by the FERC in July 2024, resulting in an increase in rates for Viking.

Three Months EndedNine Months Ended Sept. 30,Sept. 30, Financial Results20242024 (Millions of dollars) Product sales$407 $1,250 Transportation revenues383 1,083

Storage, terminals and other revenues 173 488 Cost of sales and fuel (exclusive of depreciation and operating costs) (352)(1,017) Operating costs, excluding noncash compensation adjustments

Three Months EndedNine Months Ended Sept. 30, Sept. 30, Operating Information (a) 20242024 Refined Products volume shipped (MBbl/d) 1,580 1,509 Crude oil volume shipped (MBbl/d)

Three Months EndedNine Months Ended Sept. 30,Sept. 30, (Unaudited)2024202320242023 Reconciliation of net income to adjusted EBITDA(Millions of dollars)

Adjusted EBITDA from unconsolidated affiliates (b)112 63 323 172 Equity in net earnings from investments (b)(92)(49)(256)(132) Noncash compensation expense and other14 14 48 32

Adjusted EBITDA (a)(b)(c)$1,545 $1,015 $4,610 $3,729 Reconciliation of segment adjusted EBITDA to adjusted EBITDA Segment adjusted EBITDA: Natural Gas Gathering and Processing$318 $323 $995 $921

CONTINGENCIES See Note J of the Notes to Consolidated Financial Statements in this Quarterly Report for discussion of regulatory and legal matters. LIQUIDITY AND CAPITAL RESOURCES General - Our primary sources of cash inflows are operating cash flows, proceeds from our commercial paper program and our $2.5 Billion Credit Agreement, debt issuances and the issuance of common stock for our liquidity and capital resources requirements. We expect our sources of cash inflows to provide sufficient resources to finance our operations, acquisitions, capital expenditures, quarterly cash dividends, maturities of long-term debt, share repurchases and contributions to unconsolidated affiliates. We believe we have sufficient liquidity due to our $2.5 Billion Credit Agreement, which expires in June 2028, and access to $1.0 billion available through our "at-the-market" equity program. As of Oct. 21, 2024, no shares have been issued through our "at-the-market" equity program. Cash Management - At Sept. 30, 2024, we had $6.5 billion of cash and cash equivalents, including cash held to fund the EnLink Controlling Interest Acquisition and the Medallion Acquisition. Our cash balance is composed primarily of highly liquid government and treasury money market funds and deposits fully insured by the Federal Deposit Insurance Corporation. We use a centralized cash management program that concentrates the cash assets of our nonguarantor operating subsidiaries in joint accounts for the purposes of providing financial flexibility and lowering the cost of borrowing, transaction costs and bank fees. Our centralized cash management program provides that funds in excess of the daily needs of our operating subsidiaries are concentrated, consolidated or otherwise made available for use by other entities within our consolidated group. Our 35 operating subsidiaries participate in this program to the extent they are permitted pursuant to FERC regulations or their operating agreements. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, we provide cash to the subsidiary or the subsidiary provides cash to us. Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership and Magellan have cross guarantees in place for ONEOK's and ONEOK Partners' indebtedness. The guarantees in place for our and ONEOK Partners' indebtedness are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of outstanding securities. Liabilities under the guarantees rank equally in right of payment with all existing and future senior unsecured indebtedness. The Intermediate Partnership holds all of ONEOK Partners' interests and equity in its subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Magellan holds interests in its subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Therefore, as allowed under Rule 13-01, we have excluded the summarized financial information for each issuer and guarantor as the combined financial information of the subsidiary issuers and parent guarantor, excluding our ownership of all the interests in ONEOK Partners and Magellan, reflect no material assets, liabilities or results of operations, apart from the guaranteed indebtedness. For additional information on our and ONEOK Partners' indebtedness, please see Note H of the Notes to Consolidated Financial Statements in our Annual Report and Note F of the Notes to Consolidated Financial Statements in this Quarterly Report. Short-term Liquidity - Our principal sources of short-term liquidity consist of cash generated from operating activities, distributions received from our unconsolidated affiliates, proceeds from our commercial paper program and our $2.5 Billion Credit Agreement. As of Sept. 30, 2024, we had no borrowings under our $2.5 Billion Credit Agreement, and we are in compliance with all covenants. As of Sept. 30, 2024, we had a working capital (defined as current assets less current liabilities) deficit of $681 million, due primarily to current maturities of long-term debt. Generally, our working capital is influenced by several factors, including, among other things: (i) the timing of (a) debt and equity issuances, (b) the funding of capital expenditures, (c) scheduled debt payments and (d) accounts receivable and payable; and (ii) the volume and cost of inventory and commodity imbalances. We may have working capital deficits in future periods as our long-term debt becomes current. We do not expect a working capital deficit of this nature to have a material adverse impact to our cash flows or operations.

Credit Ratings - Our long-term debt credit ratings as of Oct. 21, 2024, are shown in the table below: Rating AgencyLong-Term RatingShort-Term RatingOutlook

Moody'sBaa2Prime-2Stable S&PBBBA-2Stable Fitch BBBF2Stable Our credit ratings, which are investment grade, may be affected by our leverage, liquidity, credit profile or potential transactions. The most common criteria for assessment of our credit ratings are the debt-to-EBITDA ratio, interest coverage, business risk profile and liquidity. If our credit ratings were downgraded, our cost to borrow funds under our $2.5 Billion Credit Agreement could increase and a potential loss of access to the commercial paper market could occur. In the event that we are unable to borrow funds under our commercial paper program and there has not been a material adverse change in our business, we would continue to have access to our $2.5 Billion Credit Agreement, which expires in 2028. An adverse credit rating change alone is not a default under our $2.5 Billion Credit Agreement. In the normal course of business, our counterparties provide us with secured and unsecured credit. In the event of a downgrade in our credit ratings or a significant change in our counterparties' evaluation of our creditworthiness, we could be required to provide additional collateral in the form of cash, letters of credit or other negotiable instruments as a condition of continuing to conduct business with such counterparties. We may be required to fund margin requirements with our counterparties with cash, letters of credit or other negotiable instruments. Dividends - Holders of our common stock share equally in any common stock dividends declared by our Board of Directors, subject to the rights of the holders of outstanding preferred stock. In February, May and August 2024, we paid a common stock dividend of 99 cents per share ($3.96 per share on an annualized basis), an increase of 3.7% compared with the same quarter in the prior year. A common stock dividend of 99 cents per share was declared in October 2024, for the shareholders of record at the close of business on Nov. 1, 2024, payable Nov. 14, 2024. Our Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February, May and August 2024. Dividends totaling $0.3 million were declared in October 2024, for the Series E Preferred Stock and are payable Nov. 14, 2024. For the nine months ended Sept. 30, 2024, our cash flows from operations exceeded dividends paid by $1.5 billion. We expect our cash flows from operations to continue to sufficiently fund our cash dividends. To the extent operating cash flows are not sufficient to fund our dividends, we may utilize cash on hand from other sources of short- and long-term liquidity to fund a portion of our dividends.

The following table sets forth the changes in cash flows by operating, investing and financing activities for the periods indicated: Variances Nine Months Ended2024 vs. 2023

Sept. 30,$ Increase(Decrease) in Cash 20242023 (Millions of dollars) Total cash provided by (used in): Operating activities$3,277 $2,913 $364 Investing activities(1,832)(5,759)3,927

(a) - Includes cash held for acquisitions, which is included within other assets on our Consolidated Balance Sheet as of Sept. 30, 2024. Operating Cash Flows - Operating cash flows are affected by earnings from our business activities and changes in our operating assets and liabilities. Changes in commodity prices and demand for our services or products, whether because of general economic conditions, changes in supply, changes in demand for the end products that are made with our products or increased competition from other service providers, could affect our earnings and operating cash flows. Our operating cash flows can also be impacted by changes in our inventory balances, which are driven primarily by commodity prices, supply, demand and the operation of our assets. Cash flows from operating activities, before changes in operating assets and liabilities for the nine months ended Sept. 30, 2024, increased $627 million compared with the same period in 2023, due primarily to the impact of the Magellan Acquisition in our Refined Products and Crude segment, as discussed in "Financial Results and Operating Information," offset partially by insurance proceeds received from the Medford settlement in 2023. The changes in operating assets and liabilities decreased operating cash flows $233 million for the nine months ended Sept. 30, 2024, compared with an increase of $30 million for the same period in 2023. This change is due primarily to changes in accounts payable, which vary from period to period with changes in commodity prices and from the timing of payments to vendors, suppliers and other third parties and changes in our legal liability as discussed in Note J of the Notes to Consolidated Financial Statements in this Quarterly Report. These changes were offset partially by changes in accounts receivable resulting from the receipts of cash from counterparties and from inventory, both of which vary from period to period, and with changes in commodity prices. Investing Cash Flows - Cash used in investing activities for the nine months ended Sept. 30, 2024, decreased $3.9 billion, compared with the same period in 2023, due primarily to the $5.0 billion of cash paid for the Magellan Acquisition, net of cash received in 2023, offset partially by an increase in capital expenditures related to our capital projects in 2024, and due to insurance proceeds received from the Medford settlement in 2023. Financing Cash Flows - Cash provided by financing activities for the nine months ended Sept. 30, 2024, increased $1.8 billion, compared with the same period in 2023, due primarily to the increase in issuance of senior unsecured notes associated with acquisitions and the decrease in repayment of long-term debt in 2024, offset partially by increased dividends paid in 2024.

REGULATORY, ENVIRONMENTAL AND SAFETY MATTERS Information about our regulatory, environmental and safety matters can be found in "Regulatory, Environmental and Safety Matters" under Part I, Item 1, Business, in our Annual Report. 38

FORWARD-LOOKING STATEMENTS This Quarterly Report contains forward-looking statements in reliance on the safe harbor protections of the Securities Act of 1933, as amended, and the Exchange Act, which involve substantial risk and uncertainties. Such forward-looking statements include, but are not limited to, statements relating to our anticipated financial performance, liquidity, management's plans and objectives for our future capital projects and other future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions, potential or pending strategic transactions, including the Medallion Acquisition, the timing thereof and our ability to achieve the intended and projected operational, financial and strategic benefits from any such transactions, our intent to pursue the Potential EnLink Transaction and the timing thereof, and other matters. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Forward-looking statements and other statements in this Quarterly Report regarding our environmental, social and other sustainability targets, plans and goals are not an indication that these statements are required to be disclosed in our filings with the SEC, or that we will continue to make similar statements in the same extent or manner in future filings. In addition, historical, current and forward-looking environmental, social and sustainability-related statements may be based on standards and processes for measuring progress that are still developing and that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements include the items identified in the preceding paragraphs, the information concerning possible or assumed future results of our operations and other statements contained in this Quarterly Report identified by words such as "anticipates," "believes," "continues," "could," "estimates," "expect," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plans," "potential," "projects," "scheduled," "should," "target," "will," "would," and other words and terms of similar meaning. One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, 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, including increased interest rates, 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; 39 •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; •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; •increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater;