OKEOneok

-more- Oct. 27, 2026 ONEOK Announces Higher Third-Quarter 2026 Earnings and
Increases 2026 Financial Guidance Record Permian Basin Volumes TULSA, Okla. -
Oct. 27, 2026 - ONEOK, Inc. (NYSE: OKE) today announced higher third- quarter
2026 results and increased 2026 financial guidance. Unless otherwise noted, all
results are compared with the same period in 2025. Higher Third-Quarter 2026
Results: • Net income of $1.38 billion • Net income attributable to ONEOK of
$1.35 billion; $2.13 per diluted share • Adjusted EBITDA of $2.24 billion, up 6%
Operational and Strategic Highlights: • 6% increase in NGL raw feed throughput
volumes, including a 16% increase in the Gulf Coast/Permian region • 6% increase
in refined products volumes shipped • 4% increase in Permian region natural gas
volumes processed • Extinguished nearly $5.5 billion of debt principal in
September 2026 • Completed $9 billion minority equity investment • Completed the
acquisition of Brazos Midstream’s Permian Midland Basin assets • Credit ratings
upgraded to BBB+ by S&P Global Ratings and Fitch Ratings 2026 Guidance Increase:
• Net income increased to a midpoint of $4.18 billion • Net income attributable
to ONEOK increased to a midpoint of $3.985 billion • Earnings per diluted share
increased to a midpoint of $6.30 • Adjusted EBITDA increased to a midpoint of
$8.55 billion “Higher Permian Basin volumes and the continued execution by our
employees to integrate our systems contributed to ONEOK’s third-quarter
results,” said Pierce H. Norton II, president and CEO. “Based on this
performance and our outlook for the remainder of the year, we are once again
raising our 2026 financial guidance, reflecting the momentum we continue to see
across the business.” Exhibit 99.1

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 2 -more- “As we look to 2027, we expect meaningful
earnings growth from our Brazos Permian Midland Basin assets, recently completed
and advancing growth projects and continued commercial optimization across our
systems,” added Norton. “ONEOK has the assets, financial strength and discipline
to capture growing energy demand and deliver sustainable long-term value for
investors.” 2026 Guidance: The increase in financial guidance reflects strong
year-to-date business performance and volumes, and incorporates expected
contributions from the recently completed Brazos Permian Midland acquisition of
approximately $75 million, with approximately $50 million expected to be
reflected in adjusted EBITDA net of transaction costs. ONEOK increased 2026 net
income guidance to a range of $4.09 billion to $4.27 billion. Adjusted earnings
before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance
increased to a range of $8.5 billion to $8.6 billion. Total 2026 capital
expenditure guidance is expected to be approximately $3.5 billion. The update
reflects enhanced growth opportunities and capital expenditures related to the
Brazos Permian Midland acquisition. THIRD-QUARTER 2026 FINANCIAL HIGHLIGHTS:
Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2026 2025 2026 2025
(Millions of dollars, except per share amounts) Net income (a) (b) $ 1,384 $ 940
$ 3,127 $ 2,484 Net income attributable to ONEOK (a) (b) $ 1,350 $ 939 $ 3,090 $
2,416 Diluted earnings per common share (a) (b) $ 2.13 $ 1.49 $ 4.89 $ 3.87
Adjusted EBITDA (c) $ 2,238 $ 2,119 $ 6,356 $ 5,875 Operating income $ 1,568 $
1,558 $ 4,589 $ 4,209 Operating costs $ 861 $ 738 $ 2,430 $ 2,196 Depreciation
and amortization $ 395 $ 378 $ 1,160 $ 1,126 Equity in net earnings from
investments $ 103 $ 92 $ 295 $ 281 Maintenance capital $ 162 $ 162 $ 391 $ 362
Capital expenditures (includes maintenance) $ 937 $ 804 $ 2,414 $ 2,182 (a)
Amounts for the three and nine months ended Sept. 30, 2026, include a one-time
noncash income tax benefit of $336 million, or $0.53 per diluted share,
resulting from the ONEOK, Inc. reorganization related to the minority equity
transaction. Net income includes $33 million, or $0.05 per diluted share,
attributable to noncontrolling interests related to the minority equity
investment. (b) Amounts for the nine months ended Sept. 30, 2026, include a
pretax noncash charge of $60 million related to the impairment of a joint-
venture (JV) investment in the Refined Products and Crude segment. (c) Amounts
for the three and nine months ended Sept. 30, 2026, include a $53 million net
benefit from the minority equity and Brazos Midland transactions, related
primarily to corporate net gains on extinguishment of debt, offset by costs. The
three and nine months ended Sept. 30, 2025, include corporate net gains on
extinguishment of debt of $22 million and $58 million, respectively, related to
open market repurchases. Adjusted EBITDA is a non-GAAP measure used in this
release and is explained in greater detail in the Non-GAAP Financial Measures
section.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 3 -more- Third-Quarter 2026 Financial Performance:
ONEOK reported third-quarter 2026 net income attributable to ONEOK of $1.35
billion and adjusted EBITDA of $2.24 billion. Results benefited from higher
natural gas liquids (NGLs), refined products and natural gas volumes and higher
optimization and marketing activity. Net income attributable to ONEOK includes a
one-time noncash income tax benefit of $336 million resulting from the ONEOK,
Inc. reorganization related to the minority equity transaction. In October 2026,
ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share
annualized. BUSINESS SEGMENT RESULTS: Natural Gas Liquids Segment Three Months
Ended Nine Months Ended Sept. 30, Sept. 30, Natural Gas Liquids Segment 2026
2025 2026 2025 (Millions of dollars) Adjusted EBITDA $ 718 $ 748 $ 2,083 $ 2,056
Capital expenditures $ 262 $ 218 $ 774 $ 524 The decrease in third-quarter 2026
adjusted EBITDA, compared with third quarter 2025, primarily reflects: • $27
million decrease in exchange services due primarily to: ◦ $45 million decrease
from higher inventory of unfractionated NGLs. ◦ $5 million decrease primarily
from narrower product price differentials. ◦ $28 million increase from higher
volumes, primarily in the Gulf Coast/Permian region. • $27 million decrease from
higher operating costs due primarily to $20 million of higher outside services
and $7 million of higher employee-related costs associated with the growth of
ONEOK’s operations. • $29 million increase in optimization and marketing due
primarily to $14 million of higher earnings on sales of purity NGLs held in
inventory and $11 million of wider commodity price differentials.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 4 -more- The increase in adjusted EBITDA for the
nine-month 2026 period, compared with the same period last year, primarily
reflects: • $82 million increase in optimization and marketing due primarily to
$60 million of higher earnings on sales of purity NGLs held in inventory and $23
million of wider commodity price differentials. • $41 million decrease from
higher operating costs due primarily to: ◦ $19 million decrease from higher
employee-related costs. ◦ $14 million decrease from higher outside services. ◦
$8 million decrease from higher property taxes associated with the growth of
ONEOK’s operations. • $14 million decrease in transportation and storage due
primarily to higher costs and lower volumes. • $2 million decrease in exchange
services due primarily to: ◦ $76 million decrease from lower average fee rates
and narrower product price differentials in the Gulf Coast/Permian and Mid-
Continent regions. ◦ $36 million decrease from higher inventory of
unfractionated NGLs. ◦ $35 million decrease from higher transportation and
fractionation costs and timing of operational gains and losses. ◦ $146 million
increase from higher volumes across ONEOK’s system. Refined Products and Crude
Segment Three Months Ended Nine Months Ended Sept. 30, Sept. 30, Refined
Products and Crude Segment 2026 2025 2026 2025 (Millions of dollars) Adjusted
EBITDA $ 685 $ 582 $ 1,804 $ 1,610 Capital expenditures $ 200 $ 214 $ 571 $ 539
The increase in third-quarter 2026 adjusted EBITDA, compared with third quarter
2025, primarily reflects: • $87 million increase in optimization and marketing
due primarily to $67 million of higher liquids blending earnings and $20 million
of higher crude marketing earnings. • $36 million increase in transportation and
storage due primarily to: ◦ $35 million increase primarily related to favorable
margin sharing components within certain crude contracts. ◦ $23 million increase
primarily from higher refined products volumes. ◦ $17 million decrease related
to the timing of operational gains and losses. • $18 million decrease from
higher operating costs due primarily to: ◦ $20 million decrease from higher
outside services related to the timing of projects.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 5 -more- ◦ $10 million decrease from higher
employee-related costs associated with the growth of ONEOK’s operations. ◦ $7
million increase from lower property taxes due primarily to timing. The increase
in adjusted EBITDA for the nine-month 2026 period, compared with the same period
last year, primarily reflects: • $151 million increase in optimization and
marketing due primarily to $102 million of higher crude marketing earnings and
$49 million of higher liquids blending earnings. • $145 million increase in
transportation and storage due primarily to $105 million primarily from higher
refined products volumes and $42 million primarily related to favorable margin
sharing components within certain crude contracts. • $69 million decrease from
higher operating costs due primarily to $27 million of higher employee-related
costs associated with the growth of ONEOK’s operations and $24 million of higher
outside services related to the timing of projects. • $14 million decrease in
adjusted EBITDA from unconsolidated affiliates due primarily to losses on Powder
Springs Logistics, a 50%-owned joint venture. • $12 million decrease due
primarily to the sale of environmental credits generated by ONEOK’s liquids
blending business in 2025. Natural Gas Gathering and Processing Segment Three
Months Ended Nine Months Ended Sept. 30, Sept. 30, Natural Gas Gathering and
Processing Segment 2026 2025 2026 2025 (Millions of dollars) Adjusted EBITDA $
563 $ 566 $ 1,576 $ 1,597 Capital expenditures $ 398 $ 302 $ 900 $ 884 The
decrease in third-quarter 2026 adjusted EBITDA, compared with third quarter
2025, primarily reflects: • $19 million decrease from higher operating costs due
primarily to $11 million of higher outside services related to the timing of
projects and $7 million of higher employee-related costs associated with the
growth of ONEOK’s operations. • $11 million increase from higher volumes due to
increased production in all regions. • $6 million increase due primarily to
higher realized condensate and natural gas prices, net of hedging, offset
partially by lower realized NGL prices, net of hedging. The decrease in adjusted
EBITDA for the nine-month 2026 period, compared with the same period last year,
primarily reflects: • $37 million decrease due primarily to lower realized NGL
and natural gas prices, net of hedging, offset partially by higher realized
condensate prices, net of hedging.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 6 -more- • $27 million decrease from higher
operating costs due primarily to $19 million of higher outside services related
to the timing of projects and $11 million of higher employee-related costs
associated with the growth of ONEOK’s operations. • $50 million increase from
higher volumes due to increased production in all regions. Natural Gas Pipelines
Segment Three Months Ended Nine Months Ended Sept. 30, Sept. 30, Natural Gas
Pipelines Segment 2026 2025 2026 2025 (Millions of dollars) Adjusted EBITDA $
231 $ 200 $ 867 $ 600 Capital expenditures $ 59 $ 55 $ 120 $ 169 The increase in
third-quarter 2026 adjusted EBITDA, compared with third quarter 2025, primarily
reflects: • $22 million increase in optimization and marketing activity due
primarily to favorable price differentials between the Waha Hub and Katy, Texas,
markets. • $18 million increase in transportation services due primarily to
higher firm transportation revenue. • $4 million increase in adjusted EBITDA
from unconsolidated affiliates due primarily to higher earnings on Northern
Border Pipeline and Matterhorn Express Pipeline. • $10 million decrease from
higher operating costs due primarily to the timing of projects and the growth of
ONEOK’s operations. The increase in adjusted EBITDA for the nine-month 2026
period, compared with the same period last year, primarily reflects: • $191
million increase in optimization and marketing activity due primarily to
favorable price differentials between the Waha Hub and Katy, Texas, markets. •
$60 million increase in transportation services due primarily to higher firm
transportation revenue. • $38 million increase in adjusted EBITDA from
unconsolidated affiliates due primarily to higher earnings on Northern Border
Pipeline and Matterhorn Express Pipeline. • $25 million decrease from higher
operating costs due primarily to $12 million of higher employee-related costs
associated with the growth of ONEOK’s operations and $9 million of higher
outside services related to the timing of projects. EARNINGS CONFERENCE CALL AND
WEBCAST: Members of ONEOK’s management team will participate in a conference
call at 11 a.m. Eastern (10 a.m. Central) on Oct. 28, 2026. The call will also
be webcast.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 7 -more- To participate in the conference call, dial
800-330-6710 and use confirmation code: 5105567, or log on to the webcast at
www.oneok.com. If you are unable to participate in the conference call or the
webcast, a recording will be available at www.oneok.com for one year. LINK TO
EARNINGS TABLES AND PRESENTATION: https://ir.oneok.com/financial-
information/financial-reports NON-GAAP (GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES) FINANCIAL MEASURES: ONEOK has disclosed in this news release
adjusted earnings before interest, taxes, depreciation and amortization
(adjusted EBITDA), a non-GAAP financial metric used to measure the company’s
financial performance. Adjusted EBITDA is defined as net income adjusted for
interest expense, depreciation and amortization, noncash impairment charges,
income taxes, noncash compensation expense, and other noncash items; and
includes adjusted EBITDA from the company’s unconsolidated affiliates using the
same recognition and measurement methods used to record equity in net earnings
from investments. Adjusted EBITDA from unconsolidated affiliates is calculated
consistently with the definition above and excludes items such as interest
expense, depreciation and amortization, income taxes and other noncash items.
Adjusted EBITDA is useful to investors because it and similar measures are used
by many companies in the industry as a measure of financial performance and is
commonly employed by financial analysts and others to evaluate ONEOK’s financial
performance and to compare the company’s financial performance with the
performance of other companies within the industry. Adjusted EBITDA should not
be considered in isolation or as a substitute for net income or any other
measure of financial performance presented in accordance with GAAP. This non-
GAAP financial measure excludes some, but not all, items that affect net income.
Additionally, this calculation may not be comparable with similarly titled
measures of other companies. A reconciliation of net income to adjusted EBITDA
is included in the tables available on ONEOK’s website. At ONEOK (NYSE: OKE), we
deliver energy products and services vital to an advancing world. We are a
leading midstream operator that provides gathering, processing, fractionation,
transportation, storage and marine export services. Through our approximately
60,000-mile pipeline network, we transport the natural gas, natural gas liquids
(NGLs), refined products and crude oil 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. As one of the
largest integrated energy infrastructure companies in North America, ONEOK is
delivering energy that makes a difference in the lives of people in the U.S. and
around the world. ONEOK, Inc. is an S&P 500 company headquartered in Tulsa,
Oklahoma.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 8 -more- For information about ONEOK, visit
www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on
LinkedIn, Facebook, X and Instagram. This news release contains certain
"forward-looking statements" within the meaning of federal securities laws.
Words such as “anticipates,” “believes,” “continues,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,”
“outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,”
“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, 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;

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 9 -more- • 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 parent guarantee obligation 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 senior notes or may
impair our ability to access capital; • the right to receive payments on our
outstanding debt securities is unsecured and effectively subordinated to any
future secured indebtedness and any existing and future indebtedness of our
subsidiaries; • use by a court of fraudulent conveyance to avoid or subordinate
the parent guarantee of our indebtedness; • the risks associated with recent,
pending or possible acquisitions and dispositions, including our ability to
finance or integrate any such acquisitions, including the Brazos Midland
acquisition, 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, including the Brazos Midland acquisition; • our
ability to pay dividends, including common stock dividends and distributions on
the Class B Units; • 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. Contacts: Investor Relations: Megan Patterson 918-561-5325
ONEOKInvestorRelations@oneok.com Media Relations: Alicia Keenom 918-861-3749
Media@oneok.com ###

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 10 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED
STATEMENTS OF INCOME Three Months Ended Nine Months Ended Sept. 30, Sept. 30,
(Unaudited) 2026 2025 2026 2025 (Millions of dollars, except per share amounts)
Revenues Commodity sales $ 11,190 $ 7,416 $ 30,449 $ 21,054 Services and other
1,265 1,218 3,673 3,510 Total revenues 12,455 8,634 34,122 24,564 Cost of sales
and fuel (exclusive of items shown separately below) 9,612 5,962 25,907 16,977
Operations and maintenance 767 639 2,116 1,912 Depreciation and amortization 395
378 1,160 1,126 General taxes 94 99 314 284 Transaction costs 15 10 26 74 Other
operating expense (income), net 4 (12) 10 (18) Operating income 1,568 1,558
4,589 4,209 Equity in net earnings from investments 103 92 295 281 Impairment of
equity investments — — (60) — Other income, net 102 37 109 78 Interest expense
(net of capitalized interest of $42, $19, $104 and $41, respectively) (415)
(450) (1,288) (1,330) Income before income taxes 1,358 1,237 3,645 3,238 Income
tax benefit (expense) 26 (297) (518) (754) Net income 1,384 940 3,127 2,484
Less: Net income attributable to noncontrolling interests 34 1 37 68 Net income
attributable to ONEOK $ 1,350 $ 939 $ 3,090 $ 2,416 Basic earnings per common
share $ 2.14 $ 1.49 $ 4.90 $ 3.88 Diluted earnings per common share $ 2.13 $
1.49 $ 4.89 $ 3.87 Average shares (millions) Basic 631.1 630.6 630.9 623.1
Diluted 632.6 631.5 632.1 624.1

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 11 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED
BALANCE SHEETS Sept. 30, Dec. 31, (Unaudited) 2026 2025 Assets (Millions of
dollars) Current assets Cash and cash equivalents $ 186 $ 78 Accounts
receivable, net 4,175 3,010 Inventories 1,338 948 Other current assets 554 452
Total current assets 6,253 4,488 Property, plant and equipment Property, plant
and equipment 58,041 55,489 Accumulated depreciation and amortization 8,666
7,628 Net property, plant and equipment 49,375 47,861 Other assets Investments
in unconsolidated affiliates 3,382 2,889 Goodwill 8,058 8,058 Intangible assets,
net 2,801 2,901 Cash held for acquisition 4,000 — Other assets 423 444 Total
other assets 18,664 14,292 Total assets $ 74,292 $ 66,641

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 12 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED
BALANCE SHEETS (Continued) Sept. 30, Dec. 31, (Unaudited) 2026 2025 Liabilities,
redeemable noncontrolling interests and equity (Millions of dollars) Current
liabilities Current maturities of long-term debt $ 1,500 $ 1,241 Short-term
borrowings 85 820 Accounts payable 4,219 2,838 Commodity imbalances 374 217
Accrued interest 437 499 Other current liabilities 806 750 Total current
liabilities 7,421 6,365 Long-term debt, excluding current maturities 26,935
30,755 Deferred credits and other liabilities Deferred income taxes 6,806 6,349
Other deferred credits 620 603 Total deferred credits and other liabilities
7,426 6,952 Commitments and contingencies Redeemable noncontrolling interests in
consolidated subsidiaries 50 — Equity Common stock, $0.01 par value: authorized
1,200,000,000 shares; issued 655,909,018 shares and outstanding 630,447,920
shares at September 30, 2026; issued 655,909,018 shares and outstanding
629,707,691 shares at December 31, 2025 7 7 Paid-in capital 20,889 20,961
Accumulated other comprehensive loss (204) (27) Retained earnings 3,429 2,373
Treasury stock, at cost: 25,461,098 shares at September 30, 2026, and 26,201,327
shares at December 31, 2025 (805) (829) Total ONEOK shareholders’ equity 23,316
22,485 Noncontrolling interests in consolidated subsidiaries 9,144 84 Total
equity 32,460 22,569 Total liabilities, redeemable noncontrolling interests and
equity $ 74,292 $ 66,641

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 13 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED
STATEMENTS OF CASH FLOWS Nine Months Ended Sept. 30, (Unaudited) 2026 2025
(Millions of dollars) Operating activities Net income $ 3,127 $ 2,484
Adjustments to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 1,160 1,126 Equity in net earnings
from investments (295) (281) Impairment of equity investments 60 — Distributions
received from unconsolidated affiliates 331 293 Deferred income taxes 512 731
Other, net 39 47 Changes in assets and liabilities: Accounts receivable (1,160)
(253) Inventories, net of commodity imbalances (267) (170) Accounts payable
1,201 357 Risk-management assets and liabilities (271) 10 Other assets and
liabilities, net (71) (291) Cash provided by operating activities 4,366 4,053
Investing activities Capital expenditures (less allowance for equity funds used
during construction) (2,414) (2,182) Purchases of and contributions to
unconsolidated affiliates (548) (499) Other, net 45 39 Cash used in investing
activities (2,917) (2,642) Financing activities Dividends paid (2,022) (1,935)
Short-term borrowings, net (735) — Issuance of long-term debt, net of discounts,
and term loan borrowings 1,200 2,989 Delaware Basin JV acquisition (10) (550)
Extinguishment of long-term debt and term loan repayments (4,691) (1,285)
Contributions received from the ONEOK Holdings transaction 9,000 — Other, net
(83) (164) Cash provided by (used in) financing activities 2,659 (945) Change in
cash and cash equivalents 4,108 466 Cash and cash equivalents at beginning of
period 78 733 Cash and cash equivalents at end of period (a) $ 4,186 $ 1,199 (a)
Includes cash held for acquisition, which is included within other assets on the
consolidated balance sheets as of Sept. 30, 2026.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 14 -more- ONEOK, Inc. and Subsidiaries INFORMATION
AT A GLANCE Three Months Ended Nine Months Ended Sept. 30, Sept. 30, (Unaudited)
2026 2025 2026 2025 (Millions of dollars, except as noted) Natural Gas Liquids
Operating costs, excluding noncash compensation adjustments $ 222 $ 195 $ 634 $
593 Depreciation and amortization $ 119 $ 116 $ 342 $ 341 Adjusted EBITDA from
unconsolidated affiliates $ 26 $ 26 $ 79 $ 76 Adjusted EBITDA $ 718 $ 748 $
2,083 $ 2,056 Raw feed throughput (MBbl/d) (a) 1,661 1,574 1,595 1,466 Average
Conway-to-Mont Belvieu Oil Price Information Service price differential - ethane
in ethane/propane mix ($/gallon) $ 0.05 $ 0.01 $ 0.03 $ 0.01 Capital
expenditures $ 262 $ 218 $ 774 $ 524 (a) Represents physical raw feed volumes
for which ONEOK provides transportation and/or fractionation services. Refined
Products and Crude Operating costs, excluding noncash compensation adjustments $
243 $ 225 $ 721 $ 652 Depreciation and amortization $ 112 $ 108 $ 333 $ 330
Adjusted EBITDA from unconsolidated affiliates $ 49 $ 40 $ 108 $ 122 Adjusted
EBITDA $ 685 $ 582 $ 1,804 $ 1,610 Refined products volume shipped (MBbl/d) (a)
1,615 1,526 1,604 1,477 Crude oil volume shipped (MBbl/d) (a) 1,693 1,813 1,691
1,814 Capital expenditures $ 200 $ 214 $ 571 $ 539 (a) Includes volumes for
consolidated entities only. Natural Gas Gathering and Processing Operating
costs, excluding noncash compensation adjustments $ 256 $ 237 $ 743 $ 716
Depreciation and amortization $ 137 $ 126 $ 398 $ 374 Adjusted EBITDA from
unconsolidated affiliates $ 1 $ 1 $ 3 $ 4 Adjusted EBITDA $ 563 $ 566 $ 1,576 $
1,597 Natural gas processed (MMcf/d) (a) 5,866 5,852 5,679 5,560 Capital
expenditures $ 398 $ 302 $ 900 $ 884 (a) Includes volumes for consolidated
entities and volumes ONEOK processed at company-owned and third-party
facilities. Natural Gas Pipelines Operating costs, excluding noncash
compensation adjustments $ 68 $ 58 $ 187 $ 162 Depreciation and amortization $
25 $ 25 $ 78 $ 73 Adjusted EBITDA from unconsolidated affiliates $ 67 $ 63 $ 217
$ 179 Adjusted EBITDA $ 231 $ 200 $ 867 $ 600 Natural gas transportation
capacity contracted (MDth/d) (a) 7,780 7,246 7,784 7,251 Transportation capacity
contracted (a) 92 % 90 % 92 % 90 % Capital expenditures $ 59 $ 55 $ 120 $ 169
(a) Includes capacity contracted for consolidated entities only.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 15 -more- ONEOK, Inc. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES Three Months Ended Nine Months Ended Sept. 30, Sept. 30,
(Unaudited) 2026 2025 2026 2025 (Millions of dollars) Reconciliation of net
income to adjusted EBITDA Net income $ 1,384 $ 940 $ 3,127 $ 2,484 Interest
expense, net of capitalized interest 415 450 1,288 1,330 Depreciation and
amortization 395 378 1,160 1,126 Income tax expense (benefit) (26) 297 518 754
Adjusted EBITDA from unconsolidated affiliates 143 129 407 381 Equity in net
earnings from investments (103) (92) (295) (281) Impairment of equity
investments — — 60 — Noncash compensation expense and other (a) 30 17 91 81
Adjusted EBITDA $ 2,238 $ 2,119 $ 6,356 $ 5,875 Reconciliation of segment
adjusted EBITDA to adjusted EBITDA Segment adjusted EBITDA: Natural Gas
Gathering and Processing $ 563 $ 566 $ 1,576 $ 1,597 Natural Gas Liquids 718 748
2,083 2,056 Natural Gas Pipelines 231 200 867 600 Refined Products and Crude 685
582 1,804 1,610 Other (a) (b) 41 23 26 12 Adjusted EBITDA $ 2,238 $ 2,119 $
6,356 $ 5,875 (a) The nine months ended Sept. 30, 2025, included transaction
costs related primarily to the EnLink acquisition of $59 million included within
other and $15 million included within noncash compensation expense and other.
(b) The three and nine months ended Sept. 30, 2026, included a $53 million net
benefit from the minority equity and Brazos Midland transactions, related
primarily to corporate net gains on extinguishment of debt, offset by costs. The
three and nine months ended Sept. 30, 2025, included corporate net gains on
extinguishment of debt of $22 million and $58 million, respectively, in
connection with open market repurchases.

ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial
Guidance Oct. 27, 2026 Page 16 -more- ONEOK, Inc. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES Updated 2026 Guidance Range(a) (Unaudited) (Millions of
dollars) Reconciliation of net income to adjusted EBITDA Net income $ 4,090 - $
4,270 Interest expense, net of capitalized interest 1,675 - 1,645 Depreciation
and amortization 1,605 - 1,555 Income taxes 760 - 810 Adjusted EBITDA from
unconsolidated affiliates 535 - 515 Equity in net earnings from investments
(370) - (390) Impairment of equity investments 60 - 60 Noncash compensation
expense and other 145 - 135 Adjusted EBITDA $ 8,500 - $ 8,600 (a) Provided Oct.
27, 2026.