ONEOK Announces Higher Fourth-quarter and Full-year 2017 Operating Income and Adjusted EBITDA
TULSA, Okla., Feb. 26, 2018 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher fourth-quarter and full-year 2017 operating income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), compared with the same periods in 2016. Results primarily benefited from natural gas and natural gas liquids (NGL) volume growth in the Williston and Permian basins and STACK and SCOOP areas, and higher average fee rates in the natural gas gathering and processing segment.
SUMMARY
-- Fourth-quarter 2017 operating income and adjusted EBITDA increased 21
and 16 percent, respectively, compared with the fourth quarter 2016;
-- Full-year 2017 operating income and adjusted EBITDA each increased 7
percent compared with 2016;
-- Fourth-quarter 2017 net income attributable to ONEOK totaled $63.0
million, or 16 cents per diluted share, which includes one-time noncash
charges of $141.3 million, or 36 cents per diluted share, related to the
Tax Cuts and Jobs Act;
-- Fourth-quarter and full-year 2017 dividend coverage ratios were 1.28 and
1.34, respectively;
-- The natural gas gathering and processing segment's average fee rate was
86 cents per Million British thermal units (MMBtu) for the full-year
2017, compared with 76 cents per MMBtu in 2016; and
-- Fourth-quarter 2017 natural gas volumes processed increased 20 percent
and NGL volumes gathered increased 17 percent, compared with 2016.
FOURTH-QUARTER AND FULL-YEAR 2017 FINANCIAL HIGHLIGHTS
Three Months Ended Years Ended
December 31, December 31,
2017 2016 2017 2016
---- ---- ---- ----
(Millions of dollars, except per share and coverage
ratio amounts)
Net income
attributable to
ONEOK (a) $63.0 $90.5 $387.8 $352.0
Net income per
diluted share
(a) $0.16 $0.43 $1.29 $1.66
Adjusted EBITDA
(b) $547.7 $474.1 $1,986.9 $1,849.9
DCF (b) $366.0 $318.3 $1,384.7 $1,322.3
Dividend coverage
ratio (b) 1.28 1.41 1.34 1.51
----------------- ---- ---- ---- ----
Operating income $397.8 $329.6 $1,380.9 $1,285.7
Operating costs $216.8 $204.1 $833.6 $757.1
Depreciation and
amortization $103.8 $99.3 $406.3 $391.6
Equity in net
earnings from
investments $40.3 $39.2 $159.3 $139.7
Capital
expenditures $182.0 $133.1 $512.4 $624.6
------------- ------ ------ ------ ------
(a) Three-month and full-year
periods ending Dec. 31, 2017,
include one-time noncash charges of
$141.3 million, or 36 cents per
diluted share and 47 cents per
diluted share, respectively, related
to the enactment of the Tax Cuts and
Jobs Act. The full-year ending Dec.
31, 2017, also includes noncash
impairment charges of approximately
$20.2 million, or 4 cents per
diluted share, and approximately $50
million, or 10 cents per diluted
share, in one-time and ONEOK and
ONEOK Partners merger transaction-
related costs.
(b) Adjusted EBITDA; distributable
cash flow (DCF); and dividend
coverage ratio are non-GAAP
measures. Full-year 2017 amounts
include transaction-related pretax
cash costs of approximately $30
million, or 0.04 times dividend
coverage, associated with the ONEOK
and ONEOK Partners merger
transaction. Reconciliations to
relevant GAAP measures are included
in this news release.
"Producer activity and production results increased across ONEOK's operating footprint in 2017, driving volume growth and adjusted EBITDA increases compared with 2016," said Terry K. Spencer, ONEOK president and chief executive officer. "We continue to see production growth, largely driven by improved producer drilling economics and higher rig efficiencies.
"ONEOK is investing in our systems to grow with our customers and address their needs for additional capacity," Spencer added. "We've announced approximately $4.2 billion of organic capital-growth projects with attractive returns since June 2017 that will be highly accretive, complement our existing assets and provide essential services in high-producing regions."
FOURTH-QUARTER AND FULL-YEAR 2017 FINANCIAL PERFORMANCE
ONEOK's operating income increased 21 percent in the fourth quarter 2017 and 7 percent for the full-year 2017, compared with the same periods in 2016. Adjusted EBITDA increased 16 percent in the fourth quarter 2017 and 7 percent for the full-year 2017, compared with the same periods in 2016. Higher 2017 results were driven primarily by natural gas and natural gas liquids volume growth in ONEOK's natural gas gathering and processing and natural gas liquids segments, offset partially by higher operating costs associated with the growth of ONEOK's operations and routine maintenance projects.
EARNINGS PRESENTATION AND KEY STATISTICS:
Additional financial and operating information that will be discussed on the fourth-quarter and year-end 2017 conference call is accessible on ONEOK's website, www.oneok.com, or from the links below.
FINANCIAL HIGHLIGHTS:
-- Paying in February 2018 a quarterly dividend of 77 cents per share, or
$3.08 per share on an annualized basis, an increase of 25 percent
compared with the same period in 2017;
-- Completing equity issuances through ONEOK's "at-the-market" equity
program in the fourth quarter 2017 generating net proceeds of $384
million and completing a public common stock offering in January 2018
resulting in total combined net proceeds of approximately $1.6 billion,
which were used to fund recently announced capital-growth projects and
repay outstanding indebtedness. ONEOK does not expect to issue
additional equity in 2018 and well into 2019;
-- Repaying in January 2018 the remaining $500 million of the $1.0 billion
term loan agreement due 2019 and short-term borrowings; and
-- Having $2.5 billion of borrowing capacity available under its $2.5
billion credit agreement following the January 2018 equity offering.
CAPITAL-GROWTH ACTIVITIES:
Since June 2017, ONEOK has announced approximately $4.2 billion of organic capital-growth projects to support increasing production across ONEOK's operating footprint. These projects are expected to generate adjusted EBITDA multiples of four to six times and are backed by a combination of long-term fee-based contracts, volume commitments or acreage dedications.
Based on recent project announcements, ONEOK's 2018 capital-growth expenditures are now expected to range from $1,950 million to $2,300 million, compared with the previously announced range of $1,270 million to $1,530 million. Maintenance capital expenditures of $140 million to $180 million are expected to remain unchanged from ONEOK's original 2018 financial guidance announced on Jan. 22, 2018.
Since June 2017, the natural gas liquids segment has announced more than $3.6 billion of capital-growth projects, which include the following:
Project Scope Approximate Cost Expected
(Millions of dollars) Completion
--- -------------------- ----------
West Texas LPG 120-mile pipeline lateral extension with 110,000 barrels $160 Third quarter
Pipeline expansion per day (bpd) of capacity in the Delaware Basin 2018
Sterling III expansion 60,000 bpd pipeline extension from the Mid-Continent to $130 Fourth quarter
the Gulf Coast which increases capacity to 250,000 bpd 2018
Elk Creek Pipeline 900-mile pipeline from the Williston Basin to the Mid- $1,400 Year-end 2019
project Continent with initial capacity up to 240,000 bpd
Arbuckle II Pipeline 530-mile pipeline from the Mid-Continent to the Gulf $1,360 First quarter
Coast with initial capacity of 400,000 bpd 2020
MB-4 fractionator 125,000 bpd fractionator and related infrastructure in Mont $575 First quarter
Belvieu, Texas 2020
--- -------------- ----
Since June 2017, the natural gas gathering and processing segment has announced approximately $560 million of capital-growth projects, which include the following:
Project Scope Approximate Cost Expected
(Millions of Completion
dollars)
--- -------
Canadian Valley 200 million cubic feet per day (MMcf/d) processing $160 Fourth quarter
expansion plant expansion in the STACK which increases capacity 2018
to 400 MMcf/d
Demicks Lake plant 200 MMcf/d processing plant and related infrastructure $400 Fourth quarter
and infrastructure in the core of the Williston Basin 2019
------------------ ---------------------------------- ----
In December 2017, the segment completed a 30-mile natural gas gathering pipeline and related infrastructure to connect with an existing third-party natural gas processing plant in Oklahoma, providing ONEOK access to 200 MMcf/d of additional processing capacity.
BUSINESS-SEGMENT RESULTS:
Key financial and operating statistics are listed in the tables.
Natural Gas Liquids Segment
The natural gas liquids segment's fourth-quarter and full-year 2017 adjusted EBITDA increased 22 and 7 percent, respectively, compared with the same periods in 2016. Volume growth across ONEOK's system from increased supply and increased ethane recovery contributed to higher NGL volumes gathered during the fourth quarter and full year 2017, compared with 2016. Fourth-quarter and full-year 2017 NGLs fractionated increased 18 percent and 6 percent respectively, compared with the same periods in 2016.
As total NGL production increased in 2017, ethane rejection levels on ONEOK's system decreased to an average of more than 150,000 bpd in 2017, compared with approximately 175,000 bpd in 2016. ONEOK expects ethane rejection levels on its system to decrease to approximately 70,000 bpd by the end of 2018 as world-scale petrochemical facilities come online and NGL exporters increase volumes.
Three Months Ended Years Ended
December 31, December 31,
Natural Gas Liquids Segment 2017 2016 2017 2016
--------------------------- ---- ---- ---- ----
(Millions of dollars)
Adjusted EBITDA $309.4 $253.6 $1,154.9 $1,079.6
Capital expenditures $54.5 $20.4 $114.3 $105.9
-------------------- ----- ----- ------ ------
The increase in fourth-quarter 2017 adjusted EBITDA, compared with the fourth quarter 2016, primarily reflects:
-- A $51.7 million increase in exchange services due to increased supply in
the STACK and SCOOP areas and the Williston Basin from recently
connected natural gas processing plants, increased ethane recovery in
the STACK and SCOOP areas, and the impact of weather in December 2016,
offset partially by lower volumes in the Granite Wash and Barnett Shale;
and
-- An $11.7 million increase in optimization and marketing due primarily to
higher optimization volumes and wider location price differentials,
offset partially by narrower product price differentials; offset
partially by
-- A $12.6 million increase in operating costs due primarily to the timing
of routine maintenance projects and higher labor and employee-related
costs.
The increase in adjusted EBITDA for the full year 2017, compared with 2016, primarily reflects:
-- An $81.5 million increase in exchange services due primarily to
increased supply and ethane recovery volumes in the Williston Basin, the
STACK and SCOOP areas and the Powder River Basin; offset partially by
lower volumes in the Granite Wash and Barnett Shale, and reduced volumes
related to Hurricane Harvey;
-- A $13.5 million increase in optimization and marketing due primarily to
higher optimization volumes and wider location price differentials; and
-- A $5.4 million increase in equity in net earnings from investments due
primarily to higher volumes delivered to the Overland Pass Pipeline from
the Bakken NGL Pipeline and higher volumes and increased ethane recovery
from plants connected to the Overland Pass Pipeline; offset partially by
-- A $32.2 million increase in operating costs due primarily to the timing
of routine maintenance projects, higher property taxes, higher labor and
employee-related costs and additional operating costs related to
Hurricane Harvey.
Natural Gas Gathering and Processing Segment
The natural gas gathering and processing segment's fourth-quarter and full-year 2017 adjusted EBITDA increased 14 and 16 percent, respectively, compared with the same periods in 2016.
Volume growth due to increased drilling activity, enhanced producer efficiencies and the completion of growth projects contributed to increases in natural gas volumes processed of 20 percent and 9 percent in the fourth quarter and full year 2017, respectively, compared with the same periods in 2016. Volume growth for the full year 2017 was offset partially by natural production declines on existing wells and the impact of severe winter weather in the first quarter 2017.
This segment also continues to benefit from higher fee-based earnings, with an average fee rate of 86 cents per MMBtu in 2017, compared with 76 cents per MMBtu in 2016, a 13 percent increase.
Three Months Ended Years Ended
December 31, December 31,
Natural Gas Gathering and Processing Segment 2017 2016 2017 2016
-------------------------------------------- ---- ---- ---- ----
(Millions of dollars)
Adjusted EBITDA $144.3 $126.6 $518.5 $446.8
Capital expenditures $98.5 $84.7 $284.2 $410.5
-------------------- ----- ----- ------ ------
Fourth-quarter 2017 adjusted EBITDA increased, compared with the fourth quarter 2016, which primarily reflects:
-- A $37.8 million increase due primarily to natural gas volume growth in
the Williston Basin and the STACK and SCOOP areas, offset partially by
natural production declines; offset partially by
-- An $8.0 million decrease due to contract settlements in 2016;
-- A $7.2 million increase in operating costs due primarily to higher
materials and supplies expenses, and increased employee-related costs;
and
-- A $4.4 million decrease due primarily to lower realized natural gas and
condensate prices.
The increase in adjusted EBITDA for the full year 2017, compared with 2016, primarily reflects:
-- A $66.0 million increase due primarily to natural gas volume growth in
the Williston Basin and the STACK and SCOOP areas, offset partially by
natural production declines and the impact of severe winter weather in
the first quarter 2017; and
-- A $44.0 million increase due primarily to restructured contracts
resulting in higher average fee rates, offset partially by a lower
percentage of proceeds (POP) retained from the sale of commodities
purchased under POP with fee contracts; offset partially by
-- A $23.9 million increase in operating costs due primarily to increased
labor and employee-related costs and the growth of ONEOK's operations;
-- An $11.9 million decrease due primarily to lower realized natural gas
and condensate prices; and
-- An $8.0 million decrease due to contract settlements in 2016.
Natural Gas Pipelines Segment
The natural gas pipelines segment's full-year 2017 adjusted EBITDA increased 9 percent, compared with the same period in 2016. Higher fee-based earnings and increased transportation capacity contracted, primarily from the 2016 completion of the WesTex pipeline expansion, contributed to the segment's results.
Three Months Ended Years Ended
December 31, December 31,
Natural Gas
Pipelines
Segment 2017 2016 2017 2016
----------- ---- ---- ---- ----
(Millions of dollars)
Adjusted EBITDA $88.7 $89.9 $339.8 $313.1
Capital
expenditures $24.9 $24.6 $95.6 $96.3
------------- ----- ----- ----- -----
Fourth-quarter 2017 adjusted EBITDA was relatively unchanged, compared with the fourth quarter 2016, which primarily reflects increased operating costs due to routine maintenance projects and higher employee-related costs, and lower net retained fuel; offset by higher transportation services and storage revenues.
The increase in adjusted EBITDA for the full year 2017, compared with 2016, primarily reflects:
-- A $26.9 million increase from higher transportation services due
primarily to increased firm demand charge capacity contracted; and
-- A $12.9 million increase in equity in net earnings from investments due
primarily to higher firm transportation revenues on Roadrunner Gas
Transmission Pipeline; offset partially by
-- A $10.6 million increase in operating costs due primarily to routine
maintenance projects and higher labor and employee-related costs; and
-- A $6.3 million decrease due primarily to gains on sales of excess
natural gas in storage in 2016.
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time) on Feb. 27, 2018. The call also will be carried live on ONEOK's website.
To participate in the telephone conference call, dial 866-531-8880, pass code 1603660, or log on to www.oneok.com.
If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's website, www.oneok.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, pass code 1603660.
LINKS TO EARNINGS TABLES AND PRESENTATION:
Presentation:
http://ir.oneok.com/~/media/Files/O/OneOK-IR/financial-reports/2018/q4-2017-earnings-results-presentation.pdf
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:
ONEOK has disclosed in this news release adjusted EBITDA, distributable cash flow and dividend coverage ratio, which are non-GAAP financial metrics, used to measure the company's financial performance and are defined as follows:
-- Adjusted EBITDA is defined as net income from continuing operations
adjusted for interest expense, depreciation and amortization, noncash
impairment charges, income taxes, noncash compensation expense,
allowance for equity funds used during construction (equity AFUDC), and
other noncash items;
-- Distributable cash flow is defined as adjusted EBITDA, computed as
described above, less interest expense, maintenance capital expenditures
and equity earnings from investments, excluding noncash impairment
charges, adjusted for cash distributions received from unconsolidated
affiliates and certain other items; and
-- Dividend coverage ratio is defined as ONEOK's distributable cash flow to
ONEOK shareholders divided by the dividends paid for the period.
These non-GAAP financial measures described above are useful to investors because they, and similar measures, are used by many companies in the industry as a measure of financial performance and are commonly employed by financial analysts and others to evaluate our financial performance and to compare our financial performance with the performance of other companies within our industry. Adjusted EBITDA, ONEOK distributable cash flow and coverage ratio 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.
These non-GAAP financial measures exclude some, but not all, items that affect net income. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Reconciliations of net income to adjusted EBITDA, distributable cash flow and coverage ratio are included in the tables.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is one of the largest energy midstream service providers in the U.S., connecting prolific supply basins with key market centers. It owns and operates one of the nation's premier natural gas liquids (NGL) systems and is a leader in the gathering, processing, storage and transportation of natural gas. ONEOK's operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
ONEOK is a FORTUNE 500 company and is included in Standard & Poor's (S&P) 500 index.
For information about ONEOK, visit the website: www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook or Twitter @ONEOKNews.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes," "expects", "intends", "plans", "projects", "will", "would", "should", "may", 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, statements about the benefits of the transaction involving us, including 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 risk that cost savings, tax benefits and any other synergies from
the ONEOK and ONEOK Partners merger transaction may not be fully
realized or may take longer to realize than expected
-- the effects of weather and other natural phenomena, including climate
change, on our operations, demand for our services and energy prices;
-- competition from other United States and foreign energy suppliers and
transporters, as well as alternative forms of energy, including, but not
limited to, solar power, wind power, geothermal energy and biofuels such
as ethanol and biodiesel;
-- the capital intensive nature of our businesses;
-- the profitability of assets or businesses acquired or constructed by us;
-- our ability to make cost-saving changes in operations;
-- risks of marketing, trading and hedging activities, including the risks
of changes in energy prices or the financial condition of our
counterparties;
-- the uncertainty of estimates, including accruals and costs of
environmental remediation;
-- the timing and extent of changes in energy commodity prices;
-- the effects of changes in governmental policies and regulatory actions,
including changes with respect to income and other taxes, pipeline
safety, environmental compliance, climate change initiatives and
authorized rates of recovery of natural gas and natural gas
transportation costs;
-- the impact on drilling and production by factors beyond our control,
including the demand for natural gas and crude oil; producers' desire
and ability to obtain necessary permits; reserve performance; and
capacity constraints on the pipelines that transport crude oil, natural
gas and NGLs from producing areas and our facilities;
-- difficulties or delays experienced by trucks, railroads or pipelines in
delivering products to or from our terminals or pipelines;
-- changes in demand for the use of natural gas, NGLs and crude oil because
of market conditions caused by concerns about climate change;
-- the impact of unforeseen changes in interest rates, debt and equity
markets, inflation rates, economic recession and other external factors
over which we have no control, including the effect on pension and
postretirement expense and funding resulting from changes in equity and
bond market returns;
-- our indebtedness and guarantee obligations could make us vulnerable to
general adverse economic and industry conditions, limit our ability to
borrow additional funds and/or place us at competitive disadvantages
compared with our competitors that have less debt, or have other adverse
consequences;
-- actions by rating agencies concerning our credit;
-- the results of administrative proceedings and litigation, regulatory
actions, rule changes and receipt of expected clearances involving any
local, state or federal regulatory body, including the Federal Energy
Regulatory Commission (FERC), the National Transportation Safety Board,
the Pipeline and Hazardous Materials Safety Administration (PHMSA), the
U.S. Environmental Protection Agency (EPA) and the U.S. Commodity
Futures Trading Commission (CFTC);
-- our ability to access capital at competitive rates or on terms
acceptable to us;
-- risks associated with adequate supply to our gathering, processing,
fractionation and pipeline facilities, including production declines
that outpace new drilling or extended periods of ethane rejection;
-- the risk that material weaknesses or significant deficiencies in our
internal controls over financial reporting could emerge or that minor
problems could become significant;
-- the impact and outcome of pending and future litigation, including
litigation, if any, relating to the ONEOK and ONEOK Partners merger
transaction;
-- the ability to market pipeline capacity on favorable terms, including
the effects of:
-- future demand for and prices of natural gas, NGLs and crude oil;
-- competitive conditions in the overall energy market;
-- availability of supplies of Canadian and United States natural gas
and crude oil; and
-- availability of additional storage capacity;
-- performance of contractual obligations by our customers, service
providers, contractors and shippers;
-- the timely receipt of approval by applicable governmental entities for
construction and operation of our pipeline and other projects and
required regulatory clearances;
-- our ability to acquire all necessary permits, consents or other
approvals in a timely manner, to promptly obtain all necessary materials
and supplies required for construction, and to construct gathering,
processing, storage, fractionation and transportation facilities without
labor or contractor problems;
-- the mechanical integrity of facilities operated;
-- demand for our services in the proximity of our facilities;
-- our ability to control operating costs;
-- acts of nature, sabotage, terrorism or other similar acts that cause
damage to our facilities or our suppliers' or shippers' facilities;
-- economic climate and growth in the geographic areas in which we do
business;
-- the risk of a prolonged slowdown in growth or decline in the United
States or international economies, including liquidity risks in United
States or foreign credit markets;
-- the impact of recently issued and future accounting updates and other
changes in accounting policies;
-- the possibility of future terrorist attacks or the possibility or
occurrence of an outbreak of, or changes in, hostilities or changes in
the political conditions throughout the world;
-- the risk of increased costs for insurance premiums, security or other
items as a consequence of terrorist attacks;
-- 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;
-- the impact of uncontracted capacity in our assets being greater or less
than expected;
-- the ability to recover operating costs and amounts equivalent to income
taxes, costs of property, plant and equipment and regulatory assets in
our state and FERC-regulated rates;
-- the composition and quality of the natural gas and NGLs we gather and
process in our plants and transport on our pipelines;
-- the efficiency of our plants in processing natural gas and extracting
and fractionating NGLs;
-- the impact of potential impairment charges;
-- the risk inherent in the use of information systems in our respective
businesses, implementation of new software and hardware, and the impact
on the timeliness of information for financial reporting;
-- our ability to control construction costs and completion schedules of
our pipelines and other projects; and
-- the risk factors listed in the reports ONEOK has filed and may file with
the Securities and Exchange Commission (the "SEC"), which are
incorporated by reference.
These reports are also available from the sources described below. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. 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.
Analyst Contact: Megan Patterson
918-561-5325
Media Contact: Brad Borror
918-588-7582
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SOURCE ONEOK, Inc.
