Forward Looking Statements

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements contained and incorporated in this report are forward-looking statements as defined under federal securities laws. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities legislation and other applicable laws. These statements are not guarantees of future results, occurrences or performance. 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.

Any statements other than statements of historical fact should be considered forward-looking statements. Forward-looking statements include the information concerning possible or assumed future results of our operations and other statements contained or incorporated herein identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “project,” “scheduled,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning.

Forward-looking statements contained in this report include, but are not limited to, statements concerning the following: emissions targets; projects under development and projects under evaluation; energy transition, such as compression electrification, CCUS, hydrogen, RNG, and associated technologies and operations, such as transportation and storage operations; our existing and future investments in other companies; future capital expenditures; legal compliance and training programs; actual and potential impacts of climate-related risks and opportunities on our business, strategy and financial condition; involvement in industry associations and related initiatives; equipment and operations monitoring; corporate governance; risk management processes; employee benefits and functions; trends in natural gas supply, such as renewable natural gas; disclosure practices; emissions reporting practices under the Clean Air Act and associated federal, state, and other rules; incident avoidance, mitigation, and response; use of voluntary reporting frameworks such as GRI, SASB, and TCFD; ESG ratings; conservation and biodiversity; recycling and general waste management; the effects of prior acquisitions and potential future mergers and acquisition activity; natural gas liquids; government relations; supply chains; vendors; contractors; stakeholder engagement; security, including cybersecurity and physical security; privacy and data management; diversity, equity, and inclusion; community involvement, including charitable practices; audits and attestations; recordkeeping; and compliance with federal, state, and other environmental laws and regulations.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors, many of which are difficult to predict and beyond our control, 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. 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:

• Our ability to successfully combine any acquired business and integrate or upgrade our operations to meet our procedures, expectations and goals;
• Changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change through reducing GHG emissions that may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use of alternative energy sources;
• Increasing attention to ESG-related matters and climate change, which has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation;
• The increasing focus on ESG issues, including climate change, and ESG ratings of certain investors and certain organizations that provide information to investors on corporate governance and related matters may lead to increased negative investor sentiment toward us or midstream companies in general;
• The adoption by certain large institutional lenders or investors of their own policies to meet publicly announced climate commitments, which often involve commitments to shift lending and investment activities in the energy sector to meet GHG emissions goals, and as a result, the possibility that certain institutional lenders or investors may impose additional requirements on us, or decide not to lend to or invest in us, based on ESG concerns;
• The possibility that some insurers may increase their rates for insuring (or may decline to insure altogether) our projects as a result of changes in their policies related to insuring oil and gas projects, or the increase in premiums affected by the severity or frequency of extreme weather events for which we may not be able to pass on the higher costs to our customers or recover these increased costs;
• The possibility that the potential pathways we have identified to achieve our absolute GHG emissions reduction targets are not available to us, or to the extent we otherwise are unable to make progress toward other ESG-related targets we may establish;
• Potential physical and financial risks associated with climate change, including the possibility that our customers’ energy needs could vary with shifting weather conditions and cause an increase or decrease in energy use; that extreme weather conditions could occur, requiring more system backup and contributing to increased system stresses; that severe weather could impact our operating territories; and that more severe or frequent extreme weather events could increase the cost of providing services;
• Operational hazards and unforeseen interruptions, including those relating to climate change, for which we may not be adequately insured;
• Breaches of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, or those of third parties;
• Risks relating to regulation, including changes with respect to tax policy, emissions credits, carbon offsets and carbon pricing; increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater; the costs to comply with regulation of GHG emissions; federal and state laws and regulations relating to the protection of the environment; and increased litigation and shareholder activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;
• Risks relating to our employees and directors, including if there is a shortage of skilled labor that makes it difficult to maintain labor productivity and competitive costs or that our employees or directors engage in misconduct or improper activities, including noncompliance with regulatory standards and requirements;
• Risks related to our public statements with respect to ESG matters—for example, emission reduction goals, other environmental targets, or other commitments addressing certain social issues—that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential ESG benefits, which could lead to increased litigation risk from private parties and governmental authorities related to our ESG efforts, and any such alleged claims of greenwashing against us or others in our industry could lead to negative sentiment and the diversion of investment;
• Changes in pension fund values and changing demographics that may affect the cost of providing pension and postretirement health care benefits to eligible employees and qualified retirees;
• The pace of technological advancements and industry innovation, including those focused on reducing GHG emissions and advancing other climate-related initiatives, and our ability to take advantage of those innovations and developments;
• The effectiveness of our risk-management function, including mitigating cyber-, human capital management- and climate-related risks;
• Our ability to identify and execute opportunities, and the economic viability of those opportunities, including those relating to renewable natural gas; carbon capture, use, and storage; other renewable energy sources such as solar and wind; and alternative low carbon fuel sources such as hydrogen;
• The ability of our existing assets and our ability to apply and continue to develop our expertise to support the growth of, and transformation to, various renewable and alternative energy opportunities, including through the positioning and optimization of our assets;
• Our ability to efficiently reduce our GHG emissions, including through the use of lower carbon power alternatives, management practices and system optimizations;
• The necessity to focus on maintaining and enhancing our existing assets while reducing our Scope 1 and 2 GHG emissions;
• The uncertainty of estimates, including accruals and costs of environmental remediation;
• The mechanical integrity of facilities and pipelines operated; and
• Those factors listed under “Forward-looking Statements” in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 (2023 Annual Report), and in our other filings that we make with the United States Securities and Exchange Commission (SEC), which are available via the SEC’s website at www.sec.gov and our website at www.oneok.com.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also affect adversely our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in our 2023 Annual Report and in our other filings that we make with the SEC, which are available via the SEC’s website at www.sec.gov and our website at www.oneok.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Moreover, while we have provided information on several sustainability-related topics, including goals and ambitions, there are inherent uncertainties in providing such information, due to the complexity and novelty of many methodologies and assumptions established for collecting, measuring, and analyzing sustainability-related data. While we anticipate continuing to monitor and report on certain sustainability-related information, we cannot guarantee that such data will be consistent year-to-year, as methodologies and expectations continue to evolve.  Any such forward-looking statement speaks only as of the date on which such statement is first made, and other than as required under securities laws, we undertake no, and expressly disclaim any, obligation to update any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise. We also do not, and do not intend, to independently verify third-party data contained in this report or used in the estimates and assumptions necessary to certain matters discussed in this report. Except as otherwise expressly provided, the information contained in this presentation is not incorporated by reference into any filing of ONEOK made with SEC, or any other filing, report, application, or statement made by ONEOK to any federal, state, tribal, or local governmental authority.

This report contains statements based on hypothetical or severely adverse scenarios and assumptions, and these statements should not necessarily be viewed as being representative of current or actual risk or forecasts or expected risk. While the future events and current scenarios and efforts discussed in this report may be significant, any significance should not be read as necessarily rising to the level of materiality as that term is defined for the purposes of compliance with federal, state or other securities laws or disclosure regulations promulgated thereunder, even if we use the word “material”, “materiality”, “significant”, “important” or other similar words in this report or in other materials we may release from time to time in connection with the matters discussed in this report. Moreover, given the uncertainties, estimates and assumptions inherent in the matters discussed in this report, and the timelines involved, materiality is inherently difficult to assess far in advance. In addition, given the inherent uncertainty of the estimates, assumptions and timelines associated with the matters discussed in this report, including the reliance on technological and regulatory advancements and market participants’ behaviors and preferences, we may not be able to anticipate in advance whether or the degree to which we will or will not be able to meet our plans, targets or goals.

In crafting this report, we have considered the recommendations of certain disclosure frameworks and standards, including SASB and GRI standards for voluntary ESG reporting, TCFD recommendations for voluntary disclosure of climate risks and opportunities, U.S. EPA GHGRP and the U.N. SDGs. We have elected to disclose according to certain of those recommendations as we deem appropriate and reasonable for our business. While we may provide disclosures relating to a certain topic or recommendation, no disclosure in this report, in and of itself, should indicate whether we consider the topic or recommendation material to our business for the purpose of federal, state or other securities laws or disclosure regulations.

While we believe that our ESG disclosures and methodologies reflect our business strategy and are reasonable at the time made or used, as our business or applicable methodologies, standards, or regulations develop and evolve, we may revise or cease reporting or using certain disclosures, terms, assumptions and methodologies if we determine that they are no longer advisable or appropriate, or are otherwise required to do so. We include these issues in this Report in the interest of transparency and to respond to interest from our stakeholders, but do not intend the characterizations in this report, including that certain environmental issues are being considered in our business decisions, to indicate that the issue is material for the purposes of federal, state or other securities laws or disclosure regulations.