ONEOK, INC. (1OKE) May 2026 Annual General Meeting Transcript

Good morning, ladies and gentlemen, and welcome. I'm Julie Edwards, Board Chair of One Oak, Inc., and it is my pleasure to welcome you to the One Oak 2026 Annual Meeting of Shareholders. We greatly value your participation. I call this meeting to order. By holding our annual meeting virtually, our shareholders are able to join us from anywhere, enabling increased attendance and participation, providing a cost savings to our company, and contributing to our sustainability efforts by reducing environmental impact. Before we proceed, and as a point of personal privilege, I would like to note that this year we want to recognize the service of two of our fellow directors who are not standing for re-election. Gerald Smith, who has served on the board for 10 years is retiring in accordance with our mandatory retirement age policy. In addition, Patty Moore, who has served as a director since 2002, has elected to retire. We thank both Gerald and Patty for their distinguished service and contributions to One Oak over the years. At the same time, we continue to focus on board refreshment as we welcomed two new directors to the Board in January, Precious Williams Owaduni and Mark McCollum. As first-time nominees, Precious and Mark bring unique perspectives, skills, and deep experience that further strengthen our Board. It is our intention to conduct today's meeting according to the agenda and rules and procedures posted on the virtual meeting website. Please note that following adjournment of the formal meeting there will be an opportunity for you to submit questions online via the meeting site. The polls will be open for voting after all the proposals have been presented. I remind you that statements made during our annual meeting that include One Oak expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provisions of the Securities Act of 1933 and the Securities and Exchange Act of 1934. Actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. Before proceeding to the business of the meeting, let me introduce your board. Brian Dirksen, retired Global Deputy Chief Executive Officer of Deloitte Tilmatsu Limited, Dallas, Texas. Lori Gabelow, Business Consultant, Gabelow Advisors, Houston, Texas. Mark Helderman, Retired Managing Director and Co-Portfolio Manager of Sasko Capital, Inc., Westlake, Ohio. Randy Larson, Retired Chief Executive Officer of Transmontane Partners, LP, Tucson, Arizona. Mark McCollum, retired President and Chief Executive Officer, Weatherford International PLC, Waco, Texas. Pierce Norton, President and Chief Executive Officer, One Oak Inc., Tulsa, Oklahoma. Precious Williams Oaduni, Chief Executive Officer, Mountaintop Consulting, Houston, Eddie Rodriguez, President, Strategic Communications Consulting Group, El Paso, Texas, and Wayne Smith, Retired Chairman and Chief Executive Officer of BASF Corporation North America, Rochester, New York. On behalf of all of One Oak shareholders, I thank you for your service to the Board. Sarah Rector, Vice President, Deputy General Counsel, and Corporate Secretary of One Oak, Inc., will serve as secretary for this meeting. Daniel Loeffler, Vice President, Relationship Manager of Aquinity Trust Company, LLC, our independent stock transfer agent, has been appointed as inspector of election for this meeting. Ms. Rector will now report on the mailing of the notice of this meeting and the presence of a quorum.

Ms. Thank you, Madam Chair. Notice of this meeting, Included in the proxy statement covering the matters to be acted upon at this meeting or access through a notice of Internet availability of proxy materials was first mailed on April 1st, 2026 to each shareholder of record as of March 23rd, 2026. A list of shareholders entitled to notice of and to vote at this meeting has been available for viewing at corporate headquarters for the past 10 days and is available for viewing by appointment. At the record date, 630,030,624 shares of 1O Common Stock were issued and outstanding. We are informed by the Inspector of Election that the count of shares immediately prior to this meeting shows that a majority of the shares of 1-0 common stock outstanding at the record date are represented at this meeting in person or by proxy. Madam Chair, a quorum is therefore present.

Ms. Thank you, Ms. Rector. I hereby declare a quorum is present and that this meeting is duly convened for the purpose of conducting such business as may properly come before it on behalf of the board of directors of one oak i express my appreciation to all shareholders participating today and all shareholders who returned their proxy at today's meeting we are asking our shareholders to vote on the following three proposals proposal number one is the annual election of 10 directors to serve for a one-year term expiring at the company's annual meeting of shareholders members in 2027. The nominees for the ten direct receipts as set forth in the proxy statement for this meeting are Brian L. Dirksen, Julie H. Edwards, Lori A. Gabelow, Mark W. Helderman, Randall J. Larson, Mark A. McCollum, Pierce H. Norton, Precious Williams Aladuni, Eduardo A. Rodriguez, Wayne T. Smith. Proposal number two is the ratification of the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for One Oak, Inc. for the year ending December 31, 2026. Proposal number three is the approval of our executive compensation on a nonbinding advisory basis as described in the proxy statement for today's meeting. I now move for shareholder approval of these three proposals. The polls are now open. I would like to point out that those of you who have previously returned proxies have authorized the persons named in the proxy to vote your shares as instructed on all proposals coming before the meeting, and you do not need to take any further action. If any shareholder has not submitted a proxy or wishes to revoke a previously voted proxy and recast their vote, you may do so by clicking on the voting button on the meeting website and following the instructions. We will pause briefly to allow you to do so. While we are paused, you will hear silence on the line, and then we will continue. Since all shareholders have now had the opportunity to vote, I declare the polls closed. The inspector of election will now count the votes. While he is doing so, our CEO, Pierce Norton, will address the meeting.

Good morning and thank you for your investment in One Oak. A review of our 2025 results was included in the proxy statement in our annual report, which were made available to shareholders in advance of today's meeting. Those materials include detailed information on our financial and operational performance, and I encourage you to review them if you've not already done so. I would like to begin my brief remarks by reflecting on One Oak's performance over the past year and how it positions us for the future. In 2025, we delivered our 12th consecutive year of adjusted EBITDA growth with nearly 90 percent fee-based earnings, supporting stable cash flows through changing market conditions and reinforcing the durability of our strategy. In 2025, we returned nearly $2.7 billion to shareholders through dividends and share repurchases. And in January, the Board approved another 4 percent dividend increase, extending more than 30 consecutive years of dividend stability. We also extinguished nearly $3.1 billion of long-term debt last year, supported continued balance sheet strength and flexibility as markets evolve. The flexibility is important as we invest across our system to meet long-term demand. We continue to invest in high-return organic growth projects across our system, providing significant operating leverage on our assets. We've either recently completed or are nearing completion on significant expansion projects projects that will add nearly 600,000 barrels a day of NGL pipeline capacity, more than 200,000 barrels per day of fractionation capacity, more than 550 million cubic feet per day of Permian Basin natural gas gathering and processing capacity, and expandable refined products capacity to the growing Denver market. All of these projects are either complete or expected to be completed within the next year. In addition to these projects, we're also participating in joint ventures that will add much-needed natural gas pipeline capacity from the Permian Basin and LPG exports on the Gulf Coast. Energy markets remain dynamic, but long-term fundamentals are strong in the U.S. energy infrastructure, and it remains essential to economic growth, power demand, and global energy security. Looking ahead, U.S. natural gas demand continues to grow across power generation, driven by emerging data center demand, industrial activity, and LNG exports, reinforcing the durability of domestic and global call on U.S. energy infrastructure. At the same time, global demand for natural gas liquids remains strong, driven by petrochemical and international markets, with U.S. supply playing an increasingly critical role. Recent geopolitical events have further reinforced these dynamics. Global energy disruptions have accelerated the reconfiguration of trade flows, increasing demand for U.S. LPG exports and Gulf Coast dock capacity as customers seek secure, reliable supply. One Oak strategically located assets are positioned to support these evolving market needs. As global demand for hydrocarbons continue to grow, infrastructure, not supply, is the constraint. And that is exactly where One Oak is positioned, providing scalable, strategically located infrastructure with capacity and the ability to respond to evolving demand dynamics. Midstream's role is simple. We connect supply and demand safely and efficiently across cycles, not around them. That's where One Oak differentiates itself. We built a regionally diversified, integrated platform at scale across natural gas liquids, natural gas, crude oil, and refined products, anchored by an innovative and dedicated employee base, the interconnectivity of our assets, customer relations, and a predominantly fee-based model. Our systems sit in and around some of the most resilient bases in durable demand centers, including power generation, industrial demand, and export markets. But these assets can't deliver essential energy on their own. I want to thank our more than 6,000 dedicated and innovative employees. Their commitment and focus every day is what makes our performance possible and what ultimately delivers the energy our country and the world relies on. And that shared purpose is what continues to drive One Oak forward. In closing, we are confident in our strategy, discipline, in our execution, and focused on continuing to create long-term value for our shareholders. One Oak is positioned for this moment. Madam Chair, that concludes my remarks.

Thank you, Pierce. Ms. Rector, will you please report on the results of the voting?

Madam Chair, we have been provided the preliminary report of the Inspector of Election as follows. Each of the 10 director nominees has been elected to the Board of Directors. Proposals two and three have been approved by the required vote of the One Oaks shareholders.

Thank you, Ms. Rector. Because no one has submitted any additional business for this meeting in accordance with the provisions of our bylaws, there is no other business to come before this meeting. I once again express my sincere appreciation to the shareholders who attended this meeting and to those who submitted their proxies prior to the meeting. I declare this annual meeting of shareholders concluded we're now ready for any shareholder questions that have not previously been addressed in mr norton's remarks or are not disclosed in our public documents we remind you that we will not address questions that are not germane to the meeting or the business of the company as further set forth in the rules and procedures posted on our virtual meeting website seeing that there are no more questions that concludes the q a session thank you again for attending and for your investment in One Oak. Operator, you may disconnect.