oneok ONEOK and ONEOK Partners Investor Conference

Journey By DesignJourney By DesignJourney By DesignJourney By DesignNew York City | October 2, 2008

Dan HarrisonDan HarrisonDan HarrisonDan HarrisonVice PresidentInvestor Relations & Public Affairs

2 | Journey By Design

Investor Relations & Public Affairs

ForwardForward--Looking StatementLooking Statement

Statements contained in this presentation that include company p p yexpectations or predictions should be considered forward-looking statements which are covered by the safe harbor provisions of the Securities Act of 1933 and the Securities and Exchange Act of 1934 Securities Act of 1933 and the Securities and Exchange Act of 1934. It is important to note that the actual results of company earnings could differ materially from those projected in such forward-looking statements. For additional information, refer to ONEOK’s and ONEOK Partners’ Securities and Exchange Commission Filings.


John W GibsonJohn W GibsonJohn W. GibsonJohn W. GibsonONEOK, Inc. | Chief Executive OfficerONEOK Partners, L.P. | Chairman and Chief Executive Officer


ONEOK Partners, L.P. | Chairman and Chief Executive Officer

LeadershipLeadershipONEOK and ONEOK Partners

John W. GibsonChief Executive Officer

Curtis DinanSenior Vice President Jim Kneale

P id t &Chief Financial Officer &Treasurer

President &Chief Operating Officer

Caron Lawhorn Terry SpencerPierce Norton II


Caron LawhornSenior Vice President

& Chief Accounting Officer

Terry SpencerExecutive Vice President

Pierce Norton IIExecutive Vice President

LeadershipLeadershipONEOK and ONEOK Partners

Terry SpencerExecutive Vice President

Pierce Norton IIExecutive Vice President

Kent ShortridgeKent ShortridgePresidentPresident

Natural Gas PipelinesNatural Gas Pipelines

Rob MartinovichRob MartinovichPresidentPresident

Natural Gas Natural Gas Gathering & ProcessingGathering & Processing

Sheridan SwordsSheridan SwordsPresidentPresident

NGL Gathering NGL Gathering & & FractionationFractionation

Roger ThorpeRoger ThorpePresident President

NGL PipelinesNGL Pipelines

Patrick McDoniePatrick McDoniePresident President

Energy ServicesEnergy Services

Samuel Combs IIISamuel Combs IIIPresidentPresidentDistributionDistribution


AgendaAgenda


AgendaAgendaJohn W. Gibson Vision, Strategy and Overview 8:30

ONEOK P t Jim Kneale, President & Chief OKS O i 8 45ONEOK Partners Jim Kneale, President & Chief Operating Officer OKS Overview 8:45

Pierce Norton II, Executive Vice President Natural Gas 8:55

Rob Martinovich, President Gathering & Processing

Kent Shortridge, President Natural Gas Pipelines

Natural Gas Q & A

Terry Spencer, Executive Vice President Natural Gas Liquids 9:30

Sheridan Swords, President Gathering & Fractionation

Roger Thorpe, President Natural Gas Liquids Pipelines

Natural Gas Liquids Q & A

Caron Lawhorn, Senior Vice President & Chief Accounting Officer OKS Financial Review 10:05

ONEOK Partners Q & A

BREAK 10:25


BREAK 10:25

AgendaAgenda

ONEOK I Jim Kneale, President & Chief OKE O i 10 45ONEOK, Inc. Jim Kneale, President & Chief Operating Officer OKE Overview 10:45

Pierce Norton II, Executive Vice President Distribution 10:50

Sam Combs III, President

Terry Spencer, Executive Vice President Energy Services 11:05

Patrick McDonie, President

ONEOK Q & A

Caron Lawhorn, Senior Vice President & Chief Accounting Officer OKE Financial Review 11:30

John W. Gibson Closing Remarks 11:45

Q & A

LUNCHEON 12:00


Overview & VisionOverview & Vision


ONEOK TodayONEOK Today

• Assets that fit and work • Strong balance sheet

A Premier Energy Company

together– Integrated operations

Expanding participation in the

g• Market capitalization

– ONEOK: $3.8 billion$– Expanding participation in the

value chain• Proven ability to grow

– ONEOK Partners: $4.9 billion

profitably– Predominately fee-based

income– Executing $2 billion of growth

projects at ONEOK Partners


Journey By DesignJourney By Design

• Demonstrated financial flexibility and discipline

Key Points

– Ability to access capital markets– No significant exposure to financially challenged firms– Disciplined acquirer of assets

• Growth at ONEOK Partners will continue to benefit ONEOK– OKS incremental EBITDA and distributable cash flow increases OKE earnings

and cash flow– OKE has demonstrated its interest in increasing its ownership in OKS

• Growing NGL business provides non-discretionary, fee-based services• Distribution segment has increased its sustainable level of earnings g g

through the execution of key strategies• Energy Services focuses on physical marketing of natural gas to LDCs

and is positioned to capitalize on market inefficiencies


Our VisionOur Vision

A premier energy company creating exceptional value for all

A Premier Energy Company

p gy p y g pstakeholders by:• Rebundling services across the value chain, primarily through

ti l i t ti t id t ith i i vertical integration, to provide customers with premium services at lower costs

• Applying our capabilities — as a gatherer, processor, transporter, Applying our capabilities as a gatherer, processor, transporter, marketer and distributor — to natural gas and natural gas liquids…

…and other commodities


A Journey By DesignA Journey By DesignRebundling the Value Chain and Applying Our Capabilities

MidstreamNatural Gas

MidstreamNGLs

Exploration & Production

Distribution MarketsMarketing

• Leading marketer of natural gas

• Gathering• Processing• Pipelines• Storage

• Gathering• Fractionation• Pipelines• Storage

• Serve 2 million customers in Oklahoma, Kansas & Texas


Our Key StrategiesOur Key StrategiesA Premier Energy Company

• Generate consistent growth and sustainable earningsg g– Develop and execute internally generated growth projects at

ONEOK PartnersImprove profitability of ONEOK Distribution Companies– Improve profitability of ONEOK Distribution Companies

– Continue focus on physical activities at ONEOK Energy Services

• Execute strategic acquisitions that provide long-term valueg q p g• Manage our balance sheet and maintain strong credit ratings

at or above current level• Operate in a safe and environmentally responsible manner• Attract, develop and retain employees to support strategy


p p y pp gyexecution

Strategy ExecutionStrategy Execution

• Increased dividends and distributions

Since We Last Met…

– ONEOK: Indicated annual rate from $1.44 to $1.60 per share – ONEOK Partners: Indicated annual rate from $4.00 to $4.24 per unit

• Growth in ONEOK Partners segmentO erland Pass Pipeline start p has beg n on the largest pipeline project in – Overland Pass Pipeline—start-up has begun on the largest pipeline project in our history

– Expanded the Bushton fractionator, storage and other related infrastructure projects

– Constructing three other NGL pipeline projects– Acquisition of NGL and refined petroleum products pipeline system

• ONEOK increased its investment in ONEOK PartnersDi t ib ti t i l t d dditi l fit bilit h t • Distribution segment implemented additional profitability enhancement mechanisms

• Operational excellence and reliability


Jim KnealeJim KnealePresident & Chief Operating OfficerJim KnealeJim Kneale


ONEOK PartnersONEOK Partners

• Strategic assets connected to

Assets That Fit and Work Together

gprolific supply basins with access to key markets

• Provide non discretionary• Provide non-discretionaryservices to producers

• Predominantly fee-based income generates stable cash flows

• $2 billion of internally $2 billion of internally generated growth projects under way


Roadmap to GrowthRoadmap to Growth$2 Billion of Internal Growth Projects Under Way, 2007-2009

Grasslands plant expansionplant expansion

$40-$45 million Guardian II Expansion

$277-$305 millionFort Union Gas Gathering Expansion

(37% owner)

Piceance Lateral

Overland Pass Pipeline

$575-$590 million

NGL & Refined Product System Acquisition

$300 million

(

D-J Lateral $70-$80 million

Lateral $110-$140 million NGL Upgrade

Projects $230-$240 million

Woodford

Midwestern Extension $69 million

Arbuckle Pipeline

$340-$360 million

Natural Gas Gathering & ProcessingNatural Gas PipelinesNatural Gas Liquids Gathering & FractionationNatural Gas Liquids Pipelines

Extension $30-$35 million

2010 -2015 Internal Growth Projects:$300-500 million/year

l i iti


Natural Gas Liquids PipelinesGrowth Projects

plus acquisitions

Pierce Norton IIPierce Norton IIExecutive Vice PresidentNatural Gas

Pierce Norton IIPierce Norton II


Natural Gas

Natural GasNatural GasDiverse Asset Base

• Two segmentsGrasslands Plant

Expansion Guardian II

– Natural Gas Gathering & Processing

– Natural Gas PipelinesFort Union Gas

Expansion

• Diverse supply basins, producers and contracts mitigate earnings volatility in

Fort Union Gas Gathering Expansion

gathering and processing• Earnings on pipelines are

predominantly fee basedMidwestern Extension

• More than $600 million of internal growth projects under way through 2009 Natural Gas Gathering Pipeline

GNatural Gas Processing Plant

G S


y gNatural Gas Interstate PipelineNatural Gas Intrastate PipelineNorthern Border Pipeline (50% interest)

Natural Gas StorageGrowth Projects

Natural Gas Gathering and ProcessingNatural Gas Gathering and Processing


Current EnvironmentCurrent Environment

• Commodity prices affect drilling activity

Natural Gas Gathering and Processing

y p g y• High level of infrastructure build-outs has significantly increased

material and construction labor costs• Higher margins have led to increased competition for new

supplies, primarily from producers• Internally generated growth projects continue to offer the greatest • Internally generated growth projects continue to offer the greatest

return on investment


Natural Gas Gathering and ProcessingNatural Gas Gathering and Processing

Gathering

Providing Non-discretionary Services to Producers

g– More than 14,500 miles of pipeline– Approximately 9,000 meters– 1,100 MMcf/d* gathered Williston

Compression– More than 625,000 Bhp Wind River Powder River

Treating– Removal of water and other

contaminants Kansas UpliftHugoton

Processing– 13 plants with 725 MMcf/d capacity

560 MMcf/d* processed

Anadarko


– 560 MMcf/d processed*At second quarter 2008

Contract PortfolioContract Portfolio

• Diverse portfolio

Successful Execution of Strategy

Contract Mix by Volume Diverse portfolio– More than 2,000 contracts– No one contract accounts for more

than 10 percent of volume27% 30% 32%

19% 15% 10% 6% 1% 1%3% 3% 3% 6% 8% 7%

Contract Mix by Volume

than 10 percent of volume– Average term slightly more than

two years• Contract restructuring has

25% 31% 34%27%

Contract restructuring has reduced commodity price sensitivity and increased fee revenues

52% 51% 53%61% 61% 60%

revenues• Conditioning language on 85

percent of keep-whole contracts reduces spread risk

2003 2004 2005 2006 2007 2008G

Fee Based Percent of ProceedsKeep Whole Keep Whole w/ Conditioning


reduces spread risk

Risk MitigationRisk Mitigation

• Contract portfolio

Through Contract Portfolio and Hedging

Commodity Price Sensitivity*– Minimizes exposure to keep-whole

spread– NGL exposure diversified among

five individual products

$4.8 $4.5$3.8

y yMargin Impact ($ Millions)

five individual products• Hedging strategy focuses on

long NGL, condensate and natural gas positions -$0 1 $0.3 $0.2

$2.1$1.7 $1.6$1.1 $1.3 $1.0

$0.4$0.5 $0.7

natural gas positions– Target 75 percent of expected

production• Hedged position: -$3.5

-$2.7

-$1.6

-$0.1

g p2003 2004 2005 2006 2007 2008

Commodity SensitivityNatural Gas Liquids 1 cent/gallon increase

Natural Gas 10 cent/MMBtu increase

Crude Oil $1/barrel increase2009

Second Half 2008:

NGLs & Condensate 74% $1.38 / gallon

Natural Gas 54% $9.35 / MMBtu


Crude Oil $1/barrel increaseFull Year 2009:

NGLs & Condensate 30% $2.22 / gallon *Excludes effects of hedging

SupplySupply

• Natural gas supplies from six

Strong Focus on Natural Gas SupplyNatural Gas Gathered *

Bbtu/dbasins

• Significant drilling activity under way in the Powder River, Williston

1,1711,1681,182 1,188

and Anadarko basins• Well connects outpacing prior

years, January – August:908 852 800 805

– 2008: 295– 2007: 240– 2006: 282 274 316 371 383

• Approximately $30 million annual growth capital for new well connections

2005 2006 2007 2008

Rocky Mountain Mid-Continent

Jun YTD


Rocky Mountain Mid-Continent

* Volumes based on existing asset base

Moving ForwardMoving Forward

• Disciplined growth through well connects and contract

Key Growth Strategies

p g grenegotiations

• Expand and extend existing systems and plants– Bakken and Woodford Shale

• Extending our footprint to other basins– Partner with producers to build infrastructurePartner with producers to build infrastructure– Acquisition and consolidation opportunities



• Increased supply driving current pipeline infrastructure build-outs

Natural Gas Pipelines

pp y g p p• High level of infrastructure build-outs has significantly increased

material and construction labor costs• Regulatory environment continues to change• Energy demand from natural gas-fired electric generation is

increasingincreasing



• Stable markets and diverse

Key Points

Viking Gas

supply basins• Predominately fee-based

iGuardian Pipeline

Northern Border Pipeline

Transmission

income• Storage provides valuable

servicesMidwestern Gas

Transmissionservices• Regulation at the state and

federal level

Pipelines 6,900 miles, 5.3 Bcf/d peak capacityStorage 51.6 Bcf active working capacityEquity 50% Northern Border Pipeline

Natural Gas Interstate PipelineNatural Gas Intrastate PipelineNatural Gas Storage


Equity Investment

50% Northern Border Pipeline Natural Gas Storage Northern Border Pipeline (50% interest)

Contract PortfolioContract Portfolio

• Interstate Pipelines

Provides Sustainable, Stable Cash Flow

Viking Gas p– Wholly owned pipelines are fully

subscribed under demand-based ratesN th B d Pi li (50 t

Guardian Pipeline

Northern Border Pipeline

Transmission

– Northern Border Pipeline (50 percent interest) is 80 percent subscribed under demand-based rates

• Intrastate PipelinesMidwestern Gas

Transmission

Intrastate Pipelines– 60-70 percent subscribed under

demand-based rates• StorageStorage

– 100 percent subscribed under market-based rates

• Key CustomersNatural Gas Interstate PipelineNatural Gas Intrastate PipelineNatural Gas Storage


y– Natural gas and electric utilities

Natural Gas Storage Northern Border Pipeline (50% interest)

Guardian PipelineGuardian Pipeline

• Construction is approximately

Expansion and Extension

• Construction is approximately 70 percent complete

• Fourth-quarter 2008 in-service Existing PipelineExtensionq

date• Fully subscribed with two

15 year agreements15-year agreements• New interconnect opportunities

Guardian Extension: $277-$305 millionCapacity Incremental of 537 MMcf/d, bringing

total capacity to 1 287 MMcf/d


total capacity to 1,287 MMcf/dExtension 119 miles from Ixonia to Green Bay

Northern Border PipelineNorthern Border Pipeline

• Sold Bison Pipeline project

50 Percent Equity Investment

p p jto TransCanada– Bison Pipeline to be built or

combined with Pathfinder combined with Pathfinder Pipeline project

– Diversifies supplies to Northern Border PipelineBorder Pipeline

Northern Border PipelineProposed Bison Pipeline Proposed Pathfinder Pipeline

Northern Border PipelinePipeline 1,249 miles


Capacity 2.4 Bcf/d


• Expand and extend existing pipeline systems ($15 million)


p g p p y ($ )– Midwestern southbound expansion– Viking Fargo lateral

N d d d i t t id ti lit ($10 illi )• New and expanded interconnects provide optionality ($10 million)– Midwestern interconnect to Rockies Express – Guardian interconnects to Alliance and Vector

• Storage expansion and development


Questions & AnswersQuestions & AnswersQuestions & AnswersQuestions & Answers


Terry SpencerTerry SpencerExecutive Vice PresidentNatural Gas Liquids

Terry SpencerTerry Spencer


Natural Gas Liquids

Natural Gas LiquidsNatural Gas Liquids

• Two segments

Largest Gatherer and Fractionator of NGLs in the Mid-Continent

g– NGL Gathering & Fractionation– NGL Pipelines

• Connect large supply Overland Pass

Pipeline Overland Pass

Pipeline

Connect large supply position to major market centers and end-use demand

• Provide a full range of non

Piceance LateralPiceance Lateral

D-J Lateral

• Provide a full range of non-discretionary services to our customersO t iti f th

NGL Upgrade Projects

NGL Upgrade Projects

Woodford Extension

• Opportunities for growth through major expansions into new supply areas

NGL Pipelines NGL Storage

Arbuckle PipelineArbuckle Pipeline


NGL PipelinesNGL Gathering & FractionationNGL Growth Projects

gNGL FractionatorNGL Market Hub

Journey by DesignJourney by DesignApplying Our Capabilities to Natural Gas Liquids

Strategic Assets Pave the Way for

• Established presence in 2000• Acquired Koch NGL assets in 2005

Future Growth

• Doubled the size of the business through internally generated projects

– Extending our reach into the Rockies, Barnett Shale and Woodford Shale

• Acquired North System in 2007• Continued infrastructure expansions

needed to serve production growth in our core areas plus new regionsour core areas, plus new regions

– Appalachia– West Texas– Williston Basin

NGL PipelinesNGL Gathering & FractionationNGL Growth Projects

NGL StorageNGL FractionatorNGL Market Hub


NGL Growth ProjectsNGL Pipeline System Acquired 2007

NGL Market Hub


• NGL supply affected by drilling activity

Natural Gas Liquids

pp y y g y• U.S. NGL supply and demand

– Supply declines to be offset by regional growth– 2008 petrochemical demand has been strong, driven by international growth– Ethane demand may increase due to its cost advantage

• Fractionation and pipeline capacity is tightening due to regional Fractionation and pipeline capacity is tightening due to regional production growth

• Conway-to-Mont Belvieu regional basis differentials remain wide• High level of infrastructure build-outs has significantly increased

material and construction labor costs


NGL Gathering & FractionationNGL Gathering & Fractionation


NGL Gathering and FractionationNGL Gathering and Fractionation

Gathering

Providing Non-discretionary Services to Customers

g– More than 2,500 miles of pipeline– Access to 82 natural gas processing

plants, more than 90 percent of the Mid-Continent region’s plantsMid-Continent region s plants

Fractionation– Approximately 550,000 Bpd (net)

capacitycapacity– Isomerization 9,000 Bpd capacity

Storage– Underground caverns with capacity

of 24.6 million barrels

MarketingNGL Market HubNGL FractionatorNGL StorageNGL G th i Pi li


– NGL products to end-users NGL Gathering PipelineNGL Growth Projects

Sources of MarginSources of MarginFee-based Earnings with Optimization Opportunities

Exchange & Storage Services

Gather, fractionate, transport and store NGLs and deliver to market hubs

Fee-based

78%73%

70%2008G

20062007

MarketingPurchase for resaleapproximately one-half of system supply in the Mid-Continent on an index-related basis

Differential-based

8%13%

8%2008G20072006

OptimizationObtain highest product price by directing product movement between market hubs

Differential-based

Isomerization Convert normal butane to Differential- and

5%8%

18%

4%

2008G20072006

2008GIsomerization Convert normal butane to isobutane

Differential- and fee-based

9%6%

4%20072006

2008G


SupplySupply

• Significant volume growth in the Mid-Continent from 19 new processing

Strong Focus on NGL Supply

g g p gplant connections and growth from existing connections

• Rockies, Barnett Shale and Woodford Shale provide additional growth

246251 253

385 391

Gathering VolumeMBpd

Fractionation VolumeMBpd

213208 210 210

224232

309

275 281

333 326312 319

349370

385371

193 189 193275 281

31% Growth 20% Growth


3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08


• Links key NGL market

Key Points

ycenters at Conway, Kansas and Mont Belvieu, TexasN th S t t Mid

,

• North System connects Mid-Continent to upper Midwest refiners

• Developing links to the Rockies and Barnett Shale

NGL Distribution PipelineNGL Gathering PipelineGrowth ProjectsNGL Market HubNGL Fractionator

Distribution 3,350 miles of pipe with 434,000 Bpd capacity

Gathering 720 miles of pipe with 93,000 Bpd

NGL Storage


Gathering 720 miles of pipe with 93,000 Bpd capacity


• Delivers to the petrochemical and refining ind stries

• Primary supply sources in Mid-

Key Points

and refining industries– Texas Gulf Coast– Mid-Continent– Midwest

Continent, and soon-to-be Rockies and north Texas, with connections to:– 23 natural gas processing plants, with

access to another 59 Midwest• Regulation

– FERC-approved tariffs

access to another 59– 8 fractionators – 8 storage facilities

4 refineries– 4 refineries

MarketsSupply


Petrochemical HeatingRefiningProcessing Plants Fractionators Storage

North SystemNorth SystemStrategic Acquisition Creating Value

• Extends distribution network into upper Midwest

• Connects to Mid-Continent supply and Bushton storagesupply and Bushton storage– Seasonal refinery-grade

butane and propane• Opportunities for growthOpportunities for growth

– Diluent and denaturant– Propylene

Adds refined petroleum

North SystemNGL Distribution PipelineNGL Gathering PipelineGrowth ProjectsNGL Market HubNGL Fractionator• Adds refined petroleum

products to value chainDistribution 1,630 miles of pipe

NGL FractionatorNGL Storage


Capacity for Purity & Refined Products

134,000 Bpd of transport978,000 Bbl of storage

NGL GrowthNGL Growth


Growth in the RockiesGrowth in the Rockies

• Supply

Overland Pass Pipeline, Piceance Lateral and D-J Basin Lateral

– 140,000 Bpd committed– 60,000 Bpd over the next 3-5

years in various stages of negotiationnegotiation

• Overland Pass– Start up in 2008 at 110,000 Bpd

initial capacityinitial capacity– Expandable to 255,000 Bpd,

expected by 20105-7 additional pump stations p pneeded at cost of approximately $5 million each

• Piceance and D-J Laterals start up in 2009


up in 2009


• Continued focus on adding new supply connections


• Optimize existing assets– Enhance margins– Improve contract terms

Manage operating costs– Manage operating costs– Improve fuel efficiency

• New or expanded asset positions to increase capability and services– New supply regions– New supply regions– Pipeline and fractionation capacity– Storage capacity– Rail and truck racks– Treating services

• New markets– Expand market share using our reliability and supply infrastructure

$


• Complete $1.4 billion of growth projects currently under way

Caron LawhornCaron LawhornSenior Vice President & Chief Accounting OfficerCaron LawhornCaron Lawhorn


Earnings GrowthEarnings Growth

• Diverse asset base

Delivering Consistent Growth and Stable Earnings

O ti I * $624provides significant fee-based income and stable earnings $445

$269 Operating Income*

Natural Gas Gathering &

$624

stable earnings• Strategy execution

results in significant $253 $257

$396

$142

Gathering & Processing

Natural Gas Pipelines

earnings growth– Particularly in NGL

Pipelines beginning $68

$153 NGL Gathering & Fractionation20% CAGR

pe es beg gin 2009

$68

2004 2005 2006 2007 2008G

NGL Pipelines

*Millions of dollars, excluding gain/loss on sale of assets


Stable Cash FlowStable Cash Flow

• Predominantly fee based

Financial Strength

y– Large growth projects increase

fee-based income• Commodity and spread risk 12% 13% 16%

Sources of Margin

$1.1 Billion$896 Million$844 Million

• Commodity and spread risk is measured and managed within each segment

28% 27% 29%

16%

• Equity earnings are also primarily fee based– 2008 Guidance: $81 million

60% 60% 55%

– 2008 Guidance: $81 million

2006 2007 2008 GuidanceFee Commodity Spread


y p

Capital ExpendituresCapital ExpendituresComplements Existing Infrastructure and Core Operating Capabilities

Current Growth Program, 2007-2009• $2 billion of internally generated

projects and routine growth• EBITDA* generated

$1,230

Growth Capital Expendituresg ,

EBITDA generated – Primarily fee based– 2009: $260 million

2010 $360 illi

$878

n M

illio

ns

$650$300-$500

$670 spent through Aug-08

– 2010: $360 million

• $300 - $500 million of growth $188 $352

$132

$462 $233

$ In

$365 per year

Looking Forward, 2010-2015

projects per year– Two-thirds in Natural Gas Liquids

2007 2008 2009 2010-2015

Natural Gas Liquids Natural Gas


* EBITDA contributions assume projects are completed on schedule* Does not include WMB exercising its 50/50 option in OPPL, Piceance Lateral or D-J Lateral

Strong Balance SheetStrong Balance Sheet

• Disciplined approach to raising

Financial Discipline

• Capital structure p pp gcapital for growth

• Common unit offering in March 2008 generating net proceeds

p– Goal: 50/50 capitalization– Strong credit rating

2008, generating net proceeds of $460 million

• $1 billion revolver, $720 million il bl S t b 30

EquityTotal Debtavailable September 30

• Overland Pass joint-venture option

50%Debt50%

• ONEOK interested in increasing ownership of ONEOK Partners Capitalization: June 30, 2008


Distribution CoverageDistribution CoverageFinancial Discipline

$5.80 Distributions Declared Per UnitDistributable Cash Flow Per Unit• Target coverage ratio of

$3 78 $4.025 $4.22 $4.15

$4.48 $4.92

Coverage Ratiog g

1.05x to 1.15x• Some distributable cash

fl t i d t f d $3.20 $3.20

$3.78 $3.71 flow retained to fund growth

• Other considerations

1.30 1.16 1.19 1.22 1.37

Other considerations– Commodity prices– Overland Pass option

Capital market conditions2004 2005 2006 2007 2008

Guidance** Assumes quarterly payments for Q3 and Q4 at indicated amount

– Capital market conditions


q y p y

Distribution GrowthDistribution Growth

• ONEOK as sole general

Creating Exceptional Value for Unitholders

gpartner– 10 consecutive distribution

increases $1 01 $1.025 $1.04

$1.06

Distributions Paid Per Unit

increases– 11 percent compound annual

growth rateC ti d t iti f $0 88

$0.95 $0.97 $0.98 $0.99 $1.00 $1.01

• Continued opportunities for distribution growth $0.80

$0.88

11% CAGR

1Q06 3Q06 1Q07 3Q07 1Q08 3Q08


Value CreationValue CreationDelivering Consistent Growth and Stable Earnings

• General partner with T t l U ith ld R t

$67.50120%

140%

$60

$70Unit Price Total Return

paligned interests

• Demonstrated financial di i li

Total Unitholder Return

$42.10$45.75

$48.24$47.85 $47.92

$56.25

$59.46 $57.50$54.03

80%

100%

120%

$40

$50

$60discipline • Visible growth profile

– $2 billion under way91%

20%

40%

60%

$10

$20

$30$2 billion under way

– 2010–2015: $300 - $500 million per year

0%$01Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08

ONEOK Partners Alerian MLP Index

*Unit prices are closing prices at last day of quarter; Third quarter 2008 through closing prices on 9/25/08.


BreakBreakBreakBreak

Jim KnealeJim KnealePresident & Chief Operating OfficerJim KnealeJim Kneale


Business SegmentsBusiness Segments

• ONEOK Partners

Diversity Provides Stability & Opportunity

– ONEOK’s primary growth engine• Distribution

– Provides low-risk, stable cash flow– Rate strategies have led to an increase in

sustainable earnings and an improved return on equity

• Energy Services– Combined supply, transportation and storage Combined supply, transportation and storage

contracts provide premium service to customers– Positions us to capture upside in the market


DistributionDistribution

Pierce Norton IIPierce Norton IIExecutive Vice PresidentPierce Norton IIPierce Norton II



• Higher commodity prices and technological advancements in

Distribution

g y p genergy efficiency result in residential conservation

• Economic downturn in housing market results in fewer new ticonnections

• Regulators are challenged to balance consumer and business interests, creating opportunity for innovative rate designinterests, creating opportunity for innovative rate design

• Consumer awareness of “carbon footprint” stimulates interest in higher natural gas consumption



• Growth

Focused Strategy

• Earnings stability• Margin protection• Operational efficiency

Revenues $2.1 billionAsset Base $2.7 billion


Rate Base $1.7 billion


• Largest natural gas distributor in

Sixth Largest Natural Gas Distributor in U.S.

g gOklahoma and Kansas; third largest in TexasS th t illi t• Serve more than two million customers

Oklahoma Natural Gas

Largest customer base

2008 Rate $19.8 million

Kansas Gas Service

Coldest territory with weather normalization & bad debt recovery

2008 R t $2 9 illi

Texas Gas Service

Highest potential growth

2008 Rate $5.2 million008 ateFilings

$ 9 8 o

Customer Base Approximately 85% residential load

Rate Base $675 million

2008 Rate Filings

$2.9 million

Customer Base Approximately 70% residential load


2008 Rate Filings

$5 o

Customer Base Approximately 600,000 customers



Rate Strategy ProgressRate Strategy ProgressSuccessful Execution of Strategy

2005

Opportunities Rate Mechanism Solution Oklahoma Kansas Texas *

Earnings Lag Capital Recovery 36%

2008

Oklahoma Kansas Texas *

50%

Margin Protection

Bad Debt Recovery

Customer Charge

Weather Normalization 46%

FILED 46%

Increased Increased Increased

61%Weather Normalization 46%

Incentive Rates Revenue Sharing

* Percent of customers within the 17 Texas jurisdictions

61%

FUTURE


Strategy ExecutionStrategy Execution

• Increased level of sustainable

Established a New Level of Performance

• Closing the gap between actual earnings

• Rate mechanisms reduce regulatory lag

and allowed returns– $70 million operating income gap

in 2005Reduced to $20 million in 2008regulatory lag

8 8%10.2%Return on Equity*

$174 $186 Operating Income$ in Millions

– Reduced to $20 million in 2008

4.9% 5.3%

8.5% 8.8%

$114 $117

$174 $ in Millions

2005 2006 2007 2008 2008 2005 2006 2007 2008

13% CAGR 80% Increase


2005 2006 2007 2008 Guidance

2008 Allowed

* ROE calculations are consistent with utility ratemaking in each jurisdiction and not consistent with GAAP returns

2005 2006 2007 2008 Guidance


• Grow asset base

Key Strategies

– Efficient capital investment– Infrastructure and technology

E i t bili ti• Earnings stabilization– Ruling on Oklahoma bad-debt filing expected by end of 2008– Anticipate filing rate cases in Oklahoma and Austin in 2009– Capital and pipeline integrity management recovery

• Cost ControlStandardi ation– Standardization

– Continuous process improvement– Utilize technology



Terry SpencerTerry SpencerExecutive Vice PresidentTerry SpencerTerry Spencer


Energy ServicesEnergy ServicesStrategic Leased Assets Enhance Our Ability to Provide Premium

Services to Customers

• Deliver natural gas, together with bundled, reliable, premium products p pand services

• Access to prolific supply and high-demand areasand high demand areas

• Industry knowledge and customer relationships

Leased PipelineLeased Storage

Storage 91 Bcf of capacity2.2 Bcf/d of withdrawal rights1.4 Bcf/d of injection rights

Transportation 1.5 Bcf/d of long-term firm capacity


Sales 3.3 Bcf/d in 2007 3.1 Bcf/d in 2006


• Contract for natural gas supply from diverse sources

What We Do

• Lease and optimize storage and transportation capacity• Provide bundled, reliable products and services to natural gas

d l t i tilitiand electric utilities• During periods of market inefficiencies, effectively use storage

and transportation assets to capture incremental marginsa d t a spo tat o assets to captu e c e e ta a g s

MarketsTransportationStorageSupply

• LDCs • Electric Generators

• Trading Counterparties

Retail Customers:• Industrial• Commercial• Residential



• Rapidly changing supply sources and infrastructure build-outs ff ti l ti diff ti l

Energy Services

affecting location differentials– Widening location differentials in areas where pipeline capacity remains

insufficientI i U S l d i i il f h l b i– Increase in U.S. natural gas production, primarily from shale basins

– Softening regional wellhead netbacks could impact drilling and supply growth

Fi i l i tit ti ti it i t dit k t t • Financial-institution activity into commodity markets creates greater pricing uncertainty

• Competitive environmentp– Providing premium products and services– Obtaining and retaining leased assets

• Working capital requirements fluctuate with commodity prices


Working capital requirements fluctuate with commodity prices

Sources of MarginSources of MarginMore Than 75 Percent From Storage and Transportation

Storage Baseload, swing and peakingservices

Differential- and demand-based

Transportation Differential- and fee-

48%60%

53%

26%

2008G20072006

2008GMarketing & risk management services to producers and marketsTransportationMaximize delivered value

based

Optimization Enhance margins through application of market knowledge and risk-

Differential-, commodity-and derivative-based

11%

32%27%

26%20072006

2008G2007 0%

services to producers and markets

of market knowledge and riskmanagement skills

Retail Provide supply and risk-managementservices to industrial, commercial and residential customers

Commodity- and fee-based

5%

7%6%

10%

2006

2008G20072006

2007 0%

Trading Extract margins using primarily derivatives, leveraging our physical positions through market knowledge, volatility or inefficiencies

Differential-, commodity-and derivative-based

8%7%2007

2006

2008G 0%


Operating Income HistoryOperating Income History

• $880 million of operating income in five years

Key Drivers

$880 million of operating income in five years• Seasonal storage and transportation differentials have the

greatest impact

$166

$229 $205

$200

$250

$4.00

$5.00

illion

s)

$139 $

$142

$100

$150

$2.00

$3.00

ing

Inco

me (

M

$/MMB

tu

$0

$50

$-

$1.00

2004 2005 2006 2007 2008 Guidance

Oper

at


2004 2005 2006 2007 2008 GuidanceRealized Storage Differential Rockies to Mid-Continent Differential Operating Income


• Manage current portfolio of supply and leased assets to continue

Key Strategies

g p pp yto grow premium products and services

• Grow asset management arrangements with LDCs• Draw on the competitive position of our assets to extract

incremental value through daily optimization of our storage and transportation assetstransportation assets– Physical delivery of natural gas

• Use hedging to establish base margins and capture incremental i l t d t l ti d l diff ti lmargins related to location and seasonal differentials

• Continue to achieve high customer satisfaction


Financial HighlightsFinancial Highlights

Caron LawhornCaron LawhornSenior Vice President & Chief Accounting OfficerCaron LawhornCaron Lawhorn


Earnings GrowthEarnings GrowthDelivering Consistent Growth and Stable Earnings

Di b

$

Stand-alone Operating Income Plus Equity Earnings

$638

• Diverse asset base provides significant fee-based income and

$444 $535 $524

$591 $313

ONEOK Partners

stable earnings• Strategy execution

res lts in significant

$142

$186 Distribution

Energy

results in significant earnings growth 7.5% CAGR

2004 2005 2006 2007 2008G

Energy Services

*Millions of dollars, excluding gain/loss on sale of assets


Aligned InterestsAligned Interests

• Purchased 5.4 million OKS • As ONEOK Partners grows,

Increasing Our Investment in ONEOK Partners

common units in March 2008 for $303 million– Contributed $9.6 million to maintain

gONEOK grows– EBITDA growth: Two-thirds of

every incremental dollar flows to $2 percent general partner interest

– Increased ownership to 47.7 percentONEOK

– Distribution growth: Penny a quarter adds $5.2 million to ONEOK’s annual cash flow ONEOK s annual cash flow

DividendsCapital Projects

EBITDA Growth

Higher Distributions

IDR and Equity Income

Net Income


Share Price AppreciationShare Price AppreciationUnit Price AppreciationUnit Price Appreciation

Aligned InterestsAligned Interests

• Quarterly distributions to $19.1 $20.9 General Partner Distributions

Growth at ONEOK Partners Benefits ONEOK

Q yONEOK have increased in the past two years:

General partner interest has $10.0

$11.6 $12.4 $13.3 $14.1 $14.9 $16.2 $19.1

39% CAGR $ in

Millio

ns

– General partner interest has more than doubled

– Limited partner interest has increased almost $10 million

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

39% CAGR $

increased almost $10 million• Internally generated growth

projects will result in $35.1 $35.9 $36.3 $36.6 $37.0 $37.4 $37.9

$44.1 $44.9 Limited Partner Distributions

ns

additional growth12% CAGR $ i

n Mi

llion


2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Strong Balance SheetStrong Balance Sheet

• Strong credit rating

Demonstrated Financial Discipline

Stand–alone Capitalization

46% 47% 49% 46%

g g– S&P: BBB– Moody’s: Baa2

C it l t t

Stand–alone Capitalization

46% 47% 52% 49% 46%• Capital structure– Goal: 50/50 capitalization

• Short-term liquidity54% 53% 48% 51% 54%

Short term liquidity– $480 million available under

existing $1.6 billion facilities– Storage 80 percent full at

2004 2005 2006 2007 2008*

Total Debt Equity

– Storage 80 percent full at September 30, 2008

*At June 30, 2008


Financial Risk ManagementFinancial Risk Management

• Diversified asset base and cash-flow stream

Enterprise View

– Contract structure, terms, customers– Across the value chain– Numerous supply and market centers

• Investment-grade credit rating• 80 percent of long-term debt at fixed rate• Diversified counterparty riskDiversified counterparty risk

– Numerous banks participate in revolving credit facilities– Hedging primarily through NYMEX and Intercontinental Exchange contracts– Secured creditSecured credit

• Commodity exposure– Risk managed within each segment– Corporatewide risk oversight committee


Corporatewide risk oversight committee

Stable Cash FlowStable Cash Flow

• Continued strong free-cash flow

Financial Flexibility

Free Cash Flow$ i Milli

gavailable for:– Acquisitions – Investment in OKS

$183 $159 $205 $182 $180

$ in Millions

– Share repurchase– Dividend increases – Debt repayment

$89 $110

$135 $150 $163

• Repurchased $884 million of shares since 2005

• Paid $402 million of maturing

$264 $250 $175 $174 $182

Paid $402 million of maturing long-term debt in February 2008

• Invested $313 million in ONEOK Partners in March 2008

2004 2005 2006 2007 2008 Guidance

Capital Expenditures Dividends Surplus


Partners in March 2008 Capital Expenditures Dividends Surplus*Stand-alone cash flow, excluding acquisitions

Dividend GrowthDividend Growth

• Target: 50-55 percent of

Creating Exceptional Value for Shareholders

Dividends Per Shareg precurring earnings

• 10 dividend increases i J 2004 30

0.32

$0.3

4

$0.3

6 $0.3

8

$0.4

0

since January 2004• 17 percent compound

annual growth rate $0.1

9

$0.2

1

$0.2

3

$0.2

5 $0.2

8 $0. 3 $0

annual growth rate $

17% CAGR

Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008


Shareholder ValueShareholder Value

• Demonstrated financial

Delivering Consistent Growth and Stable Earnings

T t l Sh h ld R t

$47.40 160%

180%$50

discipline • Continued free cash flow

id fl ibilit

Total Shareholder Return

Share Price Total Return

$30.82 $34.02

$32 25

$37.79

$45.00 $44.63

$36.50

100%

120%

140%

160%

$30

$40provides flexibility• Visible growth profile

through ONEOK Partners 95%

$22.55 $26.02 $32.25

20%

40%

60%

80%

$10

$20

through ONEOK Partners• Stable and reliable cash

flows from distribution t 0%$0

1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08

segment*Share prices are closing prices at last day of quarter; third quarter as of 9/25/08.

S&P 500ONEOK, Inc.


John W GibsonJohn W GibsonJohn W. GibsonJohn W. Gibson


What’s Next?What’s Next?

• Successful execution of $2 billion projects paves the way for

Our Journey By Design

$ p j p yfuture growth

• $300-500 million per year 2010–2015– Two-thirds likely in NGL business– Expansions in existing footprint and into new basins

• Opportunistic acquisitionsOpportunistic acquisitions• Applying our capabilities to other commodities• Financial flexibility and discipline allow us to capture these

opportunities as they arise


ConclusionsConclusions

• ONEOK and ONEOK Partners have clearly articulated growth strategies

Key Points

y g g– Growth at OKS benefits OKE through earnings and cash flow

• ONEOK Partners’ fee-based earnings will increaseAs growth projects come on line in 2009 and beyond– As growth projects come on line in 2009 and beyond

• Funding growth– Capital requirements in 2009 are less than 2008– OKE interested in additional OKS units

• Growing NGL business provides essential, non-discretionary services– Fee-based business, relatively insensitive to commodity prices, y y p

• Distribution segment has increased its sustainable level of earnings• Energy Services provides natural gas and related services to its customers

E i id t k l ti d t diff ti l


– Earnings upside tracks location and storage differentials

ONEOK and ONEOK PartnersONEOK and ONEOK PartnersAssets That Fit and Work Together

ONEOK DistributionONEOK Energy Services

Leased Pipeline CapacityLeased Storage Capacity

ONEOK Partners G th P j t


Growth Projects

Lunch | 12:00 Lunch | 12:00 –– 1:00 pm Regent Parlor 1:00 pm Regent Parlor

NGL Breakout | 1:30 NGL Breakout | 1:30 –– 3:30 pm Murray Hill Suite3:30 pm Murray Hill Suite


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BiographiesBiographies


John W. GibsonJohn W. GibsonONEOK Chi f E ti OffiONEOK Chief Executive OfficerONEOK Partners Chairman and Chief Executive Officer

John W. Gibson is chief executive officer of ONEOK and chairman and chief executive John W. Gibson is chief executive officer of ONEOK and chairman and chief executive officer of ONEOK Partners. He was previously president and chief operating officer of ONEOK Partners, the master limited partnership that contains the midstream natural gas and natural gas liquids businesses. He is a member of the boards of directors of ONEOK and ONEOK Partners.

Gibson began his career in the energy industry in 1974 as a refinery engineer with Exxon Gibson began his career in the energy industry in 1974 as a refinery engineer with Exxon Company, USA. He then spent 18 years with Phillips Petroleum Company in a variety of domestic and international positions in the natural gas, natural gas liquids and exploration and production businesses. When Gibson left Phillips in 1995, he was vice president of marketing of GPM Gas Corporation, a wholly owned natural gas gathering, processing and marketing subsidiary.

Prior to joining ONEOK in 2000, Gibson was the executive vice president of Koch Energy, Inc., a subsidiary of Koch Industries, responsible for its interstate natural gas pipelines and gathering and processing businesses.

Gibson is active in many professional organizations and has served on the boards of the y p gAssociation of Texas Intrastate Natural Gas Pipelines and the Interstate Natural Gas Association of America. He was an original member of the Gas Industry Standards Board. Gibson currently serves as a director of the Bank of Oklahoma, N.A., and his community involvement includes work with the Boy Scouts of America and Habitat for Humanity.

A native of Kansas City Kansas Gibson earned an engineering degree in 1974 from the


A native of Kansas City, Kansas, Gibson earned an engineering degree in 1974 from the University of Missouri at Rolla, now called Missouri University of Science and Technology. He has also completed advanced studies at Harvard University.

Jim KnealeJim KnealePresident and Chief Operating Officer

Jim Kneale is president and chief operating officer of ONEOK and ONEOK Partners. He also serves as a director of ONEOK Partners.

Kneale joined ONEOK in 1981 as vice president of accounting and then moved to Okl h N t l G i id t f ti i 1992 H d i i Oklahoma Natural Gas as vice president of accounting in 1992. He served in various executive operating and finance positions until being named president of Oklahoma Natural Gas in 1997, holding that post until 1999 when he became chief financial officer of ONEOK.

He serves on the boards of directors of the YMCA of Greater Tulsa the Tulsa Area United He serves on the boards of directors of the YMCA of Greater Tulsa, the Tulsa Area United Way, the Tulsa Metropolitan Chamber of Commerce and the Oklahoma Business Roundtable. He also serves on the board of directors of the American Gas Association and is a member of the UMB Bank Advisory Board for Oklahoma. He is a graduate of both Leadership Oklahoma and Leadership Tulsa, and a recipient of Leadership Tulsa’s Paragon AwardAward.

A native of Kansas City, Missouri, Kneale graduated from high school in Amarillo, Texas. He earned a Bachelor of Business Administration degree in accounting in 1973 from West Texas A&M in Canyon He has completed advanced studies at Harvard University


Texas A&M in Canyon. He has completed advanced studies at Harvard University.

Curtis DinanCurtis DinanONEOK S i Vi P id t Chi f Fi i l Offi d TONEOK Senior Vice President, Chief Financial Officer and TreasurerONEOK Partners Executive Vice President, Chief Financial Officer and Treasurer

C rtis Dinan is senior ice president chief financial officer and treas rer of ONEOK Curtis Dinan is senior vice president, chief financial officer and treasurer of ONEOK, executive vice president, chief financial officer and treasurer of ONEOK Partners, and a director of ONEOK Partners.

He joined ONEOK in February 2004, after being an audit partner with both Arthur Andersen j y , g pLLP and Grant Thornton LLP.

Dinan is a member of the American Institute of Certified Public Accountants, the Oklahoma Society of CPAs and is an advisory board member for the Breech School of Business at Drury University in Springfield Missouri He is also a past president treasurer and director Drury University in Springfield, Missouri. He is also a past president, treasurer and director of Tulsa Court Appointed Special Advocates, a graduate and past treasurer and director of Leadership Tulsa, past treasurer and director of the Child Abuse Network and a graduate of Leadership Oklahoma.

A Missouri native, Dinan earned Bachelor of Arts degrees in accounting and business administration in 1989 from Drury University.


Caron LawhornCaron LawhornSenior Vice President and Chief Accounting Officer

Caron Lawhorn is senior vice president and chief accounting officer for ONEOK and Caron Lawhorn is senior vice president and chief accounting officer for ONEOK and ONEOK Partners. She is responsible for accounting, external financial reporting andcorporate budgeting and forecasting.

Previously, Lawhorn was senior vice president of financial services and treasurer forONEOK She joined ONEOK in 1998 as manager of auditing Before joining ONEOKONEOK. She joined ONEOK in 1998 as manager of auditing. Before joining ONEOK,she was a senior manager at KPMG LLP, and chief financial officer for EmergencyMedical Services Authority in Tulsa.

A Certified Public Accountant, Lawhorn is a member of the Executive Advisory Board of the University of Tulsa College of Business the American Institute of Certified Public University of Tulsa College of Business, the American Institute of Certified Public Accountants, the Oklahoma Academy and the Oklahoma Business Ethics Consortium. She is treasurer of Saint Simeon’s Episcopal Home and a graduate of Leadership Oklahoma and Leadership Tulsa.

Lawhorn earned her Bachelor of Science degree in business administration in 1983Lawhorn earned her Bachelor of Science degree in business administration in 1983from the University of Tulsa, where she was named an Outstanding Alumna in theCollege of Business.


Pierce Norton IIPierce Norton IIExecutive Vice President

Pierce Norton is executive vice president of ONEOK with responsibilities for Pierce Norton is executive vice president of ONEOK with responsibilities for ONEOK’s distribution companies. He is also executive vice president, natural gas, of ONEOK Partners where he has responsibilities for the partnership’s natural gas gathering and processing and pipelines business.

He began his natural gas industry career in 1982 at Delhi Gas Pipeline. He later worked for American Oil and Gas and KN Energy, and was named Bear Paw Energy’s president in 2005. Bear Paw is now a subsidiary of ONEOK Partners.

Norton is a board member of the Interstate Natural Gas Association of America and Norton is a board member of the Interstate Natural Gas Association of America and the Texas Pipeline Association. He is a past board member of the North Dakota Petroleum Council and the Independent Petroleum Association of Mountain States.

An Alabama native, Norton earned a Bachelor of Science degree in mechanical i i i 1982 f th U i it f Al b i T lengineering in 1982 from the University of Alabama in Tuscaloosa.


Terry SpencerTerry SpencerExecutive Vice President

Terry Spencer is executive vice president of ONEOK with responsibilities for energyTerry Spencer is executive vice president of ONEOK with responsibilities for energyservices. He is also executive vice president, natural gas liquids, of ONEOK Partners and has responsibilities for its natural gas liquids gathering and fractionation and pipelines businesses.

Spencer joined ONEOK in 2001 as director project development for natural gas gatheringSpencer joined ONEOK in 2001 as director, project development, for natural gas gatheringand processing. Later, he served as vice president of gas supply and project development inthe gathering and processing segment. In 2005, Spencer became senior vice president ofONEOK’s natural gas liquids business following the asset acquisition from Koch. He became president of natural gas liquids in 2006.

Prior to joining ONEOK, Spencer held positions of increasing responsibility in the natural gas gathering and processing industry with Continental Natural Gas, Inc., in Tulsa; Stellar Gas Company in Houston; and Texas Oil and Gas Corporation’s Delhi Gas Pipeline subsidiary in Dallas. He is a member of the Gas Processors Association board of directors.

Spencer earned a Bachelor of Science degree in petroleum engineering in 1981 from theUniversity of Alabama in Tuscaloosa.


Rob MartinovichRob MartinovichPresident, Natural Gas Gathering and Processing

Rob Martinovich is president of ONEOK Partners’ natural gas gathering and processing Rob Martinovich is president of ONEOK Partners natural gas gathering and processing business, responsible for natural gas supply, business development and operations in the Mid-Continent and Rocky Mountain regions.

Prior to joining ONEOK, he was group vice president of environment, health and safety,operations and technical services for DCP Midstream LLC Martinovich joined DCPoperations and technical services for DCP Midstream, LLC. Martinovich joined DCPMidstream in 2000 as senior vice president, responsible for the Permian Basin assets, andin 2002 was named senior vice president responsible for the Mid-Continent and RockyMountain assets.

Before joining DCP Midstream he was senior vice president of GPM Gas Corporation theBefore joining DCP Midstream, he was senior vice president of GPM Gas Corporation, thenatural gas gathering, processing and marketing division of Phillips Petroleum Company.Martinovich joined Phillips in 1980 as a resin development engineer and held variousengineering and sales and marketing positions in the research and development and theplastics divisions of Phillips, and served on the company’s corporate planning anddevelopment staffdevelopment staff.

Active in industry affairs, Martinovich served as president of the Gas Processors Associationfrom 2004 to 2006.

A ti f B tl ill Okl h M ti i h d B h l f S i d i


A native of Bartlesville, Oklahoma, Martinovich earned a Bachelor of Science degree inchemical engineering in 1980 from the University of Notre Dame in South Bend, Indiana.

Kent ShortridgeKent ShortridgePresident, Natural Gas Pipelines

Kent Shortridge is president of ONEOK Partners’ natural gas pipelines business segment Kent Shortridge is president of ONEOK Partners natural gas pipelines business segment, responsible for interstate and intrastate natural gas pipelines and storage.

Previously, he was vice president of gas supply and administration for ONEOK Distribution Companies. He joined Oklahoma Natural Gas in 1990 and has held a variety of roles of increasing responsibilityincreasing responsibility.

Active in the community and industry, Shortridge is a graduate of Leadership Oklahoma -Class XV and has served on various nonprofit boards in the communities where he has lived. He has chaired roundtables for the Southern Gas Association and is a senior member of the University of Oklahoma’s College of Industrial Engineering Advisory Boardof the University of Oklahoma s College of Industrial Engineering Advisory Board.

A native of California, Shortridge earned a Bachelor of Science degree in industrialengineering in 1990 from the University of Oklahoma in Norman and a Master of Business Administration degree in 1997 from Oklahoma State University in Stillwater.


Sam Combs IIISam Combs IIIPresident, Distribution

Sam Combs is president of ONEOK Distribution Companies, responsible for ONEOK’s Sam Combs is president of ONEOK Distribution Companies, responsible for ONEOK s three natural gas utilities – Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service.

He began his career with Oklahoma Natural Gas in 1984 and has held engineering, marketing and management positions at the company. He became vice president of marketing and management positions at the company. He became vice president of Oklahoma Natural’s Oklahoma City district in 1996 and was named vice president of its Western Region in 1998. Combs was promoted to president of Oklahoma Natural Gas in 2001 and named to his current position in 2005.

A past president of Leadership Oklahoma Combs has been active as a leader in theA past president of Leadership Oklahoma, Combs has been active as a leader in thecommunity and the state. He was recognized by Black Enterprise magazine on its list of the “75 Most Powerful African Americans in Corporate America.” Combs was honored as an “Oklahoma Star” by Governor Brad Henry and the Oklahoma Department of Commerce.

A native of Bristow Oklahoma Combs holds a Bachelor of Science degree in industrial A native of Bristow, Oklahoma, Combs holds a Bachelor of Science degree in industrial engineering from Oklahoma State University in Stillwater, and has received the university’s Distinguished Alumni Award. He graduated from the Ross School of Business Executive Program at the University of Michigan, Ann Arbor, in 1999 and has completed advanced studies at Harvard University.


Sheridan SwordsSheridan SwordsPresident, Natural Gas Liquids Gathering and Fractionation

Sheridan Swords is president of ONEOK Partners’ natural gas liquids gathering andfractionation business.

Swords began his career in the natural gas industry as a division engineer for KochGathering Systems Company in 1992. He held various positions with Koch companies; and Gathering Systems Company in 1992. He held various positions with Koch companies; and prior to joining ONEOK Partners, Swords was vice president of the Mid-Continent for Koch Hydrocarbon, LP.

A native of Kansas, Swords earned a Bachelor of Science degree in mechanical engineering in 1991 from Kansas State University in Manhattanengineering in 1991 from Kansas State University in Manhattan.


Roger ThorpeRoger ThorpePresident, Natural Gas Liquids Pipelines

Roger Thorpe is president of ONEOK Partners’ natural gas liquids pipelines business, responsible for natural gas liquids and refined products pipeline assets.

He joined ONEOK in 1990 as a field engineer and has held positions of increasingresponsibility across ONEOK Partners’ natural gas liquids and natural gas midstreamresponsibility across ONEOK Partners natural gas liquids and natural gas midstreambusinesses. In his previous position as vice president, he was responsible for the operations and engineering aspect of the partnership’s natural gas gathering and processing business. He has also held the positions of manager of gas measurement and manager of operations for the partnership’s gas transmission and gathering and processing assets.

He is active in community and charitable organizations and recently served as co-chair for ONEOK’s annual Habitat for Humanity home build.

A native of Idaho, Thorpe received an industrial engineering degree in 1990 from theUniversity of Oklahoma in NormanUniversity of Oklahoma in Norman.


Patrick McDoniePatrick McDoniePresident, Energy Services

Patrick McDonie is president of ONEOK Energy Services Company, which supplieslocal distribution companies and industrial customers with reliable delivery of natural gas. He is responsible for marketing, storing, trading, transporting and delivery scheduling related to the company’s natural gas marketing operations.

McDonie joined ONEOK in 1997 as a director of trading for ONEOK Gas MarketingCompany and later served as senior vice president and vice president of origination and new business development and as vice president of physical trading for ONEOK Energy Services. Prior to joining ONEOK, McDonie held positions of increasing responsibility in the natural gas production and marketing industry with Tristar Gas Marketing Pacific natural gas production and marketing industry with Tristar Gas Marketing, Pacific Enterprises Oil Company and Texas Oil and Gas.

McDonie is a member of the Natural Gas Association of Oklahoma and the North Texas Natural Gas and Electric Power Society. He is also involved with the Cystic Fibrosis Foundation and the American Heart AssociationFoundation and the American Heart Association.

A native of West Virginia, McDonie earned a Bachelor of Science degree in petroleum engineering in 1983 from Marietta College in Marietta, Ohio, and a Master of Business Administration degree in 1984 from West Virginia University in Morgantown.


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oneok ONEOK and ONEOK Partners Investor Conference

Economy & Finance

Transcript of oneok ONEOK and ONEOK Partners Investor Conference