ONEOK, Inc.

Filing receipts

“Changes in commodity prices and demand for our services or products, whether because of general economic conditions, changes in supply, changes in demand for the end products that are made with our products or increased competition from other service providers, could affect our earnings and operating cash flows.”

“Our operating cash flows can also be impacted by changes in our inventory balances, which are driven primarily by commodity prices, supply, demand and the operation of our assets.”

“Adjusted EBITDA increased $71 million for the three months ended March 31, 2026, compared with the same period in 2025, primarily as a result of the following: • an increase of $42 million in optimization and marketing due primarily to $25 million of higher earnings on sales of Purity NGLs held in inventory and $9 million of higher optimization volumes; and • an increase of $24 million in exchange services due primarily to: ◦ $80 million of higher volumes in the Gulf Coast/Permian and Rocky Mountain regions; offset partially by ◦ $41 million of lower average fee rates in the Gulf Coast/Permian and Mid-Continent regions; and ◦ $19 million of narrower product price differentials captured thro...”