ONEOK INC NEW

Segment Descriptions - Our operations are divided into four reportable business segments, as follows:

•our Natural Gas Gathering and Processing segment gathers, treats, processes and markets natural gas;

•our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs;

•our Natural Gas Pipelines segment transports, stores and markets natural gas; and

•our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil.

On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition. EnLink’s results of operations are reported across allfour of our existing operating segments from the period of Oct. 15, 2024, to Dec. 31, 2024. On Oct. 31, 2024, we completed the Medallion Acquisition. Medallion’s results of operations are reported in our Refined Products and Crude segment from the period of Nov. 1, 2024, to Dec. 31, 2024.

Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements.

For the years ended Dec. 31, 2024, and Dec. 31, 2022, we had no single customer from which we received 10% or more of our consolidated revenues. For the year ended Dec. 31, 2023, revenues from one customer impacting all our segments represented approximately 11% of our consolidated revenues.

The significant expense categories and amounts included in the table below align with the segment-level information that is regularly provided to the chief operating decision maker.

Operating Segment Information -The following tables set forth certain selected financial information for our operating segments for the periods indicated:

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.

(b) - Includes a gain of $227 million for the Natural Gas Pipelines segment related to the sale ofthree of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $2.4 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.

(b) - Includes a settlement gain of $779 million for the Natural Gas Liquids segment related to the Medford incident.

(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $3.7 billion and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments.

(a) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. In prior periods, our calculation included equity in net earnings from investments. This change resulted in an additional $62 million of adjusted EBITDA in 2023, and we have not restated prior periods.

(b) - The year ended Dec. 31, 2024, includes transaction costs related primarily to the EnLink Acquisitions and Medallion Acquisition of $73 million, offset partially by interest income of $39 million. The year ended Dec. 31, 2023, includes transaction costs related to the Magellan Acquisition of $158 million, offset partially by interest income of $49 million and corporate net gains of $41 million on extinguishment of debt related to open market repurchases.

(c) - The year ended Dec. 31, 2023, includes $633 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $146 million of third-party fractionation costs.

(d) - The year ended Dec. 31, 2024, includes a gain of $227 million from the interstate natural gas pipeline divestiture.