ONEOK, Inc.

Good day, and welcome to OneOak's fourth quarter 2024 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Andrew Zeola, Flights President and of Investor Relations. Please go ahead.

Thank you, Wyatt, and good morning. And welcome to OneOak's fourth quarter year-end 2024 earnings call. After the markets closed yesterday, we issued news releases announcing our 2024 results and our 2025 guidance and 2026 outlook. Those materials are on our website. After our prepared remarks, management will be available to take your questions. Statements made during this call that might include One Oaks expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. Just a reminder for Q&A, we ask that you limit yourself to one question and a follow-up in order to fit in as many of you as we can. With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer. Pierce?

Thanks, Andrew. Good morning, and thank you for joining us. On today's call is Walt Holtz, Chief Financial Officer, Treasurer, Executive Vice President of Investor Relations and Corporate Development at Sheridan Swords, Executive Vice President and Chief Commercial Officer. Also on the call today is Randy Lentz, Executive Vice President and Chief Operating Officer. Randy joined us from Medallion Midstream and we welcome him to the One Oak team. Yesterday, we announced higher fourth quarter and full year 2024 earnings driven by contributions from multiple strategic acquisitions, volume growth, and continued execution on the synergies identified in our refined products and crude oil businesses acquired in 2023. We also announced 2025 financial guidance and provided a 2026 growth outlook. For 2025, we expect strong earnings growth driven by our expanded operations, completed projects, and higher volumes. For our 2026 growth outlook, we expect greater than 15% earnings per share growth and adjusted EBITDA growth approaching 10%. compared with our 2025 guidance midpoints. Walton Sheridan will provide additional details on those guidance and the growth outlook shortly. Over the past two years, One Oak has executed on our intentional and disciplined growth strategy, creating unique opportunities with our more regionally diversified product and service offerings and delivering value across our expanded footprint. We've transformed our company in multiple ways, making it even stronger, more resilient, and better positioned to play a leading role in contributing to energy addition. I'll touch on a few of these key areas that we believe will drive our continued success and further enhance our strategic competitive advantage. First, we've significantly grown our integrated operations. both in terms of our product mix, demand pull versus supply push drivers, and geographic diversity. We've added refined products in crude oil transportation and crude oil gathering to our integrated value chain, and we've significantly extended and expanded our presence in the Permian Basin in Louisiana. Second, we've added significant operational scale through our now approximately 60,000-mile pipeline network, enhancing our connectivity with key producers, basins, and market centers. The scale and integrated connectivity further strengthen our resilience and position One Oak for success across various market cycles. Third, we continue to prioritize organic growth opportunities by expanding and extending our now even larger asset base. Key projects have included NGO pipeline expansions in the Bakken and Permian basins, additional NGL fractionation capacity in Mont Bellevue and the Mid-Continent, refined products pipeline expansions into the Denver market, and natural gas storage expansions in Oklahoma and Texas. Most recently, we announced an LPG export project joint venture with MPLX. With LPG exports added to our service mix, we will provide an integrated NGL wellhead-to-water solution for our customers, enhancing our product offerings. Fourth, we continue to prioritize innovation, commercial development, and customer service across our operations. Numerous additional project opportunities remain in various stages of development. These unannounced projects span across regions and products, and they include synergy projects and traditional growth opportunities. Examples include projects to interconnect and optimize recently acquired assets, pipeline and facility expansions and key basins, additional natural gas infrastructure driven by continued demand for the AI-driven data centers and LNG demand, and de-bottomlaking projects across our operations to accommodate growth, or just to name a few. Finally, we remain committed to returning meaningful value to our investors. We've proven our ability to sustain and grow our longstanding dividend, invest in high return growth projects, and maintain financial flexibility, including the ability to begin executing on our share repurchase authorization. We've provided 11 consecutive years of adjusted EBITDA growth, and our 2025 adjusted EBITDA guidance is well over double what it was just three years ago. All of these successes and extraordinary growth in the scale of OneOaks transformation doesn't happen overnight. And it doesn't happen without the dedication of our employees. Their continued focus on safety, service, and innovation has enabled this level of change to occur and will continue to drive additional meaningful growth and value across our operations. I'll now turn it over to Walt and Sheridan to provide their financial and commercial updates. Walt?