ONEOK, Inc.

Please stand by. We're about to begin. Good morning, everyone, and welcome to OneOaks' third quarter 2025 earnings conference call. As a reminder, this call is being recorded. After the speaker's opening remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone. If you would like to withdraw your question, please press star, then the number two. With that, it is my pleasure to turn the program over to Ms. Megan Patterson, Vice President, Investor Relations. Please go ahead, ma'am.

Thank you, Beau. We issued our earnings release and presentation after the markets closed yesterday, and those materials are available on our website. After our prepared remarks, management will be available to take your questions. Statements made during this call that might include one of 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. With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer.

Thanks, Megan. Good morning, everyone, and thank you for joining us today. On today's call is Walt Hulse, the Chief Financial Officer, Treasurer, and Executive Vice President, Investor Relations and Corporate Development. Sheridan Swords, the Executive Vice President and Chief Commercial Officer. Also on the call are Kevin Burdick, Executive Vice President, Chief Enterprise Service Officer, and Randy Lentz, the Executive Vice President and Chief Operating Officer. Yesterday, we announced higher third quarter results and affirmed our 2025 net income and adjusted EBITDA guidance ranges. We also reaffirmed our expectations to recognize approximately 250 million of synergy related adjusted EBITDA in 2025. Our third quarter adjusted EBITDA increased 7% compared to the second quarter. Once again, highlighting the sequential progression of earnings we anticipated this year. Compared with the first quarter of 2025, adjusted EBITDA has increased approximately 20% driven by volume growth across our operations, steady demand for our services, and the consistent execution of acquisition-related integration strategies by our employees. We believe that OneOaks' long-term market value will be driven by our strong fundamentals, contiguously integrated assets, and consistent results from our diversification efforts. Key among these catalysts are One Oak's significant operating leverage, contiguously integrated assets, synergy earnings with the majority being within our control, and our financial strength and flexibility. So let's start with the operating leverage. We've either recently completed or are nearing completion on projects that will add nearly 600,000 barrels per day of NGO pipeline capacity, more than 200,000 barrels a day of fractionation capacity, more than 550 million cubic feet per day of Permian Basin natural gas processing capacity, and an 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 and a half. This operating leverage is a key differentiator for One Oak, providing the ability to capture significant earnings uplift with limited incremental investments. Our contiguously integrated assets, including our extensive NGL and product system, provide strategic connectivity and growth opportunities. Regarding acquisition-related synergies, we remain on track to realize approximately 250 million of incremental synergies in 2025. By the end of this year, we will have realized nearly 500 million of synergies since closing the Magellan acquisition in September of 2023, far exceeding our original expectation. We continue to see meaningful synergy opportunities ahead across all of our acquisitions, with the majority of these completely without our control and not dependent on commodity prices. Finally, our financial flexibility strengthens our position and is the cornerstone of One Oaks business. A strong balance sheet, and an intentional and disciplined approach to capital allocation and cash flow generation continue to support our ability to generate long-term value for shareholders. Our established and stable customer base includes some of the largest and most well-capitalized producers, definers, and downstream customers. Our combination of demand pull and supply push earnings and our long-standing customer relationships provide resilience, through different cycles. One Oak's strong fundamentals and integrated assets position as well to navigate near-term challenges and continue delivering results for investors and customers. I'll now turn over the call to Walt and Sheridan to provide the financial and commercial updates.