ONEOK Partners Announces Higher Third-quarter 2016 Financial Results

TULSA, Okla., Nov. 1, 2016

SUMMARY

• Third-quarter 2016 net income attributable to ONEOK Partners and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased 21 and 16 percent, respectively, compared with the third quarter 2015;
• Third-quarter 2016 distribution coverage ratio was 1.11; and
• Third-quarter 2016 natural gas volumes processed increased 13 percent and natural gas liquids (NGL) volumes fractionated increased 3 percent, compared with the third quarter 2015.

THIRD-QUARTER AND YEAR-TO-DATE 2016 FINANCIAL HIGHLIGHTS

	Three Months Ended								Nine Months Ended
	September 30, ARIVA.DE Börsen-Geflüster Kurse Oneok 81,06 $ -0,39% Oneok Partners -   0,00%								September 30,
ONEOK Partners	2016				2015				2016				2015
	(Millions of dollars, except per unit and coverage ratio amounts)
Net income attributable to ONEOK Partners	$	274.3			$	227.0			$	789.3			$	582.3
Net income per limited partner unit	$	0.59			$	0.45			$	1.65			$	1.10
Adjusted EBITDA (a)	$	469.4			$	403.7			$	1,369.7			$	1,115.3
DCF (a)	$	358.6			$	302.8			$	1,073.4			$	796.9
Cash distribution coverage ratio (a)	1.11				0.91				1.11				0.80

"ONEOK Partners continues to post strong financial results and expects to finish 2016 in line with financial guidance," said Terry K. Spencer, president and chief executive officer of ONEOK Partners. "Third-quarter 2016 results benefited from increased natural gas volumes gathered and processed and higher NGL volumes fractionated from recently connected natural gas processing plants and increased ethane recovery compared with last year.

"The natural gas liquids segment expects to benefit from a ramp up in volumes at the five third-party natural gas processing plants connected to our system in 2016 and from the segment's competitive asset position in active shale plays such as the STACK and SCOOP plays in Oklahoma," Spencer said. "We expect increased producer drilling in these plays through the remainder of the year and into 2017, and continue to expect a favorable impact from ethane recovery across our system as new petrochemical facilities come online during the year.

"Our Bear Creek natural gas processing plant was completed in August and is currently 50 percent utilized, contributing to expected fourth-quarter Williston Basin volume growth in the natural gas gathering and processing segment," said Spencer. "Through October 2016, we've seen the completion of large multi-well pads in the Mid-Continent, specifically in the STACK play, supporting our expectation for a year-end volume ramp up in the segment and setting the stage for additional volume growth in 2017.

"In our natural gas pipelines segment, we've been successful in our strategy to move markets closer to supply," continued Spencer. "In October, we completed the second phase of the joint venture Roadrunner Gas Transmission Pipeline and the complementary ONEOK WesTex expansion project, connecting markets in Mexico with upstream supply basins in West Texas and the Mid-Continent. Both projects were completed ahead of original schedules and below cost estimates and are expected to provide the partnership with stable, long-term fee-based earnings."

"The partnership's balance sheet remains healthy and we continue to reduce our leverage position," added Spencer. "Financially and operationally, we're in a strong position, and we have the flexibility to take advantage of opportunities to create additional shareholder value."

THIRD-QUARTER AND YEAR-TO-DATE 2016 FINANCIAL PERFORMANCE

Recently completed capital-growth projects in all three business segments continue to drive higher volumes and increased fee-based earnings across the partnership's integrated asset footprint compared with 2015.

Third-quarter 2016 operating income and adjusted EBITDA increased 17 and 16 percent, respectively, compared with the third quarter 2015. Through the first nine months of 2016, operating income increased 30 percent and adjusted EBITDA increased 23 percent, compared with the same periods in 2015.

Financial results benefited from higher natural gas volumes gathered and processed, higher NGL volumes fractionated and sustained higher average fee rates in the natural gas gathering and processing segment.

ONEOK Partners' maintenance capital expenditures for the full-year 2016 are expected to be approximately $110 million, compared with original guidance of approximately $140 million provided in December 2015. The update primarily reflects lower than expected vendor and contractor costs, the delay of an NGL pipeline relocation project and the timing of discretionary information technology application upgrades. The partnership's expected 2016 capital-growth expenditures remain approximately $460 million.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
ONEOK Partners	2016				2015				2016				2015
	(Millions of dollars)
Operating income	$	336.3			$	287.6			$	980.2			$	756.2
Operating costs	$	177.4			$	162.1			$	529.5			$	506.9
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