TULSA, Okla., Aug. 2, 2016 /PRNewswire/ -- ONEOK Partners, L.P. (NYSE: OKS) today announced second-quarter 2016 financial results.

SUMMARY

• Second-quarter 2016 net income attributable to ONEOK Partners and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased 25 and 18 percent, respectively, compared with the second quarter 2015;
• Second-quarter 2016 distribution coverage ratio was 1.15; and
• Second-quarter 2016 natural gas volumes processed increased 12 percent and natural gas liquids (NGL) volumes fractionated increased 10 percent, compared with the second quarter 2015.

SECOND-QUARTER 2016 FINANCIAL HIGHLIGHTS

'ONEOK Partners continues to post solid 2016 financial results as natural gas and natural gas liquids volumes increased across all three business segments year over year,' said Terry K. Spencer, president and chief executive officer of ONEOK Partners. 'Our well-positioned assets and approximately $9 billion in capital-growth projects and acquisitions since 2006 provide opportunities for continued earnings growth without significant additional infrastructure needs or capital spending, particularly in the natural gas liquids segment.

'Our natural gas liquids segment continues to be a key driver of fee-based growth for the partnership, with segment operating income and adjusted EBITDA in the first half of 2016 increasing more than 25 percent compared with the same period last year,' Spencer said. 'We continue to expect a significant benefit from ethane recovery beginning in 2017 and have already observed intermittent periods of higher recovery on parts of our system this year. While prices have begun to improve, we haven't yet seen a large revenue increase from ethane recovery because a portion of the fees associated with the increased volumes were previously being earned through minimum volume commitments.

'In addition to ethane, new NGL supply opportunities are available in our natural gas liquids segment in the growing STACK and SCOOP plays in Oklahoma,' he continued. 'ONEOK Partners currently provides NGL gathering, transportation and fractionation services in these plays and is well-positioned, along with our natural gas gathering and processing segment, to benefit from continued growth opportunities in the region.

'Our natural gas gathering and processing segment also recorded increased volumes in the first half of 2016 and continues to benefit from contract restructuring efforts that began in 2015,' Spencer said. 'Our continuing contract restructuring efforts contributed to an 8 cent, or 12 percent, increase in the segment's average fee rate for the second quarter, compared with the first quarter 2016.

'We've taken the commercial, operational and financial steps to enable us to continue to grow our earnings in spite of a difficult commodity price environment,' Spencer concluded. 'Our focus on stable, fee-based earnings growth has positioned us well for the remainder of 2016.'

SECOND-QUARTER 2016 FINANCIAL PERFORMANCE

Second-quarter 2016 results benefited from higher NGL volumes gathered and fractionated and higher natural gas volumes gathered and processed, compared with the same period in 2015, as well as increased fee-based earnings in the natural gas gathering and processing segment. Higher volumes and fee rates drove increases in second-quarter 2016 operating income of 20 percent and adjusted EBITDA of 18 percent, compared with the same period in 2015.

Ethane rejection continues across the partnership's system; however some natural gas processors are intermittently alternating between ethane recovery and rejection. Ethane rejection levels on the partnership's natural gas liquids gathering system decreased to approximately 150,000 barrels per day (bpd) in the second quarter 2016, compared with an average of more than 175,000 bpd during the second half of 2015 and first quarter of 2016, primarily related to natural gas processing plants in the Mid-Continent moving in and out of ethane recovery. The partnership expects ethane rejection levels to continue to fluctuate for the remainder of 2016.

Higher second-quarter 2016 results primarily benefited from:

• Higher NGL fee-based exchange-services volumes primarily from recently connected natural gas processing plants and decreased ethane rejection in the Mid-Continent and Williston Basin;
• Higher average fee rates resulting from contract restructuring in the natural gas gathering and processing segment;
• Natural gas volume growth in the Williston Basin; and
• Higher transportation revenues in the natural gas pipelines segment.

Operating costs increased in the three- and six-month 2016 periods, compared with the same periods in 2015, due primarily to higher employee-related costs associated with incentive and medical benefit plans.

Capital expenditures decreased in the three- and six-month periods in 2016, compared with the same periods in 2015, due to projects placed in service in 2015, proactive spending reductions to align with customer needs and lower well connect activities in the natural gas gathering and processing segment.

ONEOK Partners' second quarter 2016 distributable cash flow and distribution coverage ratio benefited from a one-time, approximately $15 million increase in the quarter due to a change in the timing of cash distributions received from the partnership's equity-method investment in Northern Border Pipeline. Beginning in the second quarter 2016, cash distributions related to the partnership's 50 percent ownership interest in the pipeline will be received monthly instead of quarterly.

EARNINGS PRESENTATION AND KEY STATISTICS:

Additional financial and operating information that will be discussed on the second-quarter conference call is accessible on ONEOK Partners' website, www.oneokpartners.com, or by selecting the links below.

> View earnings presentation

> View earnings tables

ONEOK PARTNERS HIGHLIGHTS:

• Reporting second-quarter 2016 net income and operating income increases of approximately 25 and 20 percent, respectively, compared with the second quarter 2015;
• Reporting second-quarter 2016 and first-half 2016 distribution coverage of 1.15 times and 1.11 times, respectively;
• Maintaining 2016 net income guidance of approximately $1.12 billion, adjusted EBITDA guidance of approximately $1.88 billion and DCF guidance of approximately $1.39 billion;
• Announcing fourth-quarter 2016 expected completion dates for the second phase of the Roadrunner Gas Transmission pipeline (Roadrunner) project and the 260 million cubic feet per day (MMcf/d) WesTex Transmission Pipeline expansion, which were both originally expected to be complete in the first quarter 2017. The second phase of the Roadrunner joint venture project will add an additional 400 MMcf/d of capacity to the pipeline. Both projects are fully contracted;
• Continuing to improve leverage and achieving a GAAP debt-to EBITDA ratio of 4.4 times as of June 30, 2016; and
• Declaring in July 2016 a second-quarter 2016 distribution of 79 cents per unit, or $3.16 per unit on an annualized basis.

BUSINESS-SEGMENT RESULTS:

Key financial and operating statistics are listed in the tables.

Natural Gas Liquids Segment

The natural gas liquids segment benefited from volume growth of NGLs gathered and fractionated during the second quarter 2016, primarily due to recent Williston Basin and Mid-Continent natural gas processing plant connections and higher levels of ethane recovery. NGLs fractionated increased nearly 10 percent and NGLs transported on gathering lines increased 3 percent in the second quarter 2016, compared with the same period in 2015.

Ethane recovery levels increased in the Mid-Continent region and the Williston Basin during the second quarter 2016, compared with the second quarter 2015, positively impacting second-quarter 2016 results. A portion of the fees associated with those increased volumes were previously being earned under contracts with minimum volume obligations. We expect ethane recovery levels to continue to fluctuate for the remainder of 2016 as the market continually balances ethane supply and demand.

The increase in second-quarter 2016 adjusted EBITDA, compared with the second quarter 2015, primarily reflects:

• A $27.7 million increase in fee-based exchange services, which includes:
  • A $22.4 million increase due to increased volumes from recently connected natural gas processing plants in the Williston Basin and Mid-Continent, offset partially by lower short-term contracted volumes in the Gulf Coast region;
  • A $21.7 million increase from decreased ethane rejection in the Mid-Continent and Williston Basin, which increased NGL volumes gathered and fractionated; offset partially by
  • A $15.4 million decrease in revenues from minimum volume obligations as earnings were realized through the increased volumes and decreased ethane rejection described above;
• An $8.1 million increase in optimization and marketing activities due primarily to wider marketing product price differentials;
• A $4.2 million increase in equity in net earnings from investments due primarily to higher volumes delivered to the Overland Pass Pipeline from the Bakken NGL Pipeline; offset partially by
• A $6.4 million increase in operating costs due primarily to higher employee-related costs associated with incentive and medical benefit plans; and
• A $5.6 million decrease due to the impact of operational measurement losses in 2016 and operational measurement gains in 2015.

The increase in adjusted EBITDA for the six-month 2016 period, compared with the same period last year, primarily reflects:

• An $88.7 million increase in fee-based exchange services, which includes:
  • A $64.0 million increase due to increased volumes from recently connected natural gas processing plants in the Williston Basin and Mid-Continent, offset partially by lower short-term contracted volumes in the Gulf Coast region;
  • A $38.7 million increase from decreased ethane rejection in the Mid-Continent and Williston Basin, which increased NGL volumes gathered and fractionated; and
  • A $5.7 million increase due to higher fee rates; offset partially by
  • An $18.7 million decrease in revenues from minimum volume obligations as earnings were realized through the increased volumes and decreased ethane rejection described above;
• A $10.6 million increase in equity in net earnings from investments due primarily to higher volumes delivered to the Overland Pass Pipeline from the Bakken NGL Pipeline;
• A $4.2 million increase in optimization and marketing activities due primarily to higher optimization volumes;
• A $3.0 million increase in higher storage activities; and
• A $2.7 million decrease in operating costs resulting from ongoing cost reduction efforts and lower rates charged by service providers, offset partially by higher employee-related costs associated with incentive and medical benefit plans.

Capital expenditures decreased for the three- and six-month 2016 periods, compared with the same periods in 2015, due primarily to proactive spending reductions to align with customer needs.

Natural Gas Gathering and Processing Segment

The natural gas gathering and processing segment's second-quarter 2016 adjusted EBITDA increased more than 40 percent, compared with the same period in 2015, driven by continued volume growth in the Williston Basin, even with planned facility maintenance and weather events in the basin during the second quarter.

Second-quarter 2016 natural gas volumes processed increased more than 12 percent, and natural gas volumes gathered increased nearly 6 percent, compared with the second quarter 2015.

The segment continues to realize positive impacts from contract restructuring efforts, which helped increase the second quarter 2016 average fee rate to 76 cents, up 8 cents compared with the first quarter 2016 and 37 cents compared with the second quarter 2015.

Second-quarter 2016 adjusted EBITDA increased, compared with the second quarter 2015, which primarily reflects:

• A $36.6 million increase due primarily to restructured contracts resulting in higher average fee rates and a lower percentage of proceeds (POP) retained from the sale of commodities under POP with fee contracts; and
• A $33.5 million increase due primarily to natural gas volume growth in the Williston Basin, offset partially by volume declines in the Mid-Continent region; offset partially by
• A $28.6 million decrease due primarily to lower net realized NGL and natural gas prices; and
• A $5.8 million increase in operating costs due primarily to higher employee-related costs associated with incentive and medical benefit plans and completed capital projects.

The increase in adjusted EBITDA for the six-month 2016 period, compared with the same period last year, primarily reflects:

• A $78.5 million increase due primarily to restructured contracts resulting in higher average fee rates and a lower percentage of proceeds retained from the sale of commodities under POP with fee contracts; and
• A $64.7 million increase due primarily to natural gas volume growth in the Williston Basin, offset partially by volume declines in the Mid-Continent region; offset partially by
• A $58.5 million decrease due primarily to lower net realized NGL and natural gas prices;
• A $6.1 million increase in operating costs due primarily to higher employee-related costs associated with incentive and medical benefit plans and completed capital projects; and
• A $4.0 million decrease due primarily to decreased ethane rejection to maintain downstream NGL product specifications.

The following table contains equity-volume information for the periods indicated:

The natural gas gathering and processing segment has restructured a portion of it percent-of-proceeds with fee contracts to include significantly higher fees, which reduced its 2016 equity volumes and the related commodity price exposure compared with 2015. The partnership executes hedges to reduce its commodity price risk. NGLs hedged reflect propane, normal butane, isobutane and natural gasoline only. The following tables set forth hedging information for the natural gas gathering and processing segment's forecasted equity volumes for the periods indicated:

All of the natural gas gathering and processing segment's commodity price sensitivities are estimated as a hypothetical change in the price of NGLs, natural gas and crude oil as of June 30, 2016, including the effects of hedging and assuming normal operating conditions. Condensate sales are based on the price of crude oil.

The natural gas gathering and processing segment estimates the following sensitivities:

• A 1-cent-per-gallon change in the composite price of NGLs would change second-half 2016 and full-year 2017 adjusted EBITDA by approximately $0.3 million and $1.0 million, respectively;
• A 10-cent-per-MMBtu change in the price of residue natural gas would change second-half 2016 and full-year 2017 adjusted EBITDA by approximately $0.1 million and $0.9 million, respectively; and
• A $1.00-per-barrel change in the price of crude oil would change second-half 2016 and full-year 2017 adjusted EBITDA by approximately $0.1 million and $0.4 million, respectively.

These estimates do not include any effects on demand for ONEOK Partners' services or natural gas processing plant operations that might be caused by, or arise in conjunction with, price changes. For example, a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream affecting natural gas gathering and processing earnings for certain contracts.

Natural Gas Pipelines Segment

The natural gas pipelines segment operations remain nearly 100 percent fee-based. Through the first six months of 2016, approximately 93 percent of the segment's natural gas transportation capacity was contracted under firm, demand-based contracts.

The second phase of the segment's joint venture Roadrunner Gas Transmission Pipeline and the 260 MMcf/d WesTex Transmission Pipeline expansion are expected to be complete in the fourth quarter 2016, ahead of schedule for both projects. The second phase of the Roadrunner joint venture project will add an additional 400 MMcf/d of capacity to the pipeline. Both projects are fully subscribed under long-term, firm fee-based (take-or-pay) commitments.

Second-quarter 2016 adjusted EBITDA increased, compared with the second quarter 2015, which primarily reflects:

• A $7.1 million increase from higher transportation revenues, primarily due to increased firm demand charge volumes contracted; offset partially by
• A $4.0 million increase in operating costs due primarily to increased employee-related costs associated with incentive and medical benefit plans.

The increase in adjusted EBITDA for the six-month 2016 period, compared with the same period last year, primarily reflects:

• A $9.1 million increase from higher transportation revenues, primarily due to increased firm demand charge volumes contracted; and
• A $6.0 million increase due to higher natural gas storage services as a result of increased rates and the sale of excess natural gas in storage in 2016; offset partially by
• A $4.3 million increase in operating costs due primarily to increased employee-related costs associated with incentive and medical benefit plans.

Capital expenditures increased in the three- and six-month 2016 periods, compared with the same periods in 2015, due primarily to the WesTex Transmission Pipeline expansion and compressor station expansion projects.

EARNINGS CONFERENCE CALL AND WEBCAST:

ONEOK Partners and ONEOK executive management will conduct a joint conference call at 10 a.m. Eastern Daylight Time (9 a.m. Central Daylight Time) on Aug. 3, 2016. The call also will be carried live on ONEOK Partners' and ONEOK's websites.

To participate in the telephone conference call, dial 888-600-4861, passcode 4836580, or log on to www.oneokpartners.com or www.oneok.com.

If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK Partners' website, www.oneokpartners.com, and ONEOK's website, www.oneok.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, passcode 4836580.

LINKS TO EARNINGS TABLES AND PRESENTATION:

Tables:
http://ir.oneokpartners.com/~/media/Files/O/OneOK-Partners-IR/financial-reports/2016/q2-2016-earnings-press-release.pdf

Presentation:
http://ir.oneokpartners.com/~/media/Files/O/OneOK-Partners-IR/events-presentation/q2-2016-earnings-presentation.pdf

NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:

ONEOK Partners has disclosed in this news release adjusted EBITDA, DCF, distributable cash flow to limited partners per limited partner unit and cash distribution coverage ratio, which are non-GAAP financial metrics, used to measure the partnership's financial performance and are defined as follows:

• Adjusted EBITDA is defined as net income adjusted for interest expense, net of capitalized interest, depreciation and amortization, impairment charges, income taxes and allowance for equity funds used during construction and certain other noncash items;
• DCF is defined as adjusted EBITDA, computed as described above, less interest expense, maintenance capital expenditures and equity earnings from investments, excluding noncash impairment charges, adjusted for cash distributions received and certain other items;
• Distributable cash flow to limited partners per limited partner unit is computed as DCF less distributions declared to the general partner in the period, divided by the weighted-average number of units outstanding in the period; and
• Cash distribution coverage ratio is defined as distributable cash flow to limited partners per limited partner unit divided by the distribution declared per limited partner unit for the period.

The partnership believes the non-GAAP financial measures described above are useful to investors because they are used by many companies in its industry to measure financial performance and are commonly employed by financial analysts and others to evaluate the financial performance of the partnership and to compare the financial performance of the partnership with the performance of other publicly traded partnerships within its industry.

Adjusted EBITDA, DCF, distributable cash flow to limited partners and cash distribution coverage ratio per limited partner unit should not be considered alternatives to net income, earnings per unit or any other measure of financial performance presented in accordance with GAAP.

These non-GAAP financial measures exclude some, but not all, items that affect net income. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Furthermore, these non-GAAP measures should not be viewed as indicative of the actual amount of cash that is available for distributions or that is planned to be distributed in a given period, nor do they equate to available cash as defined in the partnership agreement.

ONEOK Partners, L.P. (pronounced ONE-OAK) (NYSE: OKS) is one of the largest publicly traded master limited partnerships in the United States and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent, Permian and Rocky Mountain regions with key market centers and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a pure-play publicly traded general partner, which owns 41.2 percent of the overall partnership interest, as of June 30, 2016.

For more information, visit the website at www.oneokpartners.com.

For the latest news about ONEOK Partners, follow us on Twitter @ONEOKPartners.

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected operating income, net income, capital expenditures, cash flow and projected levels of distributions, and coverage ratio), liquidity, management's plans and objectives for our future growth projects and other future operations (including plans to construct additional natural gas and natural gas liquids pipelines and processing facilities and related cost estimates), our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities legislation and other applicable laws. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'believe,' 'should,' 'goal,' 'forecast,' 'guidance,' 'could,' 'may,' 'continue,' 'might,' 'potential,' 'scheduled' and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

• the effects of weather and other natural phenomena, including climate change, on our operations, demand for our services and energy prices;
• competition from other United States and foreign energy suppliers and transporters, as well as alternative forms of energy, including, but not limited to, solar power, wind power, geothermal energy and biofuels such as ethanol and biodiesel;
• the capital intensive nature of our businesses;
• the profitability of assets or businesses acquired or constructed by us;
• our ability to make cost-saving changes in operations;
• risks of marketing, trading and hedging activities, including the risks of changes in energy prices or the financial condition of our counterparties;
• the uncertainty of estimates, including accruals and costs of environmental remediation;
• the timing and extent of changes in energy commodity prices;
• the effects of changes in governmental policies and regulatory actions, including changes with respect to income and other taxes, pipeline safety, environmental compliance, climate change initiatives and authorized rates of recovery of natural gas and natural gas transportation costs;
• the impact on drilling and production by factors beyond our control, including the demand for natural gas and crude oil; producers' desire and ability to obtain necessary permits; reserve performance; and capacity constraints on the pipelines that transport crude oil, natural gas and NGLs from producing areas and our facilities;
• difficulties or delays experienced by trucks, railroads or pipelines in delivering products to or from our terminals or pipelines;
• changes in demand for the use of natural gas, NGLs and crude oil because of market conditions caused by concerns about climate change;
• conflicts of interest between us, our general partner, ONEOK Partners GP, and related parties of ONEOK Partners GP;
• the impact of unforeseen changes in interest rates, equity markets, inflation rates, economic recession and other external factors over which we have no control;
• our indebtedness could make us vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantages compared with our competitors that have less debt or have other adverse consequences;
• actions by rating agencies concerning the credit ratings of us or the parent of our general partner;
• the results of administrative proceedings and litigation, regulatory actions, rule changes and receipt of expected clearances involving any local, state or federal regulatory body, including the Federal Energy Regulatory Commission (FERC), the National Transportation Safety Board, the Pipeline and Hazardous Materials Safety Administration (PHMSA), the U.S. Environmental Protection Agency (EPA) and the U.S. Commodity Futures Trading Commission (CFTC);
• our ability to access capital at competitive rates or on terms acceptable to us;
• risks associated with adequate supply to our gathering, processing, fractionation and pipeline facilities, including production declines that outpace new drilling or extended periods of ethane rejection;
• the risk that material weaknesses or significant deficiencies in our internal controls over financial reporting could emerge or that minor problems could become significant;
• the impact and outcome of pending and future litigation;
• the ability to market pipeline capacity on favorable terms, including the effects of:
  • future demand for and prices of natural gas, NGLs and crude oil;
  • competitive conditions in the overall energy market;
  • availability of supplies of Canadian and United States natural gas and crude oil; and
  • availability of additional storage capacity;
• performance of contractual obligations by our customers, service providers, contractors and shippers;
• the timely receipt of approval by applicable governmental entities for construction and operation of our pipeline and other projects and required regulatory clearances;
• our ability to acquire all necessary permits, consents or other approvals in a timely manner, to promptly obtain all necessary materials and supplies required for construction, and to construct gathering, processing, storage, fractionation and transportation facilities without labor or contractor problems;
• the mechanical integrity of facilities operated;
• demand for our services in the proximity of our facilities;
• our ability to control operating costs;
• acts of nature, sabotage, terrorism or other similar acts that cause damage to our facilities or our suppliers' or shippers' facilities;
• economic climate and growth in the geographic areas in which we do business;
• the risk of a prolonged slowdown in growth or decline in the United States or international economies, including liquidity risks in United States or foreign credit markets;
• the impact of recently issued and future accounting updates and other changes in accounting policies;
• the possibility of future terrorist attacks or the possibility or occurrence of an outbreak of, or changes in, hostilities or changes in the political conditions in the Middle East and elsewhere;
• the risk of increased costs for insurance premiums, security or other items as a consequence of terrorist attacks;
• risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;
• the impact of uncontracted capacity in our assets being greater or less than expected;
• the ability to recover operating costs and amounts equivalent to income taxes, costs of property, plant and equipment and regulatory assets in our state and FERC-regulated rates;
• the composition and quality of the natural gas and NGLs we gather and process in our plants and transport on our pipelines; the efficiency of our plants in processing natural gas and extracting and fractionating NGLs;
• the impact of potential impairment charges;
• the risk inherent in the use of information systems in our respective businesses, implementation of new software and hardware, and the impact on the timeliness of information for financial reporting;
• our ability to control construction costs and completion schedules of our pipelines and other projects; and
• the risk factors listed in the reports we have filed and may file with the SEC, which are incorporated by reference.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in our most recent Annual Report on form 10-K and in our other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov and our website at www.oneokpartners.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

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SOURCE ONEOK Partners, L.P.