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Thinking Outside the Diamond ONEOK PARTNERS, L.P. 2011 ANNUAL REPORT | FORM 10-K | OKS THINKING OUTSIDE THE DIAMOND. 100 West Fifth Street Post Office Box 871 ONEOK PARTNERS, L.P. 2011 ANNUAL REPORT Tulsa, OK 74103-4298 Tulsa, OK 74102-0871 www.oneokpartners.com GLOSSARY • ONEOK Partners, L.P. is a publicly traded master limited partnership engaged in the natural gas gathering Hedge, Hedging: The use of derivative commodity and interest-rate instruments to reduce financial Units of Measure: exposure to commodity-price and interest-rate volatility. Mcf = Thousand cubic feet and processing, natural gas pipelines and natural gas liquids businesses. Bbls = Barrels (42 U.S. gallons) • Our sole general partner is a subsidiary of ONEOK, Inc., an energy company founded in 1906 Master Limited Partnership (MLP): A limited partnership business that is publicly traded on an MMcf = Million cubic feet exchange, such as the New York Stock Exchange. MLPs have one or more general partners who MBbls = Thousand barrels that’s involved in natural gas distribution and energy services, and owns 43.4* percent of the partnership. manage the business and assume its legal debts and obligations. Bcf = Billion cubic feet MGal = Thousand gallons Natural Gas Liquids (NGL): Liquid hydrocarbons that are extracted and separated from the natural MMBtu = Million British thermal units FINANCIAL HIGHLIGHTS gas stream. NGL products include ethane, ethane/propane mix, propane, iso-butane, butane and BBtu = Billion British thermal units natural gasoline. GPM = Gallons of NGLs per thousand cubic feet of natural gas bpd = Barrels per day Year Ended December 31 2011 2010 2009 Partnership Units: The ownership interests owned by partners – the investors – in a partnership; similar to owning shares of stock in a corporation. Risk: Exposure to commodity-price, interest-rate and throughput volatility, as well as disruptions in Consolidated financial information (millions of dollars) the operations of the company’s assets. Net margin $ 1,577.4 $ 1,144.9 $ 1,119.3 Operating income $ 939.5 $ 586.3 $ 546.6 Net income attributable to ONEOK Partners, L.P. $ 830.3 $ 472.7 $ 434.4 CORPORATE INFORMATION ONEOK Partners is a publicly traded master limited partnership engaged in the natural gas gathering and Transfer Agent, Registrar and Distribution Paying Agent Total assets $ 8,946.7 $ 7,920.1 $ 7,953.3 processing, natural gas pipelines and natural gas liquids businesses. Wells Fargo Shareowner Services P.O. Box 64854 Total debt to capitalization 53% 50% 55% ONEOK Partners is listed on the New York Stock Exchange under the symbol OKS. St. Paul, MN 55164-0854 Phone toll free: 866-605-8639 Its sole general partner, ONEOK Partners GP, L.L.C., is a subsidiary of ONEOK, Inc., a diversified energy Website: www.shareowneronline.com Capital expenditures (millions of dollars) company founded in 1906 that’s involved in natural gas distribution and energy services. Growth $ 969.4 $ 290.2 $ 556.4 Tax Package Support Maintenance $ 94.0 $ 62.5 $ 59.3 ONEOK owns 43.4* percent of the partnership. ONEOK Partners, L.P. Total capital expenditures $ 1,063.4 $ 352.7 $ 615.7 K-1 Support Publicly Traded Partnership Attributes P.O. Box 799060 Unitholders own limited partnership common units instead of shares of stock and receive cash Dallas, TX 75379-9060 Common unit data** distributions rather than dividends. A partnership generally is not a taxable entity and does not 800-371-2188 Common units outstanding at year-end 130,827,354 130,827,354 119,825,554 pay federal income taxes. All of the income, gains, losses, deductions or credits flow through the partnership to the unitholders on a per-unit basis. Unitholders are required to report their allocated Credit Rating Class B units outstanding at year-end 72,988,252 72,988,252 72,988,252 share of these amounts on their income tax returns whether or not cash distributions are made by the Standard & Poor’s BBB Total units outstanding at year-end 203,815,606 203,815,606 192,813,806 partnership to unitholders. Moody’s Investors Service Baa2 Cash distributions paid by the partnership to a unitholder are generally tax deferred, unless the amount Master Limited Partnership Units Data per limited partner unit** of any cash distributed is in excess of the unitholder’s adjusted basis in their partnership interest. Common units for the partnership trade on the New York Stock Net income $ 3.35 $ 1.75 $ 1.80 Unitholders will receive a tax package including a Schedule K-1 each year related to the cash received. Exchange under the symbol OKS. Distributions declared $ 2.365 $ 2.25 $ 2.175 The partnership provides each unitholder a tax package in March of each year that includes the Investor Relations unitholder’s allocated share of reportable partnership income, gains, losses, deductions, credits and Dan Harrison, vice president – investor relations and public affairs, Market price range** other partnership information necessary to file federal and/or state tax returns. Any unitholder receiving by phone at 918-588-7950 or by email at [email protected]. High $ 57.94 $ 40.76 $ 31.50 a duplicate copy of such should call 800-371-2188. Andrew Ziola, manager – investor relations, by phone at Low $ 37.74 $ 27.98 $ 17.11 Auditors 918-588-7163 or by email at [email protected]. Year-end $ 57.74 $ 39.75 $ 31.15 PricewaterhouseCoopers LLP Two Warren Place Corporate Website 6120 South Yale Avenue, Suite 1850 ONEOK Partners business and financial information is available Tulsa, OK 74136 at www.oneokpartners.com. Reconciliation of Net Income to EBITDA and Distributable Cash Flow 2006 2011 (millions of dollars) NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES Net income $ 445 $ 831 ONEOK Partners has disclosed in this annual report earnings before interest, taxes, depreciation and amortization (EBITDA) and distributable cash flow (DCF) levels that are non- GAAP financial measures. EBITDA and DCF are used as measures of the partnership’s financial performance. EBITDA is defined as net income adjusted for interest expense, 133 223 Interest expense depreciation and amortization, income taxes and allowance for equity funds used during construction. DCF is defined as EBITDA, computed as described above, less interest Depreciation and amortization 122 178 expense, maintenance capital expenditures and equity earnings from investments, adjusted for distributions received and certain other items. The partnership believes the Income taxes 28 13 non-GAAP financial measures described above are useful to investors because these measurements are used by many companies in its industry as a measurement of financial Allowance for equity funds used during construction and other 1 (3) 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. EBITDA and DCF 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 EBITDA $ 729 $ 1,242 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 for a given period nor do they equate to available cash as Interest expense (133) (223) defined in the partnership agreement. A reconciliation of EBITDA and DCF to net income are included on the inside front cover of this annual report. Maintenance capital (67) (94) Equity earnings from investments (96) (127) Distributions received from unconsolidated affiliates 123 156 FORWARD-LOOKING STATEMENT Other (188) (8) The statements in this annual report that are not historical information, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions, are forward-looking statements. Forward-looking statements may include words such as “anticipate,” “estimate,” “expect,” “project,” Distributable cash flow $ 368 $ 946 “intend,” “plan,” “believe,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled” and other words and terms of similar meaning. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part I, Item 1A, Risk Factors and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operation and “Forward-Looking Statements” in the * As of March 2, 2012 ONEOK Partners, L.P. Annual Report on Form 10-K for the year ended December 31, 2011, included in this annual report. ** Split adjusted * As of March 2, 2012 LETTER TO UNITHOLDERS CREATIVE SOLUTIONS • Net income has increased 87 percent. DRIVE GROWTH • Distributable cash flow has increased 157 percent. We shape ONEOK Partners’ future by thinking outside the diamond (our familiar blue-flame company logo). • Cash distributions to you, our unitholders, have We build that future by working inside the diamond, increased 53 percent. In February of this year, adhering to time-honored disciplines and values. The we announced a projected 2.5-cent-per-quarter results are gratifying as we strive to consistently increase in 2012 unitholder distributions, higher deliver growth and sustainable earnings. than the 2-cent-per-quarter increase we forecasted in September 2011. We’ve increased distributions The foundation supporting this constant shaping in 21 of the past 24 quarters. and building process is our deep understanding of the supply-and-demand dynamics on both ends • The market value of the ONEOK Partners unit of our assets.
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