Wyoming Pipeline Authority October 28, 2003 Mark Quinlan Director Marketing. Mark Quinlan Director Marketing.

ONEOK – A Diversified Energy Company  Operate existing assets to improve returns  Acquire assets that compliment and strengthen our core business  Achieve an average growth of 10 percent in earnings annually  Operate existing assets to improve returns  Acquire assets that compliment and strengthen our core business  Achieve an average growth of 10 percent in earnings annually Production Gathering & Processing Gathering & Processing Transportation & Storage Transportation & Storage Marketing & Trading Marketing & Trading Distribution Business Strategy

Production Strategy  Acquire and develop reserves  Expand footprint -Looking for Rockies Play  Exploitation Company  Acquire and develop reserves  Expand footprint -Looking for Rockies Play  Exploitation Company Production Areas

Production Total Production & Reserves (Bcfe)

Gathering & Processing Strategy ONEOK Processing Plants ONEOK Gathering Areas  Consolidate and rationalize assets  Business focus -Fee-based versus commodity spread  Mitigate processing margin volatility -Contract renegotiations -Change in operation  Consolidate and rationalize assets  Business focus -Fee-based versus commodity spread  Mitigate processing margin volatility -Contract renegotiations -Change in operation

Transportation & Storage Strategy StorageTransportation  Increase throughput and margins  Maintain competitive cost structure  Strategically expand network of storage and pipeline assets  Increase throughput and margins  Maintain competitive cost structure  Strategically expand network of storage and pipeline assets

Distribution Strategy Kansas Gas Service Company Oklahoma Natural Gas Company Texas Gas Service Company  Focus on costs per customer  Look for acquisition opportunities  Focus on costs per customer  Look for acquisition opportunities

Financial Review

Cash Flow Net of Acquisition Capital Shortage Surplus CapEx Dividends $311.4 (a) $341.6 (a) $232.5 (a) (a) Includes amounts reported as discontinued operations in 2002 Form 10-K. ($Million) Estimated 2003 $215

Operating Income Diversity 2002 Est. $386 Million Gathering & Processing 6% Marketing & Trading 47% Transportation & Storage 15% Distribution 26% Production 6%

Strong Credit Quality  Focus on maintaining strong credit ratings -A /Baa1 (S&P / Moody’s)  Focus on maintaining solid liquidity Equity 51% Debt 49% Equity 35% Debt 65%

Forward Looking Statement Statements contained in this presentation that include company expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of It is important to note that the actual results of company earnings could differ materially from those projected in any forward-looking statements. For additional information refer to ONEOK’s Securities and Exchange Commission filings.

Marketing & Trading  Market and trade natural gas, natural gas liquids, crude oil and electricity  Trade around asset base to optimize margins  Lease gas storage and pipeline capacity assets  Located in the heart of the natural gas producing area  Provide service to most of the U.S.  Market and trade natural gas, natural gas liquids, crude oil and electricity  Trade around asset base to optimize margins  Lease gas storage and pipeline capacity assets  Located in the heart of the natural gas producing area  Provide service to most of the U.S.

Marketing & Trading Strategy Leased Storage  Increase leased storage and pipeline capacity  Grow markets served  Increase leased storage and pipeline capacity  Grow markets served

Marketing & Trading Operating Revenues 2003 Plan Marketing and Trading Revenues Marketing and transportation services Marketing and transportation services40.0% Storage arbitrage Storage arbitrage40.0% Retail sales to industrial customers Retail sales to industrial customers7.0% Power/crude oil/other marketed commodities Power/crude oil/other marketed commodities13.0%

Marketing & Trading Storage Revenue Streams  Winter and summer spread  Demand peaking business  Call option strategy  Winter and summer spread  Demand peaking business  Call option strategy

Firm Transportation Firm Storage Supply/Market Split Connected ReliabilityOptionality Arbitrage ONEOK$  OEMT’s success is derived from its ability to optimize and trade around assets OEMT Strategy

OEMT’s Pricing Methods  OEMT’s Pricing is Market sensitive and Producer Friendly -OEMT can create a portfolio of pricing if desired by the producer  OEMT’s utilizes a variety of pricing methods -Fixed price -Inside FERC first of the month index -Gas Daily index -NYMEX/Basis triggers  OEMT’s Pricing is Market sensitive and Producer Friendly -OEMT can create a portfolio of pricing if desired by the producer  OEMT’s utilizes a variety of pricing methods -Fixed price -Inside FERC first of the month index -Gas Daily index -NYMEX/Basis triggers

OEMT Purchases  Volumes are purchased to fill OEMT’s transportation position and market commitments.  Purchases are not weather driven.  OEMT purchases baseload and swing volumes.  OEMT provides a reliable market for its producers.  Volumes are purchased to fill OEMT’s transportation position and market commitments.  Purchases are not weather driven.  OEMT purchases baseload and swing volumes.  OEMT provides a reliable market for its producers.

Rockies Transportation  OEMT holds a significant amount of long term transportation on KMIGT, WIC, Trailblazer, and Cheyenne Plains PipelineVolumeTerm - KMIGT 150,000 MMBtu/day 9/30/07 -WIC 40,000 MMBtu/day12/31/07 -Trailblazer 50,000 MMBtu/day 3/31/18 -Cheyenne Plains 95,000 MMBtu/day 3/31/15 - CIG 5,800 MMBtu/day 10/31/23  OEMT holds a significant amount of long term transportation on KMIGT, WIC, Trailblazer, and Cheyenne Plains PipelineVolumeTerm - KMIGT 150,000 MMBtu/day 9/30/07 -WIC 40,000 MMBtu/day12/31/07 -Trailblazer 50,000 MMBtu/day 3/31/18 -Cheyenne Plains 95,000 MMBtu/day 3/31/15 - CIG 5,800 MMBtu/day 10/31/23

Raton Basin Cheyenne Hub TX KS WY MT UT AZ Powder River Basin Uinta Basin Piceance Basin Wind River Basin Anadarko Basin Denver 3 CO NM TX KS AZ Uinta Basin Wind River Basin Raton Basin TX KS Denver-Julesburg Basin Bighorn Basin Green River Basin CIG WIC PEPL NGPL Cheyenne Plains Trail Blazer Southern Star KN/Pony Express Glen Rock Kanda

Natural Gas Marketer Customer Satisfaction Study ONEOK Energy Marketing & Trading was rated 3 rd in the Major Marketer Index for Mastio & Company’s

 Expand Physical Trading  Grow Financial Trading  Emphasize Growth in the Rockies -Secure long term supply -Maximize transportation position to the Mid-continent OEMT Conclusion