July
      26, 2010
                Analyst
      Contact:
                Andrew Ziola918-588-7163Media
      Contact:
                Brad Borror918-588-7582
  ONEOK Partners Announces Plans to
Build
 Approximately
$700 Million of Natural Gas Liquids Projects
  Investments
Include $450-$550 Million for Bakken NGL Pipeline;
 Related
Expansions of Mid-Continent Fractionator and Overland Pass Pipeline
  TULSA, Okla.
– July 26, 2010 – ONEOK Partners, L.P. (NYSE: OKS) today announced plans to
build approximately $595 million to $730 million of natural gas liquids (NGL)
projects between now and 2013.
 
 The
preliminary cost estimates for the new projects are:
  • $450 million to
$550 million to build a 525- to 615-mile NGL pipeline that will transport
unfractionated NGLs from the Bakken Shale
 in
the Williston Basin in North Dakota to the partnership’s Overland Pass Pipeline,
a 760-mile NGL pipeline extending from
 southern
Wyoming to Conway, Kan.;
 
 • $35 million to $40
million for related capacity expansions for ONEOK Partners’ anticipated
50-percent interest in the Overland Pass
 Pipeline to
transport the additional unfractionated NGL volumes from the new Bakken
Pipeline; and
 
 • $110 million to
$140 million to expand the partnership’s fractionation capacity at Bushton,
Kan., by 60,000 barrels per day to
 accommodate the additional NGL volumes.
 
 In aggregate,
these projects are expected to generate EBITDA (earnings before interest, taxes,
depreciation and amortization) multiples of five to seven times. The incremental
fee-based earnings from these projects are expected to increase distributable
cash flow and value to unitholders.
  “As producers
continue to aggressively develop NGL-rich natural gas production from crude
oil-producing wells in the Bakken Shale and Three Forks formations, natural gas
liquids takeaway capacity is required,” said Terry K. Spencer, ONEOK Partners
chief operating officer.
  -more-
  ONEOK
Partners Announces Plans to Build
 Approximately
$700 Million of Natural Gas Liquids Projects
 
 Page
2
 
 The proposed
Bakken Pipeline will initially transport up to 60,000 barrels per day (bpd) of
unfractionated NGL production from ONEOK Partners’ extensive natural gas
gathering and processing assets in the Bakken Shale and from third-party natural
gas processing plants south through western North Dakota and eastern Montana to
Wyoming, where it will connect to the Overland Pass Pipeline near Cheyenne, Wyo.
The volumes will then be delivered to ONEOK Partners’ existing NGL
infrastructure in the Mid-Continent. Additional pump facilities could increase
the new pipeline’s capacity to 110,000 bpd.
  Supply
commitments for the Bakken Pipeline will be anchored by NGL production from
ONEOK Partners’ natural gas processing plants and from third-party processors,
which are in various stages of negotiation.
  Following
receipt of all necessary permits, construction of the 12-inch diameter pipeline
will begin in the second quarter of 2012 and is currently expected to be
complete during the first half of 2013.
  The
additional raw NGL volumes from the new Bakken Pipeline and other supply sources
under development in the Rockies will require an investment of $35 million to
$40 million for ONEOK Partners’ anticipated 50-percent interest in the Overland
Pass Pipeline for additional pump stations and the expansion of existing pump
stations, increasing its capacity to the maximum of 255,000 bpd.
  The
partnership also will invest $110 million to $140 million to expand and upgrade
its existing fractionation capacity at Bushton, increasing its capacity up to
210,000 bpd from 150,000 bpd. The fractionator was expanded to its current
capacity in June 2008.
  The Bakken
Pipeline project and related expansions follow ONEOK Partners’ April 2010
announcement of more than $400 million of new growth projects in the Bakken
Shale, including the construction of a new 100 million cubic feet per day
natural gas processing facility in eastern McKenzie County in North Dakota – the
Garden Creek Plant – that will double the partnership’s processing capacity in
the region. ONEOK Partners is the largest independent operator of natural gas
gathering and processing facilities in the Bakken Shale region, with a gathering
system of more than 3,500 miles.
  ONEOK
Partners owns a natural gas liquids system in the Mid-Continent and Gulf Coast,
which includes fractionators and storage in Mont Belvieu, Texas; Bushton, Conway
and Hutchinson, Kan.; and Medford, Okla. It also owns interstate natural gas
liquids distribution pipelines between Conway and Mont Belvieu, and NGL and
refined petroleum products distribution pipelines that connect its Mid-Continent
NGL infrastructure to Midwest markets, including Chicago.
  EDITOR’S
NOTE:
  View a
map of the proposed
pipeline.
  
  ONEOK Partners Announces Plans to
Build
 Approximately $700 Million of Natural
Gas Liquids Projects
 
 Page 3
  NON-GAAP FINANCIAL
MEASURES
  ONEOK
Partners has disclosed in this news release anticipated 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, depreciation and amortization,
income taxes and allowance equity funds used during construction. DCF is defined
as EBITDA, computed as described above, less interest expense, maintenance
capital expenditures and equity earnings from investments, adjusted for cash and
certain other items.
  The
partnership believes the 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 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 an alternative 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 for a given period nor do
they equate to available cash as defined in the partnership
agreement.
  
 
 ONEOK
Partners, L.P. (NYSE: OKS) is one of the largest publicly traded master limited
partnerships, and is a leader in the gathering, processing, storage and
transportation of natural gas in the U.S. and owns one of the nation’s premier
natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent
and Rocky Mountain regions with key market centers. Its general partner is a
wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy
company, which owns 42.8 percent of the overall partnership interest. ONEOK is
one of the largest natural gas distributors in the United States, and its energy
services operation focuses primarily on marketing natural gas and related
services throughout the U.S.
  Some of
the statements contained and incorporated in this news release are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The
forward-looking statements relate to our anticipated financial performance,
management’s plans and objectives for our future operations, 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 the Private Securities Litigation Reform
Act of 1995. 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.
  
  ONEOK Partners
Announces Plans to Build
 Approximately $700
Million of Natural Gas Liquids Projects
 
 Page 4
 
 The
forward looking statements in this news release relating to the estimated costs
and completion schedules as well as anticipated EBITDA and distribution levels
with respect to the referenced growth construction projects are subject to known
and unknown risks, uncertainties and other factors that may cause actual project
costs and completion schedules and associated EBITDA and distribution levels to
be materially different from those included in the forward looking statements.
These risks and uncertainties include, but are not limited to, timely receipt of
necessary governmental approvals and permits, our ability to control the costs
of construction, including costs of materials, labor and right-of-way and other
factors that may impact our ability to complete these projects within budget and
on schedule.
 
 OKS-PP
OKE-PP
 
 ###