----

----

|  May 1, 2012 |   |  Analyst Contact: |  Andrew Ziola |
|-------------------|--------|------------------------|--------------------|
|              |   |                   |  918-588-7163 |
|              |   |  Media Contact:   |  Brad Borror  |
|              |   |                   |  918-588-7582 |

----

| ·   | Operating income of $256.0 million, compared with $177.6 million in the first quarter 2011; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | Natural gas gathering and processing segment operating income of $47.6 million, compared with $39.4 million in the first quarter 2011; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Natural gas pipelines segment operating income of $33.0 million, compared with $36.8 million in the first quarter 2011; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | Natural gas liquids segment operating income of $174.5 million, compared with $100.7 million in the first quarter 2011; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | Equity earnings from investments of $34.6 million, compared with $32.1 million in the first quarter 2011; |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | Capital expenditures of $280.8 million, compared with $144.8 million in the first quarter 2011; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | In the natural gas pipelines segment, Midwestern Gas Transmission/Guardian Pipeline and ONEOK Gas Transportation earning 2011 American Gas Association (AGA) Safety Achievement Awards for their safety performance; and Viking Gas Transmission earning a 2011 Wisconsin Corporate Safety Award from the Wisconsin Safety Council and the Wisconsin Department of Workforce Development; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Increasing its 2011-2015 growth program to a range of approximately $4.7 billion to $5.6 billion by: |
|--------------------|------------------------------------------------------------------------------------------------------|

| -   | Announcing in April plans to invest $1.5 billion to $1.8 billion between now and 2015 to build a 1,300-mile crude-oil pipeline – the Bakken Crude Express Pipeline – with the initial capacity to transport 200,000 barrels per day (bpd) of light-sweet crude oil from the Bakken Shale in the Williston Basin in North Dakota to the Cushing, Okla., crude-oil market hub; |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Announcing in April plans to invest approximately $340 million to $360 million between now and the first quarter of 2014 to construct a new 200 million-cubic-feet-per-day (MMcf/d) natural gas processing facility – the Canadian Valley plant – in Canadian County, Okla., and related infrastructure in the Cana-Woodford Shale; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Announcing in April plans to invest $140 million to $160 million to construct a 270-mile natural gas gathering system and related infrastructure in Divide County, N.D., that will supply the partnership’s previously announced 100 MMcf/d Stateline II natural gas processing facility in western Williams County, N.D; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Completing construction in April of approximately 230 miles of NGL pipelines expanding the partnership's existing Mid-Continent NGL gathering system in the Cana-Woodford and Granite Wash areas and completing the installation of additional pump stations on the Arbuckle Pipeline, increasing its capacity to 240,000 bpd; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Completing in March 2012, a public offering of 8.0 million common units and a private placement with ONEOK, Inc. of 8.0 million common units, generating net proceeds of approximately $919.6 million; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | ONEOK Partners repaying in April $350 million of senior notes; |
|--------------------|----------------------------------------------------------------|

| ·   | Having $746.7 million of cash and cash equivalents and no commercial paper or borrowings outstanding as of March 31, 2012, under the partnership’s $1.2 billion revolving credit facility; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increasing the quarterly cash distribution to 63.5 cents per unit from 61 cents per unit, an increase of 4 percent, payable on May 15, 2012, to unitholders of record as of April 30, 2012. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Natural gas gathered totaled 1,045 billion British thermal units per day (BBtu/d) in the first quarter 2012, up 5 percent compared with the same period last year due to increased drilling activity in the Williston Basin and in western Oklahoma, and the impact of weather-related outages in the first quarter 2011, offset partially by continued production declines and reduced drilling activity in the Powder River Basin in Wyoming; and down 1 percent compared with the fourth quarter 2011; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Natural gas processed totaled 769 BBtu/d in the first quarter 2012, up 20 percent compared with the same period last year due to increased drilling activity in the Williston Basin and western Oklahoma, the completion of the partnership’s new Garden Creek plant in the Williston Basin, and the impact of weather-related outages in the first quarter 2011; and up 1 percent compared with the fourth quarter 2011; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The realized composite NGL net sales price was $1.09 per gallon in the first quarter 2012, unchanged compared with the same period last year; however, ethane and propane prices declined in the first quarter, compared with the same period in 2011; and up 3 percent compared with the fourth quarter 2011; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The realized condensate net sales price was $89.89 per barrel in the first quarter 2012, up 18 percent compared with the same period last year; and up 5 percent compared with the fourth quarter 2011; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The realized residue natural gas net sales price was $3.71 per million British thermal units (MMBtu) in the first quarter 2012, down 39 percent compared with the same period last year; and down 27 percent compared with the fourth quarter 2011; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The realized gross processing spread was $8.59 per MMBtu in the first quarter 2012, up 3 percent compared with the same period last year; and up 10 percent compared with the fourth quarter 2011. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                           | Three Months Ended |      |
|--------------------------------------------------------------------------------|--------------------|-----------|
|                                                                           | March 31,          |      |
| Operating Information (a)                                                      | 2012               |      |   | 2011 |   |
| Percent of proceeds                                                            |               |      |   |   |   |
|   NGL sales (Bbl/d)                                                  |               | 7,275     |   |   |   | 5,759 |   |
|   Residue gas sales (MMBtu/d)                                        |               | 59,405    |   |   |   | 41,207 |   |
|   Condensate sales (Bbl/d)                                           |               | 2,544     |   |   |   | 1,953 |   |
|   Percentage of total net margin                                     |               | 62        | % |   |   | 58 | % |
| Fee-based                                                                      |               |      |   |   |   |   |   |
|   Wellhead volumes (MMBtu/d)                                         |               | 1,044,641 |   |   |   | 991,778 |   |
|   Average rate ($/MMBtu)                                             | $                  | 0.36      |   |   | $ | 0.33 |   |
|   Percentage of total net margin                                     |               | 31        | % |   |   | 33 | % |
| Keep-whole                                                                     |               |      |   |   |   |   |   |
|   NGL shrink (MMBtu/d) (b)                                           |               | 7,353     |   |   |   | 11,971 |   |
|   Plant fuel (MMBtu/d) (b)                                           |               | 864       |   |   |   | 1,347 |   |
|   Condensate shrink (MMBtu/d) (b)                                    |               | 1,297     |   |   |   | 1,336 |   |
|   Condensate sales (Bbl/d)                                           |               | 262       |   |   |   | 270 |   |
|   Percentage of total net margin                                     |               | 7         | % |   |   | 9 | % |
| (a) - Includes volumes for consolidated entities only.                         |               |
| (b) - Refers to the Btus that are removed from natural gas through processing. |               |

|                                 | Nine Months Ending December 31, 2012 |
|--------------------------------------|--------------------------------------|
|                                 | VolumesHedged                        | (a) |   | Average Price | Percentage Hedged |   |
| NGLs (Bbl/d)                         |                                 | 9,094 |   |   | $  1.24   | / gallon | 71% |   |
| Condensate (Bbl/d)                   |                                 | 1,753 |   |   | $  2.43   | / gallon | 73% |   |
| Total (Bbl/d)                        |                                 | 10,847 |   |   | $  1.43   | / gallon | 72% |   |
| Natural gas (MMBtu/d)                |                                 | 48,145 |   |   | $  4.12   | / MMBtu | 78% |   |
| (a) - Hedged with fixed-price swaps. |                                 |   |   |   |   |   |   |   |

|                                 | Year Ending December 31, 2013 |
|--------------------------------------|-------------------------------|
|                                 | VolumesHedged                 | (a) |   | Average Price | PercentageHedged |   |
| NGLs (Bbl/d)                         |                          |    367 |   |   | $  2.55   | / gallon |   2% |   |
| Condensate (Bbl/d)                   |                          | 1,275 |   |   | $  2.53   | / gallon | 47% |   |
| Total (Bbl/d)                        |                          | 1,642 |   |   | $  2.54   | / gallon |   7% |   |
| Natural gas (MMBtu/d)                |                          | 50,137 |   |   | $  3.85   | / MMBtu | 80% |   |
| (a) - Hedged with fixed-price swaps. |                          |   |   |   |   |   |   |   |

----

| ·   | Natural gas transportation capacity contracted totaled 5,552 thousand dekatherms per day in the first quarter 2012, down 1 percent compared with the same period last year; and up 2 percent compared with the fourth quarter 2011; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Natural gas transportation capacity subscribed was 86 percent in the first quarter 2012 compared with 87 percent in the same period last year; and up from 84 percent in the fourth quarter 2011; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The average natural gas price in the Mid-Continent region was $2.37 per MMBtu in the first quarter 2012, down 42 percent compared with the same period last year; and down 26 percent compared with the fourth quarter 2011. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | A $60.1 million increase in optimization margins due primarily to favorable NGL price differentials and increased NGL fractionation and transportation capacity available for optimization activities between the Mid-Continent and Gulf-Coast markets; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | An $18.0 million increase from higher NGL volumes gathered and fractionated, and favorable contract renegotiations associated with its exchange-services activities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A $6.3 million increase due to operational measurement gains in the first quarter 2012, compared with losses of approximately $5.6 million in the same period last year; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A $2.6 million increase due to higher storage margins as a result of favorable contract renegotiations; and |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | A $3.5 million decrease in isomerization margins from narrower price differentials between normal butane and iso-butane, and lower isomerization volumes. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | NGLs fractionated totaled 585,000 bpd in the first quarter 2012, up 18 percent compared with the same period last year due primarily to increased throughput from existing supply connections in Texas and the Mid-Continent and Rocky Mountain regions, and new supply connections in the Mid-Continent and Rocky Mountain regions; and relatively unchanged compared with the fourth quarter 2011. In the second quarter 2011, additional Gulf Coast fractionation capacity became available through the partnership’s 60,000 bpd fractionation-services agreement with a third party; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | NGLs transported on gathering lines totaled 498,000 bpd in the first quarter 2012, up 25 percent compared with the same period last year due primarily to increased production through existing supply connections in Texas and the Mid-Continent and Rocky Mountain regions, and new supply connections in the Mid-Continent and Rocky Mountain regions; and up 5 percent compared with the fourth quarter 2011; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | NGLs transported on distribution lines totaled 485,000 bpd in the first quarter 2012, up 5 percent compared with the same period last year due primarily to the completion of the  |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Sterling I pipeline expansion project in the fourth quarter of 2011; and down 5 percent compared with the fourth quarter 2011; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Conway-to-Mont Belvieu average price differential for ethane, based on Oil Price Information Service (OPIS) pricing, was 24 cents per gallon in the first quarter 2012, compared with 15 cents per gallon in the same period last year; and 49 cents per gallon in the fourth quarter 2011. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Approximately $1.5 billion to $1.8 billion to construct a 1,300-mile crude-oil pipeline with the initial capacity to transport 200,000 bpd.  The Bakken Crude Express Pipeline will transport light-sweet crude oil from the Bakken Shale in the Williston Basin in North Dakota to the Cushing, Okla., crude-oil market hub.  Following receipt of all necessary permits and compliance with customary regulatory requirements, construction is expected to begin in late 2013 or early 2014 and be completed by early 2015. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Approximately $1.8 billion to $2.2 billion for natural gas liquids projects including: |
|--------------------|----------------------------------------------------------------------------------------|

| -   | Approximately $610 million to $810 million for the construction of a 570-plus-mile, 16-inch NGL pipeline – the Sterling III Pipeline – expected to be completed in late 2013, to transport either unfractionated NGLs or NGL purity products from the Mid-Continent region to the Texas Gulf Coast with the initial capacity of 193,000 bpd and the ability to expand to 250,000 bpd; and the reconfiguration of its existing Sterling I and II NGL distribution pipelines to transport either unfractionated NGLs or NGL purity products; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $300 million to $390 million for the construction of a new 75,000 bpd natural gas liquids fractionator, MB-2, at Mont Belvieu, Texas, that is expected to be completed in mid-2013; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $450 million to $550 million for the construction of a 525- to 615-mile NGL pipeline – the Bakken NGL Pipeline – to transport unfractionated NGLs produced from the Bakken Shale in the Williston Basin to the Overland Pass Pipeline, a 760-mile NGL pipeline extending from southern Wyoming to Conway, Kan. The Bakken NGL Pipeline is expected to be in service during the first half of 2013, with the initial capacity of 60,000 bpd and can be expanded to 110,000 bpd with additional pump stations; |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| -   | Approximately $35 million to $40 million on the partnership’s 50-percent-owned Overland Pass Pipeline for a 60,000-bpd capacity expansion to transport the additional unfractionated NGL volumes from the new Bakken NGL Pipeline; |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $110 million to $140 million for a 60,000-bpd expansion of the partnership’s fractionation capacity at Bushton, Kan., which is expected to be in service during the fourth quarter of 2012, to accommodate volumes from the Bakken Shale in the Williston Basin; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $210 million to $230 million to construct more than 230 miles of 10- and 12-inch diameter NGL pipelines that will expand the partnership's existing Mid-Continent NGL gathering system in the Cana-Woodford and Granite Wash areas, which is expected to add approximately 75,000 to 80,000 bpd of raw, unfractionated NGLs to the partnership's existing NGL gathering systems in the Mid-Continent and the Arbuckle Pipeline.  Construction of the NGL pipelines was completed early in the second quarter 2012 and connected three new third-party natural gas processing facilities and three existing third-party natural gas processing facilities that have been expanded to the partnership’s NGL gathering system.  In addition, the installation of additional pump stations on the Arbuckle Pipeline was completed, increasing its capacity to 240,000 bpd; and |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | At the end of 2011, the partnership completed the installation of seven additional pump stations along its existing Sterling I NGL distribution pipeline, which cost approximately $30 million; the additional pump stations increased the pipeline’s capacity by 15,000 bpd. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Approximately $1.4 billion to $1.6 billion for natural gas gathering and processing projects including: |
|--------------------|---------------------------------------------------------------------------------------------------------|

| -   | Approximately $360 million for the Garden Creek plant, a new 100-MMcf/d natural gas processing facility in the Bakken Shale in the Williston Basin in North Dakota that was placed in service at the end of 2011, and related expansions; and for new well connections, expansions and upgrades to the existing natural gas gathering system infrastructure; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $300 million to $355 million to construct the Stateline I plant, a new 100-MMcf/d natural gas processing facility in the Bakken Shale in the Williston Basin in North Dakota, which is expected to be in service in the third quarter of 2012, and related NGL infrastructure; expansions and upgrades to the existing gathering and compression infrastructure; and new well connections; |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $260 million to $305 million to construct the Stateline II plant, a new 100-MMcf/d natural gas processing facility in the Bakken Shale in the Williston  |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Basin in North Dakota, which is expected to be in service in the first half of 2013; expansions and upgrades to the existing gathering and compression infrastructure; and new well connections; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $140 million to $160 million to construct a 270-mile natural gas gathering system and related infrastructure in Divide County, N.D.  This system, which is expected to be in service in the second half of 2013, will gather and deliver natural gas from producers in the Bakken Shale in the Williston Basin to the partnership's previously announced 100 MMcf/d Stateline II natural gas processing facility in western Williams County, N.D.; and |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Approximately $340 million to $360 million to construct the Canadian Valley plant, a new 200-MMcf/d natural gas processing facility in the Cana-Woodford Shale in Oklahoma, which is expected to be in service in the first quarter 2014; and expansions and upgrades to the existing gathering and compression infrastructure. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| • | 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 or pipelines in delivering products to or from our terminals or pipelines; |
|---------|-------------------------------------------------------------------------------------------------------------------------|

| • | changes in demand for the use of natural gas because of market conditions caused by concerns about global warming; |
|---------|--------------------------------------------------------------------------------------------------------------------|

| • | 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 the Oklahoma Corporation Commission (OCC), Kansas Corporation Commission (KCC), Texas regulatory authorities or any other local, state or federal regulatory body, including the Federal Energy Regulatory Commission (FERC), the National Transportation Safety Board (NTSB), the Pipeline and Hazardous Materials Safety Administration (PHMSA), the Environmental Protection Agency (EPA) and the 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; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | the risk that material weaknesses or significant deficiencies in our internal control 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 and NGLs; |
|--------|----------------------------------------------------------------------------------------------------------------------|
|   |            - competitive conditions in the overall energy market; |
|--------|---------------------------------------------------------------------------------------------------------------------|
|   |            - availability of supplies of Canadian and United States natural gas; 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 and 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 Securities and Exchange Commission (SEC), which are incorporated by reference. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ONEOK Partners, L.P. and Subsidiaries                                |                                                 |               |      |   |   |   |
|----------------------------------------------------------------------|------------------------------------------------------|--------------------|-----------|--------|--------|--------|
| CONSOLIDATED STATEMENTS OF INCOME                                    |                                                 |               |      |   |   |   |
|                                                                 |                                                 |               |      |   |   |   |
|                                                                 |                                                 | Three Months Ended |      |
|                                                                 |                                                 | March 31,          |      |
| (Unaudited)                                                          |                                                 | 2012               |      |   | 2011   |   |
|                                                                 |  (Thousand of dollars, except per unit amounts) |
|                                                                 |                                                 |               |      |   |   |   |
| Revenues                                                             |                                                 | $                  | 2,594,088 |   |   | $      | 2,499,610 |   |
| Cost of sales and fuel                                               |                                                 |               | 2,172,998 |   |   |   | 2,170,056 |   |
| Net margin                                                           |                                                 |               | 421,090   |   |   |   | 329,554 |   |
| Operating expenses                                                   |                                                 |               |      |   |   |   |   |   |
| Operations and maintenance                                           |                                                 |               | 100,367   |   |   |   | 95,142 |   |
| Depreciation and amortization                                        |                                                 |               | 49,256    |   |   |   | 42,730 |   |
| General taxes                                                        |                                                 |               | 15,503    |   |   |   | 13,601 |   |
| Total operating expenses                                             |                                                 |               | 165,126   |   |   |   | 151,473 |   |
| Gain (loss) on sale of assets                                        |                                                 |               | 57        |   |   |   | (510 | ) |
| Operating income                                                     |                                                 |               | 256,021   |   |   |   | 177,571 |   |
| Equity earnings from investments                                     |                                                 |               | 34,620    |   |   |   | 32,092 |   |
| Allowance for equity funds used during construction                  |                                                 |               | 975       |   |   |   | 466 |   |
| Other income                                                         |                                                 |               | 5,471     |   |   |   | 2,385 |   |
| Other expense                                                        |                                                 |               | (1,278    | )      |   |   | (614 | ) |
| Interest expense                                                     |                                                 |               | (53,209   | )      |   |   | (57,268 | ) |
| Income before income taxes                                           |                                                 |               | 242,600   |   |   |   | 154,632 |   |
| Income taxes                                                         |                                                 |               | (3,636    | )      |   |   | (3,575 | ) |
| Net income                                                           |                                                 |               | 238,964   |   |   |   | 151,057 |   |
| Less:  Net income attributable to noncontrolling interests |                                                 |               | 121       |   |   |   | 147 |   |
| Net income attributable to ONEOK Partners, L.P.                      |                                                 | $                  | 238,843   |   |   | $      | 150,910 |   |
|                                                                 |                                                 |               |      |   |   |   |   |   |
| Limited partners' interest in net income:                            |                                                 |               |      |   |   |   |   |   |
| Net income attributable to ONEOK Partners, L.P.                      |                                                 | $                  | 238,843   |   |   | $      | 150,910 |   |
| General partner's interest in net income                             |                                                 |               | (49,387   | )      |   |   | (32,642 | ) |
| Limited partners' interest in net income                             |                                                 | $                  | 189,456   |   |   | $      | 118,268 |   |
|                                                                 |                                                 |               |      |   |   |   |   |   |
| Limited partners' net income per unit, basic and diluted             |                                                 | $                  | 0.91      |   |   | $      | 0.58 |   |
|                                                                 |                                                 |               |      |   |   |   |   |   |
| Number of units used in computation (thousands)                      |                                                 |               | 209,090   |   |   |   | 203,816 |   |

----

| ONEOK Partners, L.P. and Subsidiaries                                                                                                                                                                     |   |                   |      |   |         |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-----------|--------|--------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                                                                                                               |   |                   |      |   |         |   |
|                                                                                                                                                                                                      |   | March 31,              |      |   | December 31, |   |
| (Unaudited)                                                                                                                                                                                               |   | 2012                   |      |   | 2011         |   |
| Assets                                                                                                                                                                                                    |   | (Thousands of dollars) |      |
| Current assets                                                                                                                                                                                            |   |                   |      |   |         |   |
| Cash and cash equivalents                                                                                                                                                                                 |   | $                      | 746,696   |   |         | $      | 35,091 |   |
| Accounts receivable, net                                                                                                                                                                                  |   |                   | 836,619   |   |         |   | 922,237 |   |
| Affiliate receivables                                                                                                                                                                                     |   |                   | 7,821     |   |         |   | 4,132 |   |
| Gas and natural gas liquids in storage                                                                                                                                                                    |   |                   | 110,608   |   |         |   | 202,186 |   |
| Commodity imbalances                                                                                                                                                                                      |   |                   | 164,442   |   |         |   | 62,884 |   |
| Other current assets                                                                                                                                                                                      |   |                   | 95,783    |   |         |   | 79,343 |   |
| Total current assets                                                                                                                                                                                      |   |                   | 1,961,969 |   |         |   | 1,305,873 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Property, plant and equipment                                                                                                                                                                             |   |                   |      |   |         |   |   |   |
| Property, plant and equipment                                                                                                                                                                             |   |                   | 7,221,047 |   |         |   | 6,963,652 |   |
| Accumulated depreciation and amortization                                                                                                                                                                 |   |                   | 1,305,473 |   |         |   | 1,259,697 |   |
| Net property, plant and equipment                                                                                                                                                                         |   |                   | 5,915,574 |   |         |   | 5,703,955 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Investments and other assets                                                                                                                                                                              |   |                   |      |   |         |   |   |   |
| Investments in unconsolidated affiliates                                                                                                                                                        |   |                   | 1,219,635 |   |         |   | 1,223,398 |   |
| Goodwill and intangible assets                                                                                                                                                                            |   |                   | 651,621   |   |         |   | 653,537 |   |
| Other assets                                                                                                                                                                                              |   |                   | 58,390    |   |         |   | 59,913 |   |
| Total investments and other assets                                                                                                                                                                        |   |                   | 1,929,646 |   |         |   | 1,936,848 |   |
| Total assets                                                                                                                                                                                              |   | $                      | 9,807,189 |   |         | $      | 8,946,676 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Liabilities and equity                                                                                                                                                                                    |   |                   |      |   |         |   |   |   |
| Current liabilities                                                                                                                                                                                       |   |                   |      |   |         |   |   |   |
| Current maturities of long-term debt                                                                                                                                                                      |   | $                      | 361,062   |   |         | $      | 361,062 |   |
| Notes payable                                                                                                                                                                                             |   |                   | -         |   |         |   | - |   |
| Accounts payable                                                                                                                                                                                          |   |                   | 921,205   |   |         |   | 1,049,284 |   |
| Affiliate payables                                                                                                                                                                                        |   |                   | 23,649    |   |         |   | 41,096 |   |
| Commodity imbalances                                                                                                                                                                                      |   |                   | 200,716   |   |         |   | 202,542 |   |
| Other current liabilities                                                                                                                                                                                 |   |                   | 204,569   |   |         |   | 234,645 |   |
| Total current liabilities                                                                                                                                                                                 |   |                   | 1,711,201 |   |         |   | 1,888,629 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Long-term debt, excluding current maturities                                                                                                                                                              |   |                   | 3,512,721 |   |         |   | 3,515,566 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Deferred credits and other liabilities                                                                                                                                                                    |   |                   | 100,054   |   |         |   | 95,969 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Commitments and contingencies                                                                                                                                                                             |   |                   |      |   |         |   |   |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Equity                                                                                                                                                                                                    |   |                   |      |   |         |   |   |   |
| ONEOK Partners, L.P. partners’ equity:                                                                                                                                                              |   |                   |      |   |         |   |   |   |
| General partner                                                                                                                                                                                           |   |                   | 135,639   |   |         |   | 106,936 |   |
| Common units: 146,827,354 and 130,827,354 units issued and outstanding at             March 31, 2012 and December 31, 2011, respectively |   |                   | 2,921,522 |   |         |   | 1,959,437 |   |
| Class B units: 72,988,252 units issued and outstanding at             March 31, 2012 and December 31, 2011                               |   |                   | 1,448,732 |   |         |   | 1,426,115 |   |
| Accumulated other comprehensive loss                                                                                                                                                                      |   |                   | (27,668   | )      |         |   | (51,088 | ) |
| Total ONEOK Partners, L.P. partners' equity                                                                                                                                                               |   |                   | 4,478,225 |   |         |   | 3,441,400 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Noncontrolling interests in consolidated subsidiaries                                                                                                                                                     |   |                   | 4,988     |   |         |   | 5,112 |   |
|                                                                                                                                                                                                      |   |                   |      |   |         |   |   |   |
| Total equity                                                                                                                                                                                              |   |                   | 4,483,213 |   |         |   | 3,446,512 |   |
| Total liabilities and equity                                                                                                                                                                              |   | $                      | 9,807,189 |   |         | $      | 8,946,676 |   |

----

| ONEOK Partners, L.P. and Subsidiaries                                           |   |                   |     |   |   |   |
|---------------------------------------------------------------------------------|--------|------------------------|----------|--------|--------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                           |   |                   |     |   |   |   |
|                                                                            |   | Three Months Ended     |     |
|                                                                            |   | March 31,              |     |
| (Unaudited)                                                                     |   | 2012                   |     |   | 2011   |   |
|                                                                            |   | (Thousands of dollars) |     |
| Operating Activities                                                            |   |                   |     |   |   |   |
| Net income                                                                      |   | $                      | 238,964  |   |   | $      | 151,057 |   |
| Depreciation and amortization                                                   |   |                   | 49,256   |   |   |   | 42,730 |   |
| Allowance for equity funds used during construction                             |   |                   | (975     | )      |   |   | (466 | ) |
| Loss (gain) on sale of assets                                                   |   |                   | (57      | )      |   |   | 510 |   |
| Deferred income taxes                                                           |   |                   | 1,868    |   |   |   | 1,940 |   |
| Equity earnings from investments                                                |   |                   | (34,620  | )      |   |   | (32,092 | ) |
| Distributions received from unconsolidated affiliates                           |   |                   | 36,879   |   |   |   | 27,607 |   |
| Changes in assets and liabilities:                                              |   |                   |     |   |   |   |   |   |
| Accounts receivable                                                             |   |                   | 85,618   |   |   |   | 55,895 |   |
| Affiliate receivables                                                           |   |                   | (3,689   | )      |   |   | 3,647 |   |
| Gas and natural gas liquids in storage                                          |   |                   | 91,578   |   |   |   | 84,940 |   |
| Accounts payable                                                                |   |                   | (104,128 | )      |   |   | (36,141 | ) |
| Affiliate payables                                                              |   |                   | (17,447  | )      |   |   | (3,844 | ) |
| modity imbalances, net                                                          |   |                   | (103,384 | )      |   |   | (25,569 | ) |
| Other assets and liabilities                                                    |   |                   | (20,697  | )      |   |   | 7,292 |   |
| Cash provided by operating activities                                           |   |                   | 219,166  |   |   |   | 277,506 |   |
|                                                                            |   |                   |     |   |   |   |   |   |
| Investing Activities                                                            |   |                   |     |   |   |   |   |   |
| Capital expenditures (less allowance for equity funds used during construction) |   |                   | (280,793 | )      |   |   | (144,826 | ) |
| Contributions to unconsolidated affiliates                                      |   |                   | (2,577   | )      |   |   | (250 | ) |
| Distributions received from unconsolidated affiliates                           |   |                   | 4,062    |   |   |   | 4,904 |   |
| Proceeds from sale of assets                                                    |   |                   | 413      |   |   |   | 516 |   |
| Cash used in investing activities                                               |   |                   | (278,895 | )      |   |   | (139,656 | ) |
|                                                                            |   |                   |     |   |   |   |   |   |
| Financing Activities                                                            |   |                   |     |   |   |   |   |   |
| Cash distributions:                                                             |   |                   |     |   |   |   |   |   |
| General and limited partners                                                    |   |                   | (164,083 | )      |   |   | (147,776 | ) |
| Noncontrolling interests                                                        |   |                   | (245     | )      |   |   | (195 | ) |
| Repayment of notes payable, net                                                 |   |                   | -        |   |   |   | (429,855 | ) |
| Issuance of long-term debt, net of discounts                                    |   |                   | -        |   |   |   | 1,295,450 |   |
| Long-term debt financing costs                                                  |   |                   | -        |   |   |   | (10,986 | ) |
| Repayment of long-term debt                                                     |   |                   | (2,983   | )      |   |   | (227,983 | ) |
| Issuance of common units                                                        |   |                   | 919,576  |   |   |   | - |   |
| Contribution from general partner                                               |   |                   | 19,069   |   |   |   | - |   |
| Cash provided by financing activities                                           |   |                   | 771,334  |   |   |   | 478,655 |   |
| Change in cash and cash equivalents                                             |   |                   | 711,605  |   |   |   | 616,505 |   |
| Cash and cash equivalents at beginning of period                                |   |                   | 35,091   |   |   |   | 898 |   |
| Cash and cash equivalents at end of period                                      |   | $                      | 746,696  |   |   | $      | 617,403 |   |

----

| ONEOK Partners, L.P. and Subsidiaries                                                     |                                   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------|----------------------------------------|--------|--------|--------|--------|--------|
| INFORMATION AT A GLANCE                                                                   |                                   |   |   |   |   |   |
|                                                                                      |                                   |   |   |   |   |   |
|                                                                                      | Three Months Ended                     |   |
|                                                                                      | March 31,                              |   |
| (Unaudited)                                                                               |                                   | 2012   |   |   | 2011   |   |
|                                                                                      | (Millions of dollars, except as noted) |   |
| Natural Gas Gathering and Processing                                                      |                                   |   |   |   |   |   |
| Net margin                                                                                |                                   | $      | 108.3  |   |   | $      | 93.7 |   |
| Operating costs                                                                           |                                   | $      | 40.2   |   |   | $      | 38.1 |   |
| Depreciation and amortization                                                             |                                   | $      | 20.5   |   |   | $      | 16.2 |   |
| Operating income                                                                          |                                   | $      | 47.6   |   |   | $      | 39.4 |   |
| Equity earnings from investments                                                          |                                   | $      | 8.5    |   |   | $      | 6.2 |   |
| Natural gas gathered (BBtu/d) (a)                                                         |                                   |   | 1,045  |   |   |   | 992 |   |
| Natural gas processed (BBtu/d) (a) (b)                                                    |                                   |   | 769    |   |   |   | 641 |   |
| NGL sales (MBbl/d)(a)                                                                     |                                   |   | 53     |   |   |   | 44 |   |
| Residue gas sales (BBtu/d)(a)                                                             |                                   |   | 357    |   |   |   | 274 |   |
| Realized composite NGL net sales price ($/gallon) (a) (c)                                 |                                   | $      | 1.09   |   |   | $      | 1.09 |   |
| Realized condensate net sales price ($/Bbl) (a) (c)                                       |                                   | $      | 89.89  |   |   | $      | 76.25 |   |
| Realized residue gas net sales price ($/MMBtu) (a) (c)                                    |                                   | $      | 3.71   |   |   | $      | 6.06 |   |
| Realized gross processing spread ($/MMBtu) (a) (c)                                        |                                   | $      | 8.59   |   |   | $      | 8.33 |   |
| Capital expenditures - growth                                                             |                                   | $      | 121.2  |   |   | $      | 104.0 |   |
| Capital expenditures - maintenance                                                        |                                   | $      | 3.7    |   |   | $      | 5.5 |   |
| (a) - Includes volumes for consolidated entities only.                                    |                                   |   |   |   |   |   |   |   |
| (b) - Includes volumes processed at company-owned and third-party facilities.             |                                   |   |   |   |
| (c) - Presented net of the impact of hedging activities and includes equity volumes only. |                                   |
|                                                                                      |                                   |   |   |   |   |   |   |   |
| Natural Gas Pipelines                                                                     |                                   |   |   |   |   |   |   |   |
| Net margin                                                                                |                                   | $      | 70.6   |   |   | $      | 75.1 |   |
| Operating costs                                                                           |                                   | $      | 26.2   |   |   | $      | 27.0 |   |
| Depreciation and amortization                                                             |                                   | $      | 11.4   |   |   | $      | 11.3 |   |
| Operating income                                                                          |                                   | $      | 33.0   |   |   | $      | 36.8 |   |
| Equity earnings from investments                                                          |                                   | $      | 20.4   |   |   | $      | 21.0 |   |
| Natural gas transportation capacity contracted (MDth/d) (a)                               |                                   |   | 5,552  |   |   |   | 5,608 |   |
| Transportation capacity subscribed (a)                                                    |                                   |   | 86     | %      |   |   | 87 | % |
| Average natural gas price   Mid-Continent region ($/MMBtu) (a)             |                                   | $      | 2.37   |   |   | $      | 4.10 |   |
| Capital expenditures - growth                                                             |                                   | $      | 1.5    |   |   | $      | 5.1 |   |
| Capital expenditures - maintenance                                                        |                                   | $      | 1.7    |   |   | $      | 2.5 |   |
| (a) - Includes volumes for consolidated entities only.                                    |                                   |   |   |   |   |   |   |   |
|                                                                                      |                                   |   |   |   |   |   |   |   |
| Natural Gas Liquids                                                                       |                                   |   |   |   |   |   |   |   |
| Net margin                                                                                |                                   | $      | 243.7  |   |   | $      | 160.3 |   |
| Operating costs                                                                           |                                   | $      | 51.9   |   |   | $      | 43.9 |   |
| Depreciation and amortization                                                             |                                   | $      | 17.3   |   |   | $      | 15.3 |   |
| Operating income                                                                          |                                   | $      | 174.5  |   |   | $      | 100.7 |   |
| Equity earnings from investments                                                          |                                   | $      | 5.7    |   |   | $      | 4.8 |   |
| NGL sales (MBbl/d)                                                                        |                                   |   | 511    |   |   |   | 478 |   |
| NGLs fractionated (MBbl/d) (a)                                                            |                                   |   | 585    |   |   |   | 495 |   |
| NGLs transported-gathering lines (MBbl/d) (b)                                             |                                   |   | 498    |   |   |   | 397 |   |
| NGLs transported-distribution lines (MBbl/d) (b)                                          |                                   |   | 485    |   |   |   | 461 |   |
| Conway-to-Mont Belvieu OPIS average price differential                                    |                                   |   |   |   |   |   |   |   |
|   Ethane ($/gallon)                                                             |                                   | $      | 0.24   |   |   | $      | 0.15 |   |
| Capital expenditures - growth                                                             |                                   | $      | 141.9  |   |   | $      | 24.2 |   |
| Capital expenditures - maintenance                                                        |                                   | $      | 10.7   |   |   | $      | 3.4 |   |
| (a) - Includes volumes fractionated at company-owned and third-party facilities.          |                                   |   |   |   |
| (b) - Includes volumes for consolidated entities only.                                    |                                   |   |   |   |   |   |   |   |

----

| ONEOK Partners, L.P. and Subsidiaries                              |                                                  |               |    |   |   |   |
|--------------------------------------------------------------------|-------------------------------------------------------|--------------------|---------|--------|--------|--------|
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES                      |                                                  |               |    |   |   |   |
|                                                               |                                                  |               |    |   |   |   |
|                                                               |                                                  | Three Months Ended |    |
|                                                               |                                                  | March 31,          |    |
| (Unaudited)                                                        |                                                  | 2012               |    |   | 2011   |   |
|                                                               |  (Thousands of dollars, except per unit amounts) |
|                                                               |                                                  |               |    |   |   |   |
| Reconciliation of Net Income to EBITDA and Distributable Cash Flow |                                                  |               |    |   |   |   |
| Net income                                                         |                                                  | $                  | 238,964 |   |   | $      | 151,057 |   |
| Interest expense                                                   |                                                  |               | 53,209  |   |   |   | 57,268 |   |
| Depreciation and amortization                                      |                                                  |               | 49,256  |   |   |   | 42,730 |   |
| Income taxes                                                       |                                                  |               | 3,636   |   |   |   | 3,575 |   |
| Allowance for equity funds used during construction                |                                                  |               | (975    | )      |   |   | (466 | ) |
| EBITDA                                                             |                                                  |               | 344,090 |   |   |   | 254,164 |   |
| Interest expense                                                   |                                                  |               | (53,209 | )      |   |   | (57,268 | ) |
| Maintenance capital                                                |                                                  |               | (16,149 | )      |   |   | (11,474 | ) |
| Equity earnings from investments                                   |                                                  |               | (34,620 | )      |   |   | (32,092 | ) |
| Distributions received from unconsolidated affiliates              |                                                  |               | 40,941  |   |   |   | 32,511 |   |
| Other                                                              |                                                  |               | (2,070  | )      |   |   | (1,320 | ) |
| Distributable cash flow                                            |                                                  | $                  | 278,983 |   |   | $      | 184,521 |   |
|                                                               |                                                  |               |    |   |   |   |   |   |
|                                                               |                                                  |               |    |   |   |   |   |   |
| Distributions to general partner                                   |                                                  |               | (48,369 | )      |   |   | (32,620 | ) |
| Distributable cash flow to limited partners                        |                                                  | $                  | 230,614 |   |   | $      | 151,901 |   |
|                                                               |                                                  |               |    |   |   |   |   |   |
| Distributions declared per limited partner unit                    |                                                  | $                  | 0.635   |   |   | $      | 0.575 |   |
| Coverage ratio                                                     |                                                  |               | 1.74    |   |   |   | 1.30 |   |
|                                                               |                                                  |               |    |   |   |   |   |   |
|                                                               |                                                  |               |    |   |   |   |   |   |
| Number of units used in computation (thousands)                    |                                                  |               | 209,090 |   |   |   | 203,816 |   |