----

|                   |
|-------------------|
|                   |  |  |  |
| February 22, 2016 |   | Analyst Contact: | T.D. Eureste918-588-7167 |
|              |   | Media Contact: | Brad Borror918-588-7582 |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | Fourth-quarter adjusted EBITDA increased 8 percent compared with the fourth quarter 2014; |

|         |                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Fourth-quarter 2015 net income of 58 cents per unit, before noncash impairment charges of 91 cents per unit, and a net loss of 33 cents per unit including the noncash charges; |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | Fourth-quarter 2015 distribution coverage ratio of 1.03 times; maintains expectation to report coverage of 1.0 times or better for 2016; |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | Partnership’s fee-based earnings expected to increase to approximately 85 percent in 2016; |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | Expects no public debt or equity needs until well into 2017; |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The natural gas gathering and processing segment’s average fee rate increased to 55 cents in the fourth quarter 2015, compared with 36 cents in the fourth quarter 2014; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | 2015 NGL volumes gathered and fractionated increased 44 and 6 percent, respectively, compared with 2014; |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | 2015 natural gas volumes gathered and processed increased approximately 12 and 10 percent, respectively, compared with 2014; and |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Results include noncash impairment charges totaling $264.3 million primarily related to investments in the coal-bed methane area of the Powder River Basin. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Three Months Ended |   | Years Ended |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | December 31, |   | December 31, |
| ONEOK Partners                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (Millions of dollars, except per unit and coverage ratio amounts) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Net income attributable to ONEOK Partners (a)                                                                                                                                                                                                                                                                                                                                                                                                                  | $ | 7.2 |  |   | $ | 263.2 |  |   | $ | 589.5 |  |   | $ | 910.3 |  |
| Net income (loss) per limited partner unit (a)                                                                                                                                                                                                                                                                                                                                                                                                                 | $ | (0.33 | ) |   | $ | 0.67 |  |   | $ | 0.73 |  |   | $ | 2.33 |  |
| Adjusted EBITDA (b)                                                                                                                                                                                                                                                                                                                                                                                                                                            | $ | 450.2 |  |   | $ | 415.5 |  |   | $ | 1,565.5 |  |   | $ | 1,558.6 |  |
| DCF (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $ | 339.8 |  |   | $ | 306.0 |  |   | $ | 1,136.7 |  |   | $ | 1,169.5 |  |
| Cash distribution coverage ratio (b)                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.03 |  |   | 1.06 |  |   | 0.86 |  |   | 1.10 |  |
| (a) Amounts include noncash impairment charges of $264.3 million, or 91 cents per unit, in the fourth quarter 2015; and $76.4 million, or 31 cents per unit, in the third quarter 2014. (b) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA); distributable cash flow (DCF); and cash distribution coverage ratio are non-GAAP measures. Reconciliations to relevant GAAP measures are attached to this news release. |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Three Months Ended |   | Years Ended |
|                                    | December 31, |   | December 31, |
| ONEOK Partners                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                    | (Millions of dollars) |
|                                    |   |   |   |   |   |   |   |
| Operating income                        | $ | 241.9 |  |   | $ | 300.9 |  |   | $ | 998.1 |  |   | $ | 1,148.8 |  |
| Operating costs                         | $ | 185.3 |  |   | $ | 188.0 |  |   | $ | 692.2 |  |   | $ | 669.7 |  |
| Depreciation and amortization           | $ | 92.6 |  |   | $ | 79.2 |  |   | 352.2 |  |   | $ | 291.2 |  |
| Impairment of long-lived assets         | $ | (83.7 | ) |   | — |  |   | $ | (83.7 | ) |   | — |  |
| Equity in net earnings from investments | $ | 32.1 |  |   | $ | 34.3 |  |   | 125.3 |  |   | $ | 117.4 |  |
| Impairment of equity investments        | $ | (180.6 | ) |   | — |  |   | $ | (180.6 | ) |   | $ | (76.4 | ) |
| Capital expenditures                    | $ | 257.2 |  |   | $ | 573.0 |  |   | $ | 1,186.1 |  |   | $ | 1,746.0 |  |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Higher NGL fee-based exchange-services volumes primarily from eight new natural gas processing plants connected in 2015; |

|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | Increases in the partnership’s NGL transportation business, primarily from the West Texas LPG pipeline system in the Permian Basin; |

|         |                                                        |
|---------|--------------------------------------------------------|
| • | Higher natural gas volumes gathered and processed; and |

|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | Higher average fee rates from contract restructuring in the natural gas gathering and processing segment; partially offset by |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Lower net realized NGL, natural gas and condensate prices; and |

----

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | Noncash impairment charges primarily related to investments in the coal-bed methane area of the Powder River Basin in Wyoming. |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | Maintaining the expectation to report distribution coverage of 1.0 times or better for 2016; |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Maintaining 2016 adjusted EBITDA guidance of approximately $1.88 billion and DCF guidance of approximately $1.39 billion provided on Dec. 21, 2015; |

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Completing in November the 200 million cubic feet per day (MMcf/d) Lonesome Creek natural gas processing plant in the Williston Basin, which is expected to process approximately 100 MMcf/d by the first quarter 2016; |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Completing three additional compressor stations in the Williston Basin, bringing the total for the year to six compressor stations, adding a total of 300 MMcf/d of compression capacity to the system; |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Completing more than 820 new Williston Basin well connects in 2015, compared with original guidance of approximately 700; |

----

|         |                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Raising net proceeds of approximately $749 million in August through a private placement of 21.5 million common units to ONEOK and a registered direct offering of 3.3 million common units to funds managed by Kayne Anderson Capital Advisors, L.P. ONEOK also contributed approximately $15.3 million to maintain its 2 percent general partner interest; |

|         |                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Entering into a $1 billion three-year unsecured term loan agreement in January 2016, which enhances the partnership’s liquidity position and is expected to eliminate the need to access public debt and equity markets until well into 2017; |

|         |                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Extending in January 2016 the term of the partnership’s $2.4 billion credit agreement by one year, to January 2020, and having $1.8 billion of capacity available under the agreement as of Dec. 31, 2015; and |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | Declaring in January 2016 a fourth-quarter 2015 distribution of 79 cents per unit, or $3.16 per unit on an annualized basis. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Three Months Ended |   | Years Ended |
|                                    | December 31, |   | December 31, |
| Natural Gas Liquids Segment             | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                    | (Millions of dollars) |
|                                    |   |   |   |   |   |   |   |
| Operating income                        | $ | 217.7 |  |   | $ | 179.5 |  |   | $ | 767.3 |  |   | $ | 689.0 |  |
| Operating costs                         | $ | 80.4 |  |   | $ | 78.2 |  |   | $ | 314.5 |  |   | $ | 296.4 |  |
| Depreciation and amortization           | $ | 40.7 |  |   | $ | 34.3 |  |   | $ | 158.7 |  |   | $ | 124.1 |  |
| Impairment of long-lived assets         | $ | (10.0 | ) |   | $ | — |  |   | $ | (10.0 | ) |   | $ | — |  |
| Equity in net earnings from investments | $ | 11.1 |  |   | $ | 13.7 |  |   | $ | 38.7 |  |   | $ | 27.3 |  |

----

|         |                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $63.1 million increase in fee-based exchange-services, resulting primarily from increased volumes from recently connected natural gas processing plants in the Williston Basin, Powder River Basin and Mid-Continent region, decreased ethane rejection in the Rocky Mountain region and the impact of minimum volume obligations; |

|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $14.7 million increase in the partnership’s transportation business, primarily from the West Texas LPG pipeline system in the Permian Basin; offset partially by |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | A $21.5 million decrease primarily from narrower NGL location and product price differentials and decreased marketing activities. |

|         |                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • |  A $191.0 million increase in fee-based exchange-services, resulting primarily from increased volumes from recently connected natural gas processing plants and higher revenues from customers with minimum volume obligations; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An $81.8 million increase in the segment’s transportation business, primarily from higher volumes on the West Texas LPG pipeline system; and |

|         |                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $23.8 million increase resulting from decreased ethane rejection in the Williston Basin, offset partially by higher ethane rejection in the Mid-Continent region; offset partially by |

|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $118.4 million decrease in optimization, marketing and differentials-based activities due primarily to narrower NGL location and product price differentials. A portion of the decrease relates to the increased demand for propane in the first quarter 2014; and |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | A $29.9 million decrease from lower isomerization volumes. |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Three Months Ended |   | Years Ended |
|                                    | December 31, |   | December 31, |
| Natural Gas Pipelines Segment           | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                    | (Millions of dollars) |
|                                    |   |   |   |   |   |   |   |
| Operating income                        | $ | 46.1 |  |   | $ | 52.3 |  |   | $ | 153.0 |  |   | $ | 181.0 |  |
| Operating costs                         | $ | 26.7 |  |   | $ | 28.2 |  |   | $ | 105.7 |  |   | $ | 111.0 |  |
| Depreciation and amortization           | $ | 11.0 |  |   | $ | 10.7 |  |   | $ | 43.5 |  |   | $ | 43.3 |  |
| Equity in net earnings from investments | $ | 16.6 |  |   | $ | 16.1 |  |   | $ | 68.7 |  |   | $ | 69.8 |  |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | A $10.4 million decrease due primarily to lower short-term natural gas storage services; offset partially by |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | A $2.7 million increase from higher transportation revenues primarily due to increased firm transportation. |

|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $24.3 million decrease from lower short-term natural gas storage services, due primarily to increased weather-related seasonal demand associated with severely cold weather in the first quarter 2014; |

----

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | A $10.0 million decrease from lower net retained fuel due to lower natural gas prices and lower natural gas volumes retained; and |

|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $5.0 million decrease from lower park-and-loan services on the segment’s interstate pipelines as a result of weather-related seasonal demand due to severely cold weather in the first quarter 2014; offset partially by |

|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An $8.6 million increase due to higher transportation revenues, primarily from increased rates on intrastate pipelines and higher rates on Viking Gas Transmission, offset partially by decreased interruptible transportation revenues from lower natural gas volumes transported. |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Three Months Ended |   | Years Ended |
|                                         | December 31, |   | December 31, |
| Natural Gas Gathering and Processing Segment | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                         | (Millions of dollars) |
|                                         |   |   |   |   |   |   |   |
| Operating income                             | $ | (21.7 | ) |   | $ | 71.7 |  |   | $ | 78.2 |  |   | $ | 280.6 |  |
| Operating costs                              | $ | 78.5 |  |   | $ | 69.2 |  |   | $ | 272.4 |  |   | $ | 257.7 |  |
| Depreciation and amortization                | $ | 41.0 |  |   | $ | 34.2 |  |   | $ | 150.0 |  |   | $ | 123.8 |  |
| Impairment of long-lived assets              | $ | (73.7 | ) |   | $ | — |  |   | $ | (73.7 | ) |   | $ | — |  |
| Equity in net earnings from investments      | $ | 4.4 |  |   | $ | 4.4 |  |   | $ | 17.9 |  |   | $ | 20.3 |  |
| Impairment of equity investments             | $ | (180.6 | ) |   | $ | — |  |   | $ | (180.6 | ) |   | $ | (76.4 | ) |

----

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $73.7 million decrease due to noncash impairment charges primarily related to assets in the dry natural gas area of the Powder River Basin; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | A $56.4 million decrease due primarily to lower net realized NGL, natural gas and condensate prices; and |

|         |                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $5.8 million decrease due primarily to decreased ethane rejection in the Williston Basin to maintain downstream NGL product specifications; offset partially by |

|         |                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $43.7 million increase due primarily to contract restructuring resulting in higher average fee rates and a lower percentage of proceeds retained from the sale of commodities under percent of proceeds (POP) with fee contracts; and |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $12.3 million increase due primarily to natural gas volume growth in the Williston Basin, offset partially by decreased natural gas volumes in the Cana-Woodford Shale. |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | A $209.7 million decrease due primarily to lower net realized NGL, natural gas and condensate prices; |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $73.7 million decrease due to a noncash impairment charges related primarily to assets in the dry natural gas area of the Powder River Basin; and |

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $10.4 million decrease due primarily to decreased ethane rejection to maintain downstream NGL product specifications; offset partially by |

|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $91.6 million increase due primarily to contract restructuring resulting in higher average fee rates and a lower percentage of proceeds retained from the sale of commodities under POP with fee contracts; and |

|         |                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A $38.1 million increase due primarily to natural gas volume growth in the Williston Basin, offset partially by unplanned operational outages in the Williston Basin and decreased natural gas volumes in the Cana-Woodford Shale. |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Three Months Ended |   | Years Ended |
|                                                   | December 31, |   | December 31, |
| Equity-Volume Information (a)                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                                   |   |   |   |   |   |   |   |
| NGL sales (MBbl/d)                                     | 20.5 |  |   | 16.2 |  |   | 20.9 |  |   | 16.5 |  |
| Condensate sales (MBbl/d)                              | 2.4 |  |   | 3.2 |  |   | 2.8 |  |   | 3.1 |  |
| Residue natural gas sales (BBtu/d)                     | 120.3 |  |   | 143.9 |  |   | 136.2 |  |   | 118.2 |  |
| (a) - Includes volumes for consolidated entities only. |   |   |   |   |   |   |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   | Year Ending December 31, 2016 |
|                                                   | VolumesHedged |   | Average Price |   | PercentageHedged |
| NGLs - excluding ethane (MBbl/d) - Conway/Mont Belvieu | 7.9 |  |   | $ | 0.48 |  | / gallon |   | 80% |
| Condensate (MBbl/d) - WTI-NYMEX                        | 1.7 |  |   | $ | 59.24 |  | / Bbl |   | 57% |
| Natural gas (BBtu/d) - NYMEX and basis                 | 74.1 |  |   | $ | 2.96 |  | / MMBtu |   | 83% |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   | Year Ending December 31, 2017 |
|                                                   | VolumesHedged |   | Average Price |   | PercentageHedged |
| NGLs - excluding ethane (MBbl/d) - Conway/Mont Belvieu | 1.0 |  |   | $ | 0.40 |  | / gallon |   | 9% |
| Condensate (MBbl/d) - WTI-NYMEX                        | 1.5 |  |   | $ | 43.65 |  | / Bbl |   | 49% |
| Natural gas (BBtu/d) - NYMEX and basis                 | 50.6 |  |   | $ | 2.62 |  | / MMBtu |   | 48% |

----

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | a $1.00-per-barrel change in the price of crude oil would change 12-month operating income by approximately $0.7 million; |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | a 1-cent-per-gallon change in the composite price of NGLs would change 12-month operating income by approximately $0.6 million; and |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | a 10-cent-per-MMBtu change in the price of residue natural gas would change 12-month operating income by approximately $0.5 million. |

http://www.oneokpartners.com/~/media/ONEOKPartners/EarningsTables/2015/OKS_Q4_2015_earnings_9JKSP41.ashx 

----

http://www.oneok.com/~/media/ONEOK/EarningsTables/2015/OKE_OKS_Q3_2015_EarningsPresentationYnF05s4.ashx

|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, impairment charges, income taxes and allowance for equity funds used during construction and certain other noncash items; |

|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | DCF is defined as adjusted EBITDA, computed as described above, less interest expense, maintenance capital expenditures and equity earnings from investments, excluding noncash impairment charges, adjusted for cash distributions received and certain other items; |

|         |                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Distributable cash flow to limited partners per limited partner unit is computed as DCF less distributions declared to the general partner in the period, divided by the weighted-average number of units outstanding in the period; and |

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Cash distribution coverage ratio is defined as distributable cash flow to limited partners per limited partner unit divided by the distribution declared per limited partner unit for the period. |

----

----

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | the 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 |

----

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | difficulties or delays experienced by trucks, railroads or pipelines in delivering products to or from our terminals or pipelines; |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | changes in demand for the use of natural gas, NGLs and crude oil because of market conditions caused by concerns about climate change; |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | conflicts of interest between us, our general partner, ONEOK Partners GP, and related parties of ONEOK Partners GP; |

|         |                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of unforeseen changes in interest rates, equity markets, inflation rates, economic recession and other external factors over which we have no control; |

|         |                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our indebtedness could make us vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantages compared with our competitors that have less debt or have other adverse consequences; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | actions by rating agencies concerning the credit ratings of us or the parent of our general partner; |

|         |                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the results of administrative proceedings and litigation, regulatory actions, rule changes and receipt of expected clearances involving any local, state or federal regulatory body, including the FERC, the National Transportation Safety Board, the PHMSA, the EPA and CFTC; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | our ability to access capital at competitive rates or on terms acceptable to us; |

|         |                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks associated with adequate supply to our gathering, processing, fractionation and pipeline facilities, including production declines that outpace new drilling or extended periods of ethane rejection; |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk that material weaknesses or significant deficiencies in our internal controls over financial reporting could emerge or that minor problems could become significant; |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | the impact and outcome of pending and future litigation; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | the ability to market pipeline capacity on favorable terms, including the effects of: |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | performance of contractual obligations by our customers, service providers, contractors and shippers; |

|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the timely receipt of approval by applicable governmental entities for construction and operation of our pipeline and other projects and required regulatory clearances; |

|         |                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to acquire all necessary permits, consents or other approvals in a timely manner, to promptly obtain all necessary materials and supplies required for construction, and to construct gathering, processing, storage, fractionation and transportation facilities without labor or contractor problems; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | the mechanical integrity of facilities operated; |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | demand for our services in the proximity of our facilities; |

|         |                                         |
|---------|-----------------------------------------|
| • | our ability to control operating costs; |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | acts of nature, sabotage, terrorism or other similar acts that cause damage to our facilities or our suppliers’ or shippers’ facilities; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | economic climate and growth in the geographic areas in which we do business; |

|         |                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk of a prolonged slowdown in growth or decline in the United States or international economies, including liquidity risks in United States or foreign credit markets; |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | the impact of recently issued and future accounting updates and other changes in accounting policies; |

|         |                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the possibility of future terrorist attacks or the possibility or occurrence of an outbreak of, or changes in, hostilities or changes in the political conditions in the Middle East and elsewhere; |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | the risk of increased costs for insurance premiums, security or other items as a consequence of terrorist attacks; |

|         |                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | the impact of uncontracted capacity in our assets being greater or less than expected; |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability to recover operating costs and amounts equivalent to income taxes, costs of property, plant and equipment and regulatory assets in our state and FERC-regulated rates; |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | the composition and quality of the natural gas and NGLs we gather and process in our plants and transport on our pipelines; |

----

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | the efficiency of our plants in processing natural gas and extracting and fractionating NGLs; |

|         |                                             |
|---------|---------------------------------------------|
| • | the impact of potential impairment charges; |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk inherent in the use of information systems in our respective businesses, implementation of new software and hardware, and the impact on the timeliness of information for financial reporting; |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | our ability to control construction costs and completion schedules of our pipelines and other projects; and |

|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | the risk factors listed in the reports we have filed and may file with the SEC, which are incorporated by reference. |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ONEOK Partners, L.P. and Subsidiaries                                                                 |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF INCOME                                                                     |   |   |   |   |   |   |   |
|                                                                                                  | Three Months Ended |   | Years Ended |
|                                                                                                  | December 31, |   | December 31, |
| (Unaudited)                                                                                           | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                                                                                  | (Thousands of dollars, except per unit amounts) |
| Revenues                                                                                              |   |   |   |   |   |   |   |
| Commodity sales                                                                                       | $ | 1,456,023 |  |   | $ | 2,448,648 |  |   | $ | 6,098,343 |  |   | $ | 10,724,981 |  |
| Services                                                                                              | 474,361 |  |   | 395,610 |  |   | 1,662,725 |  |   | 1,466,684 |  |
| Total revenues                                                                                        | 1,930,384 |  |   | 2,844,258 |  |   | 7,761,068 |  |   | 12,191,665 |  |
| Cost of sales and fuel (exclusive of items shown separately   below)                   | 1,333,286 |  |   | 2,281,273 |  |   | 5,641,052 |  |   | 10,088,548 |  |
| Operations and maintenance                                                                            | 164,938 |  |   | 173,361 |  |   | 609,123 |  |   | 599,076 |  |
| Depreciation and amortization                                                                         | 92,633 |  |   | 79,153 |  |   | 352,196 |  |   | 291,236 |  |
| Impairment of long-lived assets                                                                       | 83,673 |  |   | — |  |   | 83,673 |  |   | — |  |
| General taxes                                                                                         | 20,376 |  |   | 14,683 |  |   | 83,053 |  |   | 70,581 |  |
| Gain (loss) on sale of assets                                                                         | 6,435 |  |   | 5,066 |  |   | 6,108 |  |   | 6,599 |  |
| Operating income                                                                                      | 241,913 |  |   | 300,854 |  |   | 998,079 |  |   | 1,148,823 |  |
| Equity in net earnings from investments                                                               | 32,095 |  |   | 34,256 |  |   | 125,300 |  |   | 117,415 |  |
| Impairment of equity investments                                                                      | (180,583 | ) |   | — |  |   | (180,583 | ) |   | (76,412 | ) |
| Allowance for equity funds used during construction                                                   | 461 |  |   | 990 |  |   | 2,179 |  |   | 14,937 |  |
| Other income                                                                                          | 20 |  |   | 2,444 |  |   | 126 |  |   | 5,447 |  |
| Other expense                                                                                         | (233 | ) |   | (1,243 | ) |   | (4,174 | ) |   | (4,299 | ) |
| Interest expense (net of capitalized interest of $10,564, $13,367, $36,572 and $54,813, respectively) | (85,044 | ) |   | (70,564 | ) |   | (338,911 | ) |   | (281,908 | ) |
| Income before income taxes                                                                            | 8,629 |  |   | 266,737 |  |   | 602,016 |  |   | 924,003 |  |
| Income tax (expense) benefit                                                                          | 936 |  |   | (2,701 | ) |   | (4,144 | ) |   | (12,668 | ) |
| Net income                                                                                            | 9,565 |  |   | 264,036 |  |   | 597,872 |  |   | 911,335 |  |
| Less:  Net income attributable to noncontrolling interests                                            | 2,348 |  |   | 811 |  |   | 8,330 |  |   | 1,037 |  |
| Net income attributable to ONEOK Partners, L.P.                                                       | $ | 7,217 |  |   | $ | 263,225 |  |   | $ | 589,542 |  |   | $ | 910,298 |  |
| Limited partners’ interest in net income:                                                       |   |  |   |   |  |   |   |  |   |   |  |
| Net income attributable to ONEOK Partners, L.P.                                                       | $ | 7,217 |  |   | $ | 263,225 |  |   | $ | 589,542 |  |   | $ | 910,298 |  |
| General partner’s interest in net income                                                        | (100,682 | ) |   | (94,544 | ) |   | (394,550 | ) |   | (344,241 | ) |
| Limited partners’ interest in net income (loss)                                                 | $ | (93,465 | ) |   | $ | 168,681 |  |   | $ | 194,992 |  |   | $ | 566,057 |  |
| Limited partners’ net income (loss) per unit, basic and diluted                                 | $ | (0.33 | ) |   | $ | 0.67 |  |   | $ | 0.73 |  |   | $ | 2.33 |  |
| Number of units used in computation (thousands)                                                       | 285,826 |  |   | 251,411 |  |   | 267,281 |  |   | 243,306 |  |

----

|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |  |  |  |  |  |  |  |
| ONEOK Partners, L.P. and Subsidiaries                                                                                           |   |   |   |   |
| CONSOLIDATED BALANCE SHEETS                                                                                                     |   |   |   |   |
|                                                                                                                            |   | December 31, |   | December 31, |
| (Unaudited)                                                                                                                     |   | 2015 |   | 2014 |
| Assets                                                                                                                          |   | (Thousands of dollars) |
| Current assets                                                                                                                  |   |   |   |   |
| Cash and cash equivalents                                                                                                       |   | $ | 5,079 |  |   | $ | 42,530 |  |
| Accounts receivable, net                                                                                                        |   | 593,448 |  |   | 735,830 |  |
| Affiliate receivables                                                                                                           |   | 7,969 |  |   | 8,553 |  |
| Natural gas and natural gas liquids in storage                                                                                  |   | 128,084 |  |   | 134,134 |  |
| Commodity imbalances                                                                                                            |   | 38,681 |  |   | 64,788 |  |
| Materials and supplies                                                                                                          |   | 76,696 |  |   | 55,833 |  |
| Other current assets                                                                                                            |   | 33,207 |  |   | 44,385 |  |
| Total current assets                                                                                                            |   | 883,164 |  |   | 1,086,053 |  |
| Property, plant and equipment                                                                                                   |   |   |  |   |   |  |
| Property, plant and equipment                                                                                                   |   | 14,307,546 |  |   | 13,377,617 |  |
| Accumulated depreciation and amortization                                                                                       |   | 2,050,755 |  |   | 1,842,084 |  |
| Net property, plant and equipment                                                                                               |   | 12,256,791 |  |   | 11,535,533 |  |
| Investments and other assets                                                                                                    |   |   |  |   |   |  |
| Investments in unconsolidated affiliates                                                                                        |   | 948,221 |  |   | 1,132,653 |  |
| Goodwill and intangible assets                                                                                                  |   | 824,877 |  |   | 822,358 |  |
| Other assets                                                                                                                    |   | 14,533 |  |   | 23,803 |  |
| Total investments and other assets                                                                                              |   | 1,787,631 |  |   | 1,978,814 |  |
| Total assets                                                                                                                    |   | $ | 14,927,586 |  |   | $ | 14,600,400 |  |
| Liabilities and equity                                                                                                          |   |   |  |   |   |  |
| Current liabilities                                                                                                             |   |   |  |   |   |  |
| Current maturities of long-term debt                                                                                            |   | $ | 107,650 |  |   | $ | 7,650 |  |
| Short-term borrowings                                                                                                           |   | 546,340 |  |   | 1,055,296 |  |
| Accounts payable                                                                                                                |   | 605,431 |  |   | 874,692 |  |
| Affiliate payables                                                                                                              |   | 27,137 |  |   | 36,106 |  |
| Commodity imbalances                                                                                                            |   | 74,460 |  |   | 104,650 |  |
| Accrued interest                                                                                                                |   | 102,615 |  |   | 91,990 |  |
| Other current liabilities                                                                                                       |   | 116,667 |  |   | 165,672 |  |
| Total current liabilities                                                                                                       |   | 1,580,300 |  |   | 2,336,056 |  |
| Long-term debt, excluding current maturities                                                                                    |   | 6,695,312 |  |   | 6,004,232 |  |
| Deferred credits and other liabilities                                                                                          |   | 154,631 |  |   | 141,337 |  |
| Commitments and contingencies                                                                                                   |   |   |   |   |
| Equity                                                                                                                          |   |   |  |   |   |  |
| ONEOK Partners, L.P. partners’ equity:                                                                                    |   |   |  |   |   |  |
| General partner                                                                                                                 |   | 231,344 |  |   | 211,914 |  |
| Common units: 212,837,980 and 180,826,973 units issued and outstanding at December 31, 2015 and December 31, 2014, respectively |   | 5,014,952 |  |   | 4,456,372 |  |
| Class B units: 72,988,252 units issued and outstanding at December 31, 2015and December 31, 2014                                |   | 1,200,204 |  |   | 1,374,375 |  |
| Accumulated other comprehensive loss                                                                                            |   | (113,282 | ) |   | (91,823 | ) |
| Total ONEOK Partners, L.P. partners’ equity                                                                               |   | 6,333,218 |  |   | 5,950,838 |  |
| Noncontrolling interests in consolidated subsidiaries                                                                           |   | 164,125 |  |   | 167,937 |  |
| Total equity                                                                                                                    |   | 6,497,343 |  |   | 6,118,775 |  |
| Total liabilities and equity                                                                                                    |   | $ | 14,927,586 |  |   | $ | 14,600,400 |  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |
| ONEOK Partners, L.P. and Subsidiaries                                                  |   |   |   |   |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  |   | Years Ended |
|                                                                                   |   | December 31, |
| (Unaudited)                                                                            |   | 2015 |   | 2014 |
|                                                                                   |   | (Thousands of dollars) |
| Operating activities                                                                   |   |   |   |   |
| Net income                                                                             |   | $ | 597,872 |  |   | $ | 911,335 |  |
| Adjustments to reconcile net income to net cash provided by operating activities:      |   |   |   |   |
| Depreciation and amortization                                                          |   | 352,196 |  |   | 291,236 |  |
| Impairment charges                                                                     |   | 264,256 |  |   | 76,412 |  |
| Allowance for equity funds used during construction                                    |   | (2,179 | ) |   | (14,937 | ) |
| Gain on sale of assets                                                                 |   | (6,108 | ) |   | (6,599 | ) |
| Deferred income taxes                                                                  |   | 4,765 |  |   | 10,832 |  |
| Equity in net earnings from investments                                                |   | (125,300 | ) |   | (117,415 | ) |
| Distributions received from unconsolidated affiliates                                  |   | 122,003 |  |   | 117,912 |  |
| Changes in assets and liabilities, net of acquisitions:                                |   |   |  |   |   |  |
| Accounts receivable                                                                    |   | 147,767 |  |   | 373,459 |  |
| Affiliate receivables                                                                  |   | 584 |  |   | 632 |  |
| Natural gas and natural gas liquids in storage                                         |   | 6,050 |  |   | 54,152 |  |
| Accounts payable                                                                       |   | (199,895 | ) |   | (351,470 | ) |
| Affiliate payables                                                                     |   | (8,969 | ) |   | (11,352 | ) |
| Commodity imbalances, net                                                              |   | (4,083 | ) |   | (93,234 | ) |
| Accrued interest                                                                       |   | 10,625 |  |   | (721 | ) |
| Risk-management assets and liabilities                                                 |   | (34,275 | ) |   | 36,444 |  |
| Other assets and liabilities, net                                                      |   | (53,329 | ) |   | 33,134 |  |
| Cash provided by operating activities                                                  |   | 1,071,980 |  |   | 1,309,820 |  |
| Investing activities                                                                   |   |   |  |   |   |  |
| Capital expenditures (less allowance for equity funds used during construction)        |   | (1,186,123 | ) |   | (1,745,990 | ) |
| Cash paid for acquisitions, net of cash received                                       |   | — |  |   | (814,934 | ) |
| Contributions to unconsolidated affiliates                                             |   | (27,540 | ) |   | (1,063 | ) |
| Distributions received from unconsolidated affiliates in excess of cumulative earnings |   | 33,915 |  |   | 21,107 |  |
| Proceeds from sale of assets                                                           |   | 3,825 |  |   | 7,817 |  |
| Other                                                                                  |   | (12,607 | ) |   | — |  |
| Cash used in investing activities                                                      |   | (1,188,530 | ) |   | (2,533,063 | ) |
| Financing activities                                                                   |   |   |  |   |   |  |
| Cash distributions:                                                                    |   |   |  |   |   |  |
| General and limited partners                                                           |   | (1,230,475 | ) |   | (1,052,245 | ) |
| Noncontrolling interests                                                               |   | (11,690 | ) |   | (549 | ) |
| Borrowing (repayment) of short-term borrowings, net                                    |   | (508,956 | ) |   | 1,055,296 |  |
| Issuance of long-term debt, net of discounts                                           |   | 798,896 |  |   | — |  |
| Debt financing costs                                                                   |   | (7,676 | ) |   | — |  |
| Repayment of long-term debt                                                            |   | (7,650 | ) |   | (7,650 | ) |
| Issuance of common units, net of issuance costs                                        |   | 1,025,660 |  |   | 1,113,139 |  |
| Contribution from general partner                                                      |   | 20,990 |  |   | 23,252 |  |
| Cash provided by financing activities                                                  |   | 79,099 |  |   | 1,131,243 |  |
| Change in cash and cash equivalents                                                    |   | (37,451 | ) |   | (92,000 | ) |
| Cash and cash equivalents at beginning of period                                       |   | 42,530 |  |   | 134,530 |  |
| Cash and cash equivalents at end of period                                             |   | 5,079 |  |   | 42,530 |  |
| Supplemental cash flow information:                                                    |   |   |  |   |   |  |
| Cash paid for interest, net of amounts capitalized                                     |   | $ | 307,036 |  |   | $ | 271,314 |  |
| Cash paid for income taxes                                                             |   | $ | 3,483 |  |   | $ | 1,336 |  |

----

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ONEOK Partners, L.P. and Subsidiaries                                                           |   |   |   |   |   |   |   |
| INFORMATION AT A GLANCE                                                                         |   |   |   |   |   |   |   |
|                                                                                            | Three Months Ended |   | Years Ended |
|                                                                                            | December 31, |   | December 31, |
| (Unaudited)                                                                                     | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                                                                            | (Millions of dollars, except as noted) |
| Natural Gas Liquids                                                                             |   |   |   |   |   |   |   |
| Operating costs                                                                                 | $ | 80.4 |  |   | $ | 78.2 |  |   | $ | 314.5 |  |   | $ | 296.4 |  |
| Depreciation and amortization                                                                   | $ | 40.7 |  |   | $ | 34.3 |  |   | $ | 158.7 |  |   | $ | 124.1 |  |
| Impairment of long-lived assets                                                                 | $ | (10.0 | ) |   | $ | — |  |   | $ | (10.0 | ) |   | $ | — |  |
| Operating income                                                                                | $ | 217.7 |  |   | $ | 179.5 |  |   | $ | 767.3 |  |   | $ | 689.0 |  |
| Equity in net earnings from investments                                                         | $ | 11.1 |  |   | $ | 13.7 |  |   | $ | 38.7 |  |   | $ | 27.3 |  |
| NGL sales (MBbl/d)                                                                              | 670 |  |   | 666 |  |   | 660 |  |   | 615 |  |
| NGLs transported-gathering lines (MBbl/d) (a)                                                   | 798 |  |   | 607 |  |   | 769 |  |   | 533 |  |
| NGLs fractionated (MBbl/d) (b)                                                                  | 587 |  |   | 542 |  |   | 552 |  |   | 522 |  |
| NGLs transported-distribution lines (MBbl/d) (a)                                                | 449 |  |   | 393 |  |   | 428 |  |   | 408 |  |
| Average Conway-to-Mont Belvieu OPIS price differential -ethane in ethane/propane mix ($/gallon) | $ | 0.02 |  |   | $ | 0.01 |  |   | $ | 0.02 |  |   | $ | 0.05 |  |
| Capital expenditures - growth                                                                   | $ | 30.7 |  |   | $ | 147.8 |  |   | $ | 190.5 |  |   | $ | 751.4 |  |
| Capital expenditures - maintenance                                                              | $ | 10.0 |  |   | $ | 12.7 |  |   | $ | 35.6 |  |   | $ | 46.6 |  |
| (a) - Includes volumes for consolidated entities only.                                          |   |   |   |   |   |   |   |
| (b) - Includes volumes at company-owned and third-party facilities.                             |   |   |   |   |   |   |   |
|                                                                                            |   |   |   |   |   |   |   |
| Natural Gas Pipelines                                                                           |   |   |   |   |   |   |   |
| Operating costs                                                                                 | $ | 26.7 |  |   | $ | 28.2 |  |   | $ | 105.7 |  |   | $ | 111.0 |  |
| Depreciation and amortization                                                                   | $ | 11.0 |  |   | $ | 10.7 |  |   | $ | 43.5 |  |   | $ | 43.3 |  |
| Operating income                                                                                | $ | 46.1 |  |   | $ | 52.3 |  |   | $ | 153.0 |  |   | $ | 181.0 |  |
| Equity in net earnings from investments                                                         | $ | 16.6 |  |   | $ | 16.1 |  |   | $ | 68.7 |  |   | $ | 69.8 |  |
| Natural gas transportation capacity contracted (MDth/d) (a)                                     | 5,938 |  |   | 5,844 |  |   | 5,840 |  |   | 5,781 |  |
| Transportation capacity subscribed (a)                                                          | 93 | % |   | 92 | % |   | 92 | % |   | 91 | % |
| Capital expenditures - growth                                                                   | $ | 12.5 |  |   | $ | 6.1 |  |   | $ | 34.7 |  |   | $ | 9.7 |  |
| Capital expenditures - maintenance                                                              | $ | 5.8 |  |   | $ | 10.9 |  |   | $ | 23.5 |  |   | $ | 33.3 |  |
| (a) - Includes volumes for consolidated entities only.                                          |   |   |   |   |   |   |   |
|                                                                                            |   |   |   |   |   |   |   |
| Natural Gas Gathering and Processing                                                            |   |   |   |   |   |   |   |
| Operating costs                                                                                 | $ | 78.5 |  |   | $ | 69.2 |  |   | $ | 272.4 |  |   | $ | 257.7 |  |
| Depreciation and amortization                                                                   | $ | 41.0 |  |   | $ | 34.2 |  |   | $ | 150.0 |  |   | $ | 123.8 |  |
| Impairment of long-lived assets                                                                 | $ | (73.7 | ) |   | $ | — |  |   | $ | (73.7 | ) |   | $ | — |  |
| Operating income (loss)                                                                         | $ | (21.7 | ) |   | $ | 71.7 |  |   | $ | 78.2 |  |   | $ | 280.6 |  |
| Equity in net earnings from investments                                                         | $ | 4.4 |  |   | $ | 4.4 |  |   | $ | 17.9 |  |   | $ | 20.3 |  |
| Impairment of equity investments                                                                | $ | (180.6 | ) |   | $ | — |  |   | $ | (180.6 | ) |   | $ | (76.4 | ) |
| Natural gas gathered (BBtu/d) (a)                                                               | 2,094 |  |   | 1,934 |  |   | 1,932 |  |   | 1,733 |  |
| Natural gas processed (BBtu/d) (a) (b)                                                          | 1,828 |  |   | 1,751 |  |   | 1,687 |  |   | 1,534 |  |
| NGL sales (MBbl/d) (a)                                                                          | 148 |  |   | 116 |  |   | 129 |  |   | 104 |  |
| Residue natural gas sales (BBtu/d) (a)                                                          | 927 |  |   | 808 |  |   | 853 |  |   | 714 |  |
| Realized composite NGL net sales price ($/gallon) (a) (c) (d)                                   | $ | 0.32 |  |   | $ | 0.86 |  |   | $ | 0.34 |  |   | $ | 0.93 |  |
| Realized condensate net sales price ($/Bbl) (a) (c) (e)                                         | $ | 46.88 |  |   | $ | 74.12 |  |   | $ | 37.81 |  |   | $ | 76.43 |  |
| Realized residue natural gas net sales price ($/MMBtu) (a) (c) (e)                              | $ | 3.74 |  |   | $ | 3.90 |  |   | $ | 3.64 |  |   | $ | 3.92 |  |
| Average fee rate ($/MMBtu) (a)                                                             | $ | 0.55 |  |   | $ | 0.36 |  |   | $ | 0.44 |  |   | $ | 0.36 |  |
| Capital expenditures - growth                                                                   | $ | 183.5 |  |   | $ | 379.2 |  |   | $ | 845.3 |  |   | $ | 858.0 |  |
| Capital expenditures - maintenance                                                              | $ | 11.8 |  |   | $ | 13.7 |  |   | $ | 42.6 |  |   | $ | 40.9 |  |
| (a) - Includes volumes for consolidated entities only.                                          |   |   |   |   |   |   |   |
| (b) - Includes volumes at company-owned and third-party facilities.                             |   |   |   |   |   |   |   |
| (c) - Includes the impact of hedging activities on our equity volumes.                          |   |   |   |   |   |   |   |
| (d) - Net of transportation and fractionation costs.                                            |   |   |   |   |   |   |   |
| (e) - Net of transportation costs.                                                              |   |   |   |   |   |   |   |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ONEOK Partners, L.P. and Subsidiaries                                         |   |   |   |   |   |   |   |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES                                 |   |   |   |   |   |   |
|                                                                          | Three Months Ended |   | Years Ended |
|                                                                          | December 31, |   | December 31, |
| (Unaudited)                                                                   | 2015 |   | 2014 |   | 2015 |   | 2014 |
|                                                                          | (Thousands of dollars, except per unit amounts) |
| Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow   |   |   |   |   |
| Net income                                                                    | $ | 9,565 |  |   | $ | 264,036 |  |   | $ | 597,872 |  |   | $ | 911,335 |  |
| Interest expense                                                              | 85,044 |  |   | 70,564 |  |   | 338,911 |  |   | 281,908 |  |
| Depreciation and amortization                                                 | 92,633 |  |   | 79,153 |  |   | 352,196 |  |   | 291,236 |  |
| Impairment charges                                                            | 264,256 |  |   | — |  |   | 264,256 |  |   | 76,412 |  |
| Income tax (benefit) expense                                                  | (936 | ) |   | 2,701 |  |   | 4,144 |  |   | 12,668 |  |
| Allowance for equity funds used during construction and other noncash items   | (314 | ) |   | (990 | ) |   | 8,126 |  |   | (14,937 | ) |
| Adjusted EBITDA                                                               | 450,248 |  |   | 415,464 |  |   | 1,565,505 |  |   | 1,558,622 |  |
| Interest expense                                                              | (85,044 | ) |   | (70,564 | ) |   | (338,911 | ) |   | (281,908 | ) |
| Maintenance capital                                                           | (30,534 | ) |   | (39,913 | ) |   | (115,631 | ) |   | (126,881 | ) |
| Equity in net earnings from investments, excluding noncash impairment charges | (32,095 | ) |   | (34,256 | ) |   | (125,300 | ) |   | (117,415 | ) |
| Distributions received from unconsolidated affiliates                         | 38,765 |  |   | 29,796 |  |   | 155,918 |  |   | 139,019 |  |
| Other                                                                         | (1,535 | ) |   | 5,517 |  |   | (4,845 | ) |   | (1,939 | ) |
| Distributable cash flow                                                       | $ | 339,805 |  |   | $ | 306,044 |  |   | $ | 1,136,736 |  |   | $ | 1,169,498 |  |
| Distributions to general partner                                              | (107,198 | ) |   | (95,192 | ) |   | (408,115 | ) |   | (348,131 | ) |
| Distributable cash flow to limited partners                                   | $ | 232,607 |  |   | $ | 210,852 |  |   | $ | 728,621 |  |   | $ | 821,367 |  |
| Distributions declared per limited partner unit                               | $ | 0.79 |  |   | $ | 0.79 |  |   | $ | 3.16 |  |   | $ | 3.07 |  |
| Coverage ratio                                                                | 1.03 |  |   | 1.06 |  |   | 0.86 |  |   | 1.10 |  |
| Number of units used in computation (thousands)                               | 285,826 |  |   | 251,411 |  |   | 267,281 |  |   | 243,306 |  |
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