ONEOK Announces Resignation of Senior Vice President, General Counsel and Assistant Secretary Steven B. Allen

Retirement


Allen pursues ministry opportunity

Tulsa, Oklahoma., May 22, 2023 /PRNewswire/ — ONEOK, Inc. (NYSE:OKE) today announced the following: Stephen B. Allensenior vice president, general counsel and assistant secretary will retire in . Mid-August 2023 It has been over 17 years since I joined the company.

Allen leaves ONEOK and joins DallasGuideStone is a leading faith-based financial services organization.

Allen will remain an employee until mid-August as the company focuses on his replacement and will continue to work with ONEOK and its management team on key aspects of the recently announced acquisition of Magellan Midstream Partners. I plan to have it.

“Mr. Steven’s significant contributions will leave a lasting impression on ONEOK. On behalf of the Board of Directors and the company’s senior management team, I would like to thank him for his service and advice over the years.” Pierce H. Norton IIPresident and Chief Executive Officer.

Norton added, “Having known Steven for nearly 20 years, I am not surprised by his decision to retire and focus on working in the missionary service. I wish you all the best,” he added.

Allen thanked the ONEOK Board of Directors for their trust and support, as well as the friendship and dedication of ONEOK’s employees to the company’s mission, vision and values. “It has been an honor and a privilege to work for ONEOK over the years. I am proud to work with a senior management team who continue to demonstrate leadership with vision and integrity, and to provide energy products that matter to improve the lives of each and every one of us. I have incredible respect for our hard working employees.” Every day. “

from MassachusettsAllen holds a Juris Doctor degree. Vanderbilt University I have a Bachelor of Arts degree in Political Science. Oklahoma Baptist University.

GuideStone Financial Resources is a Dallas-based nonprofit Christian financial services company that manages the nation’s largest family of faith-based mutual funds.

ONEOK, Inc. (pronounced One Oak) (NYSE:OKE) is a leading midstream service provider and owner of the nation’s leading liquid natural gas (NGL) systems connecting NGL supplies in the Rocky Mountains, Midcontinent and Permian. is. Regions with major market centers and extensive networks of natural gas collection, processing, storage and transportation assets.

ONEOK is a FORTUNE 500 company and is included in the S&P 500.

For more information about ONEOK, please visit www.oneok.com.

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Important additional information and where to find it:

In connection with the proposed merger between ONEOK and Magellan (the “Proposed Transaction”), ONEOK has filed a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) (the “Registration Statement”). ) will be submitted. Register shares of common stock of ONEOK to be issued in connection with the proposed transaction; The registration statement will include a prospectus for ONEOK and a document that will serve as a joint proxy statement for ONEOK and Magellan (the “joint proxy/prospectus”), and each party will submit other documents relating to the proposed transaction to the SEC. Submit to INVESTORS AND SECURITIES HOLDERS OF ONEOK AND MAGELLAN ARE ADVISED CAREFULLY WHEN THE REGISTRATION STATEMENT, JOINT PROXY / PROSPECTUS (EACH AS MODIFIED OR ADDITIONAL FROM TIME TO TIME) AND OTHER RELEVANT DOCUMENTS ARE AVAILABLE. A good read is required. The reason for reporting filers ONEOK and MAGELLAN to the SEC is that it will contain important information about ONEOK and MAGELLAN, the proposed transaction, the risks associated therewith, and related matters.

After the registration statement is declared effective, a definitive joint proxy statement/prospectus will be mailed to ONEOK stockholders and Magellan investors. Investors are entitled to free copies of the registration statement and joint proxy statement/prospectus (each as may be amended from time to time) and other related documents filed with the SEC by ONEOK and Magellan (when available). A copy can be obtained from the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by ONEOK, including the joint proxy/prospectus (if available), are available free of charge from the Investors tab of ONEOK’s website at www.oneok.com. Copies of Magellan’s filings with the SEC, including the joint proxy/prospectus (if available), are available free of charge from Magellan’s website, www.magellanlp.com, under the Investors tab.

Recruitment participants:

ONEOK and some of its directors, executive officers and other management and employees; Magellan; The Part will in each case be deemed a participant in the solicitation of proxies from ONEOK’s stockholders and the solicitation of proxies from Magellan’s shareholders with respect to the proposed transaction. Information about ONEOK’s directors and executive officers is available in his ONEOK Annual Report for Fiscal Year 2022 (Form 10-K) filed with the SEC. February 28, 2023and a definitive proxy statement filed with the SEC for the 2023 Annual Meeting of Stockholders April 5, 2023, and in the joint proxy/prospectus (if available). Information about Magellan’s directors and executive officers is available in his Annual Report for Fiscal Year 2022 on Form 10-K and in his final proxy for the 2023 Unitholders’ Annual Meeting. Each of these has been filed with the SEC. February 21, 2023, and Joint Power of Attorney/Prospectus (if available). Additional information regarding participants in the solicitation and a description of their direct and indirect benefits, such as by holding securities, may be found in the registration statement, joint proxy statement/prospectus, and other filings with the SEC regarding this matter. Included in related documentation. When the proposed transaction becomes available. ONEOK stockholders, Magellan investors, potential investors and other readers should review this joint proxy statement/prospectus when it becomes available and before making any voting or investment decisions. You should read the book carefully.

No offers or solicitations:

This communication is not intended to be or constitute an offer to sell, the solicitation of an offer to sell, or the solicitation of an offer to buy, or the solicitation of a vote or approval, of any securities or No sales shall be made. Any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements:

This notice contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (as amended) and Section 21E of the Securities Exchange Act of 1934 (as amended). All statements, other than statements of historical fact, contained in this communication in which ONEOK or Magellan anticipates, believes or anticipates future activities, events or developments that may or may occur are forward-looking statements. Description. “estimate”, “predict”, “predict”, “believe”, “expect”, “anticipate”, “could”, “produce”, “intend”, “could” words such as is, will, may “continue”, “endeavor”, “allow” or any negation or other variations of such terms and words or terms of similar content used in connection with any discussion of future plans, actions or events , which identifies forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, without limitation, a coordinated discussion of the proposed transaction, the expected completion and timing of the proposed transaction, the company and its operations after the transaction, strategy and plans, and integration. yeah. Debt levels and leverage ratios, capital expenditures, cash flows and their expected uses, synergies, opportunities and expected future performance (maintaining current ONEOK operations, strengthening investment grade credit profile, expected earnings versus free potential share repurchases (including cash flow increases, dividend payments), tax increases and the expected impact on EBITDA. Information adjusted for the proposed transaction should not be considered a prediction of future results. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this communication. These include the risk that ONEOK and Magellan’s businesses will not be successfully integrated. the risk that the cost savings, synergies or growth from proposed transactions may not be fully realized or may take longer than expected to materialize; The risk that the credit ratings of the combined company or its subsidiary may differ from those expected by both companies. ONEOK stockholders may not approve the issuance of new shares of his ONEOK common stock in the proposed transaction, or ONEOK stockholders or shareholders of Magellan may not approve the proposed transaction. the risk that the terms of the proposed transaction may not be met, that either party may terminate the merger agreement, or that the proposed transaction may be delayed or not completed at all; Potential adverse effects or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction. Neither party has received regulatory approval for the proposed transaction. the occurrence of any other event, change or other circumstance that may cause the termination of the merger agreement in connection with the proposed transaction; the risk that ONEOK may be unable to secure the debt financing necessary to finance the cash consideration required for the proposed transaction; the risk that changes in ONEOK’s capital structure and governance may adversely affect the market value of its securities; ONEOK and Magellan’s ability to retain customers, retain and employ key personnel, maintain relationships with suppliers and customers, and ONEOK’s and Magellan’s performance and business generally. the risk that the proposed transaction will distract management from ongoing business operations or result in significant costs to ONEOK and/or Magellan; the risk that ONEOK will be unable to cut costs or access funding or liquidity; impact of the COVID-19 pandemic, related economic downturns and related significant commodity price declines; The risk of changes in government regulations and enforcement practices, particularly with respect to environmental, health and safety issues. and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond the control of ONEOK or Magellan. This includes those detailed in ONEOK’s annual report on Form 10-K, quarterly report on Form 10-Q and current report on Form 8-K available on his website. will be www.oneok.com and the Securities and Exchange Commission (“SEC”) website www.sec.gov, and Magellan’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports. Details are provided in the book. Reports on Form 8-K are available on Magellan’s website at www.magellanlp.com and the SEC’s website. All forward-looking statements are based on assumptions that ONEOK and Magellan believe to be reasonable, but which may not prove to be accurate. Any forward-looking statements are made only as of the date such statements are made, and neither ONEOK nor Magellan, whether as a result of new information, future events or otherwise, may: We undertake no obligation to revise or update any forward-looking statements except As required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Analyst Contact:

Andrew Giora


918-588-7683



Media contact:

Megan Washbourne


918-671-2774

Source ONEOK, Inc.



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