ONEOK Inc Q4 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst : Maybe to start off on the guidance. Last year, we had a couple of weather events and a material amount of frac capacity come offline, but guidance was still achieved. While some activity seems to have gotten pushed to '23 from '22, the '23 guide yearly seems similar to 2022 original base guidance. So perhaps could you just talk about the puts and takes this year from last year and whether this is a base guide out performance, or if we saw some volumes for G&P and NGLs get moved into '23?

Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst : Great. And as a follow-up just on capital allocation. It seems like we should have pretty stable CapEx in the next few years with the MB-6 build-out. And just given the already announced dividend raise and leverage targets and payout ratios met at this point, how should we think about use of excess cash going forward?

Question: Vrathan Reddy - JPMorgan Chase & Co, Research Division - Analyst : To start off, kind of a 2-parter on the volume outlook. I was wondering if you could provide a breakdown of that 10% G&P inlet growth assumption in '23 between the Mid-Con and Bakken. And the second part of that question was kind of what's the right way to think about volumes and EBITDA growth in '24 if you guys have 20-plus rigs on your acreage for 2 to 3 years?

Question: Vrathan Reddy - JPMorgan Chase & Co, Research Division - Analyst : Got it. Appreciate that. And then I appreciate that you guys spoke on frac fees a bit earlier, but just wondering if maybe you guys could provide a rough sense of what third-party frac fees look like per quarter in '23, and then maybe for 2024 as well, given like the incremental volume growth maybe could we think about third-party frac fees in the $100 million range for '24?