OKEONEOK, Inc.

“originally, when we go back to that $50 million, that was couple of years ago when we first started seeing opportunities and people talked about citing these facilities, they were dropping them right next to pipelines, thinking that they could take the gas off of those pipelines. Well, when they were doing that, there were a lot of them were in the development stage. You didn't have a lot of hyperscalers involved. So some of the specs might not have been quite as realistic. On the hyperscalers talk about 5 gigawatt facilities, you can't just take that kind of gas off of a fully contracted pipe. So what it's caused is pure sites for us to need to look at reaching back into our system where the gas is available and building bigger pipe, and that's why the size of the projects have gone up. But at the end of the day, the value of getting these projects down to the hyperscalers is still well above their concern about price. So they're very pleased to provide good economics to make sure that speed and reliability are there.”

“these types of projects, while they're bigger than our expectation, we originally thought they'd be $50 million projects are turning out to be $400 million to $700 million project. So they'll fit right in that window that we had left open, and they're coming in at really nice returns.”

“when we first started talking about AI opportunities as related to power generation. We originally saw those. It's kind of short lays smaller volumes, so not necessarily that much of a material impact. As we've now gone through time and we're talking to more and more of these hyperscalers, the volumes that they're requiring that it's going to require us to reach back further into our systems and lay larger pipelines. So I think that's the big change that I see from where I sit versus where we were maybe 1.5 years, 2 years ago.”

“We have been -- we are in advanced discussions with both AI and power demand right now. We have some very nice projects that are in the queue, and then we actually have projects behind that, that we're even working on as well as they continue to move forward. So we are very excited about what we see in the natural gas demand sector and where our assets sit, especially in the Oklahoma, Texas region for the power and AI demand going forward, and we'll have these projects in the 2026 and '27.”

“we don't think we're going to see an overall in the Katy area as these LNG projects come on and also as we see more AI projects coming online as well.”

“U.S. natural gas demand is growing, across power generation for emerging data center demand, industrial activity and liquefied natural gas exports.”