Good day and welcome to the Fourth Quarter 2017 ONEOK Earnings Call. Today's call is being recorded. At this time I would like to turn the call over to Mr. Andrew Ziola. Please go ahead, sir.

Thank you, Avenee, and good morning everyone and welcome to ONEOK's fourth quarter 2017 and year-end earnings conference call. A reminder that statements made during this call that might include ONEOK's expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. Our first speaker this morning is Terry Spencer, President and Chief Executive Officer. Terry?

Thanks Andrew. Good morning and thank you all for joining us today. As always we appreciate your continued interest and investment in ONEOK. Joining me today's call are Walt Hulse, Chief Financial Officer, Executive Vice President, Strategic Planning and Corporate Affairs, Kevin Burdick, Executive Vice President and Chief Operating Officer. And the Senior Vice President of our business segments, also are available for questions. On this call, we will focus on fourth quarter and year end 2017 financial results. And provide some additional cover on our strategic and accretive growth projects including our recently announced Arbuckle II Pipeline, MB-4 Fractionator and Demicks Lake projects. We've previously provided 2018 guidance in January. 2017 was an important year for ONEOK. We completed the ONEOK and ONEOK Partners merger transaction in June. And the benefits of that transaction are paying off to ONEOK and its shareholders, particularly as we invest more than $4 billion in strategic expansions over our existing integrated network of pipelines, plants, fractionation and storage facilities with more favorable access to the financial markets as a result of the merger and our continued focus on generating attractive returns. That was proven by extremely successful traditional equity offerings in early January that pre-funded that projects that we have recently announced. From an operations perspective in 2017, I again want to thank our employees who personally endured Hurricane Harvey and countless others who worked tirelessly to keep our assets running safely in order to provide reliable services to our customers not only during the hurricane but every day. The dedication and commitment of all our employees to this company is remarkable and I very much appreciate their hard work in making our company successful. Moving onto our 2017 performance, for the fourth quarter and for the full year of producer activity in…

Thank you, Terry. ONEOK's 2017 operating income totaled nearly $1.4 billion and adjusted EBITDA totaled nearly $2 billion. 30% increases compared with 2016 and more than 25% increase compared with 2015. All driven primarily by strong volume growth and we expect to see that growth continuing with adjusted EBITDA increasing more than 15% for 2018 compared with 2017. Distributable cash flow was nearly $1.4 billion in 2017 and dividend coverage of more than 1.3x, was well above our guidance of 1.2x or greater for the year. This month we paid a quarterly dividend of $0.77 per share or $3.08 per share on an annualized basis. The 25% increase compared with the same period in 2017. Management still expects to recommend dividend increases of 9% to 11% annually and maintain our target for annual dividend coverage of 1.2x or greater. As noted in our earnings release, fourth quarter net income included $141 million of one-time non-cash charges related to the Tax Cuts and Jobs Act, which impacted fourth quarter earnings per share by $0.36 and full year earnings per share by $0.47. We view the overall impact from the Tax Cuts and Jobs Act as positive to ONEOK due to the lower corporate tax rate and the immediate expansion of most of our capital spending. As Terry mentioned, we have announced more than $4 billion of new capital growth projects since June. These interactive investments are expected to generate adjusted EBITDA on multiples of 4x to 6x and are backed by a combination of long-term fee-based contracts, volume commitments or acreage dedications. Based on these recent projects announcements ONEOK's 2018 capital growth expenditures are now expected to range from nearly $2 billion to $2.3 billion, an increase of approximately $700 million compared with our initial 2018 guidance. Maintenance capital guidance remains…

Thank you, Walt. Starting with the performance of our Natural Gas Liquid segment. 2017 was another year of strong volume growth setting us up well for even greater growth in 2018. Fourth quarter 2017 NGL volumes gathered averaged 867,000 barrels per day, a 7% increase compared with the third quarter 2017. And a 17% increase compared with the fourth quarter of 2016. Higher overall raw feed volumes on our Mid-Continent and West Texas LPG pipeline drove the sequential quarter increases with Mid-Continent volumes increasing more than 9% during that timeframe. Mid-Continent growth continues to be driven by strong producer results in STACK and SCOOP areas. Our Bakken NGL pipeline is operating at full capacity as volumes averaged 136,000 barrels per day in the fourth quarter 2017. Our recently announced Elk Creek pipeline project will alleviate NGL capacity constraints out of the Rocky Mountain region once complete. And we expect to use our rail transport capabilities as early as second quarter 2018 to provide the necessary takeaway for expected volume growth until Elk Creek is in service. NGL volumes fractionated in fourth quarter 2017 increased 13% compared with the third quarter 2017 driven by higher gathered volumes across our NGL systems, and lower volumes fractionated in the third quarter due to impacts from Hurricane Harvey. Volume that could not be fractionated during the third quarter because of the hurricane were stored and fractionated in the fourth quarter. Our NGL volumes were in line with our guidance range even with petrochemical cracker completion delay and the impacts from Hurricane Harvey. Moving onto the natural gas gathering and processing segment. We exceeded our 2017 financial guidance expectations due to the strong producer results in Williston Basin and STACK and SCOOP areas. The segment's fourth quarter 2017 average natural gas gathered and processed volumes…

Thanks Kevin. Before we take questions, I have got a couple of items to point out. As I mentioned earlier in my remarks ONEOK's will like to focus on executing on our $4 billion announced growth projects over the next several year. So which will take us to 2020? As we look beyond 2020, I'll go ahead and answer questions, some of you maybe wanting to ask and that is what's next. As Kevin detailed, many of our projects are being designed with the ability to expand immediately with minimal capital investments. And we'll continue to develop opportunities and in our under our asset footprint to expand even further. Whether that is to pipelines, processing plants, fractionators or storage. All of which we proven, we don't have to manage, build operate and optimize. So with that operator we're now ready for questions.

[Operator Instructions] And we'll take our first question from Shneur Gershuni with UBS Financial. Please go ahead.

And we'll move next to Eric Genco with Citi Bank. Please go ahead.

Our next question will come from Kristina Kazarian with Credit Suisse. Please go ahead.

We'll take our next question from Brian Zarahn with Mizuho Securities. Please go ahead.

We will move to our next question from Christine Cho with Barclays. Please go ahead.

Our next question will come from Jeremy Tonet with JP Morgan. Please go ahead.

We'll move next to Chris Sighinolfi with Jefferies. Please go ahead.

We'll take our next question from Ted Durbin with Goldman Sachs. Please go ahead.

Our next question will come from Craig Shere with Tuohy Brothers. Please go ahead.

We will now take our next question from Ethan Bellamy with Baird. Please go ahead.

There are no further telephone questions at this time. I'd like to turn the conference back over to Andrew Ziola for any additional or closing remarks.

Okay. Thank you. Great questions today. Our quiet period for the first quarter starts when we close our books in April. And extends until earnings are release in early May. Thank you for joining us.

This concludes today's conference. Thank you for your participation. You may now disconnect.