EX-99.2 7 fs42023ex99-2_oneokinc.htm CONSENT OF MORGAN STANLEY & CO. LLC

Exhibit 99.2

Consent of Morgan Stanley & Co. LLC

We hereby consent to the use in the Registration Statement of ONEOK, Inc. (“ONEOK”) on Form S-4 (the “Registration Statement”) and in the Joint Proxy Statement/Prospectus of ONEOK and Magellan Midstream Partners, L.P. (“Magellan”), which is part of the Registration Statement, of our opinion dated May 14, 2023, appearing as Annex C to such Joint Proxy Statement/Prospectus, and to the description of such opinion and to the references to our name contained therein under the headings “Summary—Opinion of Magellan’s Financial Advisor,” “The Merger—Background of the Merger,” “The Merger—Opinion of Magellan’s Financial Advisor”, and “The Merger Agreement—Representations and Warranties.” In giving the foregoing consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended (the “Securities Act”), or the rules or regulations promulgated thereunder, nor do we admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “experts” as used in the Securities Act or the rules and regulations promulgated thereunder.

| MORGAN STANLEY & CO. LLC
| By: | /s/ Lily Mahdavi
|  | Lily Mahdavi
|  | Managing Director

New York, New York

June 20, 2023