ONEOK announces close of sale of wholly owned interstate natural gas pipelines
Published by Alfred Hamer,
Editorial Assistant
World Pipelines,
ONEOK, Inc., has announced that it has closed the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream, Inc, effective as of 11:59 p.m. Central on 31 December 2024, for a total cash consideration of US$1.2 billion, subject to customary adjustments.
"The closing of this transaction represents another milestone in the strategic optimisation of our integrated asset portfolio and advances our capital allocation priorities," said Pierce H. Norton II, ONEOK President and Chief Executive Officer. "As the new owner of these pipelines, DT Midstream brings a shared commitment to safety, reliability and excellence that will serve all stakeholders well.
"We appreciate the dedication of our employees transitioning to DT Midstream, where they will play a vital role in establishing the company's new Tulsa office and continue to be instrumental in the success of these essential natural gas systems moving forward," added Norton.
The three interstate natural gas pipeline systems included in the sale are Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission.
The net proceeds from the sale are expected to enhance ONEOK's financial flexibility as it progresses toward its previously announced leverage target of 3.5 times during 2026.
Read the article online at: https://www.worldpipelines.com/business-news/02012025/oneok-announces-close-of-sale-of-wholly-owned-interstate-natural-gas-pipelines/
You might also like
World Pipelines Podcast: Going global with IPLOCA
In this episode, Elizabeth Corner speaks to Georges Hage, Executive Secretary at IPLOCA, about IPLOCA's insights on the culture and characteristics of the pipeline contractor community, and how it works to support sustainable energy infrastructure.
Energy industry faces short-term instability, yet remains optimistic about long-term prospects, DNV report reveals
The energy industry is braced for short-term uncertainty caused by global instability, but remains optimistic in the long-term, according to DNV’s annual Energy Industry Insights survey.
