ONEOK Finalizes $1.2 Billion Sale of Natural Gas Pipelines to DT Midstream
(P&GJ) — ONEOK Inc. has completed the sale of its three interstate natural gas pipeline systems to DT Midstream Inc. for $1.2 billion in cash. The deal, which closed at the end of 2024, includes the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems.
SEE DEAL HERE: ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
"The closing of this transaction represents another milestone in the strategic optimization of our integrated asset portfolio and advances our capital allocation priorities," said Pierce H. Norton II, ONEOK president and CEO.
Norton emphasized DT Midstream's shared commitment to safety and reliability, adding that the transition would benefit all stakeholders.
"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," Norton said.
The transaction supports ONEOK's goal of reaching a leverage target of 3.5 times by 2026, enhancing its financial flexibility.
DT Midstream, based in Detroit, Michigan, gains three key pipeline systems through this acquisition, further expanding its natural gas infrastructure and market reach.
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