ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
(P&GJ) — ONEOK Inc. has signed an agreement to sell its three wholly owned interstate natural gas pipeline systems to DT Midstream Inc. for $1.2 billion in cash. The deal, expected to close in the fourth quarter of 2024, is subject to regulatory approvals and standard closing conditions.
The pipelines include Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission. These systems serve key regions, including Illinois, Wisconsin, Tennessee, and Canada, with interconnections supporting natural gas distribution and power generation.
"This transaction enhances our capital allocation priorities and strengthens our financial position," said ONEOK CEO Pierce Norton. He emphasized the alignment between DT Midstream's operational culture and ONEOK's commitment to safety and reliability.
DT Midstream will establish a new office in Tulsa, Oklahoma, absorbing employees currently operating the pipeline systems. The sale proceeds will help ONEOK reduce its debt and reach a targeted leverage ratio of 3.5 by 2026.
ONEOK, headquartered in Tulsa, operates over 50,000 miles of pipeline infrastructure across North America, transporting natural gas, natural gas liquids, and crude oil.
Related News
Related News
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Canada’s Canceled Oil Pipelines: The Projects That Didn’t Make It
- New Alternatives for Noise Reduction in Gas Pipelines
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Enbridge Plans $2 Billion Upgrade for North America’s Largest Crude Pipeline
- South Dakota Governor Signs Bill Banning Eminent Domain for Carbon Pipeline
- Woodside May Delay Final Investment Decision on Louisiana LNG to Q2, CEO Says
Comments