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
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments