ONEOK agrees to sell Interstate Gas Pipelines to DT Midstream for $1.2 B
(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 B. 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
- Cheniere signs deal with Bechtel to expand U.S. LNG export capacity
- TC Energy approves $1.5-B Columbia Gas expansion after profit tops estimates
- NextDecade to use Honeywell liquefaction technology for 30-MMtpy LNG terminal
- Wärtsilä continues to expand its data center footprint with new 790 MW order in Texas
- SUBLIME Energie inaugurates world's first system capable of liquefying biogas into a renewable fuel
Comments