ONEOK, Inc. announced that it has completed its acquisition of a system of natural gas liquids (NGL) pipelines from Easton Energy for approximately $280 million.
"The closing of this strategic acquisition provides immediate earnings, expands our natural gas liquids asset portfolio and accelerates ONEOK's ability to capture commercial synergies related to our recent acquisition of Magellan," said Pierce H. Norton II, ONEOK president and chief executive officer. "These new assets offer significant connectivity between critical Gulf Coast supply and demand centers."
The transaction includes approximately 450 miles of liquids products pipelines located in the strategic Gulf Coast market centers for NGLs, refined products and crude oil.
ONEOK plans to connect the pipelines to its Mont Belvieu, Texas, NGL infrastructure and ONEOK's Houston refined products and crude oil infrastructure.
