Oneok boosts midstream offerings through acquisition

August 29, 2013 By    

Oneok Partners L.P. plans to invest about $440 million in the natural gas liquids (NGL)-rich area of the Powder River Basin in Wyoming to purchase a natural gas processing facility and upgrade and construct gathering and processing-related infrastructure, NGL gathering pipelines and well connections, the company announced. The Sage Creek processing facility, purchased from an undisclosed seller, has the capability to handle 50 million cubic feet per day. The acquisition further positions Oneok as a full-service midstream provider, the partnership says. The transaction is expected to close in the third quarter and related infrastructure projects to be completed in the second half of 2014.

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