ONEOK announced June 17 that it had completed a $280 million acquisition of NGL pipelines from Easton Energy. (Source: Shutterstock)
ONEOK announced June 17 that it had completed a $280 million acquisition of NGL pipelines from Easton Energy.
Through the acquisition, the midstream company added about 450 miles of liquids products pipelines in a center for Texas’ NGL commerce.
ONEOK first announced the deal on May 13 with plans to connect the Easton pipelines to its Mont Belvieu, Texas, NGL infrastructure and Houston-based refined products and crude oil infrastructure.
"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 CEO. "These new assets offer significant connectivity between critical Gulf Coast supply and demand centers."
Easton plans to continue operating a natural gas liquids and olefins storage business in Markham, Texas.
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