Easton Energy is agreeing to sell 450 miles of lines along Southeast Texas coast to ONEOK. (Source: Shutterstock)
Midstream company ONEOK Inc. announced May 13 that the company had agreed to acquire a system of NGL pipelines from Houston-based Easton Energy LLC for approximately $280 million.
The network includes 450 miles of NGL pipelines centered around the Houston Ship Channel, expanding a network already in place for ONEOK. The pipelines currently transport several types of liquids products through a portion of its capacity to existing customers.
"This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centers for our NGLs, refined products and crude oil assets in the Gulf Coast," Pierce H. Norton II, ONEOK president and CEO, said in a press release about the transaction.
ONEOK plans to connect the pipelines to its Mont Belvieu, Texas, NGL infrastructure and the company’s Houston-based refined products and crude oil infrastructure. The transaction is expected to close mid-2024.
“This transaction recognizes value for our customers, shareholders and our business partners. We will now pivot our focus to our remaining business, our NGL and olefins storage business,” G.R. “Jerry” Cardillo, Easton CEO, stated in a press release.
Easton Energy will continue to operate an NGL and olefins storage facility in Markham, Texas, a small town to the west of Houston.
Easton is a portfolio company of Cresta Fund Management (Cresta), a Dallas-based private equity fund managing over $1.6 billion of capital.
Recommended Reading
Microseismic Tech Breaks New Ground in CO2 Storage
2025-01-02 - Microseismic technology has proved its value in unconventional wells, and new applications could enable monitoring of sequestered CO2 and facilitate geothermal energy extraction.
Permanent Magnets Emerge as a Game-Changer for ESP Technology
2024-12-19 - In 2024, permanent magnet motors installations have ballooned to 11% of electric submersible pump installations, and that number is growing.
EnerMech Secures Contract with Major North Sea Operator
2024-11-13 - EnerMech will monitor the condition of the U.K. assets in accordance with safety and operational standards.
Novel EOR Process Could Save Shale from a Dry Future
2024-12-17 - Shale Ingenuity’s SuperEOR, which has been field tested with positive results, looks to remedy the problem of production declines.
Pioneer Energy’s Tech Offers More Pad Throughput, Fewer Emissions
2025-01-14 - Pioneer Energy’s Emission Control Treater technology reduces emissions and can boost a well’s crude yield by 5% to10%, executives say.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.