Summary
ONEOK Inc. announced on October 11, 2002, that it has entered into a definitive agreement to divest specific midstream gas processing assets for $92 million. The buyer is an affiliate of Mustang Fuel Corporation, a private oil and gas company. These assets are primarily located in North Central Oklahoma and include three operational gas processing plants, associated gathering systems, and a partial ownership stake in a fourth plant. This strategic divestiture is expected to be completed on or before November 15, 2002, subject to customary closing conditions, including obtaining antitrust clearance under the Hart-Scott-Rodino Act. Investors should monitor the closing of this transaction as it represents a significant sale of assets and will impact ONEOK's operational footprint and financial structure.
Key Highlights
- 1ONEOK Inc. has agreed to sell midstream gas processing assets for $92 million.
- 2The buyer is an affiliate of Mustang Fuel Corporation.
- 3The assets are located in North Central Oklahoma and include three gas processing plants, gathering systems, and an interest in a fourth plant.
- 4The transaction is expected to close on or before November 15, 2002.
- 5The sale is contingent upon antitrust clearance under the Hart-Scott-Rodino Act.
- 6This divestiture indicates a strategic move to streamline or focus ONEOK's asset portfolio.