Summary
ONEOK Inc. (OKE) filed an 8-K report on December 22, 2003, detailing the acquisition of significant oil and gas properties. The company's wholly owned subsidiary, ONEOK Energy Resources Company, successfully acquired approximately $240 million of East Texas gas and oil properties and associated gathering systems from Wagner & Brown, Ltd. This strategic move expands ONEOK's asset base and operational footprint in a key energy-producing region. The acquisition was financed using short-term borrowings, indicating the company's ability to secure necessary capital for growth initiatives. The newly acquired properties will be managed and operated by ONEOK Texas Energy Resources, L.P., another subsidiary. While the report does not include pro forma financial information or financial statements of the acquired business at this time, it highlights a significant strategic expansion for ONEOK's energy resources segment.
Key Highlights
- 1ONEOK Inc. acquired approximately $240 million of East Texas gas and oil properties and gathering systems from Wagner & Brown, Ltd.
- 2The acquisition was completed by ONEOK Energy Resources Company, a wholly owned subsidiary.
- 3The acquired assets will be owned and operated by ONEOK Texas Energy Resources, L.P.
- 4The transaction was financed through short-term borrowings.
- 5This acquisition represents a significant expansion of ONEOK's energy asset base.
- 6The filing date was December 22, 2003, with an event date of December 21, 2003.
- 7A press release dated December 22, 2003, is included as an exhibit.