Summary
ONEOK, Inc. (OKE) filed an 8-K on February 24, 2004, to report a material event. The company's subsidiary, Palo Duro Pipeline Company, Inc., has entered into an agreement to divest certain natural gas transmission and gathering pipelines, along with associated compression assets. The buyer is an affiliate of Houston-based Enbridge Energy Partners L.P., and the transaction is valued at approximately $13 million. This sale represents a strategic move to streamline operations and focus on core business areas. Investors should note that no financial statements or pro forma information were included with this filing, as it primarily pertains to an asset disposition.
Key Highlights
- 1ONEOK's subsidiary, Palo Duro Pipeline Company, Inc., agreed to sell natural gas transmission and gathering pipelines.
- 2The sale also includes compression assets.
- 3The buyer is an affiliate of Enbridge Energy Partners L.P.
- 4The transaction value is approximately $13 million.
- 5The filing date was February 24, 2004, with the event date of February 23, 2004.
- 6The report was filed under Item 5 (Other Events) and Item 7 (Exhibits), including a press release.
- 7No financial statements or pro forma information were provided in this specific filing.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce a significant asset disposition by ONEOK's subsidiary, Palo Duro Pipeline Company, Inc. The sale of natural gas transmission and gathering pipelines to an Enbridge affiliate for $13 million is considered a material event.
The assets being sold are certain natural gas transmission and gathering pipelines, along with associated compression assets.
The buyer is an affiliate of Enbridge Energy Partners L.P., a Houston-based company.
The sale is valued at approximately $13 million. This filing does not provide detailed financial statements or pro forma information regarding the impact of the sale on ONEOK's overall financial position or results of operations.