Summary
ONEOK, Inc. (OKE) filed an 8-K on March 1, 2004, reporting the sale of certain natural gas transmission and gathering pipelines and compression assets by its subsidiary, Palo Duro Pipeline Company, Inc. The sale, which closed on March 1, 2004, was to an affiliate of Enbridge Energy Partners L.P. for approximately $13 million. This transaction represents a strategic divestiture of non-core assets, allowing ONEOK to potentially focus resources on other areas of its business. Investors should note that the filing does not include acquired financial statements or pro forma information, indicating the sale was of a specific segment rather than a material acquisition.
Key Highlights
- 1ONEOK's subsidiary, Palo Duro Pipeline Company, Inc., sold natural gas transmission and gathering pipelines and compression assets.
- 2The sale was completed on March 1, 2004.
- 3The buyer was an affiliate of Enbridge Energy Partners L.P.
- 4The transaction value was approximately $13 million.
- 5This filing is an 8-K, indicating a material event.
- 6The company released a press release on March 1, 2004, detailing this event.