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.
Frequently Asked Questions
The primary event reported is the sale of certain natural gas transmission and gathering pipelines and compression assets by ONEOK's subsidiary, Palo Duro Pipeline Company, Inc., to an affiliate of Enbridge Energy Partners L.P. for approximately $13 million.
This sale appears to be a divestiture of specific pipeline assets, potentially allowing ONEOK to streamline its operations, reduce its asset base in this segment, or free up capital for other strategic initiatives or debt reduction.
No, the filing explicitly states that Financial Statements of Businesses Acquired and Pro Forma Financial Information are not applicable, meaning no financial details related to acquisitions are provided, and the sale of assets did not require pro forma adjustments to be reported in this manner.
The assets were purchased by an affiliate of Houston-based Enbridge Energy Partners L.P.