Summary
ONEOK Inc. (OKE) announced on April 15, 2004, that it has terminated its agreement to purchase a 22.5 percent interest in Gulf Coast Fractionators from ConocoPhillips. The termination was due to an inability to secure necessary operator approvals from third parties, which was a condition for closing the transaction. This development means that ONEOK will not be proceeding with this specific acquisition. Investors should note that the deal's failure is attributed to external conditions rather than a change in ONEOK's strategic direction or financial performance, as the agreement was mutually terminated by both parties.
Key Highlights
- 1ONEOK Inc. terminated its agreement to acquire a 22.5% stake in Gulf Coast Fractionators.
- 2The seller in the terminated agreement was ConocoPhillips.
- 3The reason for termination was the inability to obtain required operator approval from third parties.
- 4This approval was a condition precedent to closing the transaction.
- 5The termination was a mutual decision between ONEOK and ConocoPhillips.
- 6The filing includes a press release dated April 15, 2004, as an exhibit.