Summary
ONEOK Inc. (OKE) announced a significant growth initiative through its West Texas LPG Pipeline Limited Partnership joint venture. The partnership plans to invest approximately $200 million to expand its natural gas liquids (NGL) system, specifically targeting the prolific Delaware Basin within the larger Permian Basin. This expansion underscores ONEOK's strategic focus on capitalizing on the robust production growth in key U.S. shale plays.
Key Highlights
- 1ONEOK's joint venture, West Texas LPG Pipeline Limited Partnership, is investing $200 million to expand its NGL system.
- 2The expansion will focus on serving the Delaware Basin, a highly productive area within the Permian Basin.
- 3ONEOK operates the joint venture and holds an 80% ownership stake.
- 4This investment signals ONEOK's commitment to capturing growing NGL volumes from major production basins.
- 5The expansion aims to enhance the partnership's infrastructure and capacity to handle increased NGL throughput.