Oneok to acquire NGL pipelines from Easton Energy for $280M

Oneok announced that it has agreed to acquire a system of natural gas liquids pipelines from Easton Energy, a Houston-based midstream company, for approximately $280M, subject to customary purchase price adjustments. The transaction includes approximately 450 miles of NGL pipelines located in the strategic Gulf Coast market centers for NGLs, refined products and crude oil. These pipelines transport a wide range of liquids products through a portion of its capacity to existing customers. ONEOK plans to connect the pipelines to ONEOK’s Mont Belvieu, Texas, NGL infrastructure and ONEOK’s Houston refined products and crude oil infrastructure, accelerating commercial synergies. ONEOK expects to close the transaction mid-year 2024. Closing is subject to customary conditions including termination or expiration of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.