ONEOK, Inc. (NYSE: OKE) announced that it has closed the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. (NYSE: DTM), effective as of 11:59 p.m. Central on Dec. 31, 2024, for a total cash consideration of $1.2 billion, subject to customary adjustments.
“The closing of this transaction represents another milestone in the strategic optimization of our integrated asset portfolio and advances our capital allocation priorities,” said Pierce H. Norton II, ONEOK president and chief executive officer. “As the new owner of these pipelines, DT Midstream brings a shared commitment to safety, reliability and excellence that will serve all stakeholders well.
“We appreciate the dedication of our employees transitioning to DT Midstream, where they will play a vital role in establishing the company’s new Tulsa office and continue to be instrumental in the success of these essential natural gas systems moving forward,” added Norton.
The three interstate natural gas pipeline systems included in the sale are Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission.
The net proceeds from the sale are expected to enhance ONEOK’s financial flexibility as it progresses toward its previously announced leverage target of 3.5 times during 2026.
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our more than 50,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
