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8-K - OKE WEST TEXAS LPG SYSTEM EXPANSION - ONEOK INC /NEW/ | okewesttexaslpgsystemexpan.htm |
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News
ONEOK Announces West Texas LPG System
Expansion into the Delaware Basin
TULSA, Okla. – Oct. 23, 2017 – ONEOK, Inc. (NYSE: OKE) today announced that the
West Texas LPG Pipeline Limited Partnership, a joint venture between ONEOK, which is the
operator and owns 80 percent, and Martin Midstream Partners L.P., which owns 20 percent,
plans to invest approximately $200 million to expand its natural gas liquids (NGL) system into
the prolific Delaware Basin, part of the larger Permian Basin.
This project, which is expected to be completed in the third quarter of 2018, is
supported by long-term dedicated NGL production from two planned third-party natural gas
processing plants in northern Reeves County, which we estimate will produce up to 40,000
barrels per day (bpd).
The Delaware Basin extension includes:
The construction of an approximately 120-mile, 16-inch pipeline lateral that will have
an initial capacity of 110,000 bpd; and
The construction of two new pump stations and pipeline looping along the existing
West Texas LPG system that will increase its capacity to handle the dedicated volume.
“Extending the West Texas LPG Pipeline into the core of the Delaware Basin, one of
the fastest growing plays in the U.S., positions the West Texas LPG system for significant
future NGL volume growth,” said Terry K. Spencer, ONEOK president and chief executive
officer.
West Texas LPG Pipeline is an NGL pipeline system that consists of approximately
2,600 miles of NGL pipeline in Texas and New Mexico. The system provides transportation
services to the Mont Belvieu market center from nearly 40 third-party natural gas processing
plants located in the Permian Basin. The Permian Basin in southeastern New Mexico and
western Texas is the largest crude oil and natural gas producing basin in the U.S.
EDITOR’S NOTE:
View map showing the location of the new pipeline lateral.
October 23, 2017 Analyst Contact: Megan Patterson
918-561-5325
Media Contact: Stephanie Higgins
918-591-5026
Exhibit 99.1
ONEOK Announces West Texas LPG System Expansion into the Delaware Basin
October 23, 2017
Page 2
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ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is one of the largest energy midstream service providers in the
U.S., connecting prolific supply basins with key market centers. It owns and operates one of the nation's premier
natural gas liquids (NGL) systems and is a leader in the gathering, processing, storage and transportation of natural
gas. ONEOK’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing
plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
ONEOK is a FORTUNE 500 company and is included in Standard & Poor's (S&P) 500 index.
For information about ONEOK, Inc., visit the website: www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook or Twitter @ONEOK.
Some of the statements contained and incorporated in this news release are forward-looking statements as defined
under federal securities laws. The forward-looking statements relate to our anticipated financial performance,
liquidity, management's plans and objectives for our growth projects and other future operations (including plans to
construct additional natural gas and natural gas liquids pipelines), our business prospects, the outcome of
regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements
in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning
possible or assumed future results of our operations and other statements contained or incorporated in this news
release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should,"
"goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled" and other words and
terms of similar meaning.
One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and
other factors may cause our actual results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by forward-looking statements. Those factors may
affect our operations, markets, products, services and prices. These and other risks are described in greater detail
in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with
the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All
forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made,
and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking
statement whether as a result of new information, subsequent events or change in circumstances, expectations or
otherwise.
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West Texas LPG Extension
West Texas LPG Extension
Existing Natural Gas Liquids Pipelines
ONEOK Assets