ONEOK to acquire Gulf Coast NGL pipelines for $280 million

ONEOK Inc., Tulsa, Okla., has agreed to acquire a system of natural gas liquids (NGL) pipelines from Easton Energy, Houston, a portfolio company of Cresta Fund Management, for about $280 million.

The pipeline system to be acquired is comprised of about 450 miles of NGL and hydrocarbon pipelines throughout the Texas and Louisiana Gulf Coast midstream corridors for NGL and olefin service. ONEOK plans to connect the pipelines to its Mont Belvieu, Tex., NGL infrastructure and its Houston refined products and crude oil infrastructure.

The deal is expected to close by mid-year 2024.

With the deal, Easton will focus on and continue to operate its remaining NGL and olefins storage business in Markham, Tex.