ONEOK acquires Houston-area pipeline system

ONEOK Inc. will acquire a system of natural gas liquids (NGL) pipelines from Houston-based midstream company Easton Energy for approximately $280 million, subject to customary purchase price adjustments. announced that they had agreed.

The transaction includes approximately 450 miles of NGL pipelines located in NGL, refined products and crude oil market centers on the Gulf Coast. These pipelines transport a wide range of liquid products to existing customers through some of their capacity.

ONEOK plans to connect the pipeline to ONEOK’s NGL infrastructure in Mont Belvieu, Texas, and to ONEOK’s refined products and crude oil infrastructure in Houston, “accelerating commercial synergies,” the news release said.

Pierce H. Norton II, President and Chief Executive Officer of ONEOK, said, “This strategic acquisition provides pipeline connectivity to and access to critical supply and demand centers for our NGL, refined products, and crude oil assets on the Gulf Coast. “It will provide the fastest internal pipeline connection.” release.

“We expect this acquisition to accelerate our ability to capture commercial synergies associated with our recent Magellan acquisition and future revenue growth.”

ONEOK expects to complete the transaction by the middle of this year. The closing is subject to customary conditions, including termination or expiration of the Hart-Scott-Rodino antitrust waiting period.

Governor Kevin Stitt signed House Bill 3089, introduced by Rep. Mark Tedford (R-Tulsa) and sponsored by Sen. Dwayne Pemberton (R-Muscogee). The bill aims to make homes more resilient by providing financial subsidies for building and renovating them. Against destructive forces such as tornadoes, windstorms, and hail.

Under the new law, known as the Oklahoma Housing Enhancement Act, the Oklahoma Department of Insurance will provide grants to residential property owners who meet certain eligibility criteria, including owner-occupied single-family principal residences.

This grant is intended to help homeowners achieve safety standards outlined by the Insurance Institute for Business and Home Safety.

“The recent destruction we have seen across the state is a stark reminder of why this law is so important to help Oklahomans rebuild and protect their homes from severe weather,” said Health Commissioner Glenn Mulready. Stated.

“We are grateful to legislative leaders and the Governor for understanding our goal of supporting Oklahoma consumers, lowering homeowners’ insurance premiums, and fortifying homes against Mother Nature. .”

The new grant program created by the legislation will be in development through the end of the year, with the first grants expected to be issued in 2025.

Direct 2 Completion (D2C), a program manager and owner representative for the construction industry, announced the opening of its second office in Oklahoma City’s historic Automobile Alley.

The expansion comes as the company’s customer base has expanded across the state and its Tulsa and Oklahoma City teams have grown from four to more than a dozen employees since its founding in 2021. D2C’s expansion into Oklahoma City underscores the company’s commitment to providing unique services to customers across Oklahoma, a news release said.

“Opening our second office in Oklahoma City’s historic Automobile Alley is an important milestone for D2C,” said WC Gernant, president of Oklahoma City. “This reflects our commitment to serving customers within and outside the state while providing greater accessibility and support for our growing customer base.”

D2C oversees various aspects of the design and construction process, including planning, budget and schedule reviews, commissioning, management of third-party consultants, and coordination and communication between all project stakeholders.

As a Native-owned company certified by multiple tribal governments, trade associations, and industry associations, D2C is “deeply rooted in excellence and a commitment to community,” the release states.

The company employs nationals from several tribal nations and holds numerous industry certifications. The Southwest Minority Supplier Development Council recently designated D2C as a Certified Minority Business Enterprise.