Oneok, Inc. (NYSE: OKE) has successfully completed the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. (NYSE: DTM) for a total cash consideration of $1.2 billion. The sale includes the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems.
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.
Oneok, a leading midstream operator, operates a more than 50,000-mile pipeline network through which it transports natural gas, natural gas liquids (NGLs), refined products, and crude oil.
The company's president and chief executive officer, Pierce H. Norton II, emphasized that the closing of this transaction represents a milestone in the strategic optimization of Oneok's integrated asset portfolio and advances its capital allocation priorities.
The successful completion of this sale represents a significant move for Oneok as it seeks to enhance its financial position and focus on its core strategic priorities. The market has reacted to these announcements by moving the company's shares 1.3% to a price of $103.11. Check out the company's full 8-K submission here.
