TULSA, Okla., Jan. 10, 2012 /PRNewswire/ -- ONEOK Partners, L.P. (NYSE: OKS) today announced that its new 100 million cubic feet per day (MMcf/d) natural gas processing facility in eastern McKenzie County in North Dakota – the Garden Creek Plant – is now operational and serving producers in the Bakken Shale region.
"The Garden Creek plant is the latest example of ONEOK Partners' ongoing commitment to bring much needed natural gas gathering and processing infrastructure to the highly productive Bakken Shale region," said Terry K. Spencer, ONEOK Partners president. "The completion of this facility is a positive step toward reducing flaring activities in North Dakota and provides producers with increased natural gas processing capacity for their product."
ONEOK Partners previously announced plans to invest approximately $1.5 billion to $1.8 billion for growth projects in the Bakken Shale between now and 2014 in its natural gas gathering and processing and natural gas liquids (NGL) businesses. In addition to the Garden Creek plant, these investments include the construction of the Bakken Pipeline, an approximately 500-mile NGL pipeline and two additional 100 MMcf/d natural gas processing facilities – the Stateline I and Stateline II plants in western Williams County, N.D.The Bakken Pipeline is expected to be completed by the first half of 2013, and the Stateline I and Stateline II plants are expected to be completed by the third quarter of 2012 and the first half of 2013, respectively. ONEOK Partners is the largest independent operator of natural gas gathering and processing facilities in the Williston Basin, with a natural gas gathering system of more than 3,500 miles and acreage dedications of more than 1.9 million acres. ONEOK Partners, L.P. (NYSE: OKS) is one of the largest publicly traded master limited partnerships, and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which owns 42.8 percent of the overall partnership interest. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S. For more information, visit the website at www.oneokpartners.com. For the latest news about ONEOK Partners, follow us on Twitter @ONEOKPartners. Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The forward-looking statements relate to our anticipated financial performance, management's plans and objectives for our future operations, 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 the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV