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ONEOK Partners To Invest $1.5 Billion To $1.8 Billion To Build Crude-Oil Pipeline From Bakken Shale To Cushing, Okla.

Stocks in this article: OKE OKS

The partnership has previously announced that it is investing $2.8 billion to $3.5 billion through 2014 in growth projects.  Of these projects, it is investing $1.6 billion to $2 billion in projects related to the Bakken Shale that include the 500-mile NGL pipeline, the Bakken Pipeline; a 270-mile natural gas gathering system and related infrastructure in Divide County, N.D.; and three 100 MMcf/d natural gas processing facilities – Garden Creek plant, Stateline I plant and Stateline II plant -- and related infrastructure. The Garden Creek plant went into service in December 2011.

Additionally, the partnership has a $1 billion-plus backlog of unannounced growth projects that will be announced when sufficient supply commitments are completed.

EDITOR'S NOTE: View map showing the proposed pipeline route.

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 43.4 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. 

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, as amended, and Section 21E of the Exchange Act, as amended.  The forward-looking statements relate to the proposed construction of the Bakken Crude Express Pipeline, including obtaining sufficient crude-oil supply commitments and receiving necessary permits; the capacity of the proposed pipeline; and the schedule and costs to complete the pipeline.  We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. 

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