Whenever we evaluate opportunities, whether they’re capital projects or new business ventures, we answer three questions. First, how does the opportunity fit with our vision? Second, what is our competitive advantage? And finally, are we creating value for others besides ourselves? In this case, the opportunity fits our vision very well. We believe our unique knowledge of the Bakken, the presence of our existing assets, our relationships with producers and our strong commercial, construction and operating capabilities represent a competitive advantage that will create value, not only for investors, but also for producers and refiners.For producers, this new pipeline provides a reliable mode of transportation at a lower cost versus other alternatives. It allows them to increase their net backs and receive the benefits of their high-quality crude oil. Demand for light, sweet crude has never been greater. Despite improved technology to refine heavier, sour crudes, light sweet crude is still refiners’ preferred feedstock.
ONEOK's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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