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TheStreet Open House

The Deal: Oneok Partners Buys Wyoming Investment Assets

Stocks in this article: OKS

The partnership has announced investments of $5.2 billion to $5.6 billion through 2015 for acquisitions and infrastructure growth projects related to natural gas gathering and processing and natural gas liquids, including $2.4 billion to $2.6 billion for natural gas gathering and processing projects and $2.8 billion to $3 billion for natural gas liquids projects. About $2.5 billion to $2.6 billion are for growth projects related to resource development in the Williston Basin.

Oneok Partners expects the projects to generate Ebitda multiples of five to seven times and the incremental earnings to boost distributable cash flow and value to unitholders in the form of higher distributions. The partnership also has a $2 billion to $3 billion backlog of unannounced growth projects that it continues to evaluate.

Last spring Merit Energy hired BMO Capital Markets to sell the Sage Creek plant as well as 32,700 acres in the Powder River Basin that produce 790 barrels of oil equivalent per day, 60% of which are liquids. It was also selling its Mona Arch package of properties, which includes 16,300 acres that produce 680 barrels of oil equivalent per day. Miles Redford, Kevin McNichol, Jonathan Hough, David Edwards and Linda Fair from BMO were leading the sale effort.

-- Written by Claire Poole in Houston

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