ONEOK, Inc. has announced the completion of the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. The transaction, effective at 11:59 p.m. Central Time on December 31, 2024, was finalized for $1.2 billion in cash, subject to customary adjustments. The pipelines included in the sale are the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems.

Pierce H. Norton II, president and CEO of ONEOK, highlighted the importance of this milestone, stating, "The closing of this transaction represents another step in the strategic optimization of our integrated asset portfolio and advances our capital allocation priorities." Norton also commended DT Midstream, the new owner of these assets, for their shared dedication to safety, reliability, and operational excellence, ensuring that stakeholders are well-served under their stewardship.

In addition to the operational handover, Norton acknowledged the critical role played by ONEOK employees who are transitioning to DT Midstream as part of the deal. He expressed gratitude for their contributions and noted their importance in establishing DT Midstream’s new office in Tulsa. “These employees will continue to play an instrumental role in the success of these essential natural gas systems moving forward,” Norton added.

The net proceeds from the sale are anticipated to strengthen ONEOK's financial flexibility, offering a considerable advantage as the company works towards its previously stated leverage target of 3.5 times by 2026. This transaction underscores ONEOK’s commitment to strategic asset management, enabling the company to strengthen its financial position while continuing to deliver value to stakeholders.

This sale represents a significant shift in ONEOK’s operational focus and portfolio strategy. By streamlining its assets, the company aims to optimize its integrated operations and prioritize financial goals. At the same time, the transaction ensures a seamless transition of these critical natural gas systems to a capable new operator in DT Midstream, which shares a commitment to maintaining the reliability and safety of these pipelines for all stakeholders involved.

ONEOK is a leading midstream operator, delivering essential energy products and services to support a growing world. With a vast 50,000-mile pipeline network, ONEOK provides gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids (NGLs), refined products, and crude oil. These efforts help meet domestic and international energy demands, enhance energy security, and ensure safe, reliable, and responsible energy solutions. As one of North America’s largest diversified energy infrastructure companies, ONEOK plays a vital role in providing energy that impacts lives across the U.S. and around the globe, today and for the future.