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Oneok buys Wyoming gas facility for $305 million

Aug. 27, 2013 at 8:22 AM   |   Comments

TULSA, Okla., Aug. 27 (UPI) -- Energy company Oneok Partners said it spent more than $300 million to acquire natural gas processing facilities in the Powder River basin of Wyoming.

Oneok said it acquired the Sage Creek gas processing facility in Wyoming from an undisclosed seller for $305 million. The site is capable of handling 50 million cubic feet of natural gas from the Powder River basin.

The company said it would invest another $135 million to upgrade pipelines and well connections at the Wyoming site.

"The Sage Creek plant gives Oneok Partners additional natural gas gathering and processing capacity in a region where producers are actively drilling that has significant long-term growth potential," Oneok President Terry Spencer said in a statement Monday.

The company said it already operates more than 1,000 miles of pipelines and associated networks in Wyoming.

The U.S. Energy Department said Wyoming accounted for 9 percent of total U.S. marketed natural gas in 2011. The state produces 40 percent of the nation's coal.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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