OKLAHOMA CITY, Oct. 28 (UPI) -- Oklahoma-based shale company ONEOK Partners said it gained a solid footprint in the Permian shale basin after buying pipeline and other assets from Chevron.
ONEOK Partners paid around $800 million to acquire roughly 2,600 miles of gas pipelines extending from the Permian basin in southeastern New Mexico and East Texas from Chevron Corp. affiliates.
ONEOK President and Chief Executive Officer Terry Spencer said the acquisition establishes his company as one of the prime players in the Permian shale.
"We are adding another rapidly growing producing region to our operating footprint," he said in a Monday statement.
ONEOK describes the Permian basin as the largest shale oil and natural gas basin of its kind in the United States, three times larger than the Bakken formation in North Dakota.
