ONEOK to buy Houston pipeline system for $280M
ONEOK Inc. announced it has agreed to acquire a system of natural gas liquids (NGL) pipelines from Easton Energy, a Houston-based midstream company, for about $280 million, subject to customary purchase price adjustments.
The transaction includes about 450 miles of NGL pipelines located in the Gulf Coast market centers for NGLs, refined products and crude oil. These pipelines transport a wide range of liquids products through a portion of its capacity to existing customers.
ONEOK plans to connect the pipelines to ONEOK’s Mont Belvieu, Texas, NGL infrastructure and ONEOK’s Houston refined products and crude oil infrastructure, “accelerating commercial synergies,” a news release said.
“This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centers for our NGLs, refined products and crude oil assets in the Gulf Coast,” said Pierce H. Norton II, ONEOK president and chief executive officer, in the release.
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“We expect that this acquisition will accelerate the ability to capture commercial synergies related to our recent Magellan acquisition and future earnings growth.”
ONEOK expects to close the transaction by mid-year. Closing is subject to customary conditions including termination or expiration of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.
Stitt signs Strengthen Oklahoma Homes Act into law
Gov. Kevin Stitt signed into law House Bill 3089, introduced by Rep. Mark Tedford, R-Tulsa, and sponsored by Sen. Dewayne Pemberton, R-Muskogee, which aims to provide financial grants to construct or retrofit homes, making them more resilient against the destructive forces of tornadoes, windstorms and hail.
Under the new law, known as the Strengthen Oklahoma Homes Act, grants will be made available by the Oklahoma Insurance Department to residential property owners who meet specific eligibility criteria, including an owner-occupied, single-family primary residence.
The grants are intended to help homeowners achieve safety standards outlined by the Insurance Institute for Business and Home Safety.
“The recent destruction we have seen across our state is a grave reminder why this legislation will be so important to help Oklahomans rebuild and protect their homes from severe weather,” said Insurance Commissioner Glen Mulready.
“I am grateful to legislative leaders and the governor for understanding our goal to help Oklahoma consumers, reduce their homeowners insurance rates and fortify their homes against mother nature.”
The new grant program created by the law will be in development through the end of the year, with the first grants going out in 2025.
Tulsa-based construction company expanding to OKC
Direct 2 Completion (D2C), an program manager and owner’s representative in the construction industry, is announced it is opening a second office in Oklahoma City’s historic Automobile Alley.
The expansion comes as the company’s client base has expanded statewide since its founding in 2021, and its team has grown from four to more than a dozen employees in Tulsa and Oklahoma City. D2C’s expansion into Oklahoma City underscores its commitment to providing its unique services to clients across Oklahoma, a news release said.
“Opening our second office in Oklahoma City’s historic Automobile Alley marks a significant milestone for D2C,” said President W.C. Gernandt. “It reflects our commitment to serving clients across the state and beyond while providing greater accessibility and support to our growing client base.”
D2C oversees various aspects of the design and construction process, including planning, budget and schedule reviews, commissioning, third-party consultant management, and coordination and communication between all project stakeholders.
As a Native-owned company certified with multiple tribal governments, trade, and industry groups, D2C “is deeply rooted in its commitment to excellence and community,” the release said.
The company employs citizens from several tribal nations and holds numerous industry certifications. The Southwest Minority Supplier Development Council most recently named D2C a certified Minority Business Enterprise.
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