ONEOK Partners Announces Open Season for Bakken NGL Pipeline
TULSA, Okla., Nov. 13, 2012 /PRNewswire/ -- ONEOK Partners, L.P. (NYSE: OKS) today announced that it is holding an open season for its previously announced Bakken Natural Gas Liquids (NGL) Pipeline.
The Bakken NGL Pipeline is an approximately 600-mile pipeline that will transport unfractionated NGLs from the Bakken Shale in the Williston Basin to an interconnection with the partnership's 50 percent-owned Overland Pass Pipeline in northern Colorado. The Bakken NGL Pipeline is currently under construction and is expected to be in service during the first quarter of 2013.
Additionally, the partnership announced plans in July 2012 to expand the pipeline's capacity by installing additional pump stations. This expansion is expected to be completed in the third quarter of 2014.
The open season process provides potential shippers the opportunity to make volume commitments and execute long-term transportation contracts with ONEOK Partners in exchange for priority transportation service on both the initial and expanded pipeline capacities. The open season will begin Nov. 19, 2012, and conclude Dec. 17, 2012.
For information and documents regarding the open season, please visit http://www.oneokpartners.com/Customers/NaturalGasLiquids/Pipelines/BakkenNGL.aspx or contact Lisa Nishimuta at 918-588-7730, Lisa.Nishimuta@oneok.com.
Separately, the partnership announced on Sept. 18, 2012, that it is holding an open season for its previously announced Bakken Crude Express Pipeline, a 1,300-mile crude-oil pipeline with the initial capacity to transport 200,000 barrels per day of light-sweet crude oil from the Bakken Shale in the Williston Basin in North Dakota to the Cushing, Okla., crude-oil market hub. The open season began on Sept. 21, 2012, and concludes Nov. 20, 2012.
ONEOK Partners, L.P. (pronounced ONE-OAK) (NYSE: OKS) is one of the largest publicly traded master limited partnerships, and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which owns 43.4 percent of the overall partnership interest. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.
Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Exchange Act, as amended. The forward-looking statements relate to our proposed construction of the Bakken NGL Pipeline and the expected schedule for completion of construction set forth in this news release and any statements related to anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled" and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices.
Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in the Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
SOURCE ONEOK Partners, L.P.
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