ONEOK Partners to Invest an Additional $650M-$780M for Williston Basin Growth Projects
ONEOK Partners (NYSE: OKS) today announced plans to invest approximately $650 million to $780 million between now and the second quarter 2016 to:
Build a new 200-million cubic feet per day (MMcf/d) natural gas processing facility – the Lonesome Creek plant – and related infrastructure in McKenzie County, N.D., in the Bakken Shale in the Williston Basin; the Lonesome Creek plant is the partnership's sixth new natural gas processing plant built in the region since 2010 and seventh plant overall; and
Complete a second expansion of the Bakken NGL Pipeline, which will increase the pipeline's capacity to 160,000 barrels per day (bpd) from 135,000 bpd.
"Production in the Williston Basin continues to increase with no signs of leveling off or slowing," said Terry K. Spencer, president, ONEOK Partners. "The new Lonesome Creek plant and related infrastructure will be well-positioned to capitalize on existing ONEOK Partners assets and provide producers in the area with essential natural gas processing capacity.