Includes Expanded Connectivity with
Denver International
Airport
TULSA,
Okla., July 18, 2024 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced plans to expand its pipeline capacity
connecting Mid-Continent and Gulf Coast refined products supply
with the greater Denver area to
meet growing demand and increase connectivity with Denver International Airport (DIA).
The project includes construction of a new 230-mile, 16-inch
diameter pipeline from Scott City,
Kansas, to DIA and the addition or upgrading of certain pump
stations along the existing refined products pipeline system. Total
system capacity will increase by 35,000 barrels per day (bpd) and
will have additional expansion capabilities. The project is
expected to cost approximately $480
million and be completed in mid-2026.
Following the close of an open season earlier this year, the
project is fully subscribed under long-term contracts.
"ONEOK is uniquely positioned to help meet the growing demand
for refined products and renewable fuels across the greater
Denver area of Colorado," said Pierce
H. Norton II, ONEOK president and chief executive officer.
"This project will provide additional needed capacity for various
transportation fuels, including aviation and sustainable aviation
fuel to support increasing demand from the expansion of
Denver International Airport.
"This announcement is another example of the attractive-return
growth opportunities ahead of us following the acquisition of our
refined products and crude oil businesses," added Norton. "We
remain focused on addressing growing energy demand while
maintaining our commitment to safe and reliable operations."
At ONEOK (NYSE: OKE), we deliver energy products and services
vital to an advancing world. We are a leading midstream operator
that provides gathering, processing, fractionation, transportation
and storage services. Through our more than 50,000-mile pipeline
network, we transport the natural gas, natural gas liquids (NGLs),
refined products and crude oil that help meet domestic and
international energy demand, contribute to energy security and
provide safe, reliable and responsible energy solutions needed
today and into the future. As one of the largest diversified energy
infrastructure companies in North
America, ONEOK is delivering energy that makes a difference
in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
For information about ONEOK, visit the website: www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook, X
and Instagram.
Some of the statements contained and incorporated in this news
release are forward-looking statements as defined under federal
securities laws. The forward-looking statements relate to our
anticipated financial performance (including projected capital
expenditures and cash flow), liquidity, management's plans and
objectives for our future growth projects (including dates for
expected completion of growth projects) and other future operations
(including plans to construct additional refined products
facilities and related cost estimates), market conditions and other
matters. We make these forward-looking statements in reliance
on the safe harbor protections provided under federal securities
laws and other applicable laws.
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," "believe," "continue," "could," "estimate," "expect,"
"forecast," "goal," "guidance," "intend," "may," "might,"
"outlook," "plan," "potential," "project," "scheduled," "should,"
"will," "would" and other words and terms of similar meaning.
One should not place undue reliance on forward-looking
statements. 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,
including, without limitation, ONEOK being unable to achieve
the anticipated benefits of the transaction. Those factors may
affect our operations, markets, products, services and prices.
These and other risks are described in greater detail in Item 1A,
Risk Factors, in our most recent Annual Report on Form 10-K and in
the other filings that we make with the Securities and Exchange
Commission (SEC), which are available on the SEC's website at
www.sec.gov. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by these factors. Any such forward-looking statement
speaks only as of the date on which such statement is made, and,
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.
Analyst
Contact:
|
Megan
Patterson
|
|
918-561-5325
|
Media Contact:
|
Annell
Morrow
|
|
918-894-8740
|
View original
content:https://www.prnewswire.com/news-releases/oneok-announces-refined-products-pipeline-expansion-to-the-greater-denver-area-302201081.html
SOURCE Oneok, Inc.