ONEOK Partners LP announced the completion of more than $500 million in capital-growth projects. The projects are part of the company’s previously announced $8.3 billion to $9 billion capital-growth program through 2016, consisting of about $4.5 billion for gas gathering and processing projects and about $4.1 billion for NGL projects. The completed projects include:
- The 100 million cubic feet per day (MMcf/d) Garden Creek III natural gas processing facility and related infrastructure in McKenzie County, N.D.;
- Expansion of the 600-mile Bakken NGL Pipeline, which increases the pipeline’s capacity from 60,000 barrels per day (bbl/d) to 135,000 bbl/d. The pipeline transports unfractionated NGL from the Bakken Shale to the company’s 50% owned Overland Pass Pipeline, a 760-mile NGL pipeline from southern Wyoming to Conway, Kan.; and
- The Niobrara NGL Lateral, which connects ONEOK Partners’ Sage Creek gas processing facility in the Niobrara Shale formation in Wyoming’s Powder River Basin to the Bakken NGL Pipeline.
All of the projects in ONEOK Partners’ planned capital-growth program are expected to generate adjusted EBITDA of 5X to 7X. The incremental earnings from these projects are expected to increase distributable cash flow and value to unitholders in the form of higher distributions.
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