Friday, April 23, 2010

Oneok Partners (NYSE:OKS) Expanding Operations in North Dakota

Oneok Partners (NYSE:OKS) announced it'll be developing a new plant in North Dakota, investing over $350 million for the new facility, which will be near its already operating Grasslands processing plant.

Once the plant is operational, estimates are it'll produce about 100 million cubic feet of natural gas a day, which will effectively double the capacity of Oneok at that time.

Gas produced will be shipped via pipelines already in place to Oklahoma.

Still, the company is going commit about $200 million to develop more pipe expansions, connections and upgrades in the state.

All of this is in preparation for the explosion in gas production in the extraordinary Bakken formation.

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