DT Midstream to Buy Gas Pipelines From Oneok for $1.2B

Dow Jones11-20 05:30

By Stephen Nakrosis

DT Midstream said it agreed to acquire three regulated natural gas transmission pipelines from Oneok for $1.2 billion.

The pipelines, which have a total capacity of more than 3.7 Bcf/d, span about 1,300 miles across seven states in the U.S. Midwest. The acquisition is connected to the company's existing assets and is strategically located, DT Midtream said Tuesday.

The company will acquire 100% ownership of Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission. Guardian, an approximately 260-mile interstate pipeline, serves Wisconsin, while Midwestern Gas connects Appalachia supply to the Midwest market region, DT Midstream said. Viking connects utility customers in Minnesota, Wisconsin and North Dakota to Canadian supply

DT Midstream said it will finance the deal with about $900 million in debt and approximately $300 million in common equity.

The transaction is expected to close late this year or early next year, the company said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 19, 2024 16:30 ET (21:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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