Oneok Announces $1.5 Billion in New Projects, Takes Advantage of Tight Fractionation Market
Oneok announced $1.5 billion in natural gas liquids and natural gas projects, reflecting the strong growth prospects for U.S. NGL production. We don't expect a material change in our $62 fair value estimate or narrow moat rating, but we view the investments positively, given the low 4 times to 6 times EBITDA multiple.We're particularly pleased to see the $750 million fractionation expansion, which we think reflects a tightening of capacity at Mont Belvieu, as it not only allows Oneok to add 125...
Oneok is a midstream service provider. The company's segments include: Natural Gas Gathering and Processing, which provides midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma; natural gas liquids (NGLs), which owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products, primarily in Oklahoma, Kansas, Texas, New Mexico and the Rocky Mountain region; and Natural Gas Pipelines, which provides transportation and storage services to end users through its wholly owned assets and its ownership interests in Northern Border Pipeline Company and Roadrunner Gas Transmission, LLC.
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