ONEOK (OKE) Announces a New Gas Pipeline

ONEOK, Inc. (NYSE:OKE) is one of the Best Low Cost Stocks to Buy According to Analysts. On August 25, ONEOK, Inc. (NYSE:OKE), along with WhiteWater, MPLX, and Enbridge, announced a new natural gas pipeline called the Eiger Express.

The pipeline is expected to transport gas from the Permian Basin in West Texas to the Houston area and Corpus Christi markets in Texas. It is about 450 miles long and 42 inches in diameter, and can carry up to 2.5 billion cubic feet of natural gas per day.

Management noted that the pipeline will source gas from processing plants operated by ONEOK and MPLX, connecting the Midland and Delaware basins. The joint venture for this project is owned 70% by the Matterhorn joint venture, 15% by ONEOK, Inc. (NYSE:OKE), and 15% by MPLX, with ONEOK’s total stake being 25.5%. Moreover, WhiteWater will build and operate the pipeline.

ONEOK, Inc. (NYSE:OKE) is a midstream energy company that provides services including gathering, processing, transportation, storage, and export of natural gas and liquids.

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Disclosure: None. This article is originally published at Insider Monkey.