Tulsa-Based Oneok May Sell Its Oil and Gas Production Companies
Posted on: Wednesday, 20 July 2005, 21:01 CDT
Tulsa-based Oneok on Tuesday said it may sell its oil and gas production companies. The sale could be completed during the third quarter. Oneok would use the money to reduce debt. The production segment owns, develops and produces natural gas and oil reserves in four fields in Oklahoma and Texas. Oneok plans to contact prospective buyers and will open a data room at its headquarters, said David Kyle, chairman, president and CEO.
This will allow us to focus our attention on our other businesses - natural gas distribution, gathering and processing, transportation and storage, energy services, natural gas liquids - and our investment in Northern Border Partners, Kyle said.
Oneok is among the largest natural gas distributors in the United States, serving more than 2 million customers in Oklahoma, Kansas and Texas.
Source: Journal Record - Oklahoma City
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