Oneok said it completed a $240 million purchase of East Texas gas and oil properties and related gathering systems from Wagner & Brown Ltd. of Midland, TX. The deal gives Oneok an additional 177 Bcfe of proved reserves with a reserves-to-production index of 12.4 years. The transaction was financed through short-term borrowings. Over the long term, Oneok will finance this transaction with available cash, the issuance of equity or a combination of both. “This transaction not only expands the Oneok footprint, but it reinforces the Oneok strategy of owning and controlling reserves,” said Oneok Chairman David Kyle.

Williams announced that it closed on three sales of midstream and international operations. “This is more progress toward simplifying our asset base to focus on natural gas production, processing and transportation in key growth markets such as the Rockies and deepwater Gulf of Mexico,” said CEO Steve Malcolm. The agreements netted $120 million. They include the Dry Trail gas processing plant in the Oklahoma panhandle, which was sold to Eagle Rock Energy; seven propane distribution terminals to a subsidiary of the SemGroup LP; and an international telecom investment the company made in 1997 to Brazil-based Algar. In total Williams has sold or agreed to sell $3.4 billion in assets this year.

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