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(Date
of report)
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July
23, 2010
|
|
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(Date
of earliest event reported)
|
July
22, 2010
|
|
Oklahoma
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001-13643
|
73-1520922
|
||
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
||
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
Item 8.01
|
Other Events
|
|
On July 22, 2010, ONEOK
Partners, L.P. announced that it received notification that Williams
Partners L.P. has elected to exercise its option to increase its ownership
of Overland Pass Pipeline Company, LLC to 50 percent from 1
percent.
The
joint-venture company was established in May 2006 to build the Overland
Pass Pipeline, a 760-mile natural gas liquids (NGL) pipeline from Opal,
Wyo., to the Mid-Continent natural gas liquids market center in Conway,
Kan., one of the nation’s primary NGL distribution and storage
hubs. Currently, a subsidiary of ONEOK Partners owns 99 percent
of the joint venture and Williams owns the remaining 1
percent.
The
pipeline, which went into service in November 2008, can transport
approximately 140,000 barrels per day with the ability to expand capacity
to 255,000 barrels per day with additional pump facilities.
Upon
closing of the transaction and as long as Williams owns at least 50
percent of Overland Pass Pipeline Company, Williams will have the option
to become the operator by providing ONEOK Partners at least 30 days
notice.
The
transaction is expected to be completed in August 2010, subject to
obtaining the necessary regulatory approvals.
As
a result of the increase in Williams’ ownership in the joint-venture
company, ONEOK Partners will receive approximately $425 million at closing
in accordance with the joint venture’s operating
agreement. ONEOK Partners will use the proceeds from the
transaction to repay short-term debt and to fund its recently announced
capital projects.
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|
|
ONEOK,
Inc.
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|||
|
Date:
|
July
23, 2010
|
By:
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/s/ Curtis L. Dinan
|
|
Senior
Vice President -
Chief
Financial Officer and
Treasurer
|