DT Midstream (NYSE: DTM) acquired a portfolio of three FERC-regulated natural gas transmission pipelines from ONEOK (NYSE: OKE) for $1.2 billion.
The pipelines have a total capacity of more than 3.7 Bcf/d with approximately 1,300 miles across seven states in the attractive Midwest market region.
DT Midstream bought 100% operating ownership in Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission. Guardian Pipeline is an approximately 260-mile interstate pipeline which is interconnected to DT Midstream's Vector Pipeline, the Chicago Hub and serves key Wisconsin demand centers.
Midwestern Gas Transmission is an approximately 400-mile bi-directional interstate pipeline which connects Appalachia supply to the Midwest market region between Tennessee and the Chicago Hub. The pipeline has an interconnection with Guardian Pipeline.
Viking Gas Transmission is an approximately 675-mile interstate pipeline which connects key utility customers in Minnesota, Wisconsin and North Dakota to Canadian supply at Emerson, Manitoba.