ONEOK Partners received approximately $424m at closing as per the joint-venture agreement, which the company will use the proceeds from the transaction to repay short-term debt and to fund capital projects.
ONEOK Partners and Williams Partners each now owns 50% of Overland Pass Pipeline Company.
Earlier, ONEOK Partners owned 99% of the joint venture and Williams Partners owned the remaining 1%.
ONEOK Partners had received notification from Williams Partners of its election to exercise its option to increase its ownership of Overland Pass Pipeline.
As long as Williams Partners owns at least 50% of Overland Pass Pipeline Company, Williams Partners will have the option to become the operator by providing ONEOK Partners at least 30 days notice.
