oil-gas
06 August 2025
Saudi Gulf Projectsoil-gas
Aug 06, 2025Saudi Gulf Projects
The Saudi Ports Authority (Mawani) and the National Petroleum & Petrochemical Tank & Pipelines Company (Petrotank) have signed a land lease agreement to establish an integrated ship refueling center at King Fahad Industrial Port in Yanbu.
The facility will be developed on a 110,700-square-meter site with a total investment value of SAR500 million over a 20-year period.
The initiative is part of Mawani’s efforts to boost the competitiveness of Saudi ports. Fuel and oil tanks are a key component of providing high-value logistical services to vessels, supporting higher vessel traffic and enhancing regional and global port competitiveness. The project aligns with the objectives of the National Transport and Logistics Strategy to position the Kingdom as a leading global logistics hub.
Commenting on the signing ceremony, Mawani President Eng. Suliman Almazroua stated: “This collaboration with Petrotank reflects Mawani’s commitment to enhancing the attractiveness and competitiveness of Saudi ports through the expansion of services provided to shipping lines.”
The new center marks a significant step in the development of fuel storage and bunkering services, helping to attract more vessels, improve operational efficiency, and support the growth of commercial traffic—all in line with the goals of Saudi Vision 2030 to enable the logistics sector.
As part of the ongoing strategic partnership between Mawani and Petrotank, the company currently operates the fuel station at King Fahad Industrial Port in Yanbu, which includes eight tanks with a combined storage capacity of 114,000 cubic meters. The facility plays a vital role in supporting ship operations.
King Fahad Industrial Port in Yanbu is one of the Kingdom’s primary industrial ports on the Red Sea coast. It is known for its high capacity to handle various types of cargo, including refined products and petrochemicals. The port spans an area of 6.8 km² and features 34 berths and 10 terminals with a total handling capacity of up to 210 million tons.
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Targa Resources Tops Profit Estimates On Record Gas Volumes, Expands $1 Billion Buyback(Reuters) — Pipeline operator Targa Resources beat second-quarter adjusted core profit estimates, driven by record-high volumes of natural gas and natural gas liquids transported through its system.
The company also announced a new $1.0 billion share repurchase program in addition to its previous $1 billion plan.
Shares were up 2.6% at $167.32 in premarket trading.
Demand for natural gas has risen in recent quarters, driven by surging power demand from energy-hungry data centers and growing domestic consumption, helping firms like Targa, which transport natural gas.
In April, the U.S. Energy Information Administration said U.S. power consumption will hit new record highs in 2025 and 2026, on the back of data centers dedicated to AI and cryptocurrency.
The company's quarterly Permian natural gas inlet volumes rose about 11% to a record 6.28 billion cubic feet per day from a year earlier, while NGL pipeline transportation volumes surged about 23% also to a record 961,200 barrels per day.
The Houston, Texas-based company's adjusted core profit rose 18% to $1.16 billion for the quarter ended June 30, from a year earlier, beating analysts' average estimate of $1.14 billion, according to LSEG data.
Total revenue rose 20% to $4.26 billion, helped by higher NGL volumes and natural gas prices, though partially offset by lower NGL prices.
Targa supplies natural gas and NGLs to key markets through its network of gathering and processing assets across the Permian Basin, Eagle Ford Shale, Bakken Shale and other major U.S. oil and gas regions.
The company transports, processes and fractionates NGLs into component products like ethane, propane and butane.
Pipeline Gas Journal
oil-gas
09 August 20252 min readTarga Resources Tops Profit Estimates On Record Gas Volumes, Expands $1 Billion Buyback
Pipeline Gas Journal
09 August 2025
oil-gas
Milbank Advises Ypf On $500 Million Acquisition Of Totalenergies Oil And Gas BlocksMilbank LLP is advising YPF S.A. in connection with its definitive agreement with Total Austral S.A., an affiliate of TotalEnergies, to acquire a 45% interest in Rincón La Ceniza and La Escalonada, two unconventional oil and gas blocks located in Argentina, for $500 million. Closing of the transaction is subject to the satisfaction of certain closing conditions.
Located in the Vaca Muerta shale formation, the Rincón La Ceniza and the La Escalonada blocks are currently in a pilot development phase. Total Austral’s partners in these blocks are Gas y Petroleo de Neuquen (10%) and O&G Developments Ltd S.A (45%), owned by Shell. Argentina’s Vaca Muerta shale formation is the world’s second-largest unconventional gas reserve.
The Milbank team was led by Global Corporate/M&A partners Francisco Nuñez and Ross Shepard and associate Francisco Troconis.
World Oil
oil-gas
08 August 20251 min readMilbank Advises Ypf On $500 Million Acquisition Of Totalenergies Oil And Gas Blocks
World Oil
08 August 2025
oil-gas
Israel, Egypt Reach $35 Billion Deal For Natural Gas SupplyThe deal reflects Egypt’s desperate need for gas due to surging domestic demand and declining output from its own fields. While the multiyear contract offers lower prices than those available on the short-term global market, it calls into question the North African country’s aspiration to return to being an exporter of the fuel.
Leviathan’s operators signed an agreement to send 130 billion cubic meters of gas to Egypt from 2026 to 2040, Israel’s NewMed Energy LP, which is a partner in the project, said in a statement on Thursday. The export deal is worth about $35 billion, making it the largest in Israel’s history, it said.
The gas field already has a contract to send around 4.5 billion cubic meters a year to Egypt, which will rise in stages starting next year and could reach as much as 12.5 billion cubic meters a year by 2033. Egypt also purchased 2.5 billion cubic meters last year on the short-term market, a volume that can vary from one year to the next.
Egypt became a net gas importer in 2024 and has since been buying up large volumes of liquefied natural gas, doing deals for supplies out to 2028. The additional Israeli flows may mean Cairo can import less LNG in the future than it would otherwise have had to do.
Importing LNG has also raised Egypt’s overall costs because the super-chilled fuel costs more than twice as much as pipeline gas from Israel.
“This is a win-win for both sides. It means tremendous savings to the Egyptian market vis-a-vis LNG imports — it’s 50% down on the current LNG import market,” NewMed CEO Yossi Abu said in an interview. “It provides security of energy supply for many, many years to come to feed the growth of the Egyptian economy.”
While Leviathan’s gas is cheaper, the interruption of flows from Israel to Egypt because of the war with Iran in June highlighted possible vulnerabilities in the supply route. The disruption forced Cairo to halt supplies to some industries including fertilizer producers.
Under the new agreement, gas will be delivered to buyer Blue Ocean Energy over 14 years with payments determined by a formula based on the price of Brent crude oil.
During the first phase of the deal, set to take effect next year, 20 billion cubic meters of gas will be delivered to Egypt. The second phase, totaling around 110 billion cubic meters, requires completion of the Leviathan expansion project and the construction of a new pipeline from Israel to Egypt via Nitzana.
Shares of NewMed rose as much as 6.4% in Tel Aviv, the steepest intraday gain since Feb 4. NewMed holds a 45.34% stake in Leviathan alongside Chevron Corp. with 39.66% and Ratio Energies LP with 15%.
World Oil
oil-gas
08 August 20253 min readIsrael, Egypt Reach $35 Billion Deal For Natural Gas Supply
World Oil
08 August 2025
oil-gas
Enterprise To Acquire Occidental’S Midland Basin Gas Assets For $580 Million(P&GJ) — Occidental has agreed to sell Midland Basin gas gathering assets to an affiliate of Enterprise Products Partners for $580 million, the company announced Aug. 6.
According to KHOU 11, the divested assets span approximately 200 miles of natural gas gathering pipelines across 73,000 acres in the Midland Basin, with access to over 1,000 potential drilling sites that support Occidental’s production operations.
The transaction, which is subject to regulatory approval and standard closing conditions, marks the most significant of four recent divestitures by Occidental. Proceeds will go toward continued debt reduction, a strategy the company has emphasized since its acquisition of CrownRock in late 2023.
The divested entity owns certain gas gathering assets in the Midland Basin, a core area of the Permian. The deal with Enterprise follows a series of non-core asset sales that have generated a combined $950 million in proceeds since April.
Since July 2024, Occidental has repaid $7.5 billion in debt, with an additional $580 million from the Enterprise transaction expected to be applied following its close.
“We are pleased with how we continue to strategically strengthen our portfolio, and it’s rewarding to see those efforts drive debt reduction and create value for shareholders,” said President and CEO Vicki Hollub. “We believe Occidental has the best assets in our history and we will continue to find opportunities to high-grade our portfolio and generate long-term value.”
In total, Occidental has divested approximately $4 billion in assets since announcing its CrownRock acquisition in December 2023.
Pipeline Gas Journal
oil-gas
08 August 20252 min readEnterprise To Acquire Occidental’S Midland Basin Gas Assets For $580 Million
Pipeline Gas Journal
08 August 2025
oil-gas
Israel'S Leviathan Signs $35-B Natural Gas Supply Deal With Egypt, Lessening The Need For Lng ImportsNot available
Gas Processing and LNG
oil-gas
08 August 20251 min readIsrael'S Leviathan Signs $35-B Natural Gas Supply Deal With Egypt, Lessening The Need For Lng Imports
Gas Processing and LNG
08 August 2025
oil-gas
Energy Transfer Approves $5.3B Pipeline Expansion For Southwest Gas SupplyEnergy Transfer LP has reached a final investment decision (FID) for a significant expansion of its Transwestern Pipeline, the company announced on Wednesday, August 6.
Estimated to cost $5.3 billion, the Desert Southwest pipeline expansion project aims to increase natural gas supply to markets in Arizona and New Mexico, meeting the growing energy demands driven by population growth, the high-tech industry, and the rapid expansion of data centres.
According to the announcement, the project involves constructing 516 miles of 42-inch pipeline and nine new compressor stations across Arizona, New Mexico, and Texas.
With a design capacity of 1.5 billion cubic feet per day (Bcf/d), the expansion will transport natural gas from Energy Transfer's Permian Basin assets.
Energy Transfer stated the project will enhance system reliability and provide additional supply options for the rapidly growing cities in the Southwestern U.S.
The project's total cost includes $600 million for Allowance for Funds Used During Construction (AFUDC), supported by long-term commitments from investment-grade customers.
The company also plans to launch an open season for the remaining capacity later this quarter, anticipating it will be fully subscribed, with the project expected to create up to 5,000 local and union construction jobs, prioritizing the use of U.S. steel pipe manufacturers.
With the FID reached, the company projects the pipeline to be operational by the fourth quarter of 2029, building on the Transwestern Pipeline's history of service since 1960.
Energy Transfer owns and operates one of the largest energy asset portfolios in the United States, with approximately 140,000 miles of pipeline. The company's network connects to energy providers and nearly 200 natural gas-fired power plants across 44 states.
Pipeline Technology Journal
oil-gas
07 August 20252 min readEnergy Transfer Approves $5.3B Pipeline Expansion For Southwest Gas Supply
Pipeline Technology Journal
07 August 2025
oil-gas
Israel’S Leviathan Partners Expand Egypt Gas Deal With $35B Supply BoostThe partners in Israel’s Leviathan gas field have signed an amendment to their existing export agreement with Blue Ocean Energy, significantly increasing natural gas volumes destined for Egypt.
Under the revised deal, total contracted volumes will rise by up to 130 billion cubic meters (BCM) in two phases, potentially bringing total revenues to an estimated $35 billion over the contract period.
The first increment of around 20 BCM will take effect once Israel Natural Gas Lines (INGL) completes construction of the Ashdod-Ashkelon offshore pipeline and Leviathan partners finish a third pipeline.
This will boost daily export capacity to 650 million standard cubic feet per day (MMSCF/d), up from 450 MMSCF/d.
A second increment of around 110 BCM will be contingent on final investment decisions related to Leviathan’s expansion project and the signing of a transmission agreement for the Nitzana pipeline.
If approved, total daily export volumes could rise to between 1,150 and 1,250 MMSCF/d (approximately 11.9–12.9 BCM annually) by 2029.
The amended contract extends the export period accordingly. The first phase would extend supply until 10 years after pipeline completion or until the full quantity is delivered. If the expansion proceeds, the agreement would extend to December 31, 2040, or until the additional volumes are fulfilled. A further two-year extension is possible if needed.
Chevron Mediterranean operates the Leviathan project with 39.66% working interest, together with partners NewMed Energy with 45.34% and Ration Energies with 15.00% stakes.
Offshore Engineer
oil-gas
07 August 20252 min readIsrael’S Leviathan Partners Expand Egypt Gas Deal With $35B Supply Boost
Offshore Engineer
07 August 2025
oil-gas
Leviathan Natural Gas Field Signs $35B Supply Deal With EgyptIsrael's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 billion to supply gas to Egypt, NewMed, one of the partners in the field, said on Thursday.
The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.
Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.
Exports from Leviathan were halted during a 12-day war between Israel and Iran in June for security reasons, but have since resumed.
Under the deal announced on Thursday, Leviathan, off Israel's Mediterranean coast, with reserves of some 600 billion cubic metres, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.
"It's much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy," NewMed CEO Yossi Abu told Reuters in an interview on Thursday.
Egypt's Ministry of Petroleum, which is also responsible for energy imports, did not immediately respond to a request for comment.
Analysts estimate the average cost of LNG at $13.5 per million British thermal units (mmBtu), compared to $7.75 for Israeli gas. That excludes the cost of leasing floating storage (FSRUs).
Reuters reported in May that Israel wants to raise its exported gas prices by 25%. Two industry sources said that the new deal was agreed at a higher price, with one saying at least 20% higher.
BIGGER AND BIGGER
Under Thursday's deal, Leviathan in a first stage will supply Egypt with 20 bcm of gas starting in early 2026 after the connection of additional pipelines.
It will export the remaining 110 bcm in a second phase that will begin after completion of the Leviathan expansion project and the construction of a new transmission pipeline from Israel to Egypt via Nitzana in Israel, NewMed said.
The initial volumes could lower Egypt's LNG imports by roughly 1-2 bcm in 2026 and reduce the strain on global LNG markets, said Rabobank energy strategist Florence Schmit.
"If the full 130 bcm promised under the agreement will ever materialise, Egypt will likely not have to rely on LNG imports anymore – although those volumes are still a long way off," Schmit said.
Israeli gas accounts for about 15-20% of Egypt's consumption, data from the Joint Organisations Data Initiative shows.
"We'll increase the flow to Egypt practically early next year, from the 4.5 bcm to 6.5 bcm. Then once we finish in 2029 the second phase of Leviathan, we will increase that to 12 bcm a year," Abu said.
Egypt has been struggling to get its gas production up. According to latest figures, production reached 3,545 million cubic meters in May, compared to 6,133 mcm in March 2021 - a decline of over 42% in less than five years - according to the Joint Organisations Data Initiative (JODI).
The Leviathan reservoir began supplying Egypt shortly after production began in 2020. The field, operated by Chevron which also holds a 40% stake, also supplies Jordan.
Leviathan's expansion, which would cost around $2.4 billion, should allow for production and supplies within Israel and to its neighbours through 2064, NewMed said.
(Reuters)
Offshore Engineer
oil-gas
07 August 20254 min readLeviathan Natural Gas Field Signs $35B Supply Deal With Egypt
Offshore Engineer
07 August 2025
oil-gas
Leviathan Signs $35 Billion Gas Export Deal With Egypt Through 2040(Reuters) — Israel's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 billion to supply gas to Egypt, NewMed, one of the partners in the field, said on Aug. 7.
The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.
Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.
Exports from Leviathan were halted during a 12-day war between Israel and Iran in June for security reasons, but have since resumed.
Under the deal announced on Thursday, Leviathan, off Israel's Mediterranean coast, with reserves of some 600 billion cubic meters, will sell about 130 Bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.
"It's much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy," NewMed CEO Yossi Abu told Reuters in an interview on Thursday.
Egypt's Ministry of Petroleum, which is also responsible for energy imports, did not immediately respond to a request for comment.
Bigger and Bigger
Under Thursday's deal, Leviathan in a first stage will supply Egypt with 20 Bcm of gas starting in early 2026 after the connection of additional pipelines.
It will export the remaining 110 Bcm in a second phase that will begin after completion of the Leviathan expansion project and the construction of a new transmission pipeline from Israel to Egypt via Nitzana in Israel, NewMed said.
The initial volumes could lower Egypt's LNG imports by roughly 1-2 Bcm in 2026 and reduce the strain on global LNG markets, said Rabobank energy strategist Florence Schmit.
"If the full 130 Bcm promised under the agreement will ever materialize, Egypt will likely not have to rely on LNG imports anymore – although those volumes are still a long way off," Schmit said.
Israeli gas accounts for about 15-20% of Egypt's consumption, data from the Joint Organizations Data Initiative shows.
"We'll increase the flow to Egypt practically early next year, from the 4.5 Bcm to 6.5 Bcm. Then once we finish in 2029 the second phase of Leviathan, we will increase that to 12 Bcm a year," Abu said.
Egypt has been struggling to get its gas production up. According to latest figures, production reached 3,545 million cubic meters in May, compared to 6,133 mcm in March 2021 - a decline of over 42% in less than five years - according to the Joint Organizations Data Initiative (JODI).
The Leviathan reservoir began supplying Egypt shortly after production began in 2020. The field, operated by Chevron which also holds a 40% stake, also supplies Jordan.
Leviathan's expansion, which would cost around $2.4 billion, should allow for production and supplies within Israel and to its neighbors through 2064, NewMed said.
Pipeline Gas Journal
oil-gas
07 August 20253 min readLeviathan Signs $35 Billion Gas Export Deal With Egypt Through 2040
Pipeline Gas Journal
07 August 2025
oil-gas
Israel'S Leviathan Signs $35-B Natural Gas Supply Deal With EgyptIsrael's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 B to supply gas to Egypt, NewMed, one of the partners in the field, said on Thursday.
The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas (LNG) since its own supplies fell short of demand.
Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.
Exports from Leviathan were halted during a 12-d war between Israel and Iran in June for security reasons, but have since resumed.
Under the deal announced on Thursday, Leviathan, off Israel's Mediterranean coast, with reserves of some 600 Bm3, will sell about 130 Bm3 of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.
"It's much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy," NewMed CEO Yossi Abu told Reuters in an interview on Thursday.
Egypt's Ministry of Petroleum, which is also responsible for energy imports, did not immediately respond to a request for comment.
Bigger and bigger. Under Thursday's deal, Leviathan in a first stage will supply Egypt with 20 Bm3 of gas starting in early 2026 after the connection of additional pipelines.
It will export the remaining 110 Bm3 in a second phase that will begin after completion of the Leviathan expansion project and the construction of a new transmission pipeline from Israel to Egypt via Nitzana in Israel, NewMed said.
The initial volumes could lower Egypt's LNG imports by roughly 1 Bm3–2 bcm in 2026 and reduce the strain on global LNG markets, said Rabobank energy strategist Florence Schmit.
"If the full 130 Bm3 promised under the agreement will ever materialize, Egypt will likely not have to rely on LNG imports anymore – although those volumes are still a long way off," Schmit said.
Israeli gas accounts for about 15%–20% of Egypt's consumption, data from the Joint Organizations Data Initiative shows.
"We'll increase the flow to Egypt practically early next year, from the 4.5 Bm3 to 6.5 Bm3. Then once we finish in 2029 the second phase of Leviathan, we will increase that to 12 Bm3 a year," Abu said.
Egypt has been struggling to get its gas production up. According to latest figures, production reached 3,545 MMm3 in May, compared to 6,133 MMm3 in March 2021 - a decline of over 42% in less than five years - according to the Joint Organizations Data Initiative (JODI).
The Leviathan reservoir began supplying Egypt shortly after production began in 2020. The field, operated by Chevron which also holds a 40% stake, also supplies Jordan.
Leviathan's expansion, which would cost around $2.4 B, should allow for production and supplies within Israel and to its neighbors through 2064, NewMed said.
Gas Processing and LNG
oil-gas
07 August 20253 min readIsrael'S Leviathan Signs $35-B Natural Gas Supply Deal With Egypt
Gas Processing and LNG
07 August 2025
oil-gas
Saudi Ports And Petrotank Signs $134 Million Agreement For Ship Refueling CenterThe Saudi Ports Authority (Mawani) and the National Petroleum & Petrochemical Tank & Pipelines Company (Petrotank) have signed a land lease agreement to establish an integrated ship refueling center at King Fahad Industrial Port in Yanbu.
The facility will be developed on a 110,700-square-meter site with a total investment value of SAR500 million over a 20-year period.
The initiative is part of Mawani’s efforts to boost the competitiveness of Saudi ports. Fuel and oil tanks are a key component of providing high-value logistical services to vessels, supporting higher vessel traffic and enhancing regional and global port competitiveness. The project aligns with the objectives of the National Transport and Logistics Strategy to position the Kingdom as a leading global logistics hub.
Commenting on the signing ceremony, Mawani President Eng. Suliman Almazroua stated: “This collaboration with Petrotank reflects Mawani’s commitment to enhancing the attractiveness and competitiveness of Saudi ports through the expansion of services provided to shipping lines.”
The new center marks a significant step in the development of fuel storage and bunkering services, helping to attract more vessels, improve operational efficiency, and support the growth of commercial traffic—all in line with the goals of Saudi Vision 2030 to enable the logistics sector.
As part of the ongoing strategic partnership between Mawani and Petrotank, the company currently operates the fuel station at King Fahad Industrial Port in Yanbu, which includes eight tanks with a combined storage capacity of 114,000 cubic meters. The facility plays a vital role in supporting ship operations.
King Fahad Industrial Port in Yanbu is one of the Kingdom’s primary industrial ports on the Red Sea coast. It is known for its high capacity to handle various types of cargo, including refined products and petrochemicals. The port spans an area of 6.8 km² and features 34 berths and 10 terminals with a total handling capacity of up to 210 million tons.
Saudi Gulf Projects
oil-gas
06 August 20252 min readSaudi Ports And Petrotank Signs $134 Million Agreement For Ship Refueling Center
Saudi Gulf Projects
06 August 2025
oil-gas
Oneok Approves $365 Million Natural Gas Plant In Delaware Basin(Reuters) — Midstream company ONEOK said on Aug. 5 it has made a final investment decision to build a new natural gas processing plant in the Delaware Basin, expanding its footprint in the top U.S. shale field as gas volumes surge.
Over the past two years, the company has been ramping up its presence in the Permian Basin — which consists of the Delaware Basin — through strategic moves such as acquiring NGP XI Midstream Holdings' stake in their Delaware Basin JV, purchasing a Gulf Coast NGL pipeline system and taking over Medallion Midstream and EnLink Midstream.
"The Permian Basin continues to be a key area of strategic growth for us and we will continue to be actively engaged in assessing opportunities to expand and enhance our integrated operations within the basin," Chief Commercial Officer Sheridan Swords said on a post-earnings call.
RELATED: ONEOK’s 1,000-Foot Border Segment Upheld in Permian-to-Mexico Pipeline Ruling
The new Bighorn plant will have a capacity to process 300 million cubic feet per day (MMcf/d) of natural gas and treat high-carbon dioxide gas, the company said.
The facility and associated treater are expected to cost about $365 million and begin service in mid-2027.
The plant is expected to increase ONEOK's processing capacity in the Delaware Basin, which lies between Texas and New Mexico, to 1.1 billion cubic feet per day, from roughly 700 MMcf/d currently, Swords said.
The company on Aug. 4 reported a core profit of $1.98 billion, missing analysts' expectations of $2.01 billion, according to data compiled by LSEG.
It also forecast 2026 adjusted core profit to be down 2% and expects mid to upper single-digit growth in EBITDA, compared with its prior forecast of 10% growth.
Shares of the company, which transports natural gas, natural gas liquids, refined products and crude oil, were down more than 5% in afternoon trading.
Pipeline Gas Journal
oil-gas
06 August 20252 min readOneok Approves $365 Million Natural Gas Plant In Delaware Basin
Pipeline Gas Journal
06 August 2025
oil-gas