ONEOK Announces Joint Ventures with MPLX to Build LPG Export Terminal at Premier Location on U.S. Gulf Coast
ONEOK (NYSE: OKE) and MPLX LP have announced joint ventures to build a new 400,000-barrel per day LPG export terminal in Texas City and a 24-inch pipeline from Mont Belvieu to the terminal. The export terminal joint venture, Texas City Logistics (TCX), is equally owned by both companies, with MPLX handling construction and operations. The facility is expected to be completed in early 2028 with a total investment of $1.4 billion split equally.
The pipeline joint venture, MBTC Pipeline , is owned 80% by ONEOK and 20% by MPLX, with ONEOK managing construction and operations. The total pipeline investment is $350 million. ONEOK's total share of capital investment for both projects is approximately $1.0 billion. The terminal will primarily handle low ethane propane and normal butane, with each company reserving 200,000-bpd capacity for their customers.
ONEOK (NYSE: OKE) e MPLX LP hanno annunciato joint venture per costruire un nuovo terminal di esportazione LPG da 400.000 barili al giorno a Texas City e un oleodotto da 24 pollici da Mont Belvieu al terminal. La joint venture per il terminal di esportazione, Texas City Logistics (TCX), è di proprietà equa di entrambe le aziende, con MPLX responsabile della costruzione e delle operazioni. Si prevede che la struttura venga completata all'inizio del 2028 con un investimento totale di 1,4 miliardi di dollari suddiviso equamente.
La joint venture per l'oleodotto, MBTC Pipeline, è di proprietà dell'80% di ONEOK e del 20% di MPLX, con ONEOK che gestisce costruzione e operazioni. L'investimento totale per l'oleodotto è di 350 milioni di dollari. La quota totale di investimento di capitale di ONEOK per entrambi i progetti è di circa 1,0 miliardi di dollari. Il terminal gestirà principalmente propano a basso contenuto di etano e butano normale, con ciascuna azienda che riserva 200.000 bpd di capacità per i propri clienti.
ONEOK (NYSE: OKE) y MPLX LP han anunciado empresas conjuntas para construir una nueva terminal de exportación de LPG de 400,000 barriles por día en Texas City y un oleoducto de 24 pulgadas desde Mont Belvieu hasta la terminal. La empresa conjunta de la terminal de exportación, Texas City Logistics (TCX), es de propiedad equitativa de ambas compañías, siendo MPLX responsable de la construcción y operaciones. Se espera que la instalación se complete a principios de 2028 con una inversión total de 1.4 mil millones de dólares dividida equitativamente.
La empresa conjunta del oleoducto, MBTC Pipeline, es propiedad del 80% de ONEOK y del 20% de MPLX, con ONEOK gestionando la construcción y las operaciones. La inversión total en el oleoducto es de 350 millones de dólares. La participación total de inversión de capital de ONEOK para ambos proyectos es de aproximadamente 1.0 mil millones de dólares. La terminal manejará principalmente propano de bajo etano y butano normal, reservando cada empresa 200,000 bpd de capacidad para sus clientes.
ONEOK (뉴욕증권거래소: OKE)와 MPLX LP가 텍사스 시티에 새로운 일일 40만 배럴 규모의 LPG 수출 터미널과 몬트 벨뷰에서 터미널까지의 24인치 파이프라인을 건설하기 위한 합작 투자 계획을 발표했습니다. 수출 터미널 합작 회사인 텍사스 시티 물류(TCX)는 두 회사가 동등하게 소유하고 있으며, MPLX가 건설과 운영을 담당합니다. 이 시설은 2028년 초에 완료될 예정이며 총 투자액은 14억 달러로 동등하게 분배됩니다.
파이프라인 합작 회사인 MBTC 파이프라인은 ONEOK가 80%, MPLX가 20%를 소유하고 있으며, ONEOK가 건설과 운영을 관리합니다. 총 파이프라인 투자액은 3억 5천만 달러입니다. ONEOK의 두 프로젝트에 대한 총 자본 투자액은 약 10억 달러입니다. 이 터미널은 주로 저 에탄 프로판과 일반 부탄을 처리하며, 각 회사는 고객을 위해 20만 bpd의 용량을 예약합니다.
ONEOK (NYSE : OKE) et MPLX LP ont annoncé des partenariats pour construire un nouveau terminal d'exportation de GPL de 400 000 barils par jour à Texas City ainsi qu'un pipeline de 24 pouces reliant Mont Belvieu à ce terminal. Le partenariat pour le terminal d'exportation, Texas City Logistics (TCX), est détenu à parts égales par les deux entreprises, MPLX s'occupant de la construction et des opérations. L'installation devrait être achevée début 2028 avec un investissement total de 1,4 milliard de dollars réparti également.
Le partenariat pour le pipeline, MBTC Pipeline, est détenu à 80 % par ONEOK et à 20 % par MPLX, ONEOK gérant la construction et les opérations. L'investissement total pour le pipeline s'élève à 350 millions de dollars. La part totale d'investissement en capital de ONEOK pour les deux projets est d'environ 1,0 milliard de dollars. Le terminal traitera principalement du propane à faible éthane et du butane normal, chaque entreprise réservant 200 000 bpd de capacité pour ses clients.
ONEOK (NYSE: OKE) und MPLX LP haben gemeinsame Unternehmungen angekündigt, um ein neues LPG-Exportterminal mit 400.000 Barrel pro Tag in Texas City sowie eine 24-Zoll-Pipeline von Mont Belvieu zu dem Terminal zu bauen. Die Exportterminal-Gemeinschaft, Texas City Logistics (TCX), gehört beiden Unternehmen zu gleichen Teilen, wobei MPLX für den Bau und Betrieb verantwortlich ist. Die Fertigstellung der Anlage wird für Anfang 2028 erwartet, mit einer Gesamtinvestition von 1,4 Milliarden Dollar, die gleichmäßig aufgeteilt wird.
Die Pipeline-Gemeinschaft, MBTC Pipeline, gehört zu 80 % ONEOK und zu 20 % MPLX, wobei ONEOK den Bau und die Betriebsführung übernimmt. Die Gesamtinvestition in die Pipeline beträgt 350 Millionen Dollar. Der gesamte Kapitalanteil von ONEOK für beide Projekte beträgt etwa 1,0 Milliarden Dollar. Das Terminal wird hauptsächlich niedrigethanisches Propan und normalen Butan verarbeiten, wobei jedes Unternehmen 200.000 bpd Kapazität für seine Kunden reserviert.
- Strategic expansion of NGL infrastructure with 400,000-bpd export capacity
- Risk-sharing through joint venture structure reduces capital exposure
- Leverages existing Marathon infrastructure for cost and timing benefits
- Secured long-term capacity reservations for entire terminal throughput
- Large capital expenditure of $1.0 billion required from ONEOK
- Extended timeline to completion (2028) delays return on investment
Insights
This strategic joint venture marks a pivotal expansion of ONEOK's downstream capabilities, with several key advantages that warrant attention. The $1.4 billion export terminal investment is strategically positioned to capitalize on growing global LPG demand, particularly from Asia and Europe.
The project's economics are compelling for several reasons. First, the Texas City location leverages Marathon's existing infrastructure, which should reduce construction risks and provide cost efficiencies. The 400,000 bpd capacity is substantial, with each partner securing 200,000 bpd for their customers, providing clear revenue visibility.
The ownership structure is particularly noteworthy:
- Terminal: 50/50 split with MPLX, balancing risk while maintaining significant control
- Pipeline: 80/20 split favoring ONEOK, ensuring stronger control over critical infrastructure
- Total ONEOK investment:
$1 billion , representing a disciplined capital allocation
The timing of the 2028 completion aligns well with projected increases in U.S. NGL production and growing international demand for LPG. The partnership with MPLX also provides operational synergies and shared expertise in terminal operations.
For investors, this project represents a significant growth catalyst with several positive attributes:
- Long-term contracted capacity ensuring stable cash flows
- Strategic positioning in the Gulf Coast export market
- Vertical integration benefits enhancing ONEOK's value chain
- Partnership with a strong operator in MPLX
Expands and Extends Integrated NGL Value Chain
Texas City Logistics LLC (TCX), the export terminal joint venture, is owned
The 400,000-bpd loading throughput is expected to be primarily low ethane propane (LEP) and normal butane (NC4), with ONEOK and MPLX each contractually reserving 200,000-bpd for their respective customers.
MBTC Pipeline LLC, the pipeline joint venture, is owned
ONEOK's share of capital investment for these projects is expected to be approximately
"We are excited to collaborate with MPLX on these strategically located projects which expand and extend our NGL value chain providing additional optionality and value to our customers," said Pierce H. Norton II, ONEOK president and chief executive officer. "Given our high expectations for future growth and demand for more energy infrastructure, including export capacity, these projects with MPLX complement our disciplined capital allocation strategy."
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in
ONEOK is an S&P 500 company headquartered in
For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected capital expenditures and cash flow), liquidity, management's plans and objectives for our future growth projects (including dates for expected completion of growth projects) and other future operations, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "outlook," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements, including, without limitation, ONEOK being unable to achieve the anticipated benefits of the transaction. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
Analyst Contact: | Megan Patterson |
918-561-5325 | |
Media Contact: | Annell Morrow |
918-894-8740 |
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SOURCE Oneok, Inc.
FAQ
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