Tulsa-based ONEOK said last week it is increasing total capital expenditures for 2023 based on the impact of strong producer activity and in part on activities to fully loop the 2,600-mile West Texas NGL pipeline. That project will more than double ONEOK’s NGL capacity from southeast New Mexico to Mont Belvieu to 700,000 b/d (completion in 2025Q1). Capex for the company in 2023 now will be about $1.575 billion.
ONEOK also reported Aug. 7 a 26 percent increase in 2Q in Gulf Coast/Permian Basin NGL raw feed throughput volumes to 465,000 b/d.
Pierce H. Norton, president and CEO, said, “Continued strength in volumes across our operations – particularly in the Rocky Mountain region and Permian Basin – resulted in higher second quarter results and positive momentum entering the second half of 2023.”