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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
March 21, 2000
Date of Report (Date of earliest event reported)
ONEOK, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma 1-2572 73-1520922
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 West Fifth Street; Tulsa, OK
(Address of principal executive offices)
74103
(Zip code)
(918) 588-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Items 1 - 4. Not Applicable.
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Item 5. Other Events.
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On February 29, 2000, ONEOK, Inc. ("ONEOK") announced that it entered into
an agreement to sell its 42.3 percent interest in the Indian Basin Gas
Processing Plant and gathering system for $55 million to El Paso Field Services
Company, a business unit of El Paso Energy Corporation. The transaction is
expected to close by the end of March 2000.
On February 29, 2000, the Company issued a press release, a copy of which
is attached hereto as Exhibit 99.a and incorporated herein by reference.
Items 6-7. Not Applicable.
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Items 8-9. Not Applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized, on this 21/st/ day of March 2000.
ONEOK, Inc.
By: Jim Kneale
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Jim Kneale
Vice President, Chief Financial
Officer, and Treasurer
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Exhibit 99.a
[LETTERHEAD OF FINANCIAL NEWS APPEARS HERE]
ONEOK TO SELL INTEREST IN NEW MEXICO GAS PLANT
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Tulsa, Oklahoma - ONEOK, Inc. (NYSE:OKE), announced today that it has
entered into an agreement to sell its 42.3 percent interest in the Indian Basin
Gas Processing Plant and gathering system for $55 million to El Paso Field
Services Company, a business unit of El Paso Energy Corporation (NYSE:EPG). The
transaction is expected to close by the end of March 2000.
David Kyle, ONEOK's president and chief operating officer, said, "We
continue to focus on our strengths as we pursue our strategy of enhancing value
from wellhead to burner tip in the mid-continent area. As we have in the past,
we will exit those areas that no longer represent strategic value while
continuing to review and acquire assets which strengthen and complement our
growing asset base."
The Indian Basin Plant, operated by Marathon Oil, is located in Eddy
County, New Mexico and has a gas processing capacity of 240 million cubic feet
per day producing over 10,000 barrels of natural gas liquids per day. ONEOK
acquired its majority interest in the plant when it acquired the natural gas
properties of Western Resources in 1998.
ONEOK, Inc., is an integrated natural gas company involved in production,
processing, gathering, storage and transmission in the mid-continent areas of
the United States. The company's natural gas marketing operations provide
service to customers in 25 states. The company is also the largest natural gas
distributor in Kansas and Oklahoma, operating as Kansas Gas Service and Oklahoma
Natural Gas Company, serving 1.4 million customers.
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Statements contained in this release that include company expectations or
predictions are forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities Exchange Act
of 1934. It is important to note that the actual results could differ materially
from those projected in such forward-looking statements. Any additional
information regarding factors that could cause actual results to materially
differ may be found in the company's Securities and Exchange Commission filings.
The ONEOK web site is at www.oneok.com. Service area maps and logos are
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available under Media Kit.
