Magellan Midstream to
acquire 800-mile pipeline
TULSA — Magellan Midstream Partners LP has struck a $190 million deal to acquire about 800 miles of pipeline from Plains All American Pipeline LP. “This acquisition utilizes Magellan's expertise in transporting and storing petroleum products,” CEO Michael Mears said. “These pipelines are a natural extension of our existing refined products distribution system and provide new markets for Magellan to serve.” Magellan is buying the Rocky Mountain pipeline system, which includes 550 miles of common carrier pipeline that distributes refined petroleum products in Colorado, South Dakota and Wyoming, and the New Mexico pipeline system, which has about 250 miles of pipeline that transports refined products from El Paso to Albuquerque and south to the Mexican border.
Smith says he won't seek
new term on ONEOK board
TULSA — Gerald B. Smith has opted not to pursue another term as a board member for ONEOK Inc., citing other commitments, the company said Friday in a regulatory filing. Smith is CEO of Smith, Graham & Company Investment Advisors, a global investment management firm founded in 1990. Smith also will resign in May from the board of ONEOK Partners GP, the sole general partner of ONEOK Partners LP. Both boards will shrink by one when Smith departs. ONEOK will have 10 directors, while ONEOK Partners GP will have eight.