OGE Energy Corp. and Energy Transfer Partners LP said Tuesday that they have formed a joint venture that combines OGE's Enogex midstream natural gas pipeline business and Energy Transfer's interstate and midstream natural gas operations in the Rocky Mountains.
The joint venture, ETP Enogex Partners LLC, will pursue growth opportunities in midstream and interstate natural gas pipeline operations.
The Enogex system, located principally in Oklahoma, includes about 2,300 miles of natural gas transmission pipe and two storage facilities with total 2007 throughput of 1.52 billion cubic feet per day. Its gathering system has about 5,500 miles of pipeline with connections to approximately 3,100 wells and 250 central receipt points.
Energy Transfer has pipeline operations in Arizona, Colorado, Louisiana, New Mexico and Utah and owns the largest intrastate pipeline system in Texas.
OGE Energy also is the parent company of Oklahoma Gas and Electric Co., a utility with about 765,000 customers in Oklahoma and Arkansas.
OGE shares rose 3 percent, or $1.02, to $32.45 in midday trading Tuesday. The shares have traded between $29.82 and $38.30 the past year.
Energy Transfer shares fell nearly 2 percent, or 65 cents, to $36.13 in midday trading. The shares have traded between $28.61 and $55.87 over the past year.
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