ONEOK Partners LP (OKS) and ONEOK (OKE) recently announced that ONEOK Partners [the MLP] teamed up with Mexican gas infrastructure player Fermaca Infrastructure to build a pipeline that I think could have plenty of upside potential. Both parties have entered into a 50/50 JV to build the 200-mile long, 30-inch wide Roadrunner Gas Transmission pipeline, which will route natural gas produced in the Permian Basin down to Mexico for a construction cost of around $450 million to $500 million. Mexico imported 779 Bcf of natural gas in 2012, 620 Bcf of which came from the United States. To meet the rest of its demand, it turned to more expensive LNG [liquified natural gas] from other nations. The United States would easily replace Mexico's natural gas imports with cheaper natural gas produced in America and shipped through a pipeline. Source: EIA By using natural gas [particularly cheaper American natural gas] as a fuel source for electricity, Mexico can replace more expensive fuel oil and diesel as a major source of electricity generation. This would free up additional petroleum products that could be exported, bolstering Mexico's economy and PEMEX [which accounts for a big chunk of the Mexican government's revenue]. The first phase of the pipeline will be completed in Q1 2016 and will be relatively small with just 170 MMcf/d of natural gas transportation capacity. That will be quickly ramped up to 570 MMcf/d by Q1 2017 and 640 MMcf/d by 2019. Once the second phase is operational, the Roadrunner pipeline will become a significant DCF growth driver for ONEOK Partners and ONEOK Inc. To help pay for this project, ONEOK Partners issued out $800 million in senior notes and was also able to increase its credit facility from $1.7 billion to $2.4 billion. However, investors seeking a solid income play should stay far away from the ONEOK family. ONEOK Partners distribution coverage ratio [a distribution is like a dividend but for MLPs, different tax laws, and the distribution coverage ratio is an MLPs distributable cash flow divided by its distribution] is forecasted to stay between 0.87x - 0.97x this year due to its relatively high exposure to WTI, NGLs, and Henry Hub prices, especially for a master limited partnership [a solid midstream play has minimal pricing exposure]. Low oil prices, which is used to price most natural gas liquids, will keep ONEOK Partners' distributable cash flow flat this year, providing no real room to boost its payout. Yet management still intends to increase ONEOK Partners' distribution, which already yields 7.3%, by 3% - 5% this year. I question this move, as ONEOK Partners already has to take on debt to support its payout. ONEOK Inc [the general partner] on the other hand, is in a much better financial position than ONEOK Partners. As the general partner of ONEOK Partners, ONEOK Inc's financials are tied to how much ONEOK Partners pays the entity. Unlike ONEOK Partners, ONEOK Inc is guiding to generate a dividend coverage ratio of 1.21x this year [factoring in its forecasted 4% - 8% dividend increase] as it generates $105 million in free cash flow. With $130 million cash on hand and $298 million of available capacity on its revolving credit facility, ONEOK Inc is better able to protect its 4.8% yield. An investment in either ONEOK Partners or ONEOK Inc comes with plenty of risks, and shouldn't be considered by long-term, buy-and-hold investors. Those looking for a way to play a rebound in oil prices and intend to actively monitor their portfolio should consider ONEOK Inc, as an upward move in WTI and/or Henry Hub could translate into strong returns. On top of that, a growing 4.8% yield that is well protected will help make the volatility worth it. Disclosure: The author of this post, Callum Turcan, doesn't own any of the companies mentioned above and won't initiate a position in any of the companies mentioned above within the next 72 hours. Always do your own due diligence before investing,