Oneok Inc.
ONEOK Acquires Remaining Interest in Delaware Basin JV
Summary
On June 3, 2025, ONEOK, Inc. announced the acquisition of the remaining 49.9% interest in Delaware G&P LLC from NGP XI Midstream Holdings, L.L.C. for $940 million, consisting of $530 million in cash and $410 million in ONEOK common stock. This acquisition, completed on May 28, 2025, solidifies ONEOK's sole ownership of the Delaware Basin JV, which owns natural gas gathering and processing facilities in the Delaware Basin with a total processing capacity of over 700 million cubic feet per day. This strategic move advances ONEOK's growth strategy in the Permian Basin.
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About Oneok Inc.
Oneok Inc., a prominent energy company, plays a crucial role in the United States' natural gas and natural gas liquids (NGL) industries. As an integral midstream service provider, Oneok focuses on gathering, processing, transportation, and storage of natural gas, as well as the fractionation and distribution of NGL products. Its operations span extensive and strategically positioned infrastructure, particularly in prolific production areas like the Rocky Mountains, Mid-Continent, and Permian Basin regions. These operations allow Oneok to efficiently manage the supply chain of hydrocarbons from the extraction points to end-users, ensuring a reliable energy supply. The company's comprehensive service offerings cater to a diverse clientele, including utilities, refiners, and chemical companies. Established in 1906, Oneok has significantly contributed to the energy landscape by enhancing the value chain of natural gas and fostering the transition towards cleaner energy sources. The company's dedication to safety, operational excellence, and sustainability underscores its commitment to the evolving energy market.
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