ONEOK to Acquire Brazos Midstream's Permian Midland Basin Assets for $4.425 Billion
The deal more than doubles ONEOK’s Midland Basin processing capacity and is expected to add about $80 million in annual synergies, the company said.
- On Sunday, August 30, 2026, ONEOK, Inc. announced a definitive agreement to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.425 billion in cash.
- Funding for the acquisition comes from a $9 billion nonvoting minority equity investment from funds managed by Apollo. ONEOK President and CEO Pierce H. Norton II said the transaction demonstrates the company's strategy of expanding integrated energy infrastructure.
- To strengthen its financial position, ONEOK intends to extinguish $5 billion of outstanding debt, immediately reducing expected pro forma 2027 leverage to approximately 3.25 times debt-to-EBITDA without issuing common equity.
- Expanding the company's footprint, the transaction more than doubles ONEOK's Midland Basin processing capacity to approximately 2.3 billion cubic feet per day, strengthening its integrated Permian-to-Gulf Coast strategy.
- Integrating commercial and operational activities will allow ONEOK to achieve significant recurring synergies over the long term while optimizing capital deployment and capturing volume growth across the value chain.
26 Articles
26 Articles
ONEOK Bets $4.4B on Brazos as Apollo Injects $9B for Permian Growth
ONEOK (NYSE:OKE) said it has agreed to acquire Brazos Midstream’s natural gas gathering and processing assets in the Permian Basin’s Midland Basin for $4.425 billion, alongside a $9 billion minority equity investment from funds and affiliates managed by Apollo. The company said the Apollo investmen
Oneok will acquire Brazos Midstream's natural gas extraction and processing assets in the Permian Basin for US$4.43 billion, expanding its presence in the prolific American oil hub. Exclusive content for subscribers. For full access, follow the link to the article and register.
$4.4 billion acquisition announced by ONEOK - Oklahoma Energy Today
ONEOK, Inc. announced Sunday that it has executed a definitive agreement to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for total cash consideration of $4.425 billion. The acquisition will be funded through a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo (NYSE: APO) (Apollo). […]
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