ONEOK's $5.9 Billion of Acquisitions Expands Permian Position

August 30, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Pipeline operator ONEOK Incorporated (NYSE:OKE) (Tulsa, Oklahoma) announced this week that it had struck deals with investment firm Global Infrastructure Partners (GIP) (New York, New York) that will significantly expand ONEOK's position in the prolific Permian Basin and other locations. The acquisitions dovetail with existing ONEOK projects seeking to expand the company's position in Texas and elsewhere.

The agreement between ONEOK and GIP sees ONEOK buying GIP's stake in EnLink Midstream (NYSE:ENLC) (Dallas, Texas), which has assets in the Permian as well as Oklahoma, north Texas and the Gulf Coast, and GIP's equity interests in Medallion Midstream (Irving, Texas).