US Pipeline Operator ONEOK Inks Two Deals for $5.9 Billion

Deals expand ONEOK’s presence in the prolific Permian Basin
It’s the latest in a spate of takeovers in the pipeline sector

Stacks of steel pipes used for drilling oil wells at a drilling site on the land that the University of Texas System overseas in Andrews, Texas, US, on Thursday, June 2, 2022. Every day, the University of Texas System makes about $6 million off a mineral-rich swath of land it manages in the US’s largest oil field.Photographer: Jordan Vonderhaar/Bloomberg

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By Simon Casey and Elizabeth Elkin

August 29, 2024 at 1:51 AM UTC

Updated on

August 29, 2024 at 2:23 PM UTC

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US pipeline operator ONEOK Inc. agreed to buy a Permian Basin rival and a controlling stake in another company in two transactions valued at a combined $5.9 billion.

ONEOK will acquire Global Infrastructure Partners’ entire interest in EnLink Midstream LLC and also buy GIP’s equity interests in Medallion Midstream, the largest closely held crude gathering and transportation system in the Permian, it said in a statement late Wednesday.