Summary
ONEOK Inc. (OKE) announced a significant transaction on June 3, 2025, through a Regulation FD disclosure, detailing the acquisition of the remaining 49.9% interest in its joint venture, Delaware G&P LLC. This move consolidates full ownership of the Delaware Basin natural gas gathering and processing assets under ONEOK. The acquisition was made from NGP XI Midstream Holdings, L.L.C. for a total consideration of $940 million. The payment structure involves a combination of cash ($530 million) and ONEOK common stock ($410 million), indicating a balanced approach to funding the transaction and aligning incentives for the seller. This acquisition is expected to enhance ONEOK's midstream infrastructure and operational control in a key production region.
Key Highlights
- 1ONEOK acquired the remaining 49.9% interest in Delaware G&P LLC.
- 2The total purchase price for the acquisition is $940 million.
- 3The transaction was funded through a combination of $530 million in cash and $410 million in ONEOK common stock.
- 4This acquisition consolidates full ownership of Delaware G&P LLC under ONEOK.
- 5The deal was disclosed on June 3, 2025, via a Regulation FD announcement.
- 6A news release dated June 3, 2025, provides further details on the acquisition.