ONEOK has completed the acquisition of Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for total cash consideration of approx. $4.425 billion.
'The completion of this acquisition further strengthens our Permian Midland Basin position with a premier gathering and processing platform supported by high-quality acreage, long-term contracts and some of the basin's leading producers,' said Pierce H. Norton II, ONEOK president and CEO. 'These assets provide significant opportunities for future growth and enhance our ability to connect increasing natural gas and NGL production across ONEOK's integrated system.'
The acquisition more than doubles ONEOK’s Midland Basin processing capacity to approximately 2.3 billion cubic feet per day, including facilities currently under construction. The system is supported by approximately 600,000 dedicated acres under long-term fixed-fee contracts, with a weighted-average remaining term of more than 12 years.
Source: ONEOK
