ONEOK, Inc. (OKE) Acquires Full Ownership of Delaware Basin Joint Venture in $940 Million Deal

ONEOK, Inc. (NYSE:OKE) announced on Tuesday that it has acquired the remaining 49.9% stake in its Delaware Basin joint venture from NGP XI Midstream Holdings in a cash-and-stock transaction worth $940 million.

An aerial view of a large natural gas transmission pipeline network in an industrialized landscape.

With this move, ONEOK now fully owns the natural gas gathering and processing operations in the Delaware Basin, which spans parts of West Texas and New Mexico and has a processing capacity of over 700 million cubic feet per day.

The deal includes $530 million in cash and $410 million in ONEOK, Inc. (NYSE:OKE) stock. This acquisition follows a series of recent moves by the company to expand its footprint in the Permian Basin, including the purchases of Medallion Midstream, EnLink Midstream, and a Gulf Coast NGL pipeline system from Easton Energy.

These strategic investments come as part of ONEOK, Inc. (NYSE:OKE)’s efforts to grow amid increasing consolidation in the U.S. energy industry.

The company currently operates a 60,000-mile pipeline network that handles natural gas, NGLs, crude oil, and refined products.

OKE has surged by nearly 5% in the past 12 months.

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