ONEOK has completed its $4.425 billion acquisition of Brazos Midstream’s natural gas gathering and processing assets in the Permian Midland Basin, significantly expanding its footprint in one of the US energy industry’s most important production regions.

 

The deal more than doubles ONEOK’s Midland Basin processing capacity to approximately 2.3 billion cubic feet per day, including facilities currently under construction.

 

“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 acquired system spans approximately 600,000 dedicated acres and is backed by long-term fixed-fee contracts with a weighted-average remaining term of more than 12 years, giving ONEOK a substantial contracted platform for future growth.

 

The acquisition strengthens ONEOK’s position across the Permian and expands its ability to gather, process and connect growing natural gas and natural gas liquids production to its broader integrated network.