1. OKE acquired remaining 49.9% of Delaware G&P LLC for $940 million. 2. Transaction enhances OKE's natural gas processing capacity significantly. 3. Delaware Basin JV facilities process over 700 million cubic feet per day. 4. The acquisition aligns with OKE’s strategy to advance in the Permian Basin. 5. OKE becomes the sole owner of Delaware Basin JV by May 2025.
The acquisition enhances OKE’s operational capacity, positively impacting future revenue streams, similar to previous strategic acquisitions that have bolstered financial performance.
This acquisition is a major strategic move, significantly altering OKE's market position and capacity, with strong implications for financial performance.
The acquisition's benefits will materialize over time as OKE fully integrates Delaware Basin JV, resembling past enhancing acquisitions that took time to impact financials.
TULSA, Okla., June 3, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced the acquisition of the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV) from NGP XI Midstream Holdings, L.L.C. for $940 million, consisting of $530 million in cash and $410 million in ONEOK common stock.
Delaware Basin JV owns natural gas gathering and processing facilities in the Delaware Basin in West Texas and New Mexico, with a total processing capacity of more than 700 million cubic feet per day. Following the close of the transaction on May 28, 2025, ONEOK became the sole owner of Delaware Basin JV.
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
Megan Patterson
918-561-5325
Brad Borror
918-588-7582
SOURCE ONEOK, Inc.