ONEOK Completes $4.425 Billion Acquisition of Brazos Midstream Permian Gas Assets

ONEOK, Inc. (OKE) said Tuesday it completed the acquisition of Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for approximately $4.425 billion in cash. The deal more than doubles ONEOK's Midland Basin processing capacity to about 2.3 billion cubic feet per day, including facilities under construction. The system covers roughly 600,000 dedicated acres under long-term fixed-fee contracts with an average remaining term of more than 12 years. President and CEO Pierce H. Norton II said the assets add a high-quality gathering and processing platform with strong acreage and major producers, positioning ONEOK to connect growing natural gas and NGL production across its integrated system. ONEOK shares traded at $89.23 after hours on the NYSE, after closing Tuesday's session up 0.73 percent.