The deal, which includes $530 million in cash and $410 million in ONEOK common stock, makes ONEOK the sole owner of the joint venture.
The Delaware Basin JV boasts a processing capacity of more than 700 million cubic feet per day in the Delaware Basin in west Texas and New Mexico.
ONEOK provides gas fractionation, gathering, sea export, processing, storage and transportation services.
With a pipeline network spanning nearly 60,000 miles, ONEOK plays a critical role in transporting natural gas, natural gas condensate (NGC), petroleum products, and crude oil, meeting both domestic and international energy demand.
The acquisition follows recent strategic moves by ONEOK, including the formation of joint ventures with MPLX in February to develop a large-scale liquefied petroleum gas (LPG) export terminal in Texas City and a connecting pipeline.
These ventures include the construction of a new 400,000 barrels per day (bpd) liquefied petroleum gas export terminal and a 24-inch pipeline from ONEOK's Mont Bellevue storage facility to the terminal.
Source: Reuters
