ONEOK Inc. Solidifies Position in Permian Basin with Strategic Acquisition

ONEOK Inc. has made a bold move in its growth strategy, acquiring full control of the Delaware Basin Joint Venture (JV) for a substantial $940 million. This landmark deal underscores the company’s commitment to expanding its presence in the Permian Basin, a region poised for significant growth in the energy sector.

The acquisition adds a substantial 1.2 billion cubic feet per day of natural gas gathering and processing capacity to ONEOK’s existing infrastructure in West Texas and New Mexico. This strategic move positions the company for long-term success, as it leverages its expertise in midstream infrastructure to capitalize on the region’s vast energy resources.

• Key highlights of the acquisition include:
  • Enhanced capacity in the Permian Basin, a region expected to drive significant growth in the energy sector
  • Increased presence in West Texas and New Mexico, key markets for ONEOK’s midstream operations
  • Significant investment in natural gas gathering and processing infrastructure
• The acquisition is expected to have a positive impact on ONEOK’s future growth and profitability, driven by increased capacity and a stronger market position.

The company’s stock price has responded positively to the announcement, reflecting investors’ confidence in the deal’s potential to drive long-term value creation. As ONEOK continues to execute its growth strategy, investors will be closely watching the company’s progress in this critical region. With its strengthened position in the Permian Basin, ONEOK is well-positioned to capitalize on the region’s vast energy resources and drive future growth.