ONEOK’s deal takes full ownership of the Delaware Basin JV partnership with NGP Midstream as it consolidates its EnLink Midstream assets. (Source: Shutterstock)
ONEOK has bought the remaining stake of a gas and processing (G&P) asset that was included in the company’s EnLink Midstream acquisition in January in a cash-and-stock deal valued at $940 million.
ONEOK purchased the interest from Delaware G&P LLC (Delaware Basin JV) held by ONEOK joint venture partner NGP Midstream Holdings.
Delaware Basin JV owns natural gas G&P facilities in the Texas and New Mexico Delaware. The company’s network has a processing capacity of more than 700 MMcf/d.
Tulsa, Oklahoma-based ONEOK said June 3 it had acquired the remaining 49.9% stake in Delaware Basin JV with $530 million in cash and $410 million in ONEOK common stock.
The transaction closed on May 28, making ONEOK the sole owner.
EnLink Midstream and NGP created the Delaware Basin JV in 2016 to grow the companies’ capabilities as Delaware Basin exploration expanded. Both companies kept their proportional share of ownership, EnLink with 50.1% and NGP with 49.9%, until ONEOK’s acquisition.
ONEOK completed its acquisition of EnLink Midstream on Jan. 31 following approval from EnLink unitholders of the transaction on Jan. 30 at a special meeting. ONEOK had agreed to acquire the remaining stake in EnLink in November 2024 for $4.3 billion after having closed on a $3.3 billion deal for Global Infrastructure Partners’ controlling interest a month prior.
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