ONEOK Acquires Magellan Midstream Partners

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ONEOK Inc. closed its acquisition of Magellan Mistream Partners LP on Sept. 25, 2023 for approximately $18.8 billion. The merger created a midstream giant with a combined market capitalization of $40 billion, combining ONEOK’s gas and NGL lines with Magellan’s crude and refined products transport system. The company has more than 25,000 miles of liquids-oriented pipeline and assets on the Gulf Coast and U.S. interior and is now the fourth largest player in the market.