Natural gas transmission company ONEOK has acquired the remaining 49.9% interest in the Delaware Basin joint venture (JV) from NGP XI Midstream Holdings for $940m.
The deal, which includes $530m in cash and $410m in ONEOK common stock, positions ONEOK as the sole owner of the JV.
The Delaware Basin JV boasts a processing capacity of more than 700 million cubic feet per day in the Delaware Basin across west Texas and New Mexico.
ONEOK provides fractionation, gathering, marine export, processing, storage and transportation services.
With a network of approximately 60,000 miles of pipelines, ONEOK plays a crucial role in transporting natural gas, natural gas liquids (NGLs), refined products and crude oil, catering to both domestic and international energy demand.
The acquisition comes after recent strategic moves by ONEOK, including the formation of JVs with MPLX in February to develop a large-scale liquefied petroleum gas (LPG) export terminal in Texas City and a connecting pipeline.
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By GlobalDataThese ventures involve the construction of a new 400,000 barrel per day (bpd) LPG export terminal and a 24in pipeline from ONEOK’s Mont Belvieu storage facility to the terminal.
Earlier this year, ONEOK concluded the sale of its three interstate natural gas pipeline systems to DT Midstream for $1.2bn in cash.
ONEOK reported a net income of $691m for the first quarter ended 31 March 2025, compared with $639m in the same period last year.
In January this year, ONEOK completed its acquisition of Dallas-headquartered EnLink Midstream, a provider of integrated midstream infrastructure services for natural gas, crude oil and NGLs, as well as CO₂ transportation for carbon capture and sequestration.
