ONEOK Completes $2.6 Billion Medallion Acquisition, Largest Private Crude System in Permian
(P&GJ) — ONEOK, Inc. announced the completion of its $2.6 billion acquisition of Medallion Midstream, the largest privately held crude oil gathering and transportation system in the Permian Basin's Midland region, from Global Infrastructure Partners.
"With the acquisition of Medallion, the largest privately held crude gathering and transportation system in the Permian's Midland Basin, we continue our demonstrated track record of intentional and disciplined growth," Pierce H. Norton II, ONEOK president and CEO, said. "This acquisition further diversifies ONEOK's asset portfolio and adds an expansive and well-connected crude oil gathering system to our Permian Basin platform.
Medallion Midstream's assets include over 1,200 miles of crude oil gathering pipelines with a capacity of 1.3 million barrels per day and storage facilities holding around 1.5 million barrels of crude oil. By integrating these assets, ONEOK aims to enhance its position as a leading energy infrastructure provider in North America, focusing on the growing demand for energy services domestically and internationally.
ONEOK, based in Tulsa, Oklahoma, is a top midstream operator and S&P 500 company, providing services across a 50,000-mile pipeline network that includes natural gas, NGLs, and crude oil.
Related News
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- PGJ Exclusive (sponsored): How Southern Star revolutionized operations with a one-stop shop asset management upgrade
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
Comments