ONEOK acquires Midland Basin assets of Brazos Midstream for $4.4 billion

Tulsa-based ONEOK said Sunday it will acquire Brazos Midstream’s natural gas gathering and processing assets in Midland Basin for $4.425 billion cash. The platform is supported by 600,000 dedicated acres and 14 active drilling rigs from leading producers such as ExxonMobil, Diamondback Energy and Double Eagle. When Brazos completes Cassidy II processing plant in 2027Q3, its system will include 700 miles of gathering infrastructure and 1.2 billion cfd of processing capacity across seven counties.
Pierce H. Norton II, president and CEO, said, “These assets add a premier Midland Basin platform supported by long-term contracts and attractive growth opportunities. The acquisition expands our scale in the Permian, advances our integrated wellhead-to-water strategy, and strengthens connectivity across our natural gas and NGL value chain.”
Closing is expected in 2026Q4. Brazos’ assets are complementary to ONEOK’s existing natural gas gathering and processing, NGL transportation, and crude oil infrastructure and more than doubles ONEOK’s Midland Basin processing capacity to 2.3 Bcfd.