Tulsa-based ONEOK said last week it will acquire the remainder of EnLink Midstream for $4.3 billion in common stock. EnLink previously announced Oct. 15 the successful completion of its acquisition of Global Infrastructure Partners’ interest (43 percent) in EnLink for a total cash consideration of about $3.3 billion. The purchases expand ONEOK’s presence in Permian Basin.
ONEOK expects its gas transport business to benefit from higher power generation for data centers, rising LNG exports, and existing and permitted ammonia and hydrogen facilities. The company has a 50,000-mile network of pipelines that carry fuels including NGLs and refined products.
Pierce H. Norton, president and CEO, said Nov. 24, “ONEOK has a longstanding reputation as being intentional in building a premier energy infrastructure company. This next step further solidifies that status, allowing us to continue expanding and extending our value chain.” Closing is expected in 2025Q1.