Tulsa-based ONEOK said June 3 it acquired the remaining 49.9 percent interest in Delaware G&P, Delaware Basin joint venture, from NGP XI Midstream Holdings for $940 million ($530 million cash). Delaware Basin JV owns natural gas gathering and processing facilities in Delaware Basin in west Texas and southeast New Mexico with total processing capacity of more than 700 million cubic feet per day.
Following close of the transaction May 28, EnLink Midstream Operating, a wholly owned indirect subsidiary of ONEOK, owns 100 percent of outstanding limited liability company interests of Delaware G&P. The deal includes $410 million in ONEOK common stock.
One of the largest integrated energy infrastructure companies in North America, ONEOK operates a 60,000-mile pipeline network to transport natural gas, NGLs, refined products and crude oil.
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