ONEOK, Inc. announced on June 3, 2025, the acquisition of the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV) from NGP XI Midstream Holdings, L.L.C. The transaction was valued at $940 million, consisting of $530 million in cash and $410 million in ONEOK common stock.
The acquisition closed on May 28, 2025, making ONEOK the sole owner of Delaware Basin JV. This joint venture owns natural gas gathering and processing facilities in the Delaware Basin, located in West Texas and New Mexico.
These facilities have a total processing capacity of more than 700 million cubic feet per day. This acquisition advances ONEOK's Permian Basin growth strategy, consolidating its control over critical infrastructure in a highly productive region.
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