Oneok Expands with Medallion Midstream Acquisition

An update from Oneok ( (OKE) ) is now available.

ONEOK, Inc. has successfully acquired Medallion Midstream for approximately $2.6 billion in cash, enhancing its asset portfolio with a vast crude oil gathering system in the Permian’s Midland Basin. This strategic move aims to drive significant synergies by integrating with ONEOK’s existing long-haul pipelines, further solidifying ONEOK’s position as a leading diversified energy infrastructure company. The acquisition encompasses over 1,200 miles of pipelines, boosting ONEOK’s capacity and storage capabilities in the region.

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