ONEOK Completes $2.6 Billion Medallion Acquisition, Largest Private Crude System in Permian
(P&GJ) — ONEOK, Inc. announced the completion of its $2.6 billion acquisition of Medallion Midstream, the largest privately held crude oil gathering and transportation system in the Permian Basin's Midland region, from Global Infrastructure Partners.
"With the acquisition of Medallion, the largest privately held crude gathering and transportation system in the Permian's Midland Basin, we continue our demonstrated track record of intentional and disciplined growth," Pierce H. Norton II, ONEOK president and CEO, said. "This acquisition further diversifies ONEOK's asset portfolio and adds an expansive and well-connected crude oil gathering system to our Permian Basin platform.
Medallion Midstream's assets include over 1,200 miles of crude oil gathering pipelines with a capacity of 1.3 million barrels per day and storage facilities holding around 1.5 million barrels of crude oil. By integrating these assets, ONEOK aims to enhance its position as a leading energy infrastructure provider in North America, focusing on the growing demand for energy services domestically and internationally.
ONEOK, based in Tulsa, Oklahoma, is a top midstream operator and S&P 500 company, providing services across a 50,000-mile pipeline network that includes natural gas, NGLs, and crude oil.
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