ONEOK, Permian varlıklarını Brazos Midstream'den 4.425 milyar $ karşılığında satın alacak

ONEOK to buy Permian assets from Brazos Midstream in $4.425bn deal

Shree Mishra

Mon, August 31, 2026 at 1:50 PM GMT+3 3 min read

ONEOK has signed a definitive agreement to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.425bn in cash.

The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions.

The transaction will be financed by a $9bn nonvoting minority equity investment from funds and affiliates managed by Apollo.

ONEOK plans to use $5bn from this equity investment to repay existing debt, targeting a pro forma 2027 leverage ratio of approximately 3.25 times debt-to-EBITDA.

The company stated there will be no issuance of common equity in connection with this acquisition.

The acquired assets include about 700 miles of gathering infrastructure and 1.2 billion cubic feet per day (bcf/d) of processing capacity across seven Permian Midland Basin counties.

This infrastructure is supported by roughly 600,000 dedicated acres under long-term fixed-fee contracts, with a weighted average remaining term of more than 12 years and currently features 14 active drilling rigs.

Upon completion of the Cassidy II processing plant, expected in the third quarter of 2027, the combined operations will more than double ONEOK's Midland Basin processing capacity to nearly 2.3bcf/d, including plants under construction.

The company also obtains a Permian Midland Basin-wide area of mutual interest with a private producer, allowing for additional growth opportunities.

ONEOK expects the acquisition to be immediately accretive to earnings and free cash flow per share.

The deal values the assets at approximately 7.5 times estimated 2027 EBITDA, inclusive of about $80m in full-year synergies, and about six times estimated 2028 EBITDA.

ONEOK president and CEO Pierce Norton II said: "This transaction demonstrates ONEOK's strategy of intentionally expanding and extending our integrated energy infrastructure. These assets add a premier Permian Midland Basin platform supported by long-term contracts and attractive growth opportunities.

"The acquisition expands our scale in the Permian Midland Basin, advances our integrated wellhead-to-water strategy and strengthens connectivity across our natural gas and NGL value chain, positioning ONEOK to capture significant volume growth in one of the most economic and rapidly growing resource plays."

Apollo's minority equity investment consists of a Class B interest in a new holding company, with a 7% internal rate of return capped for the first nine years.

The acquisition and the minority equity investment were both unanimously approved by the ONEOK board of directors.

The minority equity investment is scheduled to close in the first half of September, subject to standard closing conditions.

Barclays was the sole financial advisor to ONEOK on the Brazos Midland transaction and lead advisor on the minority equity investment, with Lazard also advising on the latter. Legal counsel to ONEOK was provided by Latham & Watkins.

Apollo was advised by RBC Capital Markets and Milbank, while Brazos Midstream was advised by Akin Gump Strauss Hauer & Feld.

"ONEOK to buy Permian assets from Brazos Midstream in $4.425bn deal" was originally created and published by Offshore Technology, a GlobalData owned brand.