ONEOK Expands Its Operations with Full Ownership of Delaware Basin Joint Venture

In a significant move to enhance its presence in the energy sector, ONEOK, Inc. (NYSE: OKE) has acquired the remaining 49.9% interest in Delaware G&P LLC, also known as the Delaware Basin Joint Venture (JV), from NGP XI Midstream Holdings, L.L.C. The acquisition, valued at a total of $940 million, is a strategic investment comprising $530 million in cash and $410 million in common stock of ONEOK.

The Delaware Basin JV is pivotal in the natural gas landscape, owning robust gathering and processing facilities in the highly productive Delaware Basin, which sprawls across both West Texas and New Mexico. With a processing capacity exceeding 700 million cubic feet per day, the facilities are essential for meeting growing energy demands.

Post-transaction completion, which took effect on May 28, 2025, ONEOK has now positioned itself as the sole owner of Delaware Basin JV. This acquisition underlines ONEOK's commitment to expanding its operations in the Permian Basin, a region known for its rich natural gas and oil resources.

At ONEOK, the goal has always been to deliver the necessary energy products and services to support a continuously advancing world. As a leading midstream operator, ONEOK specializes in taking measured steps towards becoming more efficient and reliable in gathering, processing, fractionating, transporting, and storing natural gas and other energy products. This acquisition not only solidifies their operational capabilities but also contributes significantly to their existing 60,000-mile pipeline network, which is critical in ensuring the flow of energy solutions both domestically and internationally.

ONEOK is known for its reliable delivery of essential energy services, and its integrated infrastructure helps meet the domestic and international energy needs, contributing to overall energy security. The company prides itself on being a responsible energy provider, emphasizing the importance of safe and sustainable energy solutions that cater to the present and future demands.

With the growth strategy firmly in place, ONEOK is focused on driving innovation and sustainability within the energy sector. The completion of this acquisition is a testament to their strategic vision and commitment to enhancing operational efficiency and capacity in the ever-evolving energy landscape.

As one of North America's largest integrated energy infrastructure companies, ONEOK is devoted to providing energy solutions that have the potential to improve lives across the United States and beyond. Headquartered in Tulsa, Oklahoma, ONEOK is also a member of the S&P 500, reinforcing its stature within the energy market.

For more information about ONEOK and its varied services, please visit their official website at www.oneok.com. For the latest updates, follow them on social media platforms such as LinkedIn, Facebook, X, and Instagram.