ONEOK Buys Medallion and GIP

Wednesday, August 28, 2024 at 10:38 PM EDT

Oklahoma pipeline operator, ONEOK Inc., agreed to buy a Permian Basin rival and a controlling stake in another. They will buy all of GIP's equity interests in Medallion, the largest gathering and processing system in the Permian Basin.

The deals are worth $5.9 billion and are expected to close in the fourth quarter of 2024.

ONEOK said the acquisitions will expand its presence in the Permian Basin, one of the most prolific oil and gas producing regions in the United States.

The company said the deals will also provide it with access to new markets and customers.

ONEOK is a publicly traded company headquartered in Tulsa, Oklahoma. The company owns and operates a network of natural gas pipelines and storage facilities in the United States.

Medallion is a privately held company headquartered in Midland, Texas. The company owns and operates a gathering and processing system in the Permian Basin.

GIP is a global infrastructure investment firm headquartered in New York City. The firm has investments in a variety of infrastructure assets, including energy, transportation, and water.