ONEOK to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for $4.425 billion

Type: Acquisition · Technology: Gas · Country: United States · Value: $4.43B · Announced: 2026-09-02

ONEOK signed a definitive agreement to purchase Brazos Midstream’s natural gas gathering and processing assets in the Permian Midland Basin for $4.425 billion. The assets cover extensive gathering pipelines and processing facilities that support the region’s rapidly expanding gas production. The transaction will expand ONEOK’s scale in the Permian, enhancing its wellhead‑to‑water strategy and strengthening connectivity across its natural gas and NGL value chain. ONEOK will fund the deal with a $9 billion minority equity investment from Apollo‑managed funds and will allocate $5 billion of the proceeds to reduce existing debt.

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