WASHINGTON (dpa-AFX) - On Tuesday, ONEOK, Inc. (OKE) announced that it has completed the acquisition of Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for approximately $4.425 billion in cash.
ONEOK President and CEO Pierce H. Norton II said the acquisition strengthens the company's position in the Permian Midland Basin by adding a high-quality gathering and processing platform with strong acreage, long-term contracts and major producers. The assets also offer future growth opportunities and will help ONEOK connect increasing natural gas and NGL production across its integrated system.
The acquisition more than doubles ONEOK's Midland Basin processing capacity to about 2.3 billion cubic feet per day, including facilities under construction. The system covers about 600,000 dedicated acres under long-term fixed-fee contracts, with an average remaining contract term of more than 12 years.
On the NYSE in the after hours, the shares of ONEOK were trading at $89.23 after closing Tuesday's trading 0.73 percent up.
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