ONEOK, Inc. announced on October 31, 2024, the successful completion of its acquisition of Medallion Midstream from Global Infrastructure Partners for a total cash consideration of approximately $2.6 billion. This acquisition marks a strategic expansion of ONEOK's energy infrastructure portfolio.
The Medallion acquisition includes over 1,200 miles of crude oil gathering pipelines, providing approximately 1.3 million barrels per day of capacity. It also adds about 1.5 million barrels of crude oil storage in the Permian Basin, a key production area.
This transaction further diversifies ONEOK's asset base and integrates an expansive crude oil gathering system with its existing long-haul crude oil pipelines out of the Permian Basin. The company expects to realize meaningful commercial synergies from these complementary assets, enhancing its position as a diversified energy infrastructure provider.
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