ONEOK Closed Acquisition of Medallion Midstream

SEATTLE (Oil Monster): ONEOK, Inc. announced that it has successfully closed acquisition of Medallion Midstream from Global Infrastructure Partners for a total cash consideration of nearly $2.6 billion. The acquisition comprises of more than 1,200 miles of pipelines that gather crude oil.

Commenting on the acquisition, Pierce H. Norton II, ONEOK president and chief executive officer stated that the acquisition of Medallion marks continuation of the company’s demonstrated track record of intentional and disciplined growth. The transaction further diversifies ONEOK's asset portfolio. Furthermore, it adds a major crude oil gathering system to its Permian Basin platform, he added.

ONEOK anticipates to drive meaningful commercial synergies from acquired Medallion assets. The transaction will further extend the company’s value chain and continue to enhance its position as one of the largest diversified energy infrastructure companies in the North American region, focusing on the rising demand for domestic as well as international energy services.

Medallion Midstream is the largest privately held crude gathering and transportation system in the Permian's Midland Basin.