ONEOK Acquired Remaining Stake in the Delaware Basin Joint Venture

SEATTLE (Oil Monster): Tulsa-headquartered American oil and gas midstream operator ONEOK announced that it has acquired the remaining 49.9% stake in the Delaware Basin joint venture (JV) from NGP XI Midstream Holdings in a transaction valued $940 million. The transaction was finalized on May 28, 2025.

Following the transaction's completion, ONEOK is now the JV's only owner. $530 million in cash and the remaining $410 million in ONEOK ordinary stock made up the deal.

The most recent acquisition comes after ONEOK made significant moves recently, such as forming joint ventures with MPLX in February to build an LPG export terminal and a pipeline to connect it in Texas City.

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ONEOK sold its three interstate natural gas pipeline networks to DT Midstream earlier in 2025. Additionally, in January 2025, the business successfully acquired EnLink Midstream, a provider of integrated midstream infrastructure services with its headquarters located in Dallas.

With a combined processing capacity of over 700 million cubic feet per day, the Delaware Basin JV owns natural gas collection and processing facilities in the Delaware Basin in West Texas and New Mexico.

Gathering, processing, fractionation, transportation, storage, and maritime export services are all provided by ONEOK, one of the most integrated energy infrastructure firms in North America.