ONEOK's acquisition of Magellan Midstream Partners adds refined products and crude oil transportation assets to its natural gas and NGL portfolio, creating more than 50,000 miles of pipeline infrastructure and a connection to almost 50% of the U.S.’ refining capacity. (Source: Shutterstock)
ONEOK Inc. completed its acquisition of Magellan Midstream Partners LP on Sept. 25 following its narrow approval by Magellan shareholders on Sept. 21, the Tulsa, Oklahoma-based midstream service provider announced in a press release.
The acquisition adds refined products and crude oil transportation assets to ONEOK’s natural gas and NGL portfolio, creating more than 50,000 miles of pipeline infrastructure and a connection to almost 50% of the U.S.’ refining capacity, according to ONEOK’s website.
Magellan unitholders received $25 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit. Magellan common units will no longer be publicly traded on the New York Stock Exchange, while ONEOK will continue to trade on the NYSE.
"This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company," Pierce H. Norton II, ONEOK president and CEO, said in the press release. "Our expanded products platform will present additional opportunities in ONEOK's core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders."
Recommended Reading
BLM Sets Aside Land for Solar Project Review in Utah
2024-12-02 - The project proposed for development by Hanwha Energy Corp.’s 174 Power Global could generate an estimated 600 megawatts of solar electricity.
New US Solar Tariffs on Southeast Asia to Raise Prices, Cut Profit Margins
2024-12-02 - A new round of U.S. solar panel import tariffs on Southeast Asian producers is expected to raise consumer prices and cut into producer profit margins.
US Supreme Court Should Avoid Climate Change Cases, Biden Administration Says
2024-12-11 - The Biden administration is urging the U.S. Supreme Court to reject efforts by oil companies to prevent lawsuits accusing the fossil fuel producers of deceiving the public about climate change.
Trump Taps Ex-Congressman Zeldin to Run Environmental Protection Agency
2024-11-11 - U.S. President-elect Donald Trump said on Nov. 11 he will appoint Republican former Congressman Lee Zeldin, who frequently voted against legislation on green issues, to run the Environmental Protection Agency.
Mexico to Extend $6.7B to Cover Oil Producer Pemex's Debt in 2025
2024-11-15 - The Mexican government expects to transfer 136 billion pesos (US$6.69 billion) to state oil producer Pemex next year to help the heavily indebted firm meet its debt and loan repayments.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.