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ONEOK to Acquire Brazos Midland Gas Assets for $4.425 Billion

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ONEOK agreed to acquire Brazos Midstream natural gas gathering and processing assets in the Permian Basin’s Midland sub-basin for $4.425 billion in cash, expanding its footprint across seven counties. Financing is set up to avoid issuing common equity. After Cassidy II starts in Q3 2027, the system is expected to add about 700 miles of gathering and 1.2 Bcf/d of processing, more than doubling Midland capacity to about 2.3 Bcf/d, with the deal expected to be accretive to earnings and free cash flow per share.

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