India, Oct. 6 -- On Tuesday, ONEOK, Inc. (OKE) announced that it has completed the acquisition of Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for approximately $4.425 billion in cash.
ONEOK President and CEO Pierce H. Norton II said the acquisition strengthens the company's position in the Permian Midland Basin by adding a high-quality gathering and processing platform with strong acreage, long-term contracts and major producers. The assets also offer future growth opportunities and will help ONEOK connect increasing natural gas and NGL production across its integrated system.
The acquisition more than doubles ONEOK's Midland Basin processing capacity to about 2.3 billion cubic feet per day,...