It cost $940 million, but ONEOK, Inc. is now the sole owner of a Delaware Basin pipeline system.
The Tulsa company announced this week its acquisition of the remaining 49.9% interest in the gas and processing asset known as Delaware G&P LLC. The acquisition was from NGP XI Midstream Holdings, LLC and the $940 million consisted of $530n million in cash and $410 million in ONEOK common stock. The remaining stake in the asset was included in ONEOK’s EnLink Midstream acquisition in January.
Delaware Basin JV owns natural gas gathering and processing facilities in the Delaware Basin in West Texas and New Mexico, with a total processing capacity of more than 700 million cubic feet per day. Following the close of the transaction on May 28, 2025, ONEOK became the sole owner of Delaware Basin JV.
The pipeline sysstem becomes part of ONEOK’s approximately 60,000-mile pipeline network used to transport the natural gas, natural gas liquids, refined products and crude oil.