ONEOK acquires Brazos Midstream assets in Midland Basin for $4.425 billion

Brazos Midstream has finalized the sale of its natural gas gathering and processing assets in the Midland Basin to ONEOK, Inc. for $4.425 billion.

The acquired system consists of approximately 700 miles of natural gas gathering pipelines and a combined processing capacity of 1.1 billion cubic feet per day, which includes capacity currently under construction. Brazos CEO Brad Iles stated the transaction is a milestone that reflects the quality of the assets built over the last four years.

This deal follows an earlier transaction by Brazos, which completed the sale of its Delaware Basin assets to Western Midstream Partners, LP. That system included roughly 900 miles of gathering pipeline and a processing complex with a capacity of 460 million cubic feet per day.