# ONEOK acquisition of Brazos Midstream assets

> Live situation record from CLSTR: https://clstr.news/situations/oneok-acquisition-of-brazos-midstream-assets
> Updated: 2026-10-11T17:33:12.000Z. Sources: 4. Developments: 2.

ONEOK, Inc. has finalized a $4.425 billion cash acquisition of Brazos Midstream’s natural gas gathering and processing assets located in the Permian Midland Basin.

The acquired infrastructure includes approximately 700 miles of gathering pipelines and a processing capacity of 1.1 billion cubic feet per day, including facilities under construction. This transaction more than doubles ONEOK’s Midland Basin processing capacity to roughly 2.3 billion cubic feet per day. The assets are supported by roughly 600,000 dedicated acres and secured through long-term, fixed-fee contracts with a weighted-average remaining term exceeding 12 years.

ONEOK indicated that the acquisition, following a $9 billion minority equity investment from Apollo-managed funds, will be used to support the purchase and approximately $5 billion in debt reduction. The company expects the deal to immediately increase earnings and free cash flow per share.

## Timeline

### 2026-10-11: ONEOK completes $4.425 billion Brazos Midstream acquisition

ONEOK has completed a $4.425 billion cash acquisition of Brazos Midstream’s natural gas assets in the Permian Midland Basin, doubling its regional processing capacity.

2 sources. https://clstr.news/cluster/oneok-completes-4425-billion-brazos-midstream-acquisition

### 2026-10-06: ONEOK acquires Brazos Midstream assets in Midland Basin for $4.425 billion

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

2 sources. https://clstr.news/cluster/oneok-acquires-brazos-midstream-assets-in-midland-basin-for-4425-billion

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Cite as: ONEOK acquisition of Brazos Midstream assets. CLSTR, https://clstr.news/situations/oneok-acquisition-of-brazos-midstream-assets