OKE

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As noted last week, midstream MLPs and corporations broadly raised full-year financial guidance following a strong second quarter. Looking ahead, the sector's growth runway is accelerating.

ONEOK's $4.425B Brazos Midland deal more than double Midland Basin processing capacity and expand its Permian footprint.

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ONEOK NYSE: OKE said it has agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Basin's Midland Basin for $4.425 billion, alongside a $9 billion minority equity investment from funds and affiliates managed by Apollo.

ONEOK is downgraded to "Hold" as valuation limits clear double-digit annual total return potential despite strong fundamentals. OKE delivered record Q2 2026 results with 52.8% YoY revenue growth, robust NGL throughput, and raised 2026 EBITDA guidance to $8.35 billion. Growth is underpinned by data center-driven demand, new supply contracts, and a pipeline of expansion projects slated through 2028.

ONEOK is set to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.43 billion, expanding its footprint in prolific American oil hub.

ONEOK said on Sunday it has agreed to buy ​Brazos Midstream's Permian Midland Basin natural gas gathering ‌and processing assets for around $4.43 billion, more than doubling the U.S. pipeline operator's processing capacity in the region.

TULSA, Okla., Aug. 30, 2026 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced the commencement of cash tender offers ("Tender Offers") to purchase up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $2 billion (subject to increase or decrease by ONEOK, the "Aggregate Maximum Tender Amount") of its outstanding debt securities of the 20 series listed in the table below (the "Notes" and, each series, a "series of Notes"), subject to the order of priority (the "Acceptance Priority Levels") as set forth in the table below under "Acceptance Priority Level.

Acquisition Increases Momentum Toward the High End of ONEOK's Mid- to High- Single-Digit Adjusted EBITDA Growth Target Over the Next Five to Seven Years Expected to Be Immediately Accretive to Earnings and Free Cash Flow Per Share $9 Billion Minority Equity Investment from ApolloFunds Acquisition and $5 Billion Debt Extinguishment Accelerates Deleveraging to 3.25x Debt-to-EBITDA with  No Issuance of Common Equity Accelerates ONEOK's Flexibility for Capital Allocation Including Organic Growth, Potential Dividend Increases and Share Buybacks TULSA, Okla., Aug. 30, 2026 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced that it has executed a definitive agreement to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for total cash consideration of $4.425 billion.