ONEOK to Buy Brazos Permian Assets for $4.425 Billion
The midstream company said the Midland Basin gathering and processing platform advances its wellhead-to-water strategy and adds long-term contracted volume.
ONEOK, Inc. (OKE) agreed to purchase Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for $4.425 billion in an asset-purchase deal.
The acquisition expands the company’s scale in the Midland Basin, advances an integrated wellhead-to-water strategy and strengthens connectivity across its natural gas and NGL value chain, positioning ONEOK to capture volume growth in one of the most economic and rapidly growing resource plays.
President and Chief Executive Officer Pierce H. Norton II said the assets add a premier Midland Basin platform supported by long-term contracts and attractive growth opportunities.
The deal is an asset purchase rather than a stock or unit transaction, and the release did not state an exchange ratio, cash-per-share figure, premium or expected close date.
The Midland Basin has been a recurring target for midstream and royalty buyers seeking contracted gathering and processing capacity. Western Midstream Partners, LP (WES) closed a $1.6 billion purchase of Brazos Delaware II, LLC, in June 2026, paying about $800 million in cash and $800 million in common units to expand its Delaware Basin footprint. Kimbell Royalty Partners, LP (KRP) closed a $145.9 million cash-and-unit acquisition of Permian mineral and royalty interests from Mesa Royalties in June 2026. Ring Energy, Inc. (REI) completed a $100 million purchase of the Lime Rock Central Basin Platform in March 2025. Diversified Energy and Carlyle agreed in May 2026 to a $1.175 billion Oklahoma asset deal expected to close in the third quarter of 2026.
ONEOK’s stated rationale centers on Midland Basin scale and contracted growth rather than a specific acreage or capacity figure. The company framed the assets as a platform that fits an existing wellhead-to-water model and extends connectivity across gas and NGL systems.
The $4.425 billion price is the largest of the recent Permian midstream and royalty transactions listed here. Western Midstream’s Brazos Delaware deal was $1.6 billion, Kimbell’s Mesa Royalties purchase was $145.9 million, Ring’s Lime Rock close was $100 million, and Diversified’s Oklahoma acquisition was $1.175 billion.
The Midland assets are supported by long-term contracts. The release did not disclose contract duration, counterparty mix, processing capacity, dedicated acreage or a closing timeline.