ONEOK, Inc. announced the successful completion of its acquisition of Medallion Midstream (Medallion) from Global Infrastructure Partners, for a total cash consideration of approximately $2.6 billion.
"With the acquisition of Medallion, the largest privately held crude gathering and transportation system in the Permian's Midland Basin, we continue our demonstrated track record of intentional and disciplined growth," said Pierce H. Norton II, ONEOK president and chief executive officer. "This acquisition further diversifies ONEOK's asset portfolio and adds an expansive and well-connected crude oil gathering system to our Permian Basin platform.
"We expect to drive meaningful commercial synergies from these complementary assets, which already connect with ONEOK's long-haul crude oil pipelines out of the basin," added Norton. "Through this transaction, we further extend our value chain and continue to enhance ONEOK's position as one of the largest diversified energy infrastructure companies delivering products and services vital to an advancing world."
The acquisition of Medallion includes more than 1,200 miles of crude oil gathering pipelines providing approximately 1.3 million barrels per day of capacity and approximately 1.5 million barrels of crude oil storage in the Permian Basin.
