Story perspectives

ONEOK to buy Brazos Midstream Permian assets for $4.425B

9/1/2026

Summary

ONEOK Acquires Midland

ONEOK Inc. agreed to acquire Brazos Midstream’s Permian Midland Basin assets for $4.425 billion in cash.
Apollo Global Management will provide a $9 billion non-voting minority equity investment.
ONEOK will use about $5 billion of the Apollo funds to retire existing debt.
The acquisition will more than double ONEOK’s Midland Basin processing capacity to roughly 2.3 Bcf/d.
The transaction is slated to close in the fourth quarter of 2026, pending regulatory approval.

Summary

ONEOK Rises

ONEOK shares closed at $95.55 on August 31, 2026, up 0.53% that day.
The stock rose 10.72% over the prior 20 sessions, touching a 20-day high of $97.95.
FINRA’s short-sale ratio for OKE ranged 0.455-0.815 over ten sessions to August 28, indicating no surge in bearish positioning.
The 10-year Treasury yield was 4.67% on August 27, and the 10-year/2-year spread narrowed to 0.39 percentage points.

History

Historical Context

The 2010 Deepwater Horizon explosion, which led BP to pay a record $20.8 billion settlement and prompted the Interior Department to tighten offshore drilling rules and lift a 33-rig moratorium by October 2010, set a precedent for stricter safety oversight. Building on that regulatory momentum, ONEOK announced a 2026 multi-billion-dollar purchase of Brazos Midstream’s Permian assets, financed by Apollo Global Management.

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ONEOK Acquires Midland

ONEOK Inc. agreed to acquire Brazos Midstream’s Permian Midland Basin assets for $4.425 billion in cash.
Apollo Global Management will provide a $9 billion non-voting minority equity investment.
ONEOK will use about $5 billion of the Apollo funds to retire existing debt.
The acquisition will more than double ONEOK’s Midland Basin processing capacity to roughly 2.3 Bcf/d.
The transaction is slated to close in the fourth quarter of 2026, pending regulatory approval.

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