ONEOK completes acquisition of remaining 49.9% in Delaware Basin JV for $940mn

Energy company ONEOK has acquired full ownership of Delaware Basin JV, consolidating its natural gas gathering and processing assets in the Permian Basin for a total amount of $940mn.

Partagez:

U.S.-based ONEOK, Inc. announced it has acquired the remaining 49.9% stake in Delaware G&P LLC (Delaware Basin JV) for a total amount of $940mn. The transaction was made with NGP XI Midstream Holdings, L.L.C., a subsidiary of Texas-based fund NGP, and closed on May 28. The deal strengthens ONEOK’s position in the Permian Basin, one of the most active natural gas producing regions in the United States.

A mixed cash and stock transaction

The acquisition was settled with $530mn in cash, while the remaining $410mn was paid in ONEOK common stock. The company now becomes the sole owner of Delaware Basin JV, which owns and operates natural gas gathering and processing infrastructure in West Texas and southeastern New Mexico. The facilities in question have a processing capacity exceeding 700mn cubic feet per day.

This move is part of ONEOK’s long-term expansion strategy in the Permian Basin, which remains a key area for the development of hydrocarbon transportation and processing infrastructure. According to internal company data, the region represents a growing share of its processed volumes and investment flows.

Strengthening the gas transport network

ONEOK operates a pipeline network of approximately 60,000 miles across the United States, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil. With full control of Delaware Basin JV, the group fully integrates these assets into its portfolio, gaining operational flexibility in one of its strategic markets.

The transaction may allow ONEOK to better manage synergies with its other facilities in the region, particularly concerning compression, storage, and marine exports via the Gulf Coast. No specific timeline has been communicated regarding potential expansions or additional investments at this stage.

“This acquisition fully aligns our asset portfolio with our growth strategy in the Permian Basin,” said Pierce H. Norton II, Chief Executive Officer of ONEOK, quoted in the company press release issued on June 3.

Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Nepal reveals a significant potential reserve of methane in the west of the country, following exploratory drilling conducted with technical support from China, opening new economic prospects.
Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
TotalEnergies and QatarEnergy have won the Ahara exploration licence, marking a new stage in their partnership with SONATRACH on a vast area located between Berkine and Illizi.
After four years of interruption due to regional insecurity, TotalEnergies announces the upcoming resumption of its liquefied natural gas project in Mozambique, representing a $20bn investment.
The French group has acquired from PETRONAS stakes in several licences covering more than 100,000 km² off Malaysia and Indonesia, consolidating its Asian presence and its exposure to the liquefied natural gas market.
In response to rising summer electricity consumption, Egypt signs import agreements covering 290 shipments of liquefied natural gas, involving major international firms, with financial terms adjusted to the country’s economic constraints.
Egyptian fertilizer producers suspended their activities due to reduced imports of Israeli gas, following recent production halts at Israel's Leviathan and Karish gas fields after Israeli strikes in Iran.
A report identifies 130 gas power plant projects in Texas that could raise emissions to 115 million tonnes per year, despite analysts forecasting limited short-term realisation.
Japanese giant JERA will significantly increase its reliance on US liquefied natural gas through major new contracts, reaching 30% of its supplies within roughly ten years.
Sustained growth in U.S. liquefied natural gas exports is leading to significant price increases projected for 2025 and 2026, as supply struggles to keep pace with steadily rising demand, according to recent forecasts.