Oklahoma pipeline company ONEOK will acquire Magellan Midstream Partners in $18.8 billion deal

Two major energy infrastructure companies in Tulsa are about to become one.

ONEOK primarily deals with natural gas pipelines, whileMagellan Midstream Partners mostly works with crude oil transportation. Thenewly combined company will do both.

The $18.8 billion dollar deal will result in an enterprise worth roughly $60 billion.

"We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK," Pierce H. Norton II, ONEOK president and chief executive officer, said in a press release.

Combined, ONEOK and Magellan have more than 25,000 miles of liquid pipeline with a heavy presence in the middle of the country.

Both are based in Tulsa and combined have thousands of employees. The deal is anticipated to close later this year.

This report was produced by the Oklahoma Public Media Exchange, a collaboration of public media organizations. Help support collaborative journalism by donating at the link at the top of this webpage.

Copyright 2023 KGOU. To see more, visit KGOU.