Oneok to Acquire Brazos Midstream Permian Basin Assets for About $4.43 Billion

04:10 AM EDT, 08/31/2026 (MT Newswires) -- Oneok (OKE) said Sunday it has agreed to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing facilities for about $4.43 billion. The acquisition will be funded through a $9 billion non-voting minority equity investment from funds and affiliates managed by Apollo Global Management (APO). The purchase of the Permian Basin assets positions Oneok for long-term growth and will double processing capacity and accelerate deleveraging. Oneok said it intends to use $5 billion of proceeds from the equity investment to reduce its debt. The deal is set to close in Q4, subject to customary closing conditions.