FORT WORTH, Texas, Oct 7 — Brazos Midstream (“Brazos”) today announced the closing of the previously announced sale of its Midland Basin natural gas gathering and processing assets to ONEOK, Inc. (NYSE: OKE) for $4.425 billion.
Over the last four years, Brazos has significantly expanded its Midland Basin operations, building one of the region’s premier natural gas gathering and processing platforms. Supported by long-term relationships with leading producers, the system includes approximately 700 miles of natural gas gathering pipelines and 1.1 billion cubic feet per day of combined processing capacity, including capacity currently under construction to support continued producer growth.
CEO Perspective
“This transaction represents an important milestone for Brazos and is a testament to the best-in-class assets our team has built in the Midland Basin,” said Brad Iles, Chief Executive Officer of Brazos Midstream. “We appreciate ONEOK’s collaborative approach and are confident these assets are well positioned for continued growth under their ownership.”
Iles added, “Most importantly, my partners and I want to recognize the entire Brazos team, whose hard work, ingenuity and commitment to our customers made this achievement possible. Over the last four years, our team worked tirelessly and against great odds to build our Midland business and we could not be more proud of what we accomplished together. We are also incredibly grateful to our financial partners, Old Ironsides Energy and EnCap Flatrock Midstream, for their longstanding support and commitment as we executed our plan in the Midland Basin.”
Delaware Basin Asset Sale
Earlier this year, Brazos completed the sale of its Delaware Basin assets to Western Midstream Partners, LP. The Delaware Basin system included approximately 900 miles of gathering pipeline and a natural gas processing complex with 460 million cubic feet per day of processing capacity. Together, the transactions reflect the value Brazos has created through the development and growth of large-scale midstream infrastructure across the Permian Basin.
