Do you hear a vroom? If so, that would be compliments of Tulsa-based ONEOK and its well-oiled (pun intended) midstream machine that sounds a might throatier today. Reese Energy Consulting is following the latest news from the infrastructure giant, which has added more horsepower to its 50,000+ miles of pipeline, and natural gas, NGL, crude oil, and refined products networks.

Months before last fall’s stampede of megamergers, ONEOK welcomed a transformational change by diversifying its long-held natural gas and NGL pursuits with the May 2023 acquisition of Tulsa neighbor Magellan Midstream. The $18.8 billion deal included 9,800 miles of refined products pipelines, 2,200 miles of crude pipe, 56 terminals, and 39 MMbls of storage. Entering new hydrocarbon territory might’ve come as a surprise to some, but the rationale behind the merger was quite simple: Create a more powerful growth engine with greater opportunities to expand. And ONEOK has proved just that now with two separate acquisitions for a combined $5.9 billion that add high octane to all its hydrocarbon bases in a one-stop shopping spree with PE firm GIP.

In a $3.3 billion deal, ONEOK will snap up Dallas-based EnLink Midstream, which operates natural gas, crude oil, and NGL platforms in the Permian, Okla., North Texas, and Gulf Coast, and also gives the company a new entry into La. ONEOK will also pay $2.6 billion for Irving, Texas-based Medallion Midstream and lay claim to the largest privately held crude gathering and transportation system in the Permian Midland. Together, these acquisitions add 1.7 BCFD of Permian gas processing capacity and 1.6 MMBD of Permian crude gathering capacity to ONEOK’s midstream engine.