ONEOK Acquires Medallion Midstream from Global Infrastructure Partners

ONEOK Acquires EnLink Midstream

January 31, 2025

Energy

ONEOK, Inc. has completed its acquisition of EnLink Midstream, LLC, with EnLink unitholders receiving 0.1412 shares of ONEOK common stock for each EnLink unit. The deal integrates EnLink's midstream infrastructure into ONEOK's platform, strengthening ONEOK's gathering, processing, transportation and storage capabilities and diversifying its asset base.

Cardinal Midstream Partners Acquires Medallion's Delaware Basin Gas Gathering and Processing Business

February 6, 2023

Energy

Cardinal Midstream Partners, a Dallas-based midstream platform backed by EnCap Flatrock Midstream, closed the acquisition of Medallion Midstream Services' natural gas gathering and processing business in the Delaware Basin (Reeves and Loving counties). The assets include ~80 miles of gathering pipelines and a 140 MMcf/d processing facility and are expected to serve as a cornerstone for Cardinal's growth and future bolt-on opportunities in the basin.

Phillips 66 Acquires Pinnacle Midstream from Energy Spectrum Capital

May 20, 2024

Energy

Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle Midstream II) from private equity firm Energy Spectrum Capital for $550 million to expand its natural gas gathering and processing footprint in the Midland Basin. The assets include the Dos Picos 220 MMcf/d processing plant, ~80 miles of gathering pipeline and 50,000 dedicated acres; the deal is expected to close mid‑2024 subject to customary conditions, including HSR clearance.

Energy Transfer LP Acquires Enable Midstream Partners

December 2, 2021

Oil & Gas

Dallas-based Energy Transfer LP completed its previously announced merger to acquire Oklahoma City-based Enable Midstream Partners, consolidating Enable’s gathering, processing, transportation and storage assets into Energy Transfer’s midstream network. The transaction, effective December 3, 2021, adds substantial fee-based cash flows and geographic footprint (Anadarko, Arkoma and Haynesville basins) and is expected to generate more than $100 million of annual run-rate synergies.

Energy Transfer Acquires WTG Midstream for $3.25 Billion

May 28, 2024

Oil & Gas

Energy Transfer LP agreed to acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion, comprising $2.45 billion in cash and ~50.8 million newly issued Energy Transfer common units. The deal, from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, adds WTG's Permian-focused midstream assets — including a 6,000-mile pipeline network, eight processing plants (≈1.3 Bcf/d) and a 20% interest in the BANGL NGL pipeline — to Energy Transfer's footprint to enhance its gas/NGL supply, processing and downstream capabilities.

Western Midstream Acquires Meritage Midstream for $885M

September 5, 2023

Energy

Western Midstream Partners, LP agreed to acquire Meritage Midstream Services II, LLC in an all-cash transaction for $885 million to expand its Powder River Basin footprint. The deal adds ~1,500 miles of gathering pipelines, ~380 MMcf/d processing capacity and the Thunder Creek NGL pipeline; closing was expected in Q4 2023 subject to customary approvals.