ONEOK Completes Acquisition of Magellan Midstream Partners
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ONEOK has completed its acquisition of Magellan Midstream Partners, creating a more diversified North American midstream infrastructure company focused on delivering essential energy products and services to its customers, and continued strong returns to investors.
The transaction was approved by ONEOK shareholders and Magellan unitholders at their respective special meetings held on September 21, 2023.
“This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company,” said Pierce Norton II, ONEOK president and chief executive officer.
“Our expanded products platform will present additional opportunities in ONEOK’s core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders,” added Norton.
ONEOK is a leading midstream service provider and owns one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Permian, and Mid-Continent regions with key market centers and owns an extensive network of gathering, processing, fractionation, transportation, and storage assets.
Magellan Midstream Partners primarily transports, stores, and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50 percent of the nation’s refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil.
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