ONEOK completes $2.6B acquisition of Medallion Midstream, largest private Permian crude system

ONEOK INC /NEW/

Total cash consideration ~$2.6B for Medallion and DoublePoint interests acquired from Global Infrastructure Partners.
Medallion includes >1,200 miles of crude gathering pipelines with ~1.3M bpd capacity and 1.5M barrels storage in Permian Basin.
CEO Norton says acquisition diversifies asset portfolio and extends value chain in Permian Basin.
Assets connect with ONEOK's long-haul crude pipelines; ONEOK owns 43% of EnLink (NYSE: ENLC).

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