ONEOK Completes $18.8B Magellan Acquisition
Ticker: OKE · Form: 8-K · Filed: Jul 19, 2024 · CIK: 1039684
| Field | Detail |
|---|---|
| Company | Oneok INC /New/ (OKE) |
| Form Type | 8-K |
| Filed Date | Jul 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, energy, midstream
Related Tickers: MMP
TL;DR
ONEOK just bought Magellan for $18.8B, creating a bigger energy infrastructure giant.
AI Summary
On July 18, 2024, ONEOK Inc. filed an 8-K report to announce the completion of its acquisition of Magellan Midstream Partners, L.P. for approximately $18.8 billion. This strategic move aims to enhance ONEOK's natural gas liquids (NGL) and refined products infrastructure, creating a diversified energy infrastructure company.
Why It Matters
This significant acquisition positions ONEOK as a larger, more diversified energy infrastructure player, potentially impacting market dynamics and investor strategies in the midstream sector.
Risk Assessment
Risk Level: medium — The integration of a large acquisition like Magellan carries inherent risks related to operational synergy, debt management, and market reception.
Key Numbers
- $18.8B — Acquisition Value (Total cost of acquiring Magellan Midstream Partners, L.P.)
Key Players & Entities
- ONEOK Inc. (company) — Acquiring company
- Magellan Midstream Partners, L.P. (company) — Acquired company
- $18.8 billion (dollar_amount) — Acquisition price
- July 18, 2024 (date) — Date of acquisition completion
FAQ
What was the primary purpose of this 8-K filing?
The primary purpose was to report the completion of ONEOK Inc.'s acquisition of Magellan Midstream Partners, L.P.
What is the total value of the transaction?
The transaction value is approximately $18.8 billion.
When did the acquisition officially close?
The acquisition was completed on July 18, 2024.
What are the key assets ONEOK gains through this acquisition?
ONEOK enhances its natural gas liquids (NGL) and refined products infrastructure.
What is the expected outcome of this merger for ONEOK?
The merger is expected to create a more diversified energy infrastructure company.
Filing Stats: 460 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2024-07-19 16:31:55
Key Financial Figures
- $0.01 — registered Common stock, par value of $0.01 OKE New York Stock Exchange Indicate
Filing Documents
- oke-20240718.htm (8-K) — 25KB
- a7-18x24rpcdenverexpansi.htm (EX-99.1) — 7KB
- a7-18x24rpcdenverexpansi001.jpg (GRAPHIC) — 201KB
- a7-18x24rpcdenverexpansi002.jpg (GRAPHIC) — 197KB
- oke-20240718_g1.jpg (GRAPHIC) — 13KB
- 0001039684-24-000131.txt ( ) — 768KB
- oke-20240718.xsd (EX-101.SCH) — 3KB
- oke-20240718_def.xml (EX-101.DEF) — 14KB
- oke-20240718_lab.xml (EX-101.LAB) — 25KB
- oke-20240718_pre.xml (EX-101.PRE) — 15KB
- oke-20240718_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On July 18, 2024, we announced plans to expand our pipeline capacity connecting Mid-Continent and Gulf Coast refined products supply with the greater Denver area to meet growing demand and increase connectivity with Denver International Airport. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 News release issued by ONEOK, Inc. dated July 18, 2024. 104 Cover page interactive data file (embedded within the Inline XBRL document and contained in Exhibit 101). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ONEOK, Inc. Date: July 19, 2024 By: /s/ Walter S. Hulse III Walter S. Hulse III Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development 3