ONEOK becomes sole owner of Delaware Basin JV in $940-million deal

ONEOK Inc., Tulsa, Okla., has acquired the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin joint venture) from NGP XI Midstream Holdings LLC for $940 million.

Delaware Basin JV owns natural gas gathering and processing infrastructure in the Delaware basin in West Texas and New Mexico, with a total processing capacity of more than 700 MMcfd.

Following the deal’s closing on May 28, 2025, As a result of such acquisition, EnLink Midstream Operating LP, a wholly owned indirect subsidiary of ONEOK, owns 100% of outstanding limited liability company interests of Delaware G&P LLC. 

The deal is comprised of $530 million in cash and $410 million in ONEOK common stock.