Two major energy infrastructure companies in Tulsa are about to become one.
ONEOK primarily deals with natural gas pipelines, while Magellan Midstream Partners mostly works with crude oil transportation. The newly combined company will do both.
The $18.8 billion dollar deal will result in an enterprise worth roughly $60 billion.
"We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK," Pierce H. Norton II, ONEOK president and chief executive officer, said in a press release.
Combined, ONEOK and Magellan have more than 25,000 miles of liquid pipeline with a heavy presence in the middle of the country.
Both are based in Tulsa and combined have thousands of employees. The deal is anticipated to close later this year.
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