In a major consolidation within the U.S. oil and gas sector, ONEOK announced last year that it has entered into a landmark agreement to acquire Magellan Midstream Partners. The cash-and-stock transaction, worth a massive $18.8 billion, promises to generate a combined entity of considerable stature and influence in the American energy industry.
1. U.S. oil and gas company ONEOK made a landmark agreement to acquire Magellan Midstream Partners in a significant consolidation move within the sector.
2. The acquisition's cash-and-stock transaction value amounted to a massive $18.8 billion.
3. The combination of these two companies promises to create an entity with significant stature and influence in the American energy industry.
4. Buying Magellan Midstream Partners has solidified ONEOK's standing as a major player in the US oil and gas industry and added to its portfolio.
5. With this merger, the two companies aim to capitalize on growing fossil fuel demand and the evolving energy landscape, signaling potential growth and expansion.
The deal between ONEOK and Magellan Midstream Partners was valued at a staggering $18.8 billion.
With the purchase of Magellan Midstream Partners, ONEOK has further established its position as a major player in the US oil and gas industry. The $18.8 billion deal not only expanded ONEOK's portfolio but also consolidated its role in supporting American energy manufacturing. By combining resources, these two giants aim to capitalize on the increased demand for fossil fuel, as well as the evolving energy landscape, which leaves room for potential growth and expansion.