What is the total value of Apollo Global Management's investment in Oneok's acquisition of Brazos Midstream's assets, and what does it cover?

Apollo Global Management Inc. and its affiliates are making a $9 billion investment that covers both the $4.4 billion acquisition of Brazos Midstream Holdings LLC’s Permian Midland Basin natural gas gathering and processing assets and the repayment of approximately $5 billion of Oneok’s debt.

How will this deal impact Oneok's processing capacity in the Midland Basin, and why is that significant?

The deal will more than double Oneok’s processing capacity on the Midland Basin side of the Permian, enabling the company to capture growing volumes of natural gas and natural gas liquids from the region—driven by demand from data centers and liquefied natural gas exports—and route them through its existing pipelines and processing infrastructure.

Oneok to Acquire Natural Gas Assets With $9 Billion Apollo Stake

Aug 30, 2026

Oneok Inc. agreed to acquire Brazos Midstream’s natural gas operations for $4.4 billion alongside a $9 billion Apollo investment. The deal expands Permian Basin capacity and targets paying down $5 billion in debt by closing in late 2026.

bloomberg

2026-08-30

Oneok to Acquire Natural Gas Assets With $9 Billion Apollo Stake

2026-08-30

ONEOK to buy Brazos Midstream's Permian Midland Basin assets for $4.43 billion

Oneok to Acquire Natural Gas Assets With $9 Billion Apollo Stake

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