Press Release

Haynes Boone Advises ONEOK on $280 Million Strategic NGL Pipeline Acquisition

May 13, 2024
Haynes and Boone, LLP represented ONEOK, Inc. (NYSE: OKE) in its strategic acquisition of an approximately 450-mile natural gas liquids (NGL) pipeline system in the Gulf Coast region from Houston-based Easton Energy for approximately $280 million, subject to customary adjustments.

The transaction, expected to close mid-year 2024, will increase ONEOK's connectivity to critical supply and demand centers for its NGLs, refined products and crude oil in the Gulf Coast market. ONEOK plans to connect the acquired pipelines with its existing NGL infrastructure in Mont Belvieu, Texas and its Houston refined products and crude oil assets, accelerating commercial synergies from the company’s recent acquisition of Magellan Midstream Partners.

The Haynes Boone core deal team advising ONEOK was led by Energy, Power and Natural Resources partners Hugh Tucker and Jeremy Kennedy together with Counsel John Craven and support from Associate Farhad Tahir.

Partners Jennifer Wisinski (Corporate), Larry Shosid (Corporate), Brandon Jones (Tax), David Ammons (Litigation), Stephen Grant (Capital Markets) and Michael Lombardino (Labor and Employment) provided support with assistance from Counsel Brian Giovannini (Employee Benefits) and associates Bilal Sheriff (Corporate) and Hannah Shoss (Mergers and Acquisitions).

Haynes Boone’s market-leading Energy Practice Group consistently ranks among the most active legal advisors for U.S. deals in the energy industry. The group represents domestic and foreign public and private companies that conduct operations both internally and across the United States in the domestic resource plays and shale plays (including the Midland and Delaware Basins, Eagle Ford, Barnett, Haynesville, Wolfberry, Marcellus, Utica, Niobrara, Woodford and Bakken/Three Forks).