ONEOK has signed a definitive agreement to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.425 billion in cash. The deal, expected to close in Q4 2026, will be financed by a $9 billion non-voting minority equity investment from funds managed by Apollo. The acquisition is anticipated to immediately increase ONEOK's earnings and free cash flow per share, more than doubling its Midland Basin processing capacity to nearly 2.3 billion cubic feet per day upon completion of the Cassidy II processing plant in Q3 2027.