On September 10, 2026, Oneok Inc. completed a holding company reorganization and closed a $9 billion minority equity investment from Apollo Global Management. Legacy Oneok merged into a subsidiary, with Falcon TopCo renamed to Oneok Inc., becoming the successor issuer for NYSE-listed common stock (ticker: OKE). Apollo contributed $9 billion in cash to ONEOK Holdings, L.L.C. in exchange for 900 million nonvoting Class B units. The proceeds will fund the acquisition of Brazos Midland, LLC and extinguish $5 billion of outstanding indebtedness. Credit rating agencies view the transaction as credit-enhancing. Oneok operates as a leading midstream energy infrastructure company providing gathering, processing, transportation, storage, and marine export services for natural gas, NGLs, refined products, and crude oil.

ONEOK, Inc. entered into a contribution agreement with Apollo Global Management to receive a $9 billion minority equity investment in exchange for Class B Units, which carry a capped return and no voting rights. Concurrently, ONEOK agreed to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for $4.425 billion. The transaction proceeds will fund the acquisition and extinguish approximately $5 billion of outstanding indebtedness, targeting a pro forma leverage ratio of 3.25x debt-to-EBITDA. ONEOK also commenced cash tender offers for up to $2 billion of senior notes as part of this deleveraging plan. The company operates in the midstream energy sector, providing gathering, processing, transportation, and storage services for natural gas, NGLs, and crude oil.

ONEOK reported second-quarter 2026 net income of $967 million ($1.53 per diluted share), a 13% increase year-over-year, driven by record NGL volumes and higher natural gas processing activity. Adjusted EBITDA rose 7% to $2.12 billion. The company increased its full-year 2026 financial guidance, raising net income expectations to a midpoint of $3.6 billion ($5.68 per share) and adjusted EBITDA to $8.35 billion. Capital expenditure guidance remained unchanged at approximately $2.7 billion to $3.2 billion. Additionally, ONEOK declared a quarterly dividend of $1.07 per share in July 2026. ONEOK is a leading midstream energy operator providing gathering, processing, transportation, and storage services for natural gas, NGLs, refined products, and crude oil.