{"id":8953,"date":"2023-05-15T12:20:39","date_gmt":"2023-05-15T16:20:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oneok-stock-falls-after-19-billion-deal-to-become-oil-and-gas-pipeline-giant\/"},"modified":"2023-05-15T12:20:41","modified_gmt":"2023-05-15T16:20:41","slug":"oneok-stock-falls-after-19-billion-deal-to-become-oil-and-gas-pipeline-giant","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8953","title":{"rendered":"Oneok Stock Falls After $19 Billion Deal to Become Oil and Gas Pipeline Giant"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000645849\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Oil pipeline operator<br \/>\n        Oneok<br \/>\n      agreed to buy rival<br \/>\n        Magellan<br \/>\n       in a deal that values the company at about $19 billion.<\/p>\n<p>\n        Oneok<br \/>\n       (ticker: OKE) will pay<br \/>\n        Magellan Midstream Partners<br \/>\n      (MMP)  shareholders $25 and 0.6670 shares of Oneok common stock, representing a premium of about 22% on Magellan\u2019s closing price Friday, Oneok said in a press release Sunday. The company will also assume $5 billion of Magellan\u2019s debt.<\/p>\n<div class=\"paywall\">\n<p>Oneok shares fell 9.3% at the open Monday to $57.81. Magellan stock jumped 13.3% to $62.78.\u00a0<\/p>\n<p>The merger creates a company with an enterprise value of about $60 billion and more than 25,000 miles of liquid-oriented pipelines. It gives Oneok, until now mainly a transporter of natural gas, access to transportation of crude oil and refined products. It comes after a year in which both oil and gas prices spiked after Russia invaded Ukraine and then fell back on concerns that supply will remain ample and demand will weaken.<\/p>\n<p>\u201cThe combination of Oneok and Magellan will create a diversified North American midstream infrastructure company,\u201d said Pierce H. Norton, Oneok\u2019s chief executive officer.<\/p>\n<p>Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/oneok-magellan-midstream-stock-price-deal-3ddc2d8d?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil pipeline operator Oneok agreed to buy rival Magellan in a deal that values the company at about $19 billion. Oneok (ticker: OKE) will pay Magellan Midstream Partners (MMP) shareholders $25 and 0.6670 shares of Oneok common stock, representing a premium of about 22% on Magellan\u2019s closing price Friday, Oneok said in a press release [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-8953","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oneok Stock Falls After $19 Billion Deal to Become Oil and Gas Pipeline Giant | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil pipeline operator Oneok agreed to buy rival Magellan in a deal that values the company at about $19 billion. 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