ONEOK (OKE) completes the previously announced acquisition of Magellan Midstream Partners. This transaction will help ONEOK to expand operations and boost revenues.
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The North American fossil fuel sector is undergoing a wave of transactions tied to changes in the energy mix, with companies placing their bets on the relative values of oil, natural gas or clean power. The latest deal was the $18.8bn sale of pipeline company Magellan Midstream Partners to rival Oneok this week. Magellan’s pipes and storage tanks are heavily concentrated in oil, while Oneok’s assets carry more natural gas.