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Oil & Gas Stock Roundup: Acquisition News From ONEOK and Chevron Take Center Stage

Apart from ONEOK Inc. (OKE) and Chevron (CVX), ExxonMobil (XOM), Cheniere Energy (LNG) and TechnipFMC (FTI) hogged attention during the week.

Wed, 24 May 2023 12:22:00 +0000 — Read more…

ONEOK Announces Retirement of Stephen B. Allen, Senior Vice President, General Counsel and Assistant Secretary

ONEOK, Inc. (NYSE: OKE) today announced that Stephen B. Allen, senior vice president, general counsel and assistant secretary will retire in mid-August 2023 after more than 17 years with the company.

Mon, 22 May 2023 22:20:00 +0000 — Read more…

4 big deal reports: Amgen-Horizon merger on the ropes

Here is your Pro Recap of 4 head-turning deal dispatches you may have missed this week: potential block of Horizon/Amgen transaction, merger deals at Magellan Midstream/Oneok and Urstadt Biddle/Regency Centers, and New Relic’s potential $5B acquisition. InvestingPro subscribers got this news before anyone else. Horizon Therapeutics (NASDAQ:HZNP) shares plunged more than 14% on Tuesday after the report that the U.S. Federal Trade Commission (FTC) is expected to introduce a lawsuit to block the proposed $27.8 billion merger with Amgen (NASDAQ:AMGN).

Sun, 21 May 2023 09:19:33 +0000 — Read more…

Oneok Investors Are Balking at the Magellan Deal

The pipelines combination of Oneoke and Magellan requires shareholder approval from both sides. That is far from certain amid questions about the merit of the $18.8 billion transaction.

Fri, 19 May 2023 21:36:00 +0000 — Read more…

Why Magellan Midstream Partners Stock Soared 13% This Week

Shares of Magellan Midstream Partners (NYSE: MMP) shot up this week, trading 13% higher as of noon Friday, according to data provided by S&P Global Market Intelligence. Ironically, several analysts downgraded the midstream energy stock over the past few days, but investors had a valid reason to rejoice. Earlier in May, Magellan Midstream reported solid 18% year-over-year growth in its distributable cash flow (DCF) and a whopping 65% growth in net income for the first quarter.

Fri, 19 May 2023 17:20:22 +0000 — Read more…

ONEOK Buys Magellan (MMP) for $18.8B, Creates Midstream Giant

Magellan (MMP) and ONEOK join forces to create a midstream giant with a net enterprise value of $60.0 billion.

Thu, 18 May 2023 12:29:12 +0000 — Read more…

ONEOK (OKE) Signs $18.8B Merger Agreement With Magellan

ONEOK (OKE) signs a merger agreement with Magellan. This pact will open up Magellan's refined products and crude oil transportation business to ONEOK.

Wed, 17 May 2023 17:49:05 +0000 — Read more…

Could This Catalyst Spark a Consolidation Wave Among These High-Yielding Dividend Stocks?

ONEOK's acquisition of Magellan Midstream Partners might lead to more deals in the midstream space.

Wed, 17 May 2023 11:10:00 +0000 — Read more…

Company News for May 16, 2023

Companies In The News Are: OKE, MMP, NEM, WDC, SHAK.

Tue, 16 May 2023 13:21:01 +0000 — Read more…

Magellan Midstream Holders Face Big Tax Hit From Oneok Deal

People with units of the pipeline operator will be fully taxed on the entire cash-and-stock deal, so much of their gains will go to Uncle Sam.

Tue, 16 May 2023 12:41:00 +0000 — Read more…

This $18.8 Billion High-Yield, Dividend-Stock Megadeal Is a Bit of a Head-Scratcher

Pipeline companies ONEOK (NYSE: OKE) and Magellan Midstream Partners (NYSE: MMP) are merging to create a $60 billion energy infrastructure giant. The transformative transaction will form a much more diversified energy midstream company. The deal also has significant financial and tax benefits, enhancing the combined company's ability to support a high-yielding dividend.

Tue, 16 May 2023 11:18:00 +0000 — Read more…

The energy mega-deal stuck in the pipeline

My colleagues reported over the weekend that European leaders want to ban Russian gas imports on routes where Moscow has cut supplies, which would escalate the energy war. If enacted, the move would put a significant barrier up for any potential energy rapprochement down the road. In today’s newsletter, I look at a big pipeline deal between Oneok and Magellan Midstream, and what it says about the profound shift under way in the American energy landscape.

Tue, 16 May 2023 11:00:32 +0000 — Read more…

Markets Make Gains on Debt Ceiling Talks, Data Ahead

U.S. equities made small advances on Monday, May 15, 2023 on optimism about the debt ceiling negotiations, and new economic data coming this week

Mon, 15 May 2023 20:44:01 +0000 — Read more…

These Stocks Are Moving the Most Today: Oneok, Magellan Midstream, Sarepta, Western Digital, SoFi, and More

Oneok will be buying Magellan Midstream Partners in a cash-and-stock deal with a value of about $18.8 billion including debt, Sarepta stock surged after a FDA panel recommended approval of a gene therapy for muscular dystrophy, and SoFi stock was downgraded.

Mon, 15 May 2023 20:34:00 +0000 — Read more…

US STOCKS-Dow, S&P edge up as data, debt ceiling curb gains

The S&P 500 and the Dow ended with modest gains on Monday after manufacturing data raised concerns about a slowing U.S. economy that could help bring down inflation amid ongoing debt ceiling negotiations, while a rise in Meta shares helped lift the Nasdaq. "This is always tough because we are in a period now where bad news is actually good news from a stocks standpoint and vice versa, but you still get the market reacting when you get a bad number because everybody then begins to worry about a recession," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

Mon, 15 May 2023 20:24:12 +0000 — Read more…

ONEOK Buys Magellan for $18.8 Billion to Add Oil, Refined Products

Natural gas pipeline operator ONEOK agreed to buy Magellan Midstream Partners, L.P. for $18.8 billion.

Mon, 15 May 2023 20:14:21 +0000 — Read more…

US STOCKS-Dow, S&P end slightly firmer as data, debt ceiling curb gains

The S&P 500 and the Dow ended with modest gains on Monday after manufacturing data raised concerns about a slowing U.S. economy amid ongoing debt ceiling negotiations, while a rise in Meta shares helped lift the Nasdaq. "This is always tough because we are in a period now where bad news is actually good news from a stocks standpoint and vice versa, but you still get the market reacting when you get a bad number because everybody then begins to worry about a recession," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

Mon, 15 May 2023 20:00:33 +0000 — Read more…

US STOCKS-Dow, S&P little changed as data, debt ceiling weigh

The S&P 500 and the Dow held near the unchanged mark on Monday after manufacturing data raised concerns about a slowing U.S. economy in the face of debt ceiling negotiations, although gains in Meta shares helped lift the Nasdaq. "This is always tough because we are in a period now where bad news is actually good news from a stocks standpoint and vice versa, but you still get the market reacting when you get a bad number because everybody then begins to worry about a recession," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

Mon, 15 May 2023 18:38:17 +0000 — Read more…

ONEOK shares drop on concerns over Magellan pipeline deal

-Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. ONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. The businesses are quite distinct and the potential value from the deal depends heavily on the impact on ONEOK's future tax liabilities, analysts said.

Mon, 15 May 2023 18:11:40 +0000 — Read more…

Mega Midstream Merger Has Investors Shrugging

Analysts expected energy company Oneok to make a big deal. The company on Sunday [announced](https://www.wsj.com/articles/14-billion-deal-to-create-mega-pipeline-company-42d279d6?mod=markets_featst_pos1) that it agreed to merge with Magellan Midstream Partners in a deal that would create the second biggest midstream operator in the U.S. with a market value of $40 billion. Investors aren’t sold on the deal; Oneok's stock was down as much as 9.9% late Monday morning.

Mon, 15 May 2023 17:15:01 +0000 — Read more…

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