Oneok’s Deal Makes Everyone Happy

Oneok (OKE) is developing a habit of surprising the market with their acquisitions. Last year’s deal with Magellan Midstream (MMP) was roundly criticized, including by us, because of few obvious synergies and an unwelcome tax bill for MMP unitholders (see Oneok Does A Deal Nobody Needs).   MMP’s refined products business didn’t look like a […]