ONEOK, Magellan Shareholders Approve Merger

ONEOK, Inc., September 22, 2023

ONEOK, Inc. ("ONEOK") and Magellan Midstream Partners, L.P. ("Magellan") today announced that, at their respective Special Meetings, ONEOK shareholders and Magellan unitholders approved the previously announced merger.

"We are very pleased with the strong support from ONEOK shareholders and Magellan unitholders, which reflects their belief in the power of our combination," said Pierce H. Norton II, ONEOK president and chief executive officer. "Having achieved this important milestone, we look forward to closing on September 25 and moving forward as one company with a continued commitment to creating value for our shareholders."

"We appreciate that investors recognize the combination with ONEOK captures full value for Magellan unitholders and are grateful for their constructive engagement over the past few months," said Aaron Milford, Magellan chief executive officer. "Together, we believe the combined company will have stronger growth prospects and generate greater value than Magellan could deliver standalone, and we are excited to be one step closer to uniting our teams."

According to preliminary results of the ONEOK Special Meeting of Shareholders, approximately 96% of the common shares voted were in favor of the transaction.

According to preliminary results of the Magellan Special Meeting of Unitholders, approximately 76% of the common units voted, or 111.2 million units, were cast in favor of the merger, resulting in 55% of outstanding units voting in favor.

ONEOK and Magellan will each disclose the final vote results of their respective Special Meetings on Form 8-Ks filed with the U.S. Securities and Exchange Commission. The merger remains subject to satisfaction of other customary closing conditions and is anticipated to close before market on Monday, September 25, 2023, with Magellan common units expected to cease trading on the New York Stock Exchange at the close of business on Friday, September 22. As previously announced, upon completion of the transaction, Magellan unitholders will receive $25.00 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit they own immediately prior to the effective time of the transaction.


ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Permian and Mid-Continent regions with key market centers and owns an extensive network of gathering, processing, fractionation, transportation and storage assets. ONEOK is a FORTUNE 500 company and is included in the S&P 500. For information about ONEOK, visit the website:

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at

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