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MI - Midstream working through compression; keeps flowing - June 2020
Oneok, Inc. came to the equity market last week to sell 26 million common shares for $832 million. It’s the largest sale by a midstream issuer since, well, Oneok’s January 2018 sale. Proceeds from the surprise sale could exceed $950 million upon full exercise of the 3.9 millionshare overallotment option, bringing the company closer to its $1.04 billion haul two and a half years ago (PG.1). Analysts see Oneok’s decision as a way to......
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