U.S. pipeline giants are aggressively acquiring private competitors to position themselves for a surge in natural gas production. ONEOK acquired Brazos Midstream’s Permian Basin assets for $4.42 billion, weeks after Williams bought Momentum Midstream for $5.5 billion. U.S. natural gas production, which has more than doubled since 2006 to account for about a quarter of global output, is projected to grow another 35% by 2050 to 150 billion cubic feet per day, driven by AI data center demand and LNG export facilities. ONEOK is funding the acquisitions largely through a $9 billion investment from Apollo Global Management.
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