ONEOK's $4.42 billion Brazos deal leads midstream M&A surge

The article contrasts a broad freeze in energy dealmaking—driven by geopolitical conflict and high fuel prices—with a busy midstream sector. Private equity firms are selling pipeline and processing assets to public companies at high valuations, as buyers look to build scale. Andrew Dittmar of Enverus Intelligence Research notes that demand for infrastructure, especially natural gas, is being reshaped by LNG exports and data centers. A bipartisan Senate bill introduced Wednesday could expedite permitting for pipelines and other energy projects, potentially sustaining the deal momentum. The article also notes that upstream deals have slowed since Devon Energy's $26.5 billion acquisition of Coterra Energy in early February, with the largest subsequent deal being Magnolia Oil & Gas's $4 billion purchase of WildFire Energy. The outcome hinges on whether the permitting bill advances and whether buyers and sellers can bridge valuation gaps.