ONEOK is buying Brazos Midstream’s natural gas gathering and processing assets in the Permian’s Midland Basin for $4.425 billion. The deal, announced August 30, will more than double ONEOK’s Midland Basin processing capacity to roughly 2.3 Bcf/d and is funded by a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo Global Management Inc. In today’s RBN blog, we look at what the transaction could mean for ONEOK.
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Let’s start with a little background on Brazos Midstream and note that the company has only agreed to sell its gas gathering and processing assets in the Midland (see photo below; we’ll discuss in detail farther down) and will maintain its crude oil assets in the basin. The Fort Worth, TX-based company got its start in April 2015 and, with financial backing from Old Ironsides Energy, a then-new private equity firm, Brazos quickly determined that the Permian (and more specifically the southern Delaware Basin in West Texas) offered the best midstream development opportunities and concentrated its efforts there (see Have It All). The timing worked. Thanks to producers’ success in “cracking the code” in the Wolfcamp, Bone Spring and other hydrocarbon-rich formations, the Permian turned out to be the only crude-focused shale play where production actually increased during the mid-2010s downturn in crude prices. Those wells also generated large volumes of associated gas, much of it rich in NGLs, and created an opportunity for a range of midstream infrastructure.
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About the song
“A New Level” was written by Dimebag Darrell, Vinnie Paul, Phil Anselmo and Rex Brown. It appears as the second song on Pantera’s sixth studio album, Vulgar Display of Power. Pantera bassist Rex Brown commented on the song: “As it took shape, it was like opening a Christmas present that you never thought you'd get in a million years.” Vocalist Phil Anselmo said: “‘A New Level’ was the ultimate chip-on-my-shoulder type song at the time for me.” Personnel on the record were: Phil Anselmo (vocals), Dimebag Darrell (guitar), Rex Brown (bass) and Vinnie Paul (drums).
Vulgar Display of Power was recorded at Pantego Sound in Pantego, TX, in 1991. Dimebag Darrel Abbott and Vinnie Paul Abbott’s father, Jerry Abbott, worked as an engineer at the studio at one time. The band’s goal was to make the heaviest record of all time. Produced by Terry Dale, the album was released in February 1992 and went to #44 on the Billboard 200 Albums chart, and has been certified 2X Platinum by the Recording Industry Association of America. Two singles were released from the LP.
Pantera is an American heavy metal band formed in Arlington, TX, in 1981 by brothers guitarist Dimebag Darrell and drummer Vinnie Paul. The best-known version of the band included the Abbott brothers and bassist Rex Brown, who joined in 1982, and vocalist Phil Anselmo, who joined in 1986. They released four independent studio albums in the 1980s before signing with Atco Records in 1989 and releasing their debut album, Cowboys from Hell, with them in July 1990. They have released nine studio albums, two live albums, four compilation albums, four EPs, and 12 singles and have sold over 20 million records worldwide. The Abbott brothers officially disbanded Pantera in November 2003 after irreconcilable differences between them and Anselmo. Dimebag Darrell was murdered on stage while performing with him and his brother’s band, Damageplan, in Columbus, OH, in December 2004. He was 38. Vinnie Paul died of heart failure in Las Vegas in June 2018. He was 54 and drumming for the band Hellyeah. Pantera, with Phil Anselmo on vocals, Rex Brown on bass, Zakk Wylde (Ozzy Osbourne, Black Label Society) on guitar, and Charlie Benante (Anthrax) on drums, has been playing shows since December 2022. They recently completed a series of festival dates in Europe and will be appearing next at the Louder Than Life Festival in Louisville, KY, in September.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
