Magellan Midstream Partners no longer exists as an independent company. The Tulsa, Oklahoma-based pipeline operator — which ran the longest refined petroleum products pipeline system in the United States — was acquired by ONEOK in a cash-and-stock deal valued at $18.8 billion including debt, completing on 25 September 2023. Its NYSE listing under the ticker MMP ceased the same day.
For anyone searching Magellan Midstream Partners in 2026, the operational reality is this: the assets continue to operate, now embedded within ONEOK’s expanded midstream platform. The Magellan name has been retired, but approximately 9,800 miles of refined products pipeline, 54 petroleum terminals, and over 100 million barrels of storage capacity remain in service under new ownership.
What Magellan Midstream Partners Was
Magellan Midstream Partners, L.P. was a publicly traded master limited partnership (MLP) focused on the transportation, storage, and distribution of refined petroleum products and crude oil. It listed on the NYSE in February 2006 and grew through acquisition and organic expansion to become one of the largest pipeline operators in North America.
At its peak, Magellan’s refined products pipeline system stretched approximately 9,800 miles across the central and southeastern United States, providing access to roughly 50% of US refining capacity. The network connected refineries to distribution terminals serving fuel retailers, commercial customers, and government end-users across multiple states.
In its final full year as an independent entity (2022), Magellan reported revenue of $2.32 billion, operating income of $1.01 billion, and net income of $817 million against total assets of $8.03 billion. The company employed 1,655 people at the time of its acquisition.
Magellan Midstream Partners: Key Asset Inventory
The scale of Magellan’s infrastructure positioned it as a defining player in US refined products logistics. Its core asset base at the time of acquisition comprised:
| Asset Category | Scale |
|---|---|
| Refined products pipeline | ~9,800 miles — longest system in the US |
| Petroleum products terminals | 54 terminals |
| Total storage capacity | Over 100 million barrels |
| Crude oil pipeline | ~2,200 miles |
| Ammonia pipeline | ~1,100 miles |
| US refining capacity access | ~50% |
The crude oil pipeline network, running primarily in the mid-continent region, complemented the refined products business and gave Magellan exposure to upstream supply flows as well as downstream distribution. The ammonia pipeline — one of the largest in the country — served agricultural markets across the Midwest.
The ONEOK Acquisition: Deal Structure and Timeline
In May 2023, ONEOK announced it had agreed to acquire Magellan Midstream Partners in a transaction valued at approximately $18.8 billion including the assumption of debt. The deal terms gave Magellan unitholders $25.00 in cash plus 0.667 ONEOK shares for each unit held — a structure that valued Magellan at a significant premium to its pre-announcement trading price.
ONEOK CEO Pierce H. Norton II led the transaction on the buyer side. Aaron L. Milford, who had served as Magellan’s CEO and President since the retirement of founder-era CEO Michael Mears in January 2022, oversaw the company’s transition through the deal process. Completion occurred on 25 September 2023, at which point Magellan became a wholly owned subsidiary of ONEOK and the MMP NYSE listing was terminated.
The acquisition transformed ONEOK from a natural gas-focused midstream operator into a diversified platform with significant refined products and crude oil exposure — a strategic pivot that moved ONEOK closer to the integrated midstream model operated by companies such as Kinder Morgan, which handles both gas and liquids pipelines across North America.
Where the Magellan Assets Sit in 2026
ONEOK operates the former Magellan infrastructure as part of its Refined Products and Crude segment. The pipeline network, terminal system, and storage capacity continue to function under ONEOK’s operational management, with the commercial relationships and contracts that underpinned Magellan’s revenue base carrying over into the combined entity.
ONEOK has positioned the acquisition as a long-term platform for refined products growth, with the Magellan network providing geographic reach into markets the company did not previously serve. Integration of the two operating cultures and systems occupied much of 2024 and into 2025, with ONEOK reporting synergy targets from the deal in subsequent quarterly results.
Magellan’s acquisition is one of several consolidating moves that have reshaped the US midstream landscape in recent years. For a broader view of where the sector stands, see the Top 10 Midstream Companies 2026 and the Top 10 US Midstream Companies 2026, which covers the major operators — including ONEOK — now controlling former Magellan capacity.
Magellan Midstream Partners in Context: The MLP Consolidation Wave
The ONEOK-Magellan deal was part of a broader consolidation trend that has substantially reduced the number of independent midstream MLPs trading on US exchanges. Magellan Midstream Partners was among the largest and most financially stable of those entities — its acquisition signalled that scale alone was no longer sufficient insulation from strategic buyout interest.
ONEOK’s Permian Basin ambitions also contributed to the consolidation narrative. In a separate transaction, ONEOK acquired Medallion Midstream — a Permian crude gathering system — for $2.6 billion, building out a gathering-to-delivery value chain that the Magellan refined products network now extends to end-market distribution.
The Magellan acquisition sits alongside other major pipeline consolidations covered in the Top 10 Pipeline Companies 2026 analysis. The combined ONEOK platform now ranks among the most significant midstream operators in North America by network mileage and throughput capacity.
Magellan Midstream Partners — Company Snapshot
| Detail | Data |
|---|---|
| Full name | Magellan Midstream Partners, L.P. |
| Headquarters | Tulsa, Oklahoma, USA |
| NYSE ticker | MMP (listed February 2006 — delisted September 2023) |
| Acquirer | ONEOK, Inc. |
| Deal value | $18.8 billion including debt |
| Acquisition completed | 25 September 2023 |
| Final CEO | Aaron L. Milford |
| 2022 revenue | $2.32 billion |
| 2022 net income | $817 million |
| Employees at acquisition | 1,655 |
| Refined products pipeline | ~9,800 miles |
| Storage capacity | Over 100 million barrels |
What happened to Magellan Midstream Partners?
Magellan Midstream Partners was acquired by ONEOK in a deal valued at $18.8 billion including debt. The transaction completed on 25 September 2023, at which point Magellan became a wholly owned subsidiary of ONEOK and its NYSE listing under the ticker MMP was terminated. The Magellan name has been retired, but its pipeline and terminal assets continue to operate under ONEOK ownership.
Who acquired Magellan Midstream Partners and what did they pay?
ONEOK, Inc. acquired Magellan Midstream Partners in September 2023 for approximately $18.8 billion including the assumption of debt. Magellan unitholders received $25.00 in cash plus 0.667 ONEOK shares per unit. ONEOK CEO Pierce H. Norton II led the transaction.
What assets did Magellan Midstream Partners own?
At the time of its acquisition, Magellan operated approximately 9,800 miles of refined petroleum products pipeline — the longest such system in the US — along with 54 petroleum products terminals, over 100 million barrels of storage capacity, around 2,200 miles of crude oil pipeline, and an approximately 1,100-mile ammonia pipeline serving Midwest agricultural markets.
Is Magellan Midstream Partners still operating in 2026?
Magellan Midstream Partners no longer exists as an independent entity. The company was fully absorbed by ONEOK following the September 2023 acquisition. The pipeline and terminal infrastructure formerly operated by Magellan continues to function but is now managed as part of ONEOK’s Refined Products and Crude segment.
Who was the CEO of Magellan Midstream Partners at the time of its acquisition?
Aaron L. Milford served as CEO and President of Magellan Midstream Partners at the time of its acquisition by ONEOK. Milford had taken the role in January 2022 following the retirement of Michael Mears, who had led the company through much of its growth phase as an independent MLP.