Form 4: EnLink Midstream CFO Benjamin Lamb Disposes of Shares Following Merger with ONEOK

EnLink Midstream's CFO, Benjamin Lamb, disposed of 557,962 common units as part of the merger with ONEOK, receiving ONEOK stock in exchange.

Summary

• Benjamin Lamb, the CFO of EnLink Midstream, disposed of 557,962 common units of EnLink on January 31, 2025.
• This transaction occurred as a result of the merger between EnLink and ONEOK.
• Each EnLink common unit was converted into the right to receive 0.1412 shares of ONEOK common stock.
• The merger agreement was dated November 24, 2024.
• Additionally, EnLink restricted incentive units were converted into ONEOK restricted stock units using the same exchange ratio.
• The closing price of ONEOK common stock on January 31, 2025, was $97.17.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction following a merger, with no indication of positive or negative sentiment. The transaction is expected and part of a larger corporate action.

Future Outlook

The merger between EnLink and ONEOK has been completed, and EnLink units and restricted incentive units have been converted to ONEOK stock and restricted stock units respectively.

Industry Context

This merger reflects a trend of consolidation in the midstream energy sector, where companies are combining to achieve greater scale and efficiency.

Comparison to Industry Standards

• Mergers and acquisitions are common in the midstream energy sector as companies seek to expand their infrastructure and market reach.
• The exchange ratio of 0.1412 shares of ONEOK stock for each EnLink unit is specific to this transaction and would need to be compared to other similar transactions to assess its fairness.
• The conversion of restricted incentive units to restricted stock units is a standard practice in mergers to ensure continuity of employee compensation.

Stakeholder Impact

• EnLink shareholders have received ONEOK stock as a result of the merger.
• EnLink employees with restricted incentive units have had their awards converted to ONEOK restricted stock units.

Key Dates

Keywords

Merger, EnLink Midstream, ONEOK, Common Units, Restricted Stock Units, CFO, Benjamin Lamb, Exchange Ratio