Form 4: EnLink Midstream Director Disposes of Shares Following Merger with ONEOK

Director Deborah G. Adams disposed of 92,280 common units of EnLink Midstream, LLC, which were converted into ONEOK common stock as part of a merger agreement.

Summary

• Deborah G. Adams, a director at EnLink Midstream, LLC, disposed of 92,280 common units.
• This transaction occurred on January 31, 2025, 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 was based on an agreement dated November 24, 2024.
• The closing price of ONEOK common stock on January 31, 2025, was $97.17.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing related to a merger, so it is neutral to slightly positive as it reflects the completion of a planned corporate action.

Industry Context

This transaction reflects the completion of the merger between EnLink Midstream and ONEOK, a significant consolidation in the midstream energy sector.

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 conversion of EnLink units to ONEOK shares is a standard procedure in such mergers, reflecting the agreed-upon valuation and terms.
• Similar transactions can be seen in the past with companies such as Energy Transfer and Enable Midstream, where unit holders received shares in the acquiring company.

Stakeholder Impact

• Shareholders of EnLink Midstream received shares of ONEOK as a result of the merger.
• The merger consolidates the operations of the two companies, potentially impacting employees and customers.

Key Dates

Keywords

Merger, EnLink Midstream, ONEOK, Share Disposal, Director Transaction, Form 4, Common Units, Stock Conversion