Form 4: EnLink Midstream Executive Disposes of Common Units Following Merger with ONEOK

Following the merger of EnLink Midstream with ONEOK, an EnLink executive, Dilanka Seimon, disposed of 202,213 common units which were converted into ONEOK stock.

Summary

• Dilanka Seimon, an EVP and CCO at EnLink Midstream, disposed of 202,213 common units of EnLink Midstream.
• This transaction occurred on January 31, 2025, following the merger between EnLink Midstream and ONEOK.
• The merger agreement stipulated that each EnLink common unit was converted into 0.1412 shares of ONEOK common stock.
• The closing price of ONEOK common stock on January 31, 2025, was $97.17.
• Additionally, EnLink restricted incentive units were converted into ONEOK restricted stock units based on the same exchange ratio.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction following a merger, with no indication of positive or negative sentiment. The score is neutral to slightly positive as the merger has been completed.

Industry Context

This transaction is a result of the merger between EnLink Midstream and ONEOK, reflecting a consolidation trend 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 stock is a standard procedure in such mergers, ensuring a smooth transition for shareholders.
• The exchange ratio of 0.1412 shares of ONEOK stock for each EnLink unit is specific to this merger agreement and would be compared to other similar transactions in the sector to assess its fairness.

Stakeholder Impact

• Shareholders of EnLink Midstream have had their holdings converted to ONEOK stock.
• Executives of EnLink Midstream, such as Dilanka Seimon, have had their holdings converted to ONEOK stock.

Key Dates

Keywords

Merger, EnLink Midstream, ONEOK, Common Units, Stock Conversion, Executive Transaction, Form 4, Dilanka Seimon