Filed by Magellan Midstream Partners, L.P.
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Magellan Midstream Partners, L.P.
Filers SEC File No.: 001-16335
This filing relates to the proposed transaction between Magellan Midstream Partners, L.P., a Delaware limited partnership (Magellan), and
ONEOK, Inc., an Oklahoma corporation (ONEOK), pursuant to that certain Agreement and Plan of Merger, dated May 14, 2023, by and among ONEOK, Magellan and Otter Merger Sub, LLC, a Delaware limited liability company and a newly
formed, wholly owned subsidiary of ONEOK (Merger Sub).
Subject: Important Message from the CEO
To All Employees,
I am writing to share important news
regarding the future of Magellan. We just announced that we have entered into a definitive agreement to combine with ONEOK, Inc. A copy of the joint press release the two companies issued today is attached to this message.
As you may know, ONEOK is a leading midstream service provider and a member of the S&P 500 Index. Also based in Tulsa, ONEOK owns one of the nations
premier natural gas liquids (NGL) and natural gas systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions to key market centers. By combining our refined products and crude oil
businesses with ONEOKs NGL and natural gas focused businesses, we intend to create a more resilient, highly diversified North American infrastructure company, with nearly 50,000 miles of differentiated pipelines.
Youve heard me emphasize many times our overall strategic objective our ultimate job is to deliver value for our investors, while responsibly and
safely operating our business. Weve been disciplined in pursuing that goal throughout our history as a company, in terms of how we have pursued acquisitions and, at times, divestitures, how weve developed projects, and how weve run
the business every day. Todays announcement reflects our commitment to furthering that ultimate goal.
All of us together have built an incredible
company that we can be extremely proud of. And now, we are building a combined company with enhanced scale, resiliency and prospects for growth, together with ONEOK. This combination presents opportunities that we believe neither company could
pursue on its own. As a result, we are confident it will deliver compelling benefits to our stakeholders including our investors, customers, suppliers and our employees.
We have strong strategic alignment that positions our combined company for success:
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Diversified and Complementary: We believe Magellan and ONEOK have unique and differentiated capabilities
and expertise, with ONEOK focused on NGL and natural gas versus our focus on refined products and crude oil. Together, we believe we meet the nations need for essential fuels. We will be well positioned to build on the talents of our
organizations to build a more resilient energy infrastructure company, with enhanced domestic customer offerings, more efficient operations and expanded growth opportunities. |