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EnLink, Devon team on $3.5 billion Oklahoma deal

Even as crude prices stumble, Dallas pipeline company EnLink Midsteam and its partner company Devon Energy are betting $3.5 billion is a bargain in Oklahoma’s oil and gas fields right now.

The two companies – which merged in 2014 but maintain separate operations in Dallas and Oklahoma City – announced Monday they were buying both a network of pipelines and gas processing stations in central Oklahoma for $1.6 billion and the Denver-based oil and gas company Felix Energy for $1.9 billion.

Both Felix, which operates in Oklahoma, and the pipeline assets are owned by the Texas-based private equity firm EnCap Investments. In a further sign of symbiosis, Felix is the pipeline network’s largest customer.

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