Magellan Midstream Partners, L.P., ONEOK, Inc. - M&A Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst : Pierce, ONEOK has discussed at length over the past few months its intention to diversify away the base business. There were likely many options that management and the Board considered in this diversification strategy, so curious if you could perhaps discuss perhaps some of the other paths that were considered and why Magellan was perhaps the best option over a longer-term horizon versus perhaps organic growth or value M&A like we've seen recently within the space.

Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst : Pierce, I'm just curious if you could talk at a very high level about maybe the scale of the long-term project unlock. You see -- you noted the combination of project opportunities not available to either party previously. And I appreciate the comments on sort of the 3 nodes around commercial synergies, but maybe even beyond just sort of the commercial synergies disclosed in dollar amount but just long-term sort of scale of project unlock, is this several -- multiyear investment? Just any comment there?