Targa Finds its Target

Targa Finds its Target

Back in November, Houston-based midstreamer Targa Resources announced it had nearly tripled its 3Q net income to $182.2 million This, from $69.3 million in the same three-month period in 2020. Targa, one of the largest independent infrastructure companies in North America, operates expansive assets across the U.S., where it gathers, processes, transports, connects, and stores natural gas, NGLs, and crude oil. Not surprisingly, many of its assets are co-owned through joint ventures. Reese Energy Consulting today is following the latest news from Targa, which reiterated in its latest 3Q earnings report that it will buy back its interest in three JV assets from investment firm Stonepeak for $925 million. They include:

  • A 20% interest in the 220-mile Grand Prix NGL Pipeline, now being expanded into Okla, and potentially N.M., which connects to Mount Belvieu and export assets
  • A 25% interest in the 497-mile natural gas Gulf Coast Express Pipeline,
  • A 100% interest in the Train 6 (its second) fractionator in Mount Belvieu

The deal closes tomorrow.

What do you think? Learn more about REC and our natural gas expertise at www.ReeseEnergyConsulting.com.

Targa Resources

Targa Resources is a Fortune 500 company based in Houston, Texas. Targa, a midstream energy infrastructure corporation, is one of the largest infrastructure companies delivering natural gas and natural gas liquids in the United States.

www.targaresources.com

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More Harvest in the Eagle Ford

More Harvest in the Eagle Ford

Houston-based Harvest Midstream will snap up the last 25% interest from its joint venture partner in the Eagle Ford to own 100% of a fully integrated crude oil midstream system. The price was not disclosed, but Harvest has operated the assets for more than a decade. Reese Energy Consulting is following the latest news from Harvest, an affiliate of Houston-based Hilcorp—the largest privately held oil and gas producer in the U.S., with dominant operations in Ala., Alaska, Colo., La., Ohio, Pa., Texas, and Wyo. The Harvest buyout includes 515 miles of crude oil pipe with 380 MBPD of throughput capacity, connecting Eagle Ford supplies to Corpus Christi export markets. Harvest, which owns interests in more than 6,000 miles of pipelines across seven states, transports and processes crude oil, natural gas, and NGLs in Alaska, Colo., La., N.M., Ohio, Pa., and Texas, along with managing marine terminals. Hilcorp’s Harvest Alaska in 2020 acquired a 49% stake in the 800-mile Trans-Alaska Pipeline System from BP and 49% of Alyeska Service Company for $5.6 billion, where Hilcorp ranks as Alaska’s largest private operator and the state’s largest gas supplier.

What do you think? Learn more about REC and our oil and natural gas services at www.ReeseEnergyConsulting.com.

Harvest Midstream

Harvest Midstream is a privately-held midstream company services provider headquartered in Houston, Texas with assets in Alaska, Louisiana, New Mexico, Ohio, Pennsylvania and Texas. Harvest transports and processes oil, natural gas and natural gas liquids across the United States.

www.harvestmidstream.com

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