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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Repsol Makes Strategic Move in the Marcellus

Repsol Makes Strategic Move in the Marcellus

Spain’s global energy behemoth Repsol has invested more of its euros in U.S. shale with a bankruptcy purchase in the Marcellus. Reese Energy Consulting today is following the latest news from Repsol, whose U.S.-based oil and gas operations include Pa., Alaska, the Eagle Ford, and offshore the Gulf of Mexico. Repsol now will add to its existing position in Pa., with the purchase of Rockdale Marcellus, which filed for bankruptcy last September. The $222 million deal includes 42,897 net acres with 100% working interest, 66 wells, 110 MMCFD in gas production, and more than 100 future drilling locations. Rockdale acquired the assets from Shell in 2017. Repsol is fattening up its natural gas presence at a time of soaring energy prices and demand in Europe. The company last August snapped up the remaining 25% for now 100% control of Saint John LNG (neé Canaport LNG) in Canada’s New Brunswick. And let’s not forget, Repsol in 2018 signed a 20-year, $4.5 billion agreement with Venture Global to buy 20 million tons of LNG from Venture’s Calcasieu Pass export terminal expected to begin commercial service by year end. Wonder where all that gas will come from. Hmm.

What do you think? Learn more about Reese Energy Consulting and our natural gas and LNG expertise and services at www.ReeseEnergyConsulting.com.

Repsol

Repsol S.A. is a Spanish energy and petrochemical company based in Madrid. It is engaged in worldwide upstream and downstream activities. In the 2020 Forbes Global 2000, Repsol was ranked as the 645th-largest public company in the world. It has more than 24,000 employees worldwide.

www.repsol.com

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