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.
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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.