Targa Resources to Buy Blackstone's Stake in Pipeline
04 January 2023 - 1:12AM
Dow Jones News
By Will Feuer
Targa Resources Corp. said it has agreed to buy a Blackstone
Inc. unit's 25% stake in the Grand Prix NGL Pipeline for $1.05
billion in cash, giving the company full ownership of the
pipeline.
Grand Prix has capacity to transport up to one million barrels
per day of natural gas liquids to the NGL market hub at Mont
Belvieu, Texas. The pipeline connects Targa's gathering and
processing positions throughout the Permian Basin, North Texas, and
Southern Oklahoma to Targa's fractionation and storage complex at
Mont Belvieu.
The deal is expected to close in the first quarter of 2023.
"The performance of our Grand Prix NGL Pipeline has exceeded
expectations since it began full operations in the third quarter of
2019," Targa Chief Executive Matt Meloy said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 03, 2023 08:57 ET (13:57 GMT)
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