Published: January 18, 2022 |

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Targa Resources Corp. has executed agreements to repurchase interests in its development company joint ventures (DevCo JVs) from investment vehicles affiliated with Stonepeak Partners for approximately $925 million. Targa had approximately $3.2 billion of available liquidity and intends to fund the DevCo acquisition using available liquidity.

The acquisition will closed on January 14, 2022. Pro forma, Targa will own a 75 percent interest in its Grand Prix NGL Pipeline, 100 percent of its Train 6 fractionator in Mont Belvieu, Texas, and a 25 percent equity interest in the Gulf Coast Express Pipeline.

About Targa Resources Corp.
Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The company owns, operates, acquires, and develops a diversified portfolio of complementary midstream infrastructure assets and its operations are essential to the efficient, safe, and reliable delivery of energy across the United States and increasingly to the world. The company’s assets connect natural gas and natural gas liquids (NGLs) to domestic and international markets with growing demand for cleaner fuels and feedstocks. The company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

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