- Targa Resources Partners (NGLS, TRGP) is working closely with Noble Group as the commodity trader evaluates whether to go ahead with a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa CEO Joe Bob Perkins said in today's earnings conference call.
- Noble agreed a year ago to support a new $115M, 35K bbl/day splitter at Targa's Channelview terminal on the Houston Ship Channel, but Noble has since come under scrutiny for its accounting methods; earlier this year, Targa and Noble renegotiated their deal to allow for the splitter, new storage at its other ship channel terminal, or both.
- In today's call, Perkins said the projects remained under consideration and Targa expected Noble to decide on one or both later this year.
- Earlier: Targa Resources Partners misses by $0.05, misses on revenue