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Targa Resources to sell 45% stake in Bakken assets for $1.6B

Feb. 19, 2019 7:11 AM ETTarga Resources Corp. (TRGP) Stock, BX StockBy: Carl Surran, SA News Editor10 Comments
  • Targa Resources (NYSE:TRGP) agrees to sell a 45% stake in certain assets in the Bakken shale play of North Dakota to funds managed by GSO Capital Partners and Blackstone (NYSE:BX) for $1.6B.
  • The assets include 480 miles of crude oil gathering pipelines, 12K barrels of operational crude oil storage, 260 miles of natural gas gathering pipelines, the Little Missouri natural gas processing plant with a current gross processing capacity of 90 M cf/day and a 50% interest in the 200M cf/day Little Missouri 4 Plant that is expected to be completed in Q2 2019.
  • TRGP will remain operator and hold majority governance rights in the Targa Badlands entity.

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