Targa Resources Completes Acquisition of Grand Prix NGL Pipeline

Member Updates,

Targa Resources Corp. ("Targa") announced it has completed the previously announced acquisition of Blackstone Energy Partners’ 25 percent interest in Targa’s Grand Prix NGL Pipeline (“Grand Prix”) for $1.05 billion in cash. The acquisition has an effective date of January 1, 2023, with Targa now owning 100 percent of Grand Prix.

Grand Prix has capacity to transport up to one million barrels per day of natural gas liquids (“NGL”) to the NGL market hub at Mont Belvieu, Texas. Grand Prix connects Targa’s gathering and processing positions throughout the Permian Basin, North Texas, and Southern Oklahoma (as well as third-party positions) to Targa’s fractionation and storage complex at Mont Belvieu.

Targa 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 domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world.