Targa Resources Corp. – JV Co.
Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. Targa owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. The company is primarily engaged in the business of: gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters; gathering, storing, and terminaling crude oil; storing, terminaling, and selling refined petroleum products.
Stonepeak executed a commitment to invest up to $960 million in a series of joint ventures (“JV Co”) with Targa. JV Co will finance the construction of three of the company’s interests in high-quality midstream assets: (i) Targa’s 25% interest in the Gulf Coast Express pipeline, (ii) a 20% interest in the Grand Prix pipeline, and (iii) a 100% interest in Targa’s next fractionation train.