Targa Resources to pay $1 billion to own 100% interest in Grand Prix NGL pipeline

Targa Resources Corp., Houston, has agreed to acquire Blackstone Energy Partners’ 25% interest in Targa’s Grand Prix natural gas liquids (NGL) pipeline for $1.05 billion in cash. Targa will own 100% of Grand Prix upon closing, which is expected in this year’s first quarter.

Grand Prix has capacity to transport up to 1 million b/d of NGL to the Mont Belvieu, Tex. hub. 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 farmed out the 25% joint venture interest in the NGL pipeline to funds managed by Blackstone in 2017 (OGJ Online, Oct. 5, 2017).

The Grand Prix NGL pipeline began full operations in third-quarter 2019.