Targa Resources Corp. Sells 45 Percent Interest in Bakken Assets for $1.6 Billion
Under the terms of the executed agreements, Targa will continue to be the operator and will hold majority governance rights in Badlands. Future growth capital is expected to be funded on a pro rata basis. Badlands will pay a minimum quarterly distribution to Blackstone and to Targa based on their initial investments, and Blackstone’s capital contributions will have a liquidation preference upon a sale of Badlands.
The Badlands assets and operations are located in the Bakken and
“We are very proud of our talented employees and assets in the Badlands, and our joint venture with Blackstone will support us in continued growth while providing best in class service to our customers in the Bakken,” said
Targa expects to use the net cash proceeds to pay down debt and for general corporate purposes including funding its growth capital program. The Transaction is expected to close in the second quarter of 2019 and is subject to customary regulatory approvals and closing conditions.
Targa management will discuss the Transaction on its previously announced fourth quarter 2018 earnings conference call and webcast. The conference call will be webcast live over the internet and may be accessed either through webcast or telephone dial-in.
Event: Targa Resources Corp. Fourth Quarter 2018 Earnings Webcast and Presentation
Webcast: www.targaresources.com under "Events and Presentations" or directly at https://edge.media-server.com/m6/p/ui7iq2dg
Dial-in Information (audio only - please dial in 10 minutes ahead):
North America Toll Free: (877) 881-2598
Participant Passcode: 2176547
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the
For more information, please visit the Company’s website at www.targaresources.com.
Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713) 584-1133.
Director - Investor Relations
Chief Financial Officer
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Source: Targa Resources Corp.