Targa Resources executes agreements to sell assets in its petroleum logistics business

Houston-based Targa Resources Corp. has executed agreements to sell its refined products and crude oil storage and terminaling facilities in Tacoma, WA and Baltimore, MD to an affiliate of ArcLight Capital Partners, LLC for approximately $160m. 

Subject to customary closing conditions, the sale is expected to close in the fourth quarter. Targa intends to use the proceeds to fund a portion of its growth capital program underway.

Evercore Group L.L.C. is serving as Targa’s exclusive financial advisor on the transaction.

As previously disclosed concurrent with its second quarter 2018 earnings announcement, and pro forma for the sale, Targa is on track to meet or exceed its full year 2018 operational and financial guidance.

For more information visit: www.targaresources.com

17th September 2018