Targa Resources Corp. has agreed to purchase Blackstone Energy Partners’ 25% interest in Targa’s Grand Prix natural gas liquids (NGL) pipeline for $1.05 billion in cash plus customary working capital adjustments.

Targa Resources

The transaction, slated to close during the first quarter, would give Houston-based Targa a 100% ownership position in the 1.0 million b/d capacity pipeline.

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 the Mont Belvieu, TX, hub.

“The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL...