Houston-based Targa Resources Corp. has clinched an agreement to buy Lucid Energy Group’s Permian Basin Delaware natural gas processing business, which would add 1,050 miles of pipeline and 1.4 Bcf/d of capacity.
The all-cash deal for Lucid Energy Delaware LLC, valued at $3.55 billion, was reached with sponsors Riverstone Holdings LLC and Goldman Sachs Asset Management. Riverstone and Goldman teamed up in 2018 to invest $1.6 billion in Lucid.

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Targa CEO Matt Meloy said the financial strength of the company “has afforded us the flexibility to consider attractive opportunities to grow our business through acquisitions…Lucid’s management team has developed an attractive position in the Delaware Basin and we look forward to continuing to provide value added services to the...