Targa Resources Corp. said it has agreed to sell its 25% equity stake in the Gulf Coast Express Pipeline (GCX) for $857 million.

targa infrastructure

Houston-based Targa said it expects to receive full proceeds in the second quarter. The independent midstreamer did not disclose the buyer or provide additional details.

Targa in 2021 had emphasized efforts to manage its leverage lower, simplify its balance sheet and return more capital to shareholders.

The 530-mile GCX pipeline launched operations in 2019 and can carry up to 2 Bcf/d of natural gas. Kinder Morgan Inc., Altus Midstream and DCP Midstream are the other owners of GCX.

Additionally, last month Targa announced a deal to repurchase interests in its development company joint ventures (DevCo) from investment vehicles affiliated with...