Targa Resources Signs Agreement To Acquire Stakeholder Midstream For $1.25B In Cash

Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today a definitive agreement under which a wholly-owned subsidiary of Targa will acquire Stakeholder Midstream, LLC ("Stakeholder") for $1.25 billion in cash.

Stakeholder provides natural gas gathering, treating, and processing services and crude gathering and storage services in the Permian Basin, including approximately 480 miles of natural gas pipelines, approximately 180 million cubic feet per day ("MMcf/d") of cryogenic natural gas processing and sour treating capacity, carbon capture ("CCUS") activities generating 45Q tax credits, and a small crude oil gathering system. Stakeholder's assets are anchored by long-term, fee-based contracts across approximately 170,000 dedicated acres underpinned by attractive acreage with activity that has exhibited very low decline rates, supporting a durable volume profile. Additionally, Stakeholder's sour gas treating and CCUS activities complement Targa's best-in-class treating and CCUS footprint in the Permian.