Transaction Details: 

Targa Resources Corp. has inked a deal to unload its interests in the Bakken to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities for $1.6 billion in cash.

This deal closed on April 3, 2019.

The sale is made up of a 45% interest in Targa Badlands LLC, the entity that holds all of Targa’s assets in North Dakota. Targa will continue to be the operator and will hold majority governance rights in Badlands.

Assets include:

• Approximately 480 miles of crude oil gathering pipelines

• 125,000 barrels of operational crude oil storage

• Approximately 260 miles of natural gas gathering pipelines

• The Little Missouri natural gas processing plant with a current gross processing capacity of approximately 90 Mmcf/d

• Additionally, Badlands owns a 50% interest in the 200 MMcf/d Little Missouri 4 (“LM4”) Plant that is anticipated to be completed in the second quarter of 2019

Evercore is serving as Targa’s exclusive financial advisor and Vinson and Elkins LLP is acting as Targa’s legal counsel on the Transaction. Citi is serving as Blackstone’s exclusive financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as Blackstone’s legal counsel on the Transaction.

Williston Basin Deal Activity In Last 12 Months