Targa Resources Corp. has agreed to sell its wholly-owned subsidiary, which holds a 25 percent equity interest in the Gulf Coast Express Pipeline (GCX), for $857 million.
Targa is a provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The company owns, operates, acquires and develops a diversified portfolio of complementary midstream infrastructure assets, and its operations are essential to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world.
The company’s assets connect natural gas and natural gas liquids (NGLs) to domestic and international markets with growing demand for cleaner fuels and feedstocks.
Targa expects to receive the full proceeds from the sale in the second quarter of 202