Targa Resources to buy Bakken formation oil line, gas-gathering assets

Targa Resources Partners LP plans to buy Saddle Butte Pipeline LLC’s Williston basin crude oil pipeline and terminal system along with its natural gas-gathering and processing operations for $950 million.

The transaction is expected to close during the fourth quarter, subject to customary regulatory approvals.

The assets, which include 155 miles of crude oil pipeline, are in the Bakken formation in the North Dakota counties of McKenzie, Dunn, and Mountrail.

The assets have combined crude oil operational storage capacity of 70,000 bbl, including the Johnsons Corner Terminal with 20,000 bbl of storage capacity (expanding to 40,000 bbl) and Alexander Terminal with storage capacity of 30,000 bbl.

The acquisition includes 95 miles of gas-gathering pipelines and a 20 MMcfd gas processing plant with an expansion under way to increase capacity to 40 MMcfd.

Houston-based Targa expects capital expenditures of more than $250 million will be required in 2013 to support system expansions necessary to meet producer activity.

Related Articles

DOE approves LNG exports to non-FTA countries from Oregon project

03/24/2014 The US Department of Energy conditionally approved Jordan Cove Energy Project LP’s application to export LNG through its proposed terminal on Orego...

MARKET WATCH: Front-month crude oil contract closes up, gas down on week

03/24/2014

The front-month crude oil contract ended the week higher Mar. 21 while natural gas futures prices edged slightly lower.

HSC remains closed, fuel cleanup continues after barge collision

03/24/2014 The Houston Ship Channel (HSC) remained closed to unauthorized vessels Mar. 24 as the result of a temporary emergency safety zone being established...

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected