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

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

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