By OGJ editors
HOUSTON, Apr. 5 -- Targa Resources Inc., Houston, announced plans to acquire major midstream assets in Texas and Louisiana from ConocoPhillips.
Terms of the deal were not disclosed, but analysts estimated the transaction's value at $200-300 million. Targa and ConocoPhillips already received all necessary regulatory approvals. The transaction is expected to close this month.
The Texas assets involve an integrated gathering and processing system with 1,200 mile of pipelines covering parts of eight counties from San Angelo to Big Springs. The Louisiana assets involve an integrated gathering and processing system covering 2,000 sq miles from Lake Charles to Lafayette.
Targa Resources was formed last year to acquire gas gathering, processing, and pipeline assets. Targa CEO Rene R. Joyce and several executives previously worked together at Tejas Gas Corp., which Shell Oil Co. bought in 1998 for $2.4 billion.
