Targa Resources completed the acquisition of a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners for $1.05bn.

Targa Resources, a provider of midstream services, completed the acquisition of a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners, an energy-focused private equity firm, for $1.05bn. “The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL supply aggregation position in the Permian Basin to key demand markets in Mont Belvieu and along the US Gulf Coast. Our business has strong momentum for 2023 and this acquisition further simplifies Targa while also increasing our fee-based margin and providing additional cash flow stability,” Matt Meloy, Targa CEO.