Houston-based Targa Resources said this week it completed the previously announced acquisition of the 25 percent interest in Grand Prix NGL pipeline held by Blackstone Energy Partners for $1.05 billion cash. Targa said Monday it now owns 100 percent of Grand Prix, which transports up to 1 million b/d of NGLs to Mont Belvieu. The pipeline connects Targa’s gathering and processing positions in Permian Basin, north Texas and southern Oklahoma to its fractionation and storage complex in Mont Belvieu. Grand Prix began full operations in 2019Q3.
Enverus said the transaction also gives Targa 100 percent interest in the Daytona expansion project. The $650 million Daytona pipeline will run beside the existing Permian-to-north Texas segment (400,000 b/d) of Grand Prix.