Wired News – Targa Announces Agreement with MPLX; Set to Expand Natural Gas Processing in Oklahoma

Stock Monitor: MPLX, LP Post Earnings Reporting

LONDON, UK / ACCESSWIRE / January 31, 2018 / Active-Investors.com has just released a free research report on Targa Resources Corp. (NYSE: TRGP) (“Targa”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TRGP as the Company’s latest news hit the wire. On January 29, 2018, the Company, which is a leading midstream services provider, and one of the largest midstream Companies in North America, announced that it has entered into an agreement with MPLX, LP (NYSE: MPLX) to expand its natural gas processing joint venture in Oklahoma. Targa has been on an expansion spree lately, where prior to the announcement, it announced an agreement with Hess Midstream Partners on January 25, 2018, to build a new gas processing plant in North Dakota. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Targa Resources and MPLX most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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www.active-investors.com/registration-sg/?symbol=MPLX

The Announcement

Targa stated that through its existing 60/40 joint venture, Centrahoma Processing LLC (“Centrahoma”), Targa and MPLX would construct a new cryogenic natural gas processing plant in Hughes County, Oklahoma. The new plant, according to Targa, is expected to have a processing capacity of 150 million cubic feet per day. The operations are expected to begin in Q4 2018, where Targa is contributing to Centrahoma its existing 150 million cubic feet per day Flag City Plant, which it acquired in May 2017 and decommissioned post a short duration, post the announcement, and along with new additional required plant infrastructure, which will become the Hickory Hills Plant.

Targa stated that it will maintain its 60% interest in the expanded joint venture and would receive a cash distribution. MPLX, on the other hand, will contribute cash to Centrahoma to maintain its 40% interest in the expanded joint venture. Targa views this announcement, coupled with the Hess Midstream Partners agreement, as a step to align with attractive strategic partners in opportunities that are capital efficient, and may deliver greater returns at a later stage.

Company Growth Prospects

Targa owns, operates, acquires, and develops a portfolio of midstream energy assets. The Company is primarily engaged in natural gas gathering, processing, logistics, treating, and selling NGLs and NGL products. Recently, on January 25, 2018, Targa announced an agreement with Hess Midstream Partners, pursuant to which the Companies would construct and own a new 200 million cubic feet per day natural gas processing plant at Targa’s existing Little Missouri facility, in McKenzie County, North Dakota. The LM4 Plant, according to the Company, would cost about $150 million to the joint venture and is anticipated to be completed in Q4 2018.

Prior to the announcement, on October 04, 2017, Targa announced that it executed agreements to sell a 25% joint venture interest in its previously announced Grand Prix gas liquids pipeline to funds managed by Blackstone Energy Partners (“Blackstone”). Targa stated that it expected to realize substantial net capital savings, plus other strategic and financial benefits, through the sale of the 25% interest in Grand Prix to Blackstone. Also, the addition of EagleClaw’s volume would deliver incremental fee-based cash flow to Targa over the long-term.

Stock Performance Snapshot

January 30, 2018 – At Tuesday’s closing bell, Targa Resources’ stock declined 1.98%, ending the trading session at $47.92.

Volume traded for the day: 2.19 million shares, which was above the 3-month average volume of 1.90 million shares.

Stock performance in the previous three-month period – up 13.93%; and past six-month period – up 3.25%

After yesterday’s close, Targa Resources’ market cap was at $10.33 billion.

The stock has a dividend yield of 7.60%.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Pipelines industry.

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