HOUSTON, Oct. 6, 2014 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") announced today the following expansion plans for its natural gas gathering and processing capabilities in the Permian and Williston Basins.
The Partnership approved the purchase and installation of a new 300 MMcf/d cryogenic processing plant, a header pipeline originating at the new plant into the heart of the southern portion of the Delaware Basin and related gathering and compression infrastructure. The new plant will be located in Winkler County, Texas, west of the Partnership's existing Sand Hills gas processing plant to provide additional midstream services to producers on the western side of the Permian Basin. This new 300 MMcf/d plant, along with the recent start-up of the 200 MMcf/d High Plains plant at SAOU, will increase the Partnership's Permian Basin capacity by approximately 500 MMcf/d to a total gross capacity of nearly 1.1 Bcf/d. The new processing plant is expected to be operational at the end of the first quarter 2016.
The Partnership has also approved the purchase of a 200 MMcf/d cryogenic processing plant to be located in McKenzie County, North Dakota in the Williston Basin. This new gas processing capability, combined with the current 40 MMcf/d expansion expected to be operational at the end of 2014, will increase the Partnership's effective processing capacity when all facilities are debottlenecked up to approximately 300 MMcf/d over time to support the continued success of producers in the Bakken and Three Forks Shale plays. The additional Badlands plant is expected to be operational as early as the end of 2015.
About Targa Resources Partners LP
Targa Resources Partners is a publicly traded Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. The Partnership is a leading provider of midstream natural gas, NGL, terminaling and crude oil gathering services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products.
The principal executive offices of Targa Resources Corp. and Targa Resources Partners are located at 1000 Louisiana, Suite 4300, Houston, TX 77002 and their telephone number is 713-584-1000.
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that Targa expects, believes or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa's control, which could cause results to differ materially from those expected by management of Targa. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in Targa's filings with the Securities and Exchange Commission, including the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Targa does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Investor contact:
713-584-1133
Jen Kneale
Director - Finance
Matthew Meloy
Senior Vice President, Chief Financial Officer and Treasurer
