Targa Resources Announces Closing of 45 Percent Interest Sale in Bakken Assets

HOUSTON, April 03, 2019 (GLOBE NEWSWIRE) -- Targa Resources Corp. TRGP ("Targa" or the "Company") announced today that it has closed on the sale of a 45 percent interest in Targa Badlands LLC, the entity that holds all of Targa's assets in North Dakota, to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities (collectively, "Blackstone") for $1.6 billion in cash. 

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. Targa owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters; gathering, storing, terminaling, and selling crude oil; storing, terminaling, and selling refined petroleum products.

For more information, please visit our website at www.targaresources.com.

Contact the Company's investor relations department by email at InvestorRelations@targaresources.com or by phone at (713) 584-1133.

Sanjay Lad
Director - Investor Relations

Jennifer Kneale
Chief Financial Officer

About Blackstone

Blackstone is one of the world's leading investment firms. Blackstone seeks to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone's asset management businesses, with over $472 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contact:

Blackstone Public Affairs
Paula Chirhart
212-583-5011
Paula.chirhart@blackstone.com