Market Overview

Hartree Refining Company Completes Acquisition of Channelview Splitter and Terminal Business

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Hartree Refining Company, LLC, an affiliate of Hartree Partners, LP (together, "Hartree"), today announced that it recently completed the acquisition of Targa Resources Corp.'s ("Targa") membership interests in Targa Channelview, LLC ("Channelview"). The transaction closed in October 2020.

"We believe this transaction represents a natural extension of Hartree's experience investing in midstream and downstream infrastructure assets that are complementary to our core trading competencies," stated Guy Merison, co-founder of Hartree Partners, LP.

Channelview consists of a recently constructed thirty-eight thousand barrel per day crude and condensate splitter, in addition to approximately 1.3 million barrels of crude and refined product storage, a barge dock, trucking lanes, a waste water treatment facility, and other related infrastructure, all of which is located in Channelview, Texas.

"We believe that Channelview has significant potential and we are excited to be working with Channelview's existing management team to further develop and operate the asset through its next phase of growth," stated Guy Merison. "We plan on initiating several growth projects and continuing to expand the facility's third party storage business."

Latham & Watkins, LLP served as legal counsel to Hartree.

About Hartree Partners, LP

Hartree is a well-established global merchant commodities firm concentrating in energy and its associated industries. Formed in 1997, the firm focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities including: electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, metals, carbon and petrochemicals, among others. Hartree is jointly owned by its senior management and certain funds managed by Oaktree Capital Management, L.P.

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