Our History
Formed in 2003, Targa is a growth-oriented midstream, Warburg Pincus sponsored, company. Our business objective is to target for acquisition, and subsequent improvement, strategically located midstream gathering, processing and transmission assets in stable supply and demand areas, primarily in the Gulf Coast, Gulf of Mexico, Mid-Continent and Rocky Mountain regions of the United States.
Company Milestones
April 2003 - Targa Resources, Inc. (“Targa”) was formed by its Management Team and Warburg Pincus.
April 2004 - Targa purchased certain midstream natural gas operations from ConocoPhillips
October 2005 - Targa purchased Dynegy Midstream Services from Dynegy
February 2007 - IPO of Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”) (Ticker: NGLS). In connection with its initial public offering, the Partnership acquired natural gas gathering, processing and treating assets from Targa in the Fort Worth Basin known as the “North Texas System.”
October 2007 - The Partnership acquired from Targa certain natural gas gathering, processing and treating assets in the Permian Basin of West Texas and in Southwest Louisiana. The West Texas assets are collectively referred to as “SAOU” (San Angelo Operating Unit) and the Southwest Louisiana assets are collectively referred to as “LOU” (Louisiana Operating Unit).
September 2009 - The Partnership acquired from Targa the NGL Logistics and Marketing Division (the “Downstream Business”) consisting of fractionation facilities, storage and terminalling facilities, low sulfur natural gasoline treating facilities, pipeline transportation and distribution assets, propane storage, truck terminals and NGL (natural gas liquids) transport assets.
April 2010 - The Partnership acquired certain natural gas gathering and processing systems, processing plants and related assets in West Texas including the Sand Hills processing plant and gathering system and other smaller gathering systems that are collectively referred to as the “Permian Business.” The Partnership also acquired from Targa a natural gas straddle processing plant business collectively referred to as the “Coastal Straddles” that operates along the Louisiana Gulf Coast primarily accessing the coastal and offshore region of Louisiana.
August 2010 - The Partnership acquired from Targa a 63% ownership interest in Versado, which conducts a natural gas gathering and processing business in New Mexico consisting of the business and operations involving the Eunice, Monument and Saunders gathering and processing systems, processing plants and related assets. These assets are collectively referred to as the “Versado System.”
September 2010 - The Partnership acquired from Targa a 77% ownership interest in VESCO, a joint venture that owns and operates a natural gas gathering and processing business in Louisiana consisting of a coastal straddle plant and the business and operations of Venice Gathering System, L.L.C., an offshore gathering system (collectively, the “VESCO System”). The VESCO System captures volumes from the Gulf of Mexico shelf and deepwater.
December 2010 – Targa Resources Corp. - (NYSE: TRGP) IPO (Targa Resources Corp. formerly known as Targa Resources Investments, Inc.)
March 2011 – The Partnership acquired a refined products and crude oil storage and terminaling facility in Channelview, TX. Located along the Houston Ship Channel, its capabilities are truck and barge transport as well as blending and heating of multiple grades of blend stocks, products and crude.
October 2011 – The Partnership acquired two refined petroleum products and crude oil storage and terminaling facilities – Targa Sound Terminal in Tacoma, WA and Targa Baltimore Terminal in Baltimore, MD. The Targa Sound Terminal handles refined petroleum products, LPGs and biofuels, including ethanol and biodiesel. The Targa Baltimore Terminal contains blending and heating capabilities and has tanker truck and barge loading and unloading infrastructure.
December 2012 – The Partnership acquired 100% of Saddle Butte Pipeline, LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations, renamed Targa Badlands, located in the heart of the oil-rich Bakken Shale Play in McKenzie, Dunn, and Mountrail counties, North Dakota.
January 2013 – The Partnership acquired additional property on the Houston Ship Channel, the Targa Patriot Marine Terminal, that provides expansion potential for both its Petroleum Logistics clean fuels business and its propane/butane export capabilities.
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