Targa Resources Partners to buy Bakken pipeline for $950 million
(Reuters) - Targa Resources Partners LP (NGLS.N) said it will buy Williston Basin crude oil pipeline and terminal system and related assets in North Dakota from Saddle Butte Pipeline LLC for $950 million.
The pipeline system is located in the oil-rich Bakken Shale field in the McKenzie, Dunn and Mountrail counties and has about 155 miles of crude oil pipelines.
The assets have a combined crude oil operational storage capacity of 70,000 barrels, Targa said in a statement.
The company plans to fund the deal and associated capital expenditures with about 50 percent debt and 50 percent equity.
Targa Resources Partners is managed by its general partner, Targa Resources GP LLC, which is owned by Targa Resources Corp (TRGP.N). (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Roshni Menon)