Profile: Targa Resources Corp (TRGP.N)
20 May 2019
Targa Resources Corp., incorporated on October 27, 2005, is a midstream energy company in North America. The Company provides midstream services. The Company owns, operates and develops a portfolio of midstream energy assets. The Company's segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas (LPG) exporters; gathering, storing and terminaling crude oil, and storing, terminaling and selling refined petroleum products.
Gathering and Processing Segment
The Gathering and Processing segment consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil. The gathering of natural gas consists of aggregating natural gas produced from various wells through small diameter gathering lines to processing plants. The Company sells its residue gas either directly to such end users or to marketers into intrastate or interstate pipelines, which are located in close proximity or with ready access to its facilities. The gathering of crude oil consists of aggregating crude oil production primarily through gathering pipeline systems, which deliver crude oil to a combination of other pipelines, rail and truck. The Gathering and Processing segment's operations consist of SAOU, WestTX, Sand Hills, Versado, SouthTX, North Texas, SouthOK, WestOK, Coastal and Badlands. As of December 31, 2016, SAOU included approximately 1,700 miles of pipelines in the Permian Basin that gathered natural gas for delivery to the Mertzon, Sterling, Conger and High Plains processing plants.
As of December 31, 2016, the WestTX gathering system had approximately 4,400 miles of natural gas gathering pipelines located across nine counties within the Permian Basin in West Texas. The WestTX system includes six separate plants: the Consolidator, Driver, Midkiff, Benedum, Edward and Buffalo processing facilities. As of December 31, 2016, the WestTX processing operations had an aggregate processing name-plate capacity of approximately 855 million cubic feet per day (MMcf/d). The Sand Hills operations consist of the Sand Hills and Puckett gathering systems in West Texas. As of December 31, 2016, these systems consisted of approximately 1,600 miles of natural gas gathering pipelines. As of December 31, 2016, the Sand Hills refrigerated cryogenic processing plant had a gross processing capacity of 165 MMcf/d. Versado consists of the Saunders, Eunice and Monument gas processing plants and related gathering systems in Southeastern New Mexico and in West Texas. As of December 31, 2016, Versado included approximately 3,600 miles of natural gas gathering pipelines. As of December 31, 2016, the Saunders, Eunice and Monument refrigerated cryogenic processing plants had aggregate processing capacity of 255 MMcf/d.
As of December 31, 2016, the SouthTX gathering system included approximately 800 miles of gathering pipelines located in the Eagle Ford Shale in southern Texas. The SouthTX system processes natural gas through the Silver Oak I and II processing plants. As of December 31, 2016, the North Texas include two interconnected gathering systems in the Fort Worth Basin, including gas from the Barnett Shale and Marble Falls plays, with approximately 4,600 miles of pipelines gathering wellhead natural gas for the Chico, Shackelford and Longhorn natural gas processing facilities. As of December 31, 2016, the Chico gathering system consisted of approximately 2,550 miles of gathering pipelines located in the Denton, Montague, Wise and Clay Counties in North Texas. As of December 31, 2016, the Chico plant had an aggregated processing capacity of 265 MMcf/d and an integrated fractionation capacity of 15 thousand barrels per day (MBbl/d). As of December 31, 2016, the Longhorn plant had a capacity of 200 MMcf/d. As of December 31, 2016, the Shackelford gathering system included approximately 2,000 miles of gathering pipelines and gathers wellhead natural gas for the Shackelford plant in Albany, Texas.
The SouthOK gathering system is located in the Ardmore and Anadarko Basins and includes the Golden Trend, SCOOP, and Woodford Shale areas of southern Oklahoma. As of December 31, 2016, the gathering system had approximately 1,500 miles of active pipelines. The SouthOK system includes six separate processing plants: Velma, Velma V-60, Coalgate, Atoka, Stonewall and Tupelo. The WestOK gathering system is located in north central Oklahoma and southern Kansas' Anadarko Basin and includes the Woodford shale. The WestOK system processes natural gas through three separate cryogenic natural gas processing plants located at the Waynoka I and II and the Chester facilities, and one refrigeration plant at the Chaney Dell facility. Its Coastal plants process natural gas produced from shallow-water central and western Gulf of Mexico natural gas wells and from deep shelf and deep-water Gulf of Mexico production via connections to third-party pipelines or through pipelines owned by the Company. As of December 31, 2016, the Badlands operations were located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota and included approximately 400 miles of crude oil gathering pipelines, 40 thousand barrels (MBbl) of operational crude storage capacity at the Johnsons Corner Terminal, 30 MBbl of operational crude storage capacity at the Alexander Terminal, 30 MBbl of operational crude oil storage at New Town and 25 MBbl of operational crude oil storage at Stanley.
Logistics and Marketing Segment
The Logistics and Marketing segment includes the activities necessary to convert mixed NGLs into NGL products and provides certain value-added services, such as the fractionation, storage, terminalling, transportation, exporting, distribution and marketing of NGLs and NGL products; the storing and terminalling of refined petroleum products and crude oil, and certain natural gas supply and marketing activities in support of its other businesses, as well as transporting natural gas and NGLs. The Logistics and Marketing segment covers activities required to distribute and market raw and finished NGLs and all natural gas marketing activities. It includes marketing its own NGL production and purchasing NGL products for resale in selected United States markets; providing LPG balancing services to refinery customers; transporting, storing and selling propane and providing related propane logistics services to multi-state retailers, independent retailers and other end-users; providing propane, butane and services to LPG exporters, and marketing natural gas available to it from its Gathering and Processing segment and the purchase and resale and other value added activities related to third-party natural gas in selected United States markets.
The Logistics and Marketing segment transports, distributes and markets NGLs through terminals and transportation assets across the United States. It owns or manages terminal facilities in various states, including Texas, Oklahoma, Louisiana, Arizona, Nevada, California, Florida, Alabama, Mississippi, Tennessee, Kentucky, New Jersey and Washington. The Logistics and Marketing segment consists of assets and business activities associated with Fractionation, NGL Storage and Terminaling, Petroleum Logistics, NGL Distribution and Marketing, Wholesale Domestic Marketing, Refinery Services, Commercial Transportation and Natural Gas Marketing. As of December 31, 2016, its fractionation assets included ownership interests in three fractionation facilities that were located on the Gulf Coast, two of which it operated, one at Mont Belvieu, Texas and the other at Lake Charles, Louisiana. Its NGL storage assets provide warehousing of mixed NGLs, NGL products and petrochemical products in underground wells. Its terminaling operations provide the inbound/outbound logistics and warehousing of mixed NGLs, NGL products and petrochemical products in above-ground storage tanks.
The Company's Petroleum Logistics business owns and operates storage and terminalling facilities in Texas, Maryland and Washington. The Company markets its own NGL production and also purchases component NGL products from other NGL producers and marketers for resale. Additionally, it also purchases product for resale in its Logistics and Marketing segment, including exports. Its wholesale domestic propane marketing operations primarily sell propane and related logistics services to multi-state retailers, independent retailers and other end users. Its propane supply primarily originates from both its refinery/gas supply contracts and its other owned or managed logistics and marketing assets. In its refinery services business, the Company provides NGL balancing services through contractual arrangements with refiners to purchase and/or market propane and to supply butanes. Its NGL transportation and distribution infrastructure includes a range of assets supporting both third-party customers and the delivery requirements of its marketing and asset management business. It also markets natural gas available to it from the Gathering and Processing segment, purchases and resells natural gas in selected United States markets and manages the scheduling and logistics for these activities.
The Company competes with Kinder Morgan, Inc., WTG Gas Processing, L.P., DCP, Devon Energy Corporation, Enbridge Inc., Enlink Midstream Partners LP, Energy Transfer Partners, L.P., ONEOK, Gulf South Pipeline Company, LP, Hanlon Gas Processing, Ltd., J-W Operating Company, Louisiana Intrastate Gas Company L.L.C., Enable Midstream Partners LP, Crestwood Equity Partners LP, Tesoro Corporation, Caliber Midstream Partners, L.P., Bridger Pipeline LLC, Paradigm Energy Partners, LLC, Summit Midstream Partners, LLC, EPD, BP p.l.c., LoneStar NGL LLC and Phillips 66.
Targa Resources Corp
811 Louisiana St Ste 2100
HOUSTON TX 77002-1412