Targa Resources

“Now we are selling that that product into the open market today, whether it be an enterprise, whether it be a target, whether be it in energy transfer. And we know just by supply and demand balances that some of that product has to be going across their dock, but we are not selling into crops or dock, but when our dock comes up, we will take that product that we were selling into the open market that [indiscernible] was making it across somebody else's dock.”

ONEOK currently sells propane into the open market that ends up crossing competitor docks including Targa Resources; once ONEOK's own LPG export dock opens in 2028, that volume will shift away from Targa's terminal to ONEOK's.

“Also, we completed the acquisition of Stakeholder and 2 bolt-on producer transactions, adding approximately 2 million acres in areas of mutual interest and nearly 500,000 dedicated acres, adding to our long-term growth rate.”

Targa completed its acquisition of Stakeholder (Midstream) plus two bolt-on producer transactions, adding ~2 million AMI acres and ~500,000 dedicated acres to its Permian G&P footprint.

“the Badlands transaction that we announced earlier this year was really taking out Blackstone, which we really view, they had a preferred interest that it was refinancing their preferred interest”

Targa bought out Blackstone's preferred interest in the Badlands assets, moving them onto Targa's balance sheet; Blackstone exits that preferred position.

“you've seen enterprise and now MPLX come in and buy treating companies to address the sour gas situation in the Delaware Basin.”

MPLX has followed Enterprise into Delaware Basin gas treating by acquiring treating companies, adding competition to Targa's sour-gas treating business.

“you've seen enterprise and now MPLX come in and buy treating companies to address the sour gas situation in the Delaware Basin.”

Enterprise Products has entered Delaware Basin sour-gas treating by buying treating companies, intensifying competition with Targa's leading AGI/gas-treating franchise.

“How do you see the partnership with MPLX and Enbridge developing over a period of time?”

Same Traverse pipeline joint venture question naming Enbridge alongside MPLX; management confirmed the project's FID and commercial progress without detailing partnership terms.

“How do you see the partnership with MPLX and Enbridge developing over a period of time?”

Targa's Traverse pipeline project, which reached FID this quarter, is a joint venture with MPLX to connect Permian gas supply and demand centers into South Texas; management declined to detail partnership specifics but called the project's commercialization a positive for Targa, producers, and the market.

“The rationale for taking out Blackstone now is simple.”

Targa is repurchasing all outstanding preferred equity held by Blackstone in Targa Badlands LLC for approximately $1.8 billion, unwinding a 2019 financing structure and taking full ownership of the North Dakota assets.

“we purchased BP's 12% interest in Cedar Bayou Fractionators for net cash consideration of approximately $111 million, and we now own 100% of CBF”

Targa bought out BP's remaining 12% stake in the Cedar Bayou Fractionators joint venture for about $111 million, consolidating full ownership.