Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Targa Resources's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
13 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
On October 13, 2014, Targa Resources Partners LP and Targa Resources Corp. entered into agreements to acquire Atlas Pipeline Partners, L.P. (APL) and Atlas Energy, L.P. (ATLS). Targa Resources Partners acquired APL for total consideration of $5.8 billion, including $1.8 billion of debt as of September 30, 2014; each APL common unitholder received 0.5846 Targa Resources Partners units plus a one-time cash payment of $1.26 per APL common unit (total consideration of $38.66 per APL common unit, a negotiated 15% premium). Targa Resources Corp. acquired ATLS for stock and cash following ATLS's spin-off of its non-midstream assets; the two acquisitions were contingent on one another and closed concurrently on February 27, 2015. approximately $7.7 billion total transaction value (Atlas Pipeline Partners ~$5.8 billion including ~$1.8 billion of assumed debt; Atlas Energy acquired for stock and cash following spin-off of ATLS non-midstream assets).
We view this integrated transaction as a highly compelling strategic opportunity to combine two outstanding midstream businesses and create value for all shareholders and unitholders. We believe the combination provides our customers an enhanced midstream service offering, and presents our investors with an enterprise that has increased scale, diversity and growth.Joe Bob Perkins — Chief Executive Officer, Targa Resources Corp.
On January 22, 2017, Targa Resources Partners LP, a subsidiary of Targa Resources Corp., executed definitive Membership Interest Purchase and Sale Agreements to acquire 100% of the membership interests of Outrigger Delaware Operating, LLC, Outrigger Southern Delaware Operating, LLC (together "Outrigger Delaware") and Outrigger Midland Operating, LLC ("Outrigger Midland"). The fee-based natural gas gathering and processing and crude gathering assets are located in Loving, Winkler and Ward counties (Delaware) and Howard, Martin and Borden counties (Midland), backed by long-term producer dedications across more than 250,000 acres. Targa paid $565 million initial cash consideration with future performance-linked earn-outs. The acquisition closed on March 1, 2017. $565 million initial cash consideration, plus future performance-linked earn-out payments based on gross margin from existing contracts realized over the following two years (~9x 2017E EBITDA multiple).
The acquisition of the Outrigger Permian assets complements our existing gas gathering and processing footprint very nicely, while expanding our reach deeper into both the Delaware and Midland Basins. The producer acreage that we will serve through this acquisition has decades of drilling inventory in prolific areas, with multiple stacked pay zones.Joe Bob Perkins — Chief Executive Officer, Targa Resources Corp.
On June 16, 2022, Lasso Acquiror LLC, an indirect wholly-owned subsidiary of Targa Resources Corp., entered into a Purchase and Sale Agreement to acquire Lucid Energy Delaware, LLC from Riverstone Holdings LLC and Goldman Sachs Asset Management for $3.55 billion in cash. Lucid provides natural gas gathering, treating and processing services in the Delaware Basin, including approximately 1,050 miles of natural gas pipelines and approximately 1.4 Bcf/d of cryogenic processing capacity in service or under construction, located primarily in Eddy and Lea counties, New Mexico, with greater than 600,000 dedicated acres. Targa completed the acquisition in July 2022; the assets are now integrated into Targa Northern Delaware LLC. $3.55 billion in cash (approximately 7.5x estimated 2023 adjusted EBITDA).
The strength of Targa's standalone financial position has afforded us the flexibility to consider attractive opportunities to grow our business through acquisitions, as evidenced by our ability to finance the purchase of Lucid utilizing available cash and debt with estimated pro forma year-end 2022 leverage around 3.5 times, well within our long-term target.Matt Meloy — Chief Executive Officer, Targa Resources Corp.
Over the past several years, Lucid has firmly established itself as a leading midstream processor in the Delaware Basin, with a talented team, sophisticated operations and infrastructure, and strong customer partnerships.Mike Latchem — Chief Executive Officer, Lucid Energy
In April 2022, Targa closed on the acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas for a purchase price of approximately $201.9 million (the "South Texas Acquisition"). Targa acquired a portfolio of complementary midstream infrastructure assets and associated contracts that have been integrated into its SouthTX Gathering and Processing operations. The Company made a final net working capital adjustment payment of approximately $1.5 million in the fourth quarter of 2022. purchase price of approximately $201.9 million (subject to customary closing adjustments; ~$200 million as announced).
In April 2022, Targa closed on the acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas for a purchase price of approximately $200 million. Targa acquired a portfolio of complementary midstream infrastructure assets and associated contracts that have been integrated in its SouthTX Gathering and Processing operations.Targa Resources Corp. Q1 2022 earnings press release (8-K Item 2.02 — Ex 99.1)
In January 2023, Targa completed the acquisition of Blackstone Energy Partners' 25% interest in the entity that owns the Permian-to-Mont Belvieu segment of the Grand Prix NGL Pipeline (the "Grand Prix Transaction") for approximately $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing, Targa owns 100% of Grand Prix, including the Daytona NGL Pipeline. The transaction had an effective date of January 1, 2023. approximately $1.05 billion in cash, plus a final closing adjustment of $41.9 million.
In January 2023, we completed the acquisition of Blackstone Energy Partners' 25% interest in the entity that owns the Permian to Mont Belvieu segment of Grand Prix (the "Grand Prix Transaction") for approximately $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing of the Grand Prix Transaction, we own 100% of Grand Prix, including the Daytona NGL Pipeline.Targa Resources Corp. FY2023 10-K — Item 1 Business (Acquisitions)
Targa acquired the remaining 50% membership interest in Carnero G&P LLC in December 2023 for cash consideration of $27.0 million, structured as an all-cash purchase accounted for as an equity transaction. The deal consolidated Targa's ownership of the Carnero gathering and processing operations in South Texas. cash consideration of $27.0 million.
In December 2023, we completed the acquisition of the remaining 50% membership interest in Carnero G&P LLC ("Carnero") from our joint venture partner for cash consideration of $27.0 million (the "Carnero Acquisition"). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests.Targa Resources Corp. FY2024 10-K — Note 4 - Acquisitions and Divestitures
Cedar Bayou Fractionators (CBF) is an NGL fractionation complex at Mont Belvieu, Texas — the primary U.S. hub for natural gas liquids infrastructure — with roughly 493 thousand barrels per day of gross fractionation capacity that Targa built up over the years by adding fractionation trains. In December 2024 Targa acquired the remaining 12% membership interest in CBF from its joint venture partner for $111.6 million in cash, bringing the facility to full ownership within its Logistics and Transportation segment. cash consideration of $111.6 million.
On December 16, 2024, we completed the acquisition of the remaining 12% membership interest in Cedar Bayou Fractionators, L.P. ("CBF") from our joint venture partner for cash consideration of $111.6 million (the "CBF Acquisition"). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests.Targa Resources Corp. FY2024 10-K — Note 4 - Acquisitions and Divestitures
On February 18, 2025, Targa entered into an agreement with funds managed by Blackstone to acquire their 45% interest in Targa Badlands LLC ("Targa Badlands"), the entity that holds all of Targa's North Dakota (Badlands) assets, for aggregate consideration of approximately $1.8 billion. Targa described the transaction as the repurchase of all outstanding preferred equity in Targa Badlands from its joint venture partner. Following the closing, Targa will own 100% of the interest in Targa Badlands. The transaction has an effective date of January 1, 2025 and was expected to close in the first quarter of 2025. approximately $1.8 billion in cash.
The Company expects to use a portion of the net proceeds from the Offering to fund the repurchase from the Company's joint venture partner of all of the outstanding preferred equity in Targa Badlands LLC, the entity that holds all of the Company's North Dakota assets, for approximately $1.8 billion in cash (the "Badlands Transaction").Targa Resources Corp. February 24 — 2025 senior notes offering press release (8-K Item 7.01/8.01, Ex 99.1)
Targa acquired a portfolio of complementary Permian Basin midstream infrastructure assets, including approximately 480 miles of natural gas pipelines, approximately 180 MMcf/d of cryogenic natural gas processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a small crude oil gathering system. Funded with $650.0 million from the Commercial Paper Program and $600.0 million from the Securitization Facility.
On January 6, 2026, we completed the acquisition of Stakeholder Midstream, LLC for a purchase price of $1.25 billion (the 'Stakeholder Acquisition'), subject to customary closing adjustments.Targa Resources Corp. — Form 10-K for fiscal year 2025, Note 4 Acquisitions and Joint Ventures
In December 2025 Targa completed the purchase of all membership interests in Dovetail Midstream, LLC, a wholly owned subsidiary of Riley Exploration Permian, Inc., and on December 24, 2025 completed the purchase of certain compressor assets from Riley. The assets acquired primarily consist of compression and natural gas gathering infrastructure in Eddy County, New Mexico. Additional cash of up to $60.0 million may be payable to Riley over a five year period subject to volume-based performance thresholds.
In December 2025, we completed the purchase of all of the membership interests in Dovetail Midstream, LLC ('Dovetail'), a wholly-owned subsidiary of Riley Exploration Permian, Inc ('Riley'), and on December 24, 2025, we completed the purchase of certain compressor assets from Riley for aggregate cash consideration of approximately $122.8 million for both the membership interests in Dovetail and certain compressor assets, subject to customary closing adjustments (together, the 'Dovetail Acquisition').Targa Resources Corp. — Form 10-K for fiscal year 2025, Note 4 Acquisitions and Joint Ventures
In December 2025 Targa completed the purchase of certain midstream assets from Nile Midstream, LLC and Four Winds Midstream, LLC, both wholly owned subsidiaries of Blackbeard Holdings, LLC. The assets acquired primarily consist of compression and pipeline infrastructure, with substantially all of the consideration allocated to property, plant and equipment.
In December 2025, we completed the purchase of certain midstream assets from Nile Midstream, LLC and Four Winds Midstream, LLC, both wholly-owned subsidiaries of Blackbeard Holdings, LLC, for aggregate cash consideration of $90.3 million, inclusive of capitalized transaction costs (the 'Nile Acquisition'), subject to customary closing adjustments.Targa Resources Corp. — Form 10-K for fiscal year 2025, Note 4 Acquisitions and Joint Ventures
Targa Resources executed agreements to repurchase all of the interests in its development company joint ventures ("DevCo JVs") from investment vehicles affiliated with Stonepeak Partners LP. The DevCo JV structure, originally formed with Stonepeak in 2018, had let Targa access private capital to fund three growth assets while retaining an option to buy the interests back. On completion Targa held a 75% interest in the Permian-to-Mont Belvieu segment of its Grand Prix NGL Pipeline, 100% of its Train 6 fractionator at Mont Belvieu, Texas, and a 25% equity interest in the Gulf Coast Express Pipeline ("GCX"). The buy-in was announced in late 2021 and completed in January 2022.
In December 2025 Targa Resources completed two small bolt-on acquisitions of sour natural gas gathering and compression assets in the Delaware Basin for aggregate cash consideration of approximately $213 million. The transactions added roughly 300,000 dedicated acres plus more than 2 million acres in areas of mutual interest, driving new integrated volumes and extending Targa's reach with new and existing customers. The acquired assets have been fully integrated into Targa's Delaware Basin gathering and processing system. The deals were disclosed in Targa's fourth quarter and full year 2025 results release; the counterparties were not named.