Targa Resources Corp. acquisition history.

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.

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.

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.

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.

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.

In December 2023, Targa completed the acquisition of the remaining 50% membership interest in Carnero G&P LLC ("Carnero") from its joint venture partner for cash consideration of $27.0 million (the "Carnero Acquisition"). The change in ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests.

On December 16, 2024, Targa completed the acquisition of the remaining 12% membership interest in Cedar Bayou Fractionators, L.P. ("CBF") from its joint venture partner for cash consideration of $111.6 million (the "CBF Acquisition"). The change in ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests.

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.