Targa Finds Buyer for Permian Pipeline Assets
11.18.2019 - NEWS

November 18, 2019 [Kallanish Energy] – Texas-based pipeline operator Targa Resources has found a buyer for its crude oil-gathering assets in the Permian Basin of West Texas and New Mexico, Kallanish Energy has learned.

Oryx Midstream has purchased Targa’s Permian Basin crude oil gathering pipeline and storage terminals in a $135 million deal, attorneys for both sides confirmed to the Houston Chronicle newspaper.

Oryx, with headquarters in Midland, Texas, is called the largest privately-held crude oil pipeline and storage terminal operator in the Permian basin.

It has more than 1,200 miles of pipelines and 2.1 million barrels of storage before the Targa deal.

Targa, with headquarters in Houston, Texas, had recently announced its intent to se its oil gathering assets after a third quarter 2019 net loss of $78.6 million on revenues of $1.9 billion.

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