Targa Resources Partners LP (NYSE: NGLS) will acquire Saddle Butte Pipeline LLC’s ownership percentage of the Williston Basin crude oil pipeline for $950 million in cash.
The business includes about 155 miles of crude oil pipelines, and includes oil operational storage capacity of 70,000 barrels, plus 95 miles of natural gas gathering pipelines. Targa, based in Houston, is a midstream oil and natural gas company.
Chris Collins from Vision & Elkins advised Targa Resourced on the deal. Evercore Partners also advised Targa on the deal.
Vanguard Natural Resources also agreed to acquire oil and gas assets on Nov. 15, for $131 million.
For more on how oil and gas M&A is heating up, look for the December issue of Mergers & Acquisitions, coming soon.