Targa Reports Impact to Operations Related to Hurricane Harvey
August 29 2017 - 11:12PM
Targa Resources Corp. (NYSE:TRGP) ("Targa" or the "Company")
announced today that damage to date to Targa facilities has been
minimal, that disruptions to operations are expected to be limited,
and that normal operations will resume shortly after flood waters
recede. Conditions associated with continued flooding in the
Houston area, and specifically the area of Targa’s facilities in
Mont Belvieu, Texas, which include the Cedar Bayou Fractionator
(“CBF”), today required CBF to be temporarily taken out of service.
CBF was taken out of service due to flooding
that disrupted the operation of freshwater supply pumps.
Fractionation operations should be able to resume quickly once
water recedes and operation of the freshwater supply wells is
restored.
Disruptions in brine disposal operations at
Targa’s Mont Belvieu Terminal have also negatively impacted the
facility’s capacity for receiving raw products due to flooding of
brine disposal pumps. The Company is currently utilizing its
storage position and working with pipeline operators to manage
natural gas liquids receipts at lower volumes than normal.
Targa will continue to work with its producer
and chemical customers to attempt to best meet their needs during
these outages. The outages may also impact upstream gathering and
processing facilities as Targa may have to curtail operations at
some of its natural gas processing plants until flood waters recede
and conditions improve at Mont Belvieu. Any such curtailments are
expected to be temporary subject to resuming normal operations at
Mont Belvieu.
Targa’s Galena Park Marine Terminal is not in
service as the Houston Ship Channel has been closed to ship traffic
since August 25th. Resumption of operations at Galena Park is
dependent on the Coast Guard reopening the Houston Ship Channel and
inspection of the pipelines between Mont Belvieu and Galena
Park.
Targa’s SouthTX assets, including the Company’s
Raptor and Silver Oak natural gas processing plants, are all now
operational and are undamaged. Operation of these facilities may
still be impacted due to receipt of natural gas liquids constraints
at Mont Belvieu.
On the Louisiana Gulf Coast, Targa’s Coastal
assets are all operational and undamaged and have prepared for the
upcoming rains and potential flooding to their area.
“I am so proud of the Targa team’s preparedness
and execution in the face of an absolutely unprecedented and
devastating natural event. Our primary concern is for the safety
and well-being of our employees, their families, and their
communities, and watching everyone in the Targa family rally
together is inspiring,” said Joe Bob Perkins, Chief Executive
Officer of the Company. “None of our assets have sustained any
material damage at this point. The disruption to Targa operations
at Mont Belvieu will hopefully be a very short term event, and we
are working to be in position to ramp operations back up
quickly.”
Forward Looking Statements
Certain statements in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Targa
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These forward-looking statements
rely on a number of assumptions concerning future events and are
subject to a number of uncertainties, factors and risks, many of
which are outside Targa's control, which could cause results to
differ materially from those expected by management of Targa.
Such risks and uncertainties include, but are not limited to, the
timing and extent of changes in commodity prices, interest rates
and demand for services, the level and success of crude oil and
natural gas drilling around assets, the timing and success of
business development efforts, ability to access the capital
markets, the amount of collateral required to be posted from time
to time in transactions, success in risk management activities, the
credit risk of customers, changes in laws and regulations, weather
and other uncertainties. These and other applicable uncertainties,
factors and risks are described more fully in Targa's Annual Report
on Form 10-K for the year ended December 31, 2016 and other reports
filed with the Securities and Exchange Commission. Targa undertakes
no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
About Targa Resources Corp.
Targa Resources Corp. is a leading provider of
midstream services and is one of the largest independent midstream
energy companies in North America. Targa owns, operates, acquires,
and develops a diversified portfolio of complementary midstream
energy assets. The Company is primarily engaged in the business of:
gathering, compressing, treating, processing, and selling natural
gas; storing, fractionating, treating, transporting, and selling
NGLs and NGL products, including services to LPG exporters;
gathering, storing, and terminaling crude oil; storing,
terminaling, and selling refined petroleum products.
For more information, please visit our website
at www.targaresources.com.
Contact investor relations by phone at (713) 584-1133.
Sanjay Lad
Director - Investor Relations
Jennifer Kneale
Vice President - Finance
Targa Resources (NYSE:TRGP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Targa Resources (NYSE:TRGP)
Historical Stock Chart
From Sep 2023 to Sep 2024