Targa Resources Corp. (NYSE:TRGP) ("Targa"); NextEra Energy
Pipeline Holdings, LLC, an indirect, wholly-owned subsidiary of
NextEra Energy Resources, LLC (NYSE: NEE) (“NextEra”);
WhiteWater Midstream, LLC (“WhiteWater”), a portfolio company of
Denham Capital Management and Ridgemont Energy Partners; and MPLX
LP (NYSE: MPLX) (“MPLX”), announced today the execution of a letter
of intent (and associated term sheets) for the joint development of
the proposed Whistler Pipeline Project (“Whistler Project” or the
“Project”), which will provide an outlet for increased natural gas
production from the Permian Basin to growing markets along the
Texas Gulf Coast.
The Whistler Project is designed to transport approximately 2.0
billion cubic feet per day (“Bcf/d”) of natural gas through
approximately 450 miles of 42-inch pipeline from Waha, Texas to
NextEra’s Agua Dulce market hub, with an additional approximately
170 miles of 30-inch pipe continuing from Agua Dulce and
terminating in Wharton County. Supply for the Whistler Project will
be sourced from multiple upstream connections in both the Midland
and Delaware Basins, including direct connections to Targa plants
through an approximately 27 mile 30-inch pipeline lateral, as well
as a direct connection to the 1.4 Bcf/d Agua Blanca Pipeline, a
joint venture between WhiteWater, WPX Energy, MPLX and Targa, which
crosses through the heart of the Delaware Basin, including portions
of Culberson, Loving, Pecos, Reeves, Winkler, and Ward counties.
The Whistler Project would have access to the Nueces Header and
premium markets at Agua Dulce, as well as along a northern
extension through Corpus Christi to the Houston Ship Channel to
serve markets along the Texas Gulf Coast.
Targa, NextEra, MPLX and WhiteWater (and their respective
producer customers) would collectively commit volumes in excess of
1.5 Bcf/day to the Whistler Project. The Project would begin
operation in the fourth quarter of 2020, subject to execution of
definitive agreements and the receipt of necessary regulatory
approvals. The named parties have committed to be exclusive to the
Project for a period of time sufficient to complete definitive
agreements. The Whistler Project will be constructed by NextEra
Energy Pipeline Holdings and operated by Targa. The Project is
expected to be financed at the project level.
In addition to the commitments of the Project sponsors and their
producer customers, the Whistler Project is in negotiations for
additional firm transportation commitments and is expected to
launch an open season in the coming months with respect to any
remaining firm intrastate transportation capacity.
Targa Resources 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, 2017 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, terminaling, and selling crude oil; storing,
terminaling, and selling refined petroleum products. For more
information, please visit our website at
www.targaresources.com.
About NextEra Energy Resources, LLC.
NextEra Energy Resources, LLC (together with its affiliated
entities, "NextEra Energy Resources"), is a clean energy leader and
is one of the largest wholesale generators of electric power in the
U.S., with more than 19,000 megawatts of net generating capacity,
primarily in 32 states and Canada as of year-end 2017. NextEra
Energy Resources, together with its affiliated entities, is the
world's largest operator of renewable energy from the wind and sun.
The business operates clean, emissions-free nuclear power
generation facilities in New Hampshire, Iowa and Wisconsin as part
of the NextEra Energy nuclear fleet, which is one of the largest in
the United States. NextEra Energy Resources, LLC is a subsidiary of
Juno Beach, Florida-based NextEra Energy, Inc. For more
information, visit www.NextEraEnergyResources.com.
About WhiteWater Midstream
WhiteWater Midstream is an Austin based, independent midstream
company that provides transportation services to domestic oil and
gas plays. WhiteWater was founded in 2016 and is backed by equity
commitments from Denham Capital Management and Ridgemont Equity
Partners. For more information about WhiteWater, visit
www.whitewatermidstream.com.
About Denham Capital
Denham Capital is a leading energy-focused global private equity
firm with more than $8.4 billion of invested and committed capital
across eight fund vehicles. The firm makes direct investments
across all stages of the corporate lifecycle. Denham’s investment
professionals apply deep operational and industry experience and
work in partnership with management teams to achieve long-term
investment objectives. For more information about Denham Capital,
visit www.denhamcapital.com.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market
buyout and growth equity investor. Since 1993, the principals of
Ridgemont have invested over $3.5 billion in 136 companies. The
firm focuses on investments of $25 million to $100 million in
industries in which it has deep expertise, including basic
industries and services, energy, healthcare and
telecommunications/media/technology. For more information about
Ridgemont, visit www.ridgemontep.com.
About MPLX LP
MPLX is a diversified, growth-oriented master limited
partnership formed in 2012 by Marathon Petroleum Corporation (MPC)
to own, operate, develop and acquire midstream energy
infrastructure assets. MPLX is engaged in the gathering, processing
and transportation of natural gas; the gathering, transportation,
fractionation, storage and marketing of NGLs; and the
transportation, storage and distribution of crude oil and refined
petroleum products through a marine fleet and approximately 10,000
miles of crude oil and light product pipelines. Headquartered in
Findlay, Ohio, MPLX's assets consist of a network of crude oil and
products pipelines and supporting assets, including storage
facilities (tank farms) located in the Midwest and Gulf Coast
regions of the United States; 62 light-product terminals with
approximately 24 million barrels of storage capacity; storage
caverns with approximately 2.8 million barrels of storage capacity;
a barge dock facility with approximately 80,000 barrels per day of
crude oil and product throughput capacity; and gathering and
processing assets that include approximately 5.9 billion cubic feet
per day of gathering capacity, 8.7 billion cubic feet per day of
natural gas processing capacity and 610,000 barrels per day of
fractionation capacity.
CONTACTS
Targa Resources Investor RelationsSanjay
Lad(713) 584-1133 investorrelations@targaresources.com
NextEra Media Relations(561) 694-4442
WhiteWater Investor
Relationswww.whitewatermidstream.com
MPLX LP Investor RelationsKristina
Kazarian(419) 421-2071
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