Targa Resources has sold its Permian Basin crude oil gathering pipelines and storage terminals to Oryx Midstream Services for $135 million, attorneys for both companies confirmed to local media.
The assets include the Outrigger Crude Oil Gathering System in the Permian Basin. Targa announced its intent to sell the crude oil gathering assets following a $78.6 million loss on $1.9 billion of revenue during the third quarter.
Targa’s Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling.
For more information visit www.targaresources.com, www.oryxmidstream.com
