TRGP · 10-Q · 2026Q3 · Full report

Stakeholder Midstream Acquisition

Targa Resources Corp. · 2026-11-05 · Importance 59 · Surprise 60 · No source text

In January 2026, Targa acquired all membership interests in Stakeholder Midstream, LLC for a purchase price of $1.25 billion, subject to customary closing adjustments; the preliminary purchase price allocation was $1,291.2 million. The acquired Permian Basin infrastructure includes natural gas pipelines, cryogenic processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a crude oil gathering system. Targa integrated the assets into its Permian Delaware operations, within the Gathering and Processing segment, and funded the acquisition with $650.0 million of Commercial Paper Program borrowings and $600.0 million from its Securitization Facility. The acquired assets contributed $194.7 million of revenue and $38.2 million of net income in the nine months ended September 30, 2026.

Key facts

• In January 2026, Targa completed the Stakeholder Midstream acquisition for a purchase price of $1.25 billion, subject to customary closing adjustments; the acquired assets were integrated into its Permian Delaware operations. source
• In January 2026, Targa completed its acquisition of all membership interests in Stakeholder Midstream, LLC for $1.25 billion in cash. source
• Targa funded the Stakeholder acquisition with $650.0 million borrowed under its Commercial Paper Program and $600.0 million from its Securitization Facility. source
• In January 2026, Targa used $650.0 million of Commercial Paper Program borrowings and $600.0 million from its Securitization Facility to fund the Stakeholder Acquisition. source
• Stakeholder acquired assets contributed $69.3 million in revenue and $15.6 million in net income for the three months ended September 30, 2026, and $194.7 million in revenue and $38.2 million in net income for the nine months ended September 30, 2026. source
• Targa expensed $8.9 million of acquisition-related costs for the Stakeholder acquisition. source
• Targa acquired complementary Permian Basin midstream infrastructure assets in the Stakeholder Acquisition and integrated them into its Permian Delaware operations; the acquisition had an effective date of January 1, 2026. source

Impact estimates