Targa Resources’s Joint Venture with Sanchez Midstream Partners


Paul Hastings advised Targa Resources Corp., a leading provider of midstream services, on the expansion of Targa’s 50/50 gas gathering and processing joint venture with Sanchez Midstream Partners LP through merger of the entities that own the Carnero Gas Gathering Line and Raptor Gas Processing Facility.

The joint venture also increased its processing capacity through the acquisition of Targa’s 200 million cubic feet-per-day Silver Oak II Gas Processing Plant.

The expanded joint venture entered into a long-term firm gas gathering and processing agreement with a new dedication of over 315,000 gross acres in the Western Eagle Ford, operated by Sanchez Energy Corporation. The transactions related to the joint venture closed on May 22, 2018.

Energy M&A associate Isaac Griesbaum (Picture) and partner James Vallee led the Paul Hastings team, which also included partner Greg Nelson and associates Monica Diddell and Chanse Barnes.

Involved fees earner: Isaac Griesbaum – Paul Hastings; Jimmy Vallee – Paul Hastings; Monica Diddell – Paul Hastings; Chanse Barnes – Paul Hastings; Greg Nelson – Paul Hastings;

Law Firms: Paul Hastings;

Clients: Targa Resources Corp.;

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Author: Ambrogio Visconti