Targa Rresources (Houston) has agreed to acquire midstream firm Atlas Pipeline Partners and Atlas Energy for $7.7 billion. The deal, which is expected to close in the first quarter of 2015, will substantially expand Targa’s capacity to produce and deliver natural gas liquids (NGLs), the feedstock that has transformed the fortunes of US ethylene producers. Atlas Pipeline Partners owns and operates 17 natural gas processing plants, 18 gas treating facilities, and 11,200 miles of active intrastate natural gas gathering pipeline in Oklahoma, southern Kansas, Texas, and Tennessee. Atlas Energy is a master limited partnership that owns and operates the general partner of Atlas Pipeline Partners. The combined company’s pro forma assets total 39 natural gas processing plants, with about 6.9 billion cubic feet/day of gross processing capacity; over 22,500 miles of natural gas and crude oil gathering pipeline; gross NGL production of 280,000 bbl/day in the second quarter of 2014; three crude oil and refined product terminals with 2.5 million bbl of storage; 17 gas treating facilities; 573,000 bbl/day of fractionation capacity; and a 6.5 million bbl/month liquefied petroleum gas (LPG) export terminal.
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