Targa Resources Sells Stake In North Dakota -- February 19, 2019

A deal too good to pass up.

Link here. Data points:

• $1.6 billion in cash
• Targa to see a 45% stake in Targa Badlands
• buyer: GSO Capital Partners and Blackstone Group LP
• Targa will remain operator and hold majority governance rights in Targa Badlands
• Targa Badlands: the entity that holds all of Targa's assets in North Dakota
• holdings:
• 480 miles of crude oil pipelines
• 125,000 bbls of operational crude oil storage
• 260 miles of natural gas gathering pipelines
• the Little Missouri natural gas processing plant with a current processing capacity of approximately 90 million cubic feet per day

Let's say $300 million for the natural gas processing plant.

$1.3 billion / 740 miles = $1.8 million per mile of pipeline plus infrastructure.