Targa Resources Corp. signed an agreement this week with MPLX to expand its natural gas processing joint venture in Oklahoma.
The joint venture, which will be called Centrahoma Processing, will construct a new 150 million cubic feet per day (MMcf/d) cryogenic natural gas processing plant in Hughes County, Oklahoma. It will be called the Hickory Hills Plant and it will be used to process growing natural gas production from the Arkoma Woodford Basin.
The Hickory Hills Plant is scheduled to begin operations in the fourth quarter of 2018.
Targa’s existing 150 MMcf/d Flag City Plant, which it purchased in May 2017 and decommissioned shortly thereafter, will become the Hickory Hills Plant. Targa will also contribute its 120 MMcf/d cryogenic Tupelo Plant in Coal County, Oklahoma.
For these contributions, Targa will maintain its 60 percent interest in the expanded joint venture and will receive a cash distribution. MPLX will give cash to Centrahoma to maintain its 40 percent interest in the joint venture.
In addition to the Centrahoma joint venture, Targa also recently announced a joint venture with Hess Midstream Partners, LP to construct a new 200 MMcf/d cryogenic natural gas processing plant at Targa’s existing Little Missouri facility. Both of these projects highlight Targa’s focus on aligning with strategic partners.
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