Targa Resources names senior vice president

Targa Resources Corp. promoted Joel Thomas to senior vice president – finance and treasurer.

Thomas joined Targa in 2012 where he served as associate of corporate development and was most recently vice president of corporate and commercial development.

Prior to joining Targa, he was in the energy investment banking group at Wells Fargo Securities. He holds a bachelor’s degree of business administration in business honors and finance from the University of Texas at Austin.

Targa is a provider of midstream services and is one of the largest independent midstream energy companies in North America, according to the company.

The company owns, operates, acquires and develops a portfolio of complementary midstream energy assets. It is engaged in the business of gathering, compressing, treating, processing, transporting and selling natural gas. In addition, Targa transports, stores, fractionates, treats and sells NGLs and NGL products, including services to LPG exporters. It also gathers, stores, terminals and sells crude oil.

Earlier this year, Targa agreed to acquire Blackstone Energy Partners’ 25 percent interest in Targa’s Grand Prix NGL Pipeline for $1.05 billion in cash plus customary working capital adjustments. Targa now owns 100 percent of Grand Prix. The pipeline has the capacity to transport up to 1 million barrels per day of NGLs to the NGL market hub at Mont Belvieu, Texas. Grand Prix connects Targa’s gathering and processing positions throughout the Permian Basin, north Texas, and southern Oklahoma (as well as third-party positions) to Targa’s fractionation and storage complex at Mont Belvieu.

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