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Targa is the toll-booth between the Permian shale and the world's petrochemical plants: it gathers and processes raw natural gas at the wellhead, ships the natural gas liquids down its 2,000-mile Grand Prix pipeline to its giant Mont Belvieu fractionation complex near Houston, then splits them into pure ethane, propane and butane and loads propane onto ships at its Galena Park export terminal. A long string of buy-ins — Lucid, the Grand Prix and DevCo joint-venture stakes, and its Bakken Badlands assets — turned a fee-based midstream operator into one of the largest NGL infrastructure companies in North America.

What Targa Resources really sells

Targa is the toll-booth between the Permian shale and the world's petrochemical plants: it gathers and processes raw natural gas at the wellhead, ships the natural gas liquids down its 2,000-mile Grand Prix pipeline to its giant Mont Belvieu fractionation complex near Houston, then splits them into pure ethane, propane and butane and loads propane onto ships at its Galena Park export terminal. A long string of buy-ins — Lucid, the Grand Prix and DevCo joint-venture stakes, and its Bakken Badlands assets — turned a fee-based midstream operator into one of the largest NGL infrastructure companies in North America.

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