HOUSTON, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) announced today that it has executed agreements to sell its refined products and crude oil storage and terminaling facilities in Tacoma, WA and Baltimore, MD to an affiliate of ArcLight Capital Partners, LLC for approximately $160 million. Subject to customary closing conditions, the sale is expected to close in the fourth quarter. Targa intends to use the proceeds to fund a portion of its growth capital program underway.

Evercore Group L.L.C. is serving as Targa’s exclusive financial advisor on the transaction.

As previously disclosed concurrent with its second quarter 2018 earnings announcement, and pro forma for the sale, Targa is on track to meet or exceed its full year 2018 operational and financial guidance.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. Targa owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters; gathering, storing, terminaling, and selling crude oil; storing, terminaling, and selling refined petroleum products.

For more information, please visit our website at www.targaresources.com.