News

Targa Resources, NextEra Energy Resources, WhiteWater Midstream and MPLX LP Execute Agreements to Jointly Develop the Whistler Pipeline Project

August 03, 2018

HOUSTON, TX – August 3, 2018 – Targa Resources Corp. (NYSE: TRGP) ("Targa"); NextEra Energy Pipeline Holdings, LLC, an indirect, wholly-owned subsidiary of NextEra Energy Resources, LLC (“NextEra”); WhiteWater Midstream, LLC (“WhiteWater”), a portfolio company of Denham Capital Management and Ridgemont Energy Partners; and MPLX LP (NYSE: MPLX), announced today the execution of a letter of intent (and associated term sheets) for the joint development of the proposed Whistler Pipeline Project (“Whistler Project” or the “Project”), which will provide an outlet for increased natural gas production from the Permian Basin to growing markets along the Texas Gulf Coast.

The Whistler Project is designed to transport approximately 2.0 billion cubic feet per day (“Bcf/d”) of natural gas through approximately 450 miles of 42-inch pipeline from Waha, Texas to NextEra’s Agua Dulce market hub, with an additional approximately 170 miles of 30-inch pipe continuing from Agua Dulce and terminating in Wharton County. Supply for the Whistler Project will be sourced from multiple upstream connections in both the Midland and Delaware Basins, including direct connections to Targa plants through an approximately 27 mile 30-inch pipeline lateral, as well as a direct connection to the 1.4 Bcf/d Agua Blanca Pipeline, a joint venture between WhiteWater, WPX Energy, MPLX and Targa, which crosses through the heart of the Delaware Basin, including portions of Culberson, Loving, Pecos, Reeves, Winkler, and Ward counties. The Whistler Project would have access to the Nueces Header and premium markets at Agua Dulce, as well as along a northern extension through Corpus Christi to the Houston Ship Channel to serve markets along the Texas Gulf Coast.

Targa, NextEra, MPLX and WhiteWater (and their respective producer customers) would collectively commit volumes in excess of 1.5 Bcf/day to the Whistler Project.The Project would begin operation in the fourth quarter of 2020, subject to execution of definitive agreements and the receipt of necessary regulatory approvals. The named parties have committed to be exclusive to the Project for a period of time sufficient to complete definitive agreements. The Whistler Project will be constructed by NextEra Energy Pipeline Holdings and operated by Targa. The Project is expected to be financed at the project level.

In addition to the commitments of the Project sponsors and their producer customers, the Whistler Project is in negotiations for additional firm transportation commitments and is expected to launch an open season in the coming months with respect to any remaining firm intrastate transportation capacity.

Targa Resources Forward Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Targa expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa's control, which could cause results to differ materially from those expected by management of Targa.Such risks and uncertainties include, but are not limited to, the timing and extent of changes in commodity prices, interest rates and demand for services, the level and success of crude oil and natural gas drilling around assets, the timing and success of business development efforts, ability to access the capital markets, the amount of collateral required to be posted from time to time in transactions, success in risk management activities, the credit risk of customers, changes in laws and regulations, weather and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in Targa's Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the Securities and Exchange Commission. Targa undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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.

About NextEra Energy Resources, LLC.

NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.

About WhiteWater Midstream

WhiteWater Midstream is an Austin based, independent midstream company that provides transportation services to domestic oil and gas plays. WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners. For more information about WhiteWater, visit www.whitewatermidstream.com.

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.

About MPLX LP

MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation, storage and distribution of crude oil and refined petroleum products through a marine fleet and approximately 10,000 miles of crude oil and light product pipelines. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of crude oil and products pipelines and supporting assets, including storage facilities (tank farms) located in the Midwest and Gulf Coast regions of the United States; 62 light-product terminals with approximately 24 million barrels of storage capacity; storage caverns with approximately 2.8 million barrels of storage capacity; a barge dock facility with approximately 80,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include approximately 5.9 billion cubic feet per day of gathering capacity, 8.7 billion cubic feet per day of natural gas processing capacity and 610,000 barrels per day of fractionation capacity.

CONTACTS

Targa Resources Investor Relations

Sanjay Lad

(713) 584-1133

investorrelations@targaresources.com

NextEra Media Relations

(561) 694-4442

WhiteWater Investor Relations

www.whitewatermidstream.com

MPLX LP Investor Relations

Kristina Kazarian

(419) 421-2071

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WhiteWater Midstream Adds Strategic Partners and New Commitments to Its Delaware Basin Agua Blanca Pipeline

May 02, 2018

Austin, Texas – May 2, 2018 – WhiteWater Midstream today announced the execution of multiple transportation and interconnect agreements for its Delaware Basin Agua Blanca pipeline, a joint venture between WhiteWater and WPX Energy. In conjunction with those agreements, MarkWest Energy Partners, L.P., a wholly owned subsidiary of MPLX LP, and an affiliate of Targa Resources Corp. will join WhiteWater and WPX Energy as joint venture partners in the Agua Blanca pipeline. Approximately 80% of capital expenditures will be funded with project level debt. In addition to the agreements with its new partners, WhiteWater has entered into long-term transportation service agreements with two premier Delaware Basin producers in Culberson County.

Agua Blanca now has over 1.1 Bcf/d of long-term firm commitments.The pipeline has also continued to expand its connectivity with agreements in place with the following processors:Brazos Midstream, Crestwood Midstream Partners, EnLink Midstream Partners and Medallion Midstream.These agreements will bring total plant processing capacity connected to Agua Blanca to nearly 2.5 Bcf/d, which is expected to increase to 5.0 Bcf/d in the near-term.

“We are extremely excited about our new strategic partners, MPLX and Targa.Both companies are top tier processors that continue to expand services in the Permian Basin.We look forward to growing Agua Blanca and derivative projects with our strong customer base,” said WhiteWater Chief Executive Officer Christer Rundlof.

WhiteWater Midstream will own a 60 percent equity interest in Agua Blanca, with WPX Energy, MPLX and Targa owning an equity interest of 20%, 10% and 10%, respectively in the project.

Inquiries regarding Agua Blanca should be directed to ab@wwm-llc.com.

ABOUT AGUA BLANCA

Agua Blanca is a natural gas residue pipeline servicing the Delaware Basin.The mainline consists of approximately 90 miles of 36” diameter pipeline and 70 miles of 12” to 24” diameter pipeline crossing portions of Culberson, Loving, Pecos, Reeves, Winkler, and Ward counties.The initial capacity is approximately 1.4 Bcf/d.The project is supported by multiple, substantial long-term, firm volume commitments.Agua Blanca will have multiple direct downstream connections including to the Trans-Pecos Header, El Paso Waha, ONEOK West Texas, Kinder Morgan’s Gulf Coast Express and Natural Gas Pipeline Company.

ABOUT WHITEWATER MIDSTREAM

WhiteWater Midstream is an Austin based, independent midstream company that provides transportation services to domestic oil and gas plays.WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners.For more information about WhiteWater, visit www.whitewatermidstream.com.

ABOUT WPX ENERGY

WPX is an independent energy producer with core positions in the Permian and Williston basins. WPX’s production is approximately 80 percent oil/liquids and 20 percent natural gas. The company also has an emerging infrastructure portfolio in the Permian Basin.

ABOUT MPLX LP

MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation, storage and distribution of crude oil and refined petroleum products through a marine fleet and approximately 10,000 miles of crude oil and light product pipelines. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of crude oil and products pipelines and supporting assets, including storage facilities (tank farms) located in the Midwest and Gulf Coast regions of the United States; 62 light-product terminals with approximately 24 million barrels of storage capacity; storage caverns with approximately 2.8 million barrels of storage capacity; a barge dock facility with approximately 78,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include approximately 5.9 billion cubic feet per day of gathering capacity, 8.2 billion cubic feet per day of natural gas processing capacity and 610,000 barrels per day of fractionation capacity. In addition, MPLX provides fuels distribution services to MPC and owns refining logistics assets consisting of tanks with storage capacity of approximately 56 million barrels as well as refinery docks, loading racks and associated piping.

ABOUT TARGA RESOURCES CORP.

Targa Resources Corp. (NYSE: TRGP) 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 www.targaresources.com.

ABOUT DENHAM CAPITAL

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

ABOUT RIDGEMONT EQUITY PARTNERS

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.

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WhiteWater Midstream Announces Commencement of Operations for the Agua Blanca Pipeline

April 11, 2018

Agua Blanca commenced commercial operations on April 1, 2018 putting in service 72 miles of 36” diameter pipe with a capacity of 1.4 Bcf/d.The pipeline runs from Orla, Texas to the Waha Hub, servicing portions of Culberson, Loving, Pecos, Reeves and Ward counties with multiple direct downstream connections including to the Trans-Pecos Header.

The project is supported by substantial long-term, firm volume commitments. WhiteWater is in the process of expanding Agua Blanca’s connectivity and is considering a number of options to expand overall pipeline capacity.

Inquiries regarding Agua Blanca should be directed to ab@wwm-llc.com.

ABOUT WHITEWATER MIDSTREAM

WhiteWater Midstream is an Austin based, independent infrastructure company that provides transportation services to domestic oil and gas plays.WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners.For more information about WhiteWater, visit www.whitewatermidstream.com.

ABOUT DENHAM CAPITAL

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

ABOUT RIDGEMONT EQUITY PARTNERS

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.

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WhiteWater Midstream Announces New Commitments and Strategic Partner

June 13, 2017

WhiteWater Midstream today announced that it has recently completed an agreement with WPX Energy, which provides WPX with 300,000 MMBtu/d of natural gas transportation capacity from the Stateline area to Waha and grants WPX a 10 percent ownership interest in Agua Blanca. As part of the agreement, WPX has the right to increase its capacity to 500,000 MMBtu/d and its ownership up to 20 percent.

Construction of Agua Blanca remains on schedule with the initial commissioning of the project expected during the fourth quarter of 2017 and the complete path from Orla to Waha operational by the end of the first quarter of 2018.

“We are excited to be partnering with a company the caliber of WPX on Agua Blanca. Their team has done an extraordinary job in the Delaware Basin positioning WPX for substantial growth over the coming years. WPX is subscribing for a significant amount of capacity on the pipe, and with potential future Permian growth and strong interest from additional shippers, we are already considering expansion options for Agua Blanca,” said WhiteWater Chief Executive Officer Christer Rundlof.

Inquiries regarding Agua Blanca should be directed to ab@wwm-llc.com.

ABOUT AGUA BLANCA

Agua Blanca will initially consist of 75 miles of 36” diameter pipe with a capacity of 1.25 Bcf/d, expandable to 1.75 Bcf/d with minimal capex. The project is supported by substantial long-term, firm volume commitments. The initial path of Agua Blanca will be from Orla, Texas to the Waha Hub, servicing portions of Culberson, Loving, Pecos, Reeves and Ward counties. Agua Blanca will have multiple direct downstream connections including to the Trans-Pecos Header.

ABOUT WHITEWATER MIDSTREAM

WhiteWater Midstream is an Austin based, independent midstream company that provides gathering, treating, processing and transportation services to domestic oil and gas plays. WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners. For more information about WhiteWater, visit www.whitewatermidstream.com.

ABOUT DENHAM CAPITAL

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

ABOUT RIDGEMONT EQUITY PARTNERS

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.

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WhiteWater Midstream Announces Delaware Basin Natural Gas Pipeline

February 23, 2017

Austin, Texas – February 23, 2017 – WhiteWater Midstream today announced that it has begun construction of the Agua Blanca Pipeline, a Delaware Basin, intrastate natural gas pipeline. The initial path of Agua Blanca will be from Orla, Texas to the Waha Hub, servicing portions of Culberson, Loving, Pecos, Reeves and Ward counties. Agua Blanca will have multiple direct downstream connections including to the Trans-Pecos Header.

Agua Blanca will initially consist of 75 miles of 36” diameter pipe with a capacity of 1.25 Bcf/d, expandable to 1.75 Bcf/d. The project is supported by over 500 MMcf/d of long-term, firm volume commitments. WhiteWater expects to accept first volumes by the fourth quarter of 2017.

“Agua Blanca will provide producers and processors with a much needed outlet for the rapidly growing natural gas volumes in the Delaware Basin. Our customers will have a direct path to multiple delivery points including the attractive, growing Mexican power market,” said WhiteWater Chief Executive Officer Christer Rundlof.

Inquiries regarding Agua Blanca should be directed to ab@wwm-llc.com.

ABOUT WHITEWATER MIDSTREAM

WhiteWater Midstream is an Austin based, independent midstream company that provides gathering, treating, processing and transportation services to domestic oil and gas plays. WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners. For more information about WhiteWater, visit www.whitewatermidstream.com.

ABOUT DENHAM CAPITAL

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

ABOUT RIDGEMONT EQUITY PARTNERS

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.

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