Advertisement
U.S. markets close in 4 hours 14 minutes
  • S&P 500

    5,252.24
    +3.75 (+0.07%)
     
  • Dow 30

    39,769.73
    +9.65 (+0.02%)
     
  • Nasdaq

    16,391.78
    -7.74 (-0.05%)
     
  • Russell 2000

    2,130.76
    +16.42 (+0.78%)
     
  • Crude Oil

    82.46
    +1.11 (+1.36%)
     
  • Gold

    2,234.40
    +21.70 (+0.98%)
     
  • Silver

    24.91
    +0.16 (+0.64%)
     
  • EUR/USD

    1.0805
    -0.0025 (-0.23%)
     
  • 10-Yr Bond

    4.1910
    -0.0050 (-0.12%)
     
  • GBP/USD

    1.2634
    -0.0004 (-0.03%)
     
  • USD/JPY

    151.2240
    -0.0220 (-0.01%)
     
  • Bitcoin USD

    71,225.09
    +2,107.88 (+3.05%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,967.17
    +35.19 (+0.44%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Targa says splitter, terminal with Noble still under consideration

By Kristen Hays

HOUSTON, May 5 (Reuters) - Targa Resources Partners LP is working closely with Noble Group as Asia's biggest commodity trader evaluates whether to move forward a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa Chief Executive Joe Bob Perkins said on Tuesday.

More than a year ago Noble signed on to support a new $115 million, 35,000 barrels per day (bpd) splitter at Targa's Channelview terminal on the Houston Ship Channel. The splitter would split the super-light crude oil into various components like naphtha and distillates that Noble would buy and sell.

But Noble has come under scrutiny for its accounting methods after a little-known research firm and a short seller alleged the company inflated asset values and misled investors. Noble has denied those allegations and has disclosed more information about its finances.

Earlier this year Targa and Noble renegotiated their deal to allow for the splitter, new storage at its other ship channel terminal or both.

Perkins did not mention Noble's woes in a quarterly earnings call with analysts on Tuesday, but he said the projects remained under consideration and Targa expected Noble to decide on one or both later this year.

"The renegotiated agreements with Noble have resulted in increased opportunity for Targa versus the original deal, without Targa taking on any additional risk," Perkins said.

When pressed for details, he said only that the company had a "very important commercial arrangement" with Noble and that analysts "could probably assume that we've got some confidentiality arrangements with them."

(Editing by Ted Botha)

Advertisement