Targa Resources Partners LP Pref (NGLS_pa)

Targa Resources Partners LP acquires, owns, develops, and operates midstream infrastructure assets in the United States. It operates in two segments: gathering and processing and logistics and transportation. The Gathering and Processing segment is involved in gathering, compressing, treating, processing, transporting, purchasing, and selling natural gas; gathering, storing, terminaling, and purchasing and selling crude oil; and supplying natural gas through its gathering systems, which consist of approximately 28,700 miles of natural gas pipelines. Its assets are located in the Permian Basin of West Texas and Southeast New Mexico; the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma and South Central Kansas; and the Williston Basin in North Dakota, as well as onshore and near-offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. This segment also sells its residue gas to commercial and industrial customers and to natural gas and electric utilities serving individual consumers, as well as to marketers through intrastate or interstate pipelines. The Logistics and Transportation segment transports and converts mixed natural gas liquids (NGLs) into NGL products and engages in the storing, fractionating, treating, transporting, and selling of NGLs and NGL products. This segment also owns and operates 34 storage wells with a storage capacity of 75 million barrels, as well as seven non-owned wells. As of December 31, 2020, its transportation assets comprised 694 leased and managed railcars; 124 leased and managed transport tractors; and 2 company-owned pressurized NGL barges. The company was incorporated in 2006 and is based in Houston, Texas. Targa Resources Partners LP operates as a subsidiary of Targa Resources Corp.