TARGA RESOURCES CORP. (NYSE:TRGP) Files An 8-K Completion of Acquisition or Disposition of Assets

Item2.01 Completion of Acquisition or Disposition of Assets.

Targa Resources Partners LP (the Partnership), a subsidiary of
Targa Resources Corp. (the Company), previously announced that it
had entered into a Membership Interest Purchase and Sale
Agreement with Outrigger Delaware Midstream, LLC (the Outrigger
Delaware Purchase Agreement), a Membership Interest Purchase and
Sale Agreement with Outrigger Energy, LLC (the Outrigger Energy
Purchase Agreement) and a Membership Interest Purchase and Sale
Agreement with Outrigger Midland Midstream, LLC (the Outrigger
Midland Purchase Agreement and together with the Outrigger
Delaware Purchase Agreement and Outrigger Energy Purchase
Agreement, the Purchase Agreements), to which the Company agreed
to acquire 50% of the membership interests of Outrigger Delaware
Operating, LLC (Outrigger Delaware Operating), Outrigger Southern
Delaware Operating, LLC (Outrigger Southern Delaware Operating
and together with Outrigger Delaware Operating, Outrigger
Delaware) and Outrigger Midland Operating, LLC (Outrigger Midland
and together with Outrigger Delaware, Outrigger and such
transaction, the Permian Acquisition). Outrigger Delawares gas
gathering and processing and crude gathering systems are located
in Loving, Winkler and Ward counties. Outrigger Midlands gas
gathering and processing and crude gathering systems are located
in Howard, Martin and Borden counties.

On March1, 2017 and in accordance with the Purchase Agreements,
the Company completed the Permian Acquisition. At the closing,
the Company paid approximately $484million (including certain
closing date adjustments) in cash and will pay $90million within
90 days of closing (collectively, the initial purchase price).
Subject to certain performance-linked measures and other
conditions, additional cash of up to $935million may be received
by the owners of Outrigger Delaware and Outrigger Midland in
earn-out payments in 2018 and 2019. The Company used cash on
hand, cash funded through borrowings under the Partnerships
senior secured revolving credit facility and proceeds from the
Companys issuance of common stock in January 2017 to fund the
initial purchase price for the Permian Acquisition.

The purchase price was determined based on arms length
negotiations. Prior to the Permian Acquisition, there were no
material relationships between the equityholders of Outrigger
prior to the closing, on the one hand, and the Company or any of
its affiliates, directors, officers or any associate of such
directors or officers, on the other hand.

The description of the Purchase Agreements set forth above in
Item 1.01 is qualified in its entirety by the Purchase
Agreements, which are filed herewith as Exhibit 2.1, Exhibit 2.2,
and Exhibit 2.3, respectively, and are incorporated herein by
reference.

Item9.01 Financial Statements and Exhibits.

(d) Exhibits.

to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Exhibit Index

About TARGA RESOURCES CORP. (NYSE:TRGP)

Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP (the Partnership), is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products. The Partnership operates in two divisions: Gathering and Processing, and Logistics and Marketing. The Gathering and Processing division consists of two segments: Field Gathering and Processing, and Coastal Gathering and Processing. The Logistics and Marketing division consists of two segments: Logistics Assets, and Marketing and Distribution.

TARGA RESOURCES CORP. (NYSE:TRGP) Recent Trading Information

TARGA RESOURCES CORP. (NYSE:TRGP) closed its last trading session up +1.01 at 58.09 with 1,954,848 shares trading hands.