HOUSTON, October 11, 2010 -- Gulf Coast Fractionators, a partnership between ConocoPhillips[NYSE:COP], Devon Energy Corporation [NYSE:DVN] and Targa Resources Partners LP [NYSE:NGLS] ("Targa Resources Partners" or the "Partnership"), today announced plans to expand the capacity of its natural gas liquids fractionation facility located in Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility will be expanded by approximately 42 percent (43,000 barrels per day) to 145,000 barrels per day.
ConocoPhillips, as the operator, will manage the expansion project, and existing operations are not expected to be disrupted during the construction phase.
"This expansion will allow us to meet continued demand growth for natural gas liquids fractionation capacity in the Mont Belvieu market," said Chris Conway, president, ConocoPhillips Global Trading.
The expansion is expected to be operational during the second quarter of 2012, subject to regulatory approvals. The total capital expenditures of approximately $75 million are expected to be significantly lower than a greenfield fractionation facility since the new capacity will be integrated with existing fractionation capacity, utilities, infrastructure, and footprint already at Mont Belvieu.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $151 billion of assets, and $181 billion of annualized revenues as of June 30, 2010. For more information, go to www.conocophillips.com.
About Devon Energy Corporation
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.
About Targa Resources Partners
Targa Resources Partners is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and currently operates along the Louisiana Gulf Coast primarily accessing the offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, our natural gas liquids logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States.
Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
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