U.S. pipeline BOP Blow Out Preventer repair company gulf coast Targa Resources Corp. has entered into a definitive agreement to sell its assets in the Bakken for $1.6 billion.

U.S. pipeline BOP Blow Out Preventer repair company gulf coast Targa Resources Corp. has entered into a definitive agreement to sell its assets in the Bakken, the BOP Blow Out Preventer repair company gulf coast announced Feb. 19.

Targa is selling a 45 percent interest in Targa Badlands LLC – which holds all of Targa’s North Dakota assets – for $1.6 billion cash.

The Badlands assets are located in the Bakken and Three Forks shale plays of the Williston Basin and encompass 480 miles of crude oil gathering pipelines, 125,000 barrels of operational crude oil storage and 260 miles of natural gas gathering pipelines.

“Selling a minority interest in the Badlands at an attractive valuation allows us to satisfy a substantial portion of our estimated 2019 equity funding needs and provides us with significant flexibility looking forward,” Targa CEO Joe Bob Perkins said in a release.

Under the terms of the agreements, Targa will continue to be the operator and will hold majority governance rights in Badlands.

Targa will use proceeds from the sale to pay down debt and grow the company.