Riley Permian Sells New Mexico Midstream Assets to Targa for $111 Million
Riley Exploration Permian sold its New Mexico midstream assets to Targa for $111 million. The sale includes natural gas infrastructure in Eddy County, with proceeds used to reduce borrowings and cover costs. Riley may receive an additional $60 million based on performance targets. A future sale of compressor station assets for $10 million is expected by 2026.
Riley Exploration Permian, through its wholly-owned subsidiary, has completed the sale of all membership interests in Dovetail Midstream, LLC to Targa Northern Delaware LLC for approximately $111 million in cash, subject to customary adjustments. Dovetail’s assets include natural gas gathering infrastructure in Eddy County, New Mexico. Proceeds from the sale will be used to reduce borrowings on Riley Permian’s credit facility and cover taxes and transaction costs. The company may also receive up to an additional $60 million based on certain volume-based performance targets over five years. Additionally, Riley Permian will sell certain compressor station assets to Targa for an expected $10 million at a later date, with this closing anticipated by the first quarter of 2026, pending certain conditions. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Riley Exploration Permian Inc. published the original content used to generate this news brief via PR Newswire (Ref. ID: DA39194) on December 04, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT)
