The buyer had $31 million in cash and cash equivalents at the end of the third quarter, but also ended 2016 with long-term debt of over $10.1 billion. The deal comes as companies across the energy sector are beefing up in the permian basin. Targa Resources ( TRGP ) said Monday, Jan. 23, its subsidiary Targa Resources Partners will acquire Denham Capital Management-backed natural gas gathering and processing and crude oil gathering assets in west Texas' Permian Basin for $565 million. In December Diamondback Energy ( FANG ) announced that it had acquired Warburg Pincus-backed Brigham Resources' $2.43 billion and in October RSP Permian 's (RSPP) $2.4 billion purchase of Silver Hill Energy Partners from Kayne Anderson Capital Advisors and Ridgemont Equity Partners in October.