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Exhibit 2.1
 Execution Version
   PURCHASE AND SALE AGREEMENT
 by and between
 TARGA RESOURCES HOLDINGS LP,
 (Seller)
 and
 TARGA RESOURCES PARTNERS LP,
 (Buyer)
 dated as of
 September 18, 2007




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TABLE OF CONTENTS
 PageARTICLE IDEFINITIONS AND RULES OF CONSTRUCTIONSection 1.1
    
    Definitions
    
    
    1Section 1.2
    
    Rules of Construction
    
    
    8ARTICLE IIPURCHASE AND SALE; CLOSINGSection 2.1
    
    Purchase and Sale of Purchased Interests
    
    
    9Section 2.2
    
    Purchase Price
    
    
    9Section 2.3
    
    The Closing
    
    
    9Section 2.4
    
    Post-Closing Working Capital Adjustment
    
    
    10ARTICLE IIIREPRESENTATIONS AND WARRANTIES RELATING TO SELLERSection 3.1
    
    Organization of Seller
    
    
    11Section 3.2
    
    Authorization; Enforceability
    
    
    11Section 3.3
    
    No Conflict
    
    
    11Section 3.4
    
    Litigation
    
    
    11Section 3.5
    
    Brokers Fees
    
    
    11Section 3.6
    
    Ownership of Purchased Interests
    
    
    12ARTICLE IVREPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANIESSection 4.1
    
    Organization of the Companies
    
    
    13Section 4.2
    
    No Conflict
    
    
    13Section 4.3
    
    Subsidiaries
    
    
    13Section 4.4
    
    Financial Statements; Records; Undisclosed Liabilities
    
    
    13Section 4.5
    
    Absence of Certain Changes
    
    
    14
 i




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PageSection 4.6
    
    Contracts
    
    
    14Section 4.7
    
    Intellectual Property
    
    
    16Section 4.8
    
    Litigation
    
    
    16Section 4.9
    
    Taxes
    
    
    16Section 4.10
    
    Environmental Matters
    
    
    17Section 4.11
    
    Legal Compliance
    
    
    17Section 4.12
    
    Permits
    
    
    17Section 4.13
    
    Insurance
    
    
    17Section 4.14
    
    Labor Relations
    
    
    18Section 4.15
    
    Title to Properties and Related Matters
    
    
    18Section 4.16
    
    Brokers Fees
    
    
    19ARTICLE VREPRESENTATIONS AND WARRANTIES RELATING TO BUYERSection 5.1
    
    Organization of Buyer
    
    
    19Section 5.2
    
    Authorization; Enforceability
    
    
    19Section 5.3
    
    No Conflict
    
    
    19Section 5.4
    
    Litigation
    
    
    20Section 5.5
    
    Brokers Fees
    
    
    20Section 5.6
    
    Investment Representation
    
    
    20ARTICLE VICOVENANTSSection 6.1
    
    Conduct of Business
    
    
    20Section 6.2
    
    Access
    
    
    21Section 6.3
    
    Third Party Approvals
    
    
    21Section 6.4
    
    Regulatory Filings
    
    
    21Section 6.5
    
    Company Guarantees
    
    
    22
 ii




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PageSection 6.6
    
    Indebtedness for Borrowed Money
    
    
    22Section 6.7
    
    Update Information
    
    
    23Section 6.8
    
    Books and Records
    
    
    23Section 6.9
    
    Permits
    
    
    23Section 6.10
    
    Hedges
    
    
    23Section 6.11
    
    Hurricane Related Business Interruption Insurance Recovery
    
    
    24ARTICLE VIITAX MATTERSSection 7.1
    
    Tax Returns
    
    
    24Section 7.2
    
    Transfer Taxes
    
    
    25Section 7.3
    
    Tax Indemnity
    
    
    26Section 7.4
    
    Scope
    
    
    26Section 7.5
    
    Wage Reporting
    
    
    27Section 7.6
    
    Tax Refunds
    
    
    27Section 7.7
    
    Allocation of Purchase Price
    
    
    27ARTICLE VIIICONDITIONS TO OBLIGATIONSSection 8.1
    
    Conditions to Obligations of Buyer
    
    
    27Section 8.2
    
    Conditions to the Obligations of Seller
    
    
    28ARTICLE IXINDEMNIFICATIONSection 9.1
    
    Survival
    
    
    29Section 9.2
    
    Indemnification
    
    
    30Section 9.3
    
    Indemnification Procedures
    
    
    30Section 9.4
    
    Additional Agreements Regarding Indemnification
    
    
    32Section 9.5
    
    Waiver of Other Representations
    
    
    33
 iii




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PageSection 9.6
    
    Purchase Price Adjustment
    
    
    33Section 9.7
    
    Exclusive Remedy
    
    
    33ARTICLE XTERMINATIONSection 10.1
    
    Termination
    
    
    34Section 10.2
    
    Effect of Termination
    
    
    34ARTICLE XIMISCELLANEOUSSection 11.1
    
    Notices
    
    
    34Section 11.2
    
    Assignment
    
    
    35Section 11.3
    
    Rights of Third Parties
    
    
    36Section 11.4
    
    Expenses
    
    
    36Section 11.5
    
    Counterparts
    
    
    36Section 11.6
    
    Entire Agreement
    
    
    36Section 11.7
    
    Disclosure Schedule
    
    
    36Section 11.8
    
    Amendments
    
    
    36Section 11.9
    
    Publicity
    
    
    36Section 11.10
    
    Severability
    
    
    37Section 11.11
    
    Governing Law; Jurisdiction
    
    
    37Section 11.12
    
    Action by Buyer
    
    
    37
 iv




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Disclosure Schedule
 Schedule 1.1(i)
    
    -
    
    Buyer KnowledgeSchedule 1.1(ii)
    
    -
    
    Seller KnowledgeSchedule 1.1(iii)
    
    -
    
    Permitted LiensSchedule 1.1(iv)
    
    -
    
    Louisiana System DescriptionSchedule 1.1(v)
    
    -
    
    Texas System DescriptionSchedule 1.1(vi)
    
    -
    
    Net Working Capital CalculationSchedule 3.3
    
    -
    
    Seller ApprovalsSchedule 3.6(e)
    
    -
    
    Voting AgreementsSchedule 4.4
    
    -
    
    Financial StatementsSchedule 4.5
    
    -
    
    Absence of Certain ChangesSchedule 4.6(a)
    
    -
    
    Material ContractsSchedule 4.6(c)
    
    -
    
    Enforceability of Material Contracts; No DefaultsSchedule 4.6(e)
    
    -
    
    Purchase and Sale AgreementsSchedule 4.7(b)
    
    -
    
    Intellectual PropertySchedule 4.8
    
    -
    
    LitigationSchedule 4.9
    
    -
    
    TaxesSchedule 4.10
    
    -
    
    Environmental MattersSchedule 4.12
    
    -
    
    PermitsSchedule 4.13
    
    -
    
    InsuranceSchedule 4.14
    
    -
    
    Labor RelationsSchedule 4.15(b)
    
    -
    
    Material Real Estate LeasesSchedule 5.3
    
    -
    
    Buyer ApprovalsSchedule 6.1
    
    -
    
    Conduct of BusinessSchedule 6.1(v)
    
    -
    
    Capital ExpendituresSchedule 6.5
    
    -
    
    GuaranteesSchedule 6.10
    
    -
    
    Hedges
 Exhibits
 Exhibit A
    
    -
    
    Amendment to Omnibus Agreement
 v




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PURCHASE AND SALE AGREEMENT
 Agreement Seller Buyer
 RECITALS
 Targa Texas GP Targa Texas LP Targa Louisiana Purchased Interests
 Targa Louisiana Intrastate
  ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION
 Section 1.1 Definitions
 Affiliate provided
 Agreement
 Balance Sheet Date




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Business
 Business Day
 Business-Related Hedge Arrangements
 Buyer
 Buyer Approvals
 Buyer Indemnified Parties
 Claim Notice
 Closing
 Closing Date
 Code
 Companies Company
 Company Guarantees Schedule 6.5
 Conflicts Committee
 Contract
 Disclosure Schedule
 Dollars $
 Effective Time
 Environmental Law et seq. et seq. et seq. et seq. et seq. et
 2




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seq. et seq. et seq. et seq.
 ERISA
 Excluded Insurance Assets
 Final Net Working Capital
 Financial Statements
 Fundamental Representations and Warranties
 GAAP
 Governmental Authority
 Hazardous Substance(s)
 Hedge Transfer Breakup Costs
 HSR Act
 Indebtedness for Borrowed Money
 Indemnified Party
 3




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Indemnifying Party
 Indemnified Tax Claim
 Intellectual Property
 Knowledge Schedule
1.1(i) Schedule 1.1(i) Schedule 1.1(ii) Schedule 1.1(ii)
 Law
 Lien(s)
 Losses provided, however provided, further, however
 Louisiana Gathering System Schedule 1.1(iv)
 Material Adverse Effect
   4




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Material Contracts
 Material Real Estate Leases
 Omnibus Agreement
 Organizational Documents
 Parties
 Permits provided
 Permitted Liens
 5




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Schedule
1.1(iii)
 Person
 Pre-Closing Environmental Matters
 Pre-Closing Environmental Liabilities
 Pre-Closing Tax
 Pre-Closing Taxable Period
 Purchase Price
 Purchased Interests
 Reasonable Efforts
 Reference Net Working Capital Schedule
1.1(vi)
 Release
 Representatives
 Seller
 6




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Seller Approvals
 Seller Indemnified Parties
 Subsidiary
 Systems
 Tax Authority
 Tax Benefit provided
 Tax Indemnified Party
 Tax Indemnifying Party
 Tax Proceeding
 Tax Returns
 Taxes Tax
 7




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Tax-Sharing Agreements
 Texas Gathering System Schedule 1.1(v)
 Third Party Claim
 United States
 WTG Litigation Liabilities rd
 Section 1.2 Rules of Construction.
     8




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ARTICLE II
PURCHASE AND SALE; CLOSING
 Section 2.1 Purchase and Sale of Purchased Interests
 Section 2.2 Purchase Price Purchase Price plus minus
 Section 2.3 The Closing.
 Closing Closing Date provided Effective Time
    9




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Section 2.4 Post-Closing Working Capital Adjustment.
 Schedule
1.1(vi) Net Working Capital Reference Date
 Final Net Working Capital Schedule 1.1(vi)
 10




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ARTICLE III
REPRESENTATIONS AND WARRANTIES RELATING TO SELLER
  Section 3.1 Organization of Seller
 Section 3.2 Authorization; Enforceability
 Section 3.3 No Conflict Schedule 3.3 Seller Approvals
    Section 3.4 Litigation
 Section 3.5 Brokers Fees
 11




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Section 3.6 Ownership of Purchased Interests.
     Schedule 3.6(e)
 12




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ARTICLE IV
REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANIES
  Section 4.1 Organization of the Companies
 Section 4.2 No Conflict
    Section 4.3 Subsidiaries
 Section 4.4 Financial Statements; Records; Undisclosed Liabilities.
 Schedule 4.4 Financial Statements
 13




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Section 4.5 Absence of Certain Changes Schedule 4.5
 Section 4.6 Contracts.
 Schedule 4.6(a) Schedule 4.6(a) Material Contracts
        14




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Schedule 4.6(c) Schedule 4.6(c)
 Schedule 4.6(a)(ii) Schedule
4.6(a)(iii)
 Schedule 4.6(e)
 15




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Schedule 4.6(e)
 Section 4.7 Intellectual Property.
  Schedule 4.7(b)
 Section 4.8 Litigation Schedule 4.8
 Section 4.9 Taxes Schedule 4.9
 16




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Section 4.10 Environmental Matters Schedule 4.10
     Section 4.11 Legal Compliance Schedule
4.8
 Section 4.12 Permits Schedule 4.12
 Section 4.13 Insurance Schedule 4.13 Schedule 4.13
 17




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Section 4.14 Labor Relations Schedule 4.14
 Section 4.15 Title to Properties and Related Matters.
  Schedule 4.15(b) Material Real
Estate Leases
  18




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Section 4.16 Brokers Fees
 ARTICLE V
REPRESENTATIONS AND WARRANTIES RELATING TO BUYER
  Section 5.1 Organization of Buyer
 Section 5.2 Authorization; Enforceability
 Section 5.3 No Conflict Schedule 5.3 Buyer Approvals
    19




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Section 5.4 Litigation
 Section 5.5 Brokers Fees
 Section 5.6 Investment Representation
 ARTICLE VI
COVENANTS
 Section 6.1 Conduct of Business Schedule 6.1
     Schedule 6.1(v)
 20




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Section 6.2 Access
 Section 6.3 Third Party Approvals
 Section 6.4 Regulatory Filings
 21




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Section 6.5 Company Guarantees.
 Schedule 6.5
  Section 6.6 Indebtedness for Borrowed Money
 22




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Section 6.7 Update Information provided
 Section 6.8 Books and Records
 Section 6.9 Permits
 Section 6.10 Hedges
 Business-Related Hedge Arrangements Schedule 6.10 Hedge Transfer Breakup
Costs
  23




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Section 6.11 Hurricane Related Business Interruption Insurance Recovery Excluded Insurance Assets
 ARTICLE VII
TAX MATTERS
 Section 7.1 Tax Returns.
   Pre-Closing Tax
 24




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Tax Proceeding
 Section 7.2 Transfer Taxes
 25




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Section 7.3 Tax Indemnity.
  Indemnified Tax Claim Tax Indemnified Party Tax Indemnifying Party
 provided
 Section 7.4 Scope
 26




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Section 7.5 Wage Reporting
 Section 7.6 Tax Refunds
 Section 7.7 Allocation of Purchase Price Purchase Price Allocation Schedule
 ARTICLE VIII
CONDITIONS TO OBLIGATIONS
 Section 8.1 Conditions to Obligations of Buyer
    27




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Exhibit A
     Section 8.2 Conditions to the Obligations of Seller
    28




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Exhibit A
  ARTICLE IX
INDEMNIFICATION
 Section 9.1 Survival
 provided, however
 29




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Section 9.2 Indemnification.
 Buyer Indemnified Parties
 Seller Indemnified Parties
   Section 9.3 Indemnification Procedures
 30




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Indemnified Party Third Party Claim Indemnifying
Party Claim Notice
 provided provided further
 provided, however 31
           Section 9.4 Additional Agreements Regarding Indemnification
      32




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Section 9.5 Waiver of Other Representations.
   Section 9.6 Purchase Price Adjustment
 Section 9.7 Exclusive Remedy.
  PROVIDED, HOWEVER
 33




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ARTICLE X
TERMINATION
 Section 10.1 Termination
      Section 10.2 Effect of Termination provided, however
 ARTICLE XI
MISCELLANEOUS
 Section 11.1 Notices
 34




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(a)
    
    If to Buyer, to:Targa Resource Partners LP
c/o Targa Resources GP LLC
1000 Louisiana, Suite 4300
Houston, Texas 77002
Attn: Joe Bob Perkins, President
Telecopy: 713-584-1100With copies to:Targa Resource Partners LP
c/o Targa Resources GP LLC
1000 Louisiana, Suite 4300
Houston, Texas 77002
Attn: General Counsel
Telecopy: 713-584-1100(b)
    
    If to Seller, to:Targa Resource Holdings LP
c/o Targa Resource Holdings GP
1000 Louisiana, Suite 4300
Houston, Texas 77002
Attn: Rene R. Joyce, Chief Executive Officer
Telecopy: 713-584-1100with copies to:
Targa Resource Holdings LP
c/o Targa Resource Holdings GP LLC
1000 Louisiana, Suite 4300
Houston, Texas 77002
Attn: General Counsel
Telecopy: 713-584-1100
  Section 11.2 Assignment provided
 35




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Section 11.3 Rights of Third Parties
 Section 11.4 Expenses
 Section 11.5 Counterparts
 Section 11.6 Entire Agreement
 Section 11.7 Disclosure Schedule
 Section 11.8 Amendments
 Section 11.9 Publicity provided, however
 36




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Section 11.10 Severability
 Section 11.11 Governing Law; Jurisdiction.
  provided,
however
   Section 11.12 Action by Buyer
 37




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38




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SELLER:
TARGA RESOURCES HOLDINGS LPBy:
    Targa Resources Holdings GP LLC,
its general partnerBy:

/s/
Rene R. JoyceName:
    Rene R. JoyceTitle:
    Chief Executive Officer BUYER:
TARGA RESOURCES PARTNERS LPBy:
    Targa Resources GP LLC,
its general partnerBy:

/s/
Joe Bob PerkinsName:
    Joe Bob PerkinsTitle:
    President