Oil and gas infrastructure company Targa Resources (TRGP.N) on Thursday agreed to buy natural gas processor Lucid Energy Group for $3.55 billion in cash, using the financial benefits of high commodity prices to boost its presence in the Permian Basin. "This is an exciting acquisition that aligns with our integrated strategy as we are expanding and diversifying our Permian basin footprint," Targa Chief Executive Matt Meloy said in a statement.