Houston-based Targa Resources said Nov. 4 it gathered and processed record volumes in Permian Basin in 2021Q3 driven by producer activity and the September startup of its relocated Heim cryogenic gas plant (200 million cfd). Permian field gas inlet volumes were 2.95 billion cfd in 2021Q3 – up 15 percent from 2020Q3.
The Heim plant was moved from north Texas to Midland Basin and is operating at near full capacity. Targa is also building its new Legacy processing plant in Midland Basin with commercial operations expected to begin in 2022Q4. “We are evaluating the timing of our next Midland plant after Legacy and are now ordering long-lead items,” Matt Meloy, CEO, said. These orders are expected to increase 2021 net growth capex to the high end of guidance ($350 million to $400 million) with another increase in 2022.