Houston-based Targa Resources said last week it reached new long-term agreements with subsidiaries of ExxonMobil for midstream and downstream services in Permian Basin. In Delaware Basin the agreement adds significant new acreage dedications for integrated fee-based services, including gathering, processing, treating, NGL transportation and fractionation through 2046. And in Midland Basin, the agreement adds new acreage dedications and extends the existing gathering and processing through 2046.
Matt Meloy, Targa CEO, said Aug. 17, “As the largest gatherer and processor in the Permian, we continue to invest across our footprint, and our execution allows Targa the unmatched ability to handle our customers’ long-term production growth plans. We expect this expansion of our strategic relationship with ExxonMobil to meaningfully add to Targa’s strong growth rate….”
Targa also updated its 2026 net growth capital estimate to $5 billion.