Houston-based Targa Resources announced plans last week for a new long-haul pipeline connecting the company’s operations in Permian Basin to its fractionation and storage complex in Mont Belvieu. Speedway pipeline will be a 500-mile system (30 inches) to move up to 500,000 barrels per day of NGLs at a cost of $1.6 billion. It will be expandable to 1 million b/d. Matt Meloy, CEO, said Sept. 30, “Speedway is critical to the continued execution of our core integrated wellhead-to-water strategy… We will have significantly more volumes to move on Speedway when it comes into service.”
Targa also confirmed plans to expand its Permian Basin gas processing assets with construction of the Yeti processing plant (275 million cfd) in Delaware Basin after recently commissioning its Pembrook II plant in Midland Basin (275 million cfd). Targa also revealed plans for Buffalo Run intrastate pipeline, a new 35-mile natural gas pipeline connecting multiple locations in the Midland area.
Meloy added, “Our outlook for volume growth in 2026 continues to remain robust.” Speedway is scheduled to be in service in 2027Q3.
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