{"id":996207,"date":"2026-08-17T16:19:44","date_gmt":"2026-08-17T20:19:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/targa-resources-corp-announces-20-year-agreements-with-exxonmobil-and-announces-three-new-natural-gas-processing-plants-in-the-permian-delaware\/"},"modified":"2026-08-17T16:19:44","modified_gmt":"2026-08-17T20:19:44","slug":"targa-resources-corp-announces-20-year-agreements-with-exxonmobil-and-announces-three-new-natural-gas-processing-plants-in-the-permian-delaware","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/targa-resources-corp-announces-20-year-agreements-with-exxonmobil-and-announces-three-new-natural-gas-processing-plants-in-the-permian-delaware\/","title":{"rendered":"Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Highlights<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Establishes new 20-year fee-based, integrated midstream agreements to support ExxonMobil\u2019s development of its premier Permian Basin acreage<\/li>\n<li style=\"text-align:justify\">Establishes an extensive new area of mutual interest (AMI) across the Permian Delaware for gathering and processing, and downstream services for 20 years<\/li>\n<li style=\"text-align:justify\">Adds new acreage to our existing AMI in the Permian Midland<\/li>\n<li style=\"text-align:justify\">Extends Targa\u2019s current Permian Midland agreements to 20 years for gathering and processing, and downstream services<\/li>\n<li style=\"text-align:justify\">Adds a new 20-year NGL dedication for transportation and fractionation services across both the Permian Delaware and Permian Midland<\/li>\n<li style=\"text-align:justify\">Announced today three new natural gas processing plants in the Permian Delaware to support production growth in the area<\/li>\n<li style=\"text-align:justify\">Evaluating up to five additional new processing plants in the Permian Delaware to accommodate expected production growth in the area over the longer term<\/li>\n<li style=\"text-align:justify\">Announced today a new ~70-mile natural gas pipeline in the Permian Delaware (\u201cBull Run II\u201d) to increase natural gas takeaway capacity to the Waha Hub<\/li>\n<li style=\"text-align:justify\">Further enhances Targa\u2019s existing long-term relationship with ExxonMobil<\/li>\n<li style=\"text-align:justify\">Updating full year 2026 net growth capital estimate to ~$5.0 billion\n<\/li>\n<\/ul>\n<p align=\"justify\">HOUSTON, Aug.  17, 2026  (GLOBE NEWSWIRE) &#8212; Targa Resources Corp. (NYSE: TRGP) (\u201cTarga\u201d or the \u201cCompany\u201d) today announced the execution of new long-term, integrated midstream agreements with subsidiaries of ExxonMobil, further strengthening the parties\u2019 strategic relationship across the Permian Basin.<\/p>\n<p align=\"justify\">Targa has entered into long-term fee-based agreements with ExxonMobil for integrated natural gas gathering and processing (\u201cG&amp;P\u201d) and downstream services in the Permian Basin. These agreements meaningfully add to and extend our strategic relationship with ExxonMobil with significant acreage dedications in the Delaware and Midland basins under 20-year agreements.<\/p>\n<p align=\"justify\">In the Permian Delaware our agreements with ExxonMobil add significant new acreage dedications for integrated fee-based services, including gathering, processing, treating, NGL transportation, and fractionation through 2046. In the Permian Midland, our agreements add new acreage dedications and extend our existing fee-floor gathering and processing agreements through 2046. The agreements in both the Delaware and Midland include 20-year NGL dedications to Targa\u2019s logistics and transportation (\u201cL&amp;T\u201d) systems.<\/p>\n<p align=\"justify\">The new commercial agreements will add substantial long-term volume growth across Targa\u2019s integrated wellhead to water position, utilizing our existing infrastructure, projects currently underway, and planned future system expansions. Targa\u2019s commercial success is a result of our proven execution capabilities, expansive integrated footprint and strong operational reliability. We expect these agreements will add to Targa\u2019s overall growth rate over the medium and long term.<\/p>\n<p align=\"justify\">\u201cWe are excited to meaningfully expand our strategic relationship with ExxonMobil,\u201d said Matt Meloy, Targa\u2019s Chief Executive Officer. \u201cOur track record has positioned us as an attractive partner, and a provider of exceptional execution and reliability for our producer customers. 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\u2019 long-term production growth plans. We expect this expansion of our strategic relationship with ExxonMobil to meaningfully add to Targa\u2019s strong growth rate well into the next decade and bolster our outlook for durable and growing adjusted free cash flow over the long term.\u201d<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Growth Project Update and 2026 Capital Outlook<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">To accommodate our customers\u2019 continued growth plans and these new commercial agreements, Targa announced three new natural gas processing plants in the Permian Delaware, the Wrangler, Ranger and Ranger II plants, with aggregate capacity of ~825 million cubic feet per day (MMcf\/d). The three new plant additions are expected to be in service in the first half of 2028 and we are evaluating up to five additional new processing plants to accommodate expected production growth in the area over the longer term. Targa is also evaluating the timing of an additional fractionation train in Mont Belvieu.<\/p>\n<p align=\"justify\">Targa also announced a new ~70-mile natural gas pipeline as part of our Bull Run residue system in the Permian Delaware (\u201cBull Run II\u201d). The pipeline will provide natural gas takeaway from the new plant additions announced today to Waha and will be supported by take or pay commitments. Bull Run II is expected to begin operations in the first half of 2028.<\/p>\n<p align=\"justify\">We are updating our estimate for FY26 growth capital to ~$5.0B which incorporates expected investment in the new Delaware processing plants announced today, incremental associated field capital, and the Bull Run II natural gas pipeline. The new commercial success announced today adds long-term visibility to our growth, and we expect our plant, field and downstream infrastructure currently underway will be much needed to accommodate planned volume growth.\u00a0<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>About Targa Resources Corp.<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets, and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company\u2019s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks.<\/p>\n<p align=\"justify\">Targa is a FORTUNE 500 company and is included in the S&amp;P 500.<\/p>\n<p align=\"justify\">For more information, please visit the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0PL3ZXDOAfrSOF07cU2ZlHy7BHJ6he2unF2r-VovA4NOa4sJ2ckHRahfNWRMajlEZaLkr429J2eCw9QMkatzWOfhNAIXpUsLHdD-2yB1kog=\" rel=\"nofollow\" target=\"_blank\">www.targaresources.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Forward-Looking Statements<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">Certain statements in this release are \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding the Company\u2019s projected financial performance, capital spending, payment of future dividends and stock repurchase activity. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company\u2019s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of the Company\u2019s completion of capital projects and business development efforts, including the Company\u2019s realization of the expected benefits of new commercial agreements, the expected growth of volumes on the Company\u2019s systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company\u2019s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/p>\n<p align=\"justify\">Targa Investor Relations<br \/><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LkAsx33gCUVMnPPkVGWhn9BBEYdt13VmACMtB4lP4SawUovG8bWEWYNQFwhbFpsUB7NYgU1xqd8wJeOUekHs5gYy6xoiRHDK65XA9l6xmZvD0XlosVzxbad4Ms28lG9OT6wbvwBbdDMOKnwgzDhvPA==\" rel=\"nofollow\" target=\"_blank\">InvestorRelations@targaresources.com<\/a><\/u><br \/>(713) 584-1133<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgxMTQ5MiM3NzgwNDkzIzIwMjA2MzY=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZjMyYTIyMjYtZDcxNS00OWE2LTg5NTQtMWUwZThkNTg0MjVlLTEwMzI1MjctMjAyNi0wOC0xNy1lbg==\/tiny\/Targa-Resources-Corp-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Establishes new 20-year fee-based, integrated midstream agreements to support ExxonMobil\u2019s development of its premier Permian Basin acreage Establishes an extensive new area of mutual interest (AMI) across the Permian Delaware for gathering and processing, and downstream services for 20 years Adds new acreage to our existing AMI in the Permian Midland Extends Targa\u2019s current Permian Midland agreements to 20 years for gathering and processing, and downstream services Adds a new 20-year NGL dedication for transportation and fractionation services across both the Permian Delaware and Permian Midland Announced today three new natural gas processing plants in the Permian Delaware to support production growth in the area Evaluating up to five additional new processing plants in the Permian Delaware to accommodate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/targa-resources-corp-announces-20-year-agreements-with-exxonmobil-and-announces-three-new-natural-gas-processing-plants-in-the-permian-delaware\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-996207","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/targa-resources-corp-announces-20-year-agreements-with-exxonmobil-and-announces-three-new-natural-gas-processing-plants-in-the-permian-delaware\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Highlights Establishes new 20-year fee-based, integrated midstream agreements to support ExxonMobil\u2019s development of its premier Permian Basin acreage Establishes an extensive new area of mutual interest (AMI) across the Permian Delaware for gathering and processing, and downstream services for 20 years Adds new acreage to our existing AMI in the Permian Midland Extends Targa\u2019s current Permian Midland agreements to 20 years for gathering and processing, and downstream services Adds a new 20-year NGL dedication for transportation and fractionation services across both the Permian Delaware and Permian Midland Announced today three new natural gas processing plants in the Permian Delaware to support production growth in the area Evaluating up to five additional new processing plants in the Permian Delaware to accommodate &hellip; Continue reading &quot;Targa Resources Corp. 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