PROPWR signs new power contracts to commit approximately 230 megawatts to Targa Resources Corp. MIDLAND, Texas-(BUSINESS WIRE)-ProPetro Holding Corp. (NYSE: PUMP) ("ProPetro") today announced that its PROPWR business unit has entered into new contracts with a subsidiary of Targa Resources Corp. (NYSE: TRGP) ("Targa"), a large energy infrastructure company, for which PROPWR will commit approximately 230 megawatts ("MW") of power generation capacity. With the addition of these contracts, total capacity committed under contract for PROPWR now stands at approximately 510 MW, which also reflects previously announced oil and gas power capacity that is no longer committed under contract. This recontracting allows PROPWR to redeploy the associated capacity to Targa and to make additional megawatts available for potential data center deployments in 2027 and beyond. These long-term contracts will provide behind-the-meter power to support Targa's continued investment in natural gas processing infrastructure in the Permian Basin, with full deployment expected in early 2028. Importantly, this infrastructure supports continued growth in U.S. natural gas production needed to serve strong and growing demand for natural gas, including: * Growing liquefied natural gas ("LNG") export demand along the U.S. Gulf Coast; * Increasing investment in power generation to serve the rapid buildout of data center and artificial intelligence infrastructure; and * Additional grid-connected gas generation resources needed to meet load growth and improve reliability across U.S. power markets. Sam Sledge, Chief Executive Officer of ProPetro, commented, "We are thrilled to establish a new long-term relationship with Targa, one of the premier midstream operators in the country. These contracts reflect the significant and growing demand for reliable, behind-the-meter power across the energy value chain, and the essential role midstream infrastructure plays in moving Permian gas to various end markets. Targa is a large, investment-grade counterparty, and these awards highlight PROPWR's ability to deliver dependable power at scale. We view this as the start of a durable partnership and expect to be a reliable power provider to Targa for many years to come as they continue to expand their infrastructure footprint." About ProPetro ProPetro Holding Corp. is a Midland, Texas based provider of premium completion services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. Through its PROPWR division, ProPetro also delivers reliable, adaptable power services through a modern, standardized fleet of gas-to-power solutions, serving data center, oil and gas, and industrial customers in the United States. ProPetro helps bring reliable energy to the world, enabling operational excellence and energy reliability for their customers. For more information, visit www.propetroservices.com. Forward-Looking Statements Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "confident," "plan," "project," "budget," "design," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," "will," "should," "continue," and other expressions that are predictions of, or indicate, future events and trends or that do not relate to historical matters generally identify forward-looking statements. Its forward-looking statements include, among other matters, statements about the supply of and demand for hydrocarbons, LNG export demand, energy demand from data centers, including the associated demand for natural gas, industry trends and activity levels, its business strategy, projected financial results and future financial performance, the ability to obtain capital and/or financing on attractive terms, expected fleet and other equipment utilization, the future performance of newly improved technology, expected capital expenditures, the impact of such expenditures on its performance and capital programs, and the anticipated growth prospects of PROPWR, including the demand for its services, types of customers and the ability to secure long-term contracts, the ability to procure additional equipment, and timely receipt of such equipment and successful deployment. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. Offshore Source believe that Offshore Source has chosen these assumptions or bases in good faith and that they are reasonable. Although forward-looking statements reflect its good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, changes in the supply of and demand for power generation, the risks associated with the establishment of a new service line, including delays, lack of customer acceptance and cost overruns, the global macroeconomic uncertainty related to conflict in the Middle East region, including the Iran War, the Russia-Ukraine war, and events in Venezuela, general economic conditions, including the impact of continued inflation, central bank policy actions, the risk of a global recession, U.S. and global trade policy, including the imposition of tariffs and retaliatory measures, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the "Risk Factors" sections of such filings, and other filings with the Securities and Exchange Commission (the "SEC"). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company's business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law. Investor Contact: Matt Augustine Vice President, Finance and Investor Relations [email protected] 432-219-7620 Read the Article on Business Wire: Read More Posted By OffshoreSource

Targa Resources signs 20-year Permian Basin midstream deal with ExxonMobil, raises 2026 capital estimate to $5 billion. Targa Resources Corp. just locked in one of the longest midstream commitments the Permian Basin has seen in years. The Houston-based company announced 20-year, fee-based agreements with ExxonMobil subsidiaries covering natural gas gathering, processing, treating, NGL transportation, and fractionation across both the Delaware and Midland sub-basins - deals structured to run through 2046. The agreements add significant new acreage dedications in both basins and extend Targa's existing relationship with ExxonMobil well into the next decade. Targa and ExxonMobil formalize 20-year Permian midstream agreements. Both the Delaware and Midland sub-basins fall under identical 20-year terms through 2046. Services span the full midstream stack: natural gas gathering, processing, treating, NGL transportation, fractionation, and logistics and transportation systems. That breadth matters - this isn't a single-service contract. It's an integrated arrangement touching nearly every step between the wellhead and downstream markets. To handle the volume growth these agreements bring, Targa announced three new natural gas processing plants in the Permian Delaware: Wrangler, Ranger, and Ranger II. The agreements also extend and meaningfully expand an existing relationship. Targa and ExxonMobil weren't starting from scratch. The new terms add significant acreage dedications in both basins on top of what was already in place, locking in volumes across a much larger footprint than before. Why Targa and ExxonMobil expanded their partnership. ExxonMobil's Permian production has been growing steadily, and that growth creates a straightforward problem: more gas and liquids need somewhere to go. Expanding the midstream relationship with Targa gives ExxonMobil a clear, long-term path for handling increased volumes - without building its own infrastructure. Targa's position made it the logical pick. The company is the largest natural gas gatherer and processor in the Permian, operating what it describes as an integrated wellhead-to-water midstream system. That scale and existing footprint cut execution risk for ExxonMobil considerably. The fee-based structure matters too. Targa gets revenue predictability; ExxonMobil gets cost certainty. Neither side is exposed to commodity price swings on the midstream side. With new acreage dedications in both basins, there's a clear commercial rationale for the infrastructure investment that follows. Three new processing plants and a 70-mile pipeline to be built by 2028. To handle the volume growth these agreements bring, Targa announced three new natural gas processing plants in the Permian Delaware: Wrangler, Ranger, and Ranger II. Together, they'll add roughly 825 MMcf/d of processing capacity, with all three expected online in the first half of 2028. That's a tight timeline. Targa has framed it as an extension of its existing execution track record, not a leap into unfamiliar territory. Alongside the plants, Targa will build the Bull Run II natural gas pipeline - approximately 70 miles - connecting new plant output to the Waha hub. Bull Run II is also targeted for first-half 2028 operations and will be backed by take-or-pay commitments, which provide a revenue floor regardless of actual throughput volumes. The company said it's also evaluating up to five additional processing plants to accommodate expected longer-term production growth in the area. That's a signal the current buildout is a phase, not a ceiling. Targa raises its 2026 growth capital estimate to $5 billion. The infrastructure commitments come with a revised price tag. Targa updated its fiscal year 2026 growth capital estimate to approximately $5.0 billion, up from prior guidance - incorporating investment in the new Delaware processing plants, incremental field capital tied to those plants, and the Bull Run II pipeline. The company is also evaluating the timing of an additional fractionation train at its Mont Belvieu facility, though no final decision has been announced. Management was direct about the expected financial impact. CEO Matt Meloy said the expansion is expected to "meaningfully add to Targa's strong growth rate well into the next decade" and bolster the outlook for "durable and growing adjusted free cash flow over the long term." The company expects the agreements to add to its overall growth rate across both the medium and long term. Context: Targa's role in Permian Basin midstream infrastructure. Targa Resources's position as the Permian's largest gatherer and processor didn't happen overnight. The company has built an integrated system connecting wellheads to downstream markets, and that scale is what makes long-term partnerships like this one viable. A smaller operator couldn't credibly commit to handling ExxonMobil's full midstream stack across two sub-basins for two decades. The Permian Basin itself - spanning West Texas and southeastern New Mexico - remains the most prolific oil and gas producing region in the United States. Sustained upstream production growth there has consistently outpaced midstream infrastructure, creating ongoing demand for new capacity. Long-term acreage dedications are a standard commercial mechanism in the midstream sector, giving infrastructure builders the volume certainty needed to justify large capital outlays while guaranteeing producers capacity for their output. Both sides reduce uncertainty. It's a structure that only works, though, when the infrastructure operator is large enough to absorb the commitment credibly. The scale of Targa's $5 billion capital commitment for 2026 alone reflects a broader industry pattern: midstream investment in the Permian is accelerating to keep pace with upstream ambitions. Three new processing plants, a 70-mile pipeline, a potential new fractionation train, and a 20-year partnership with one of the world's largest energy companies - taken together, these moves signal that Targa is betting heavily on the Permian's continued productivity well into the 2040s. Kelly Lippke Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they've finished reading.

Targa promotes Branstetter to CFO as Byers retires. Targa Resources reshuffled its senior ranks, elevating Benjamin J. Branstetter to CFO and naming Brent B. Secrest President of Logistics and Transportation as William A. Byers retires. Targa Resources named Brent B. Secrest President - Logistics and Transportation and promoted Benjamin J. Branstetter to chief financial officer as William A. Byers announced his retirement; TRGP traded at 292.03 (currency unknown), down 0.76%, as of 14:47 GMT on Aug. 25, 2026. Targa Resources (NYSE: TRGP) has reset the top of its organization chart, naming Brent B. Secrest President - Logistics and Transportation, promoting Benjamin J. Branstetter to chief financial officer, and disclosing the retirement of William A. Byers. The changes were announced Tuesday and cover two of the most consequential seats at a midstream operator: the executive who runs the pipes and terminals, and the executive who funds them. Shares took the news in stride rather than in celebration. TRGP was trading at 292.03 as of 14:47 GMT on Aug. 25, 2026, down 0.76% from the prior close of 294.26, inside a session range of 288.20 to 293.50. That was a mild underperformance against a market drifting slightly higher - the S&P 500 tracker (SPY) was up 0.11% at $764.30, the Nasdaq 100 proxy (QQQ) up 0.41% at $709.21, and the Dow tracker (DIA) up 0.05% at $533.94 at the same timestamp. Why the CFO seat matters more at a midstream company. Midstream businesses - the gathering systems, processing plants, pipelines, fractionators and export docks that move hydrocarbons from wellhead to market - are capital machines before they are anything else. Growth comes from sanctioned projects that cost money years before they earn any, which makes the finance chair unusually strategic. A midstream CFO sets the leverage target, decides how much of the build is funded from cash flow versus debt, negotiates with the ratings agencies, and arbitrates between capital spending, the dividend and share repurchases. That is the job Branstetter inherits. Promoting from within, rather than importing an outsider, is the market's shorthand for continuity: an internal CFO typically knows the project queue, the contract structures and the covenant math already, and rarely arrives with a mandate to rewrite the financial policy in the first quarter. Investors reading the announcement for a signal about a change in leverage philosophy or capital allocation will find, in the facts as announced, none. The absence of a strategy statement alongside a promotion is itself information. William A. Byers, whose retirement Targa disclosed alongside the appointments, leaves a seat that has been central to how the company has financed itself. Retirements handled in the same release as a named successor are the orderly version of a CFO transition - the kind that companies plan for, as distinct from the abrupt kind that forces an interim appointment and a search. A new president for the part of the business that moves barrels. The second half of the announcement may matter as much operationally. Brent B. Secrest becomes President - Logistics and Transportation, a title that speaks to the downstream end of Targa's chain: the transport, storage, fractionation and export of natural gas liquids rather than the field-level gathering and processing. Creating or filling a dedicated presidency for that segment concentrates accountability for the assets whose fee streams tend to be the most contracted and the least directly exposed to short-term commodity prices. For a company whose growth story has leaned on Permian volumes flowing to Gulf Coast export capacity, the logistics and transportation franchise is where throughput turns into margin. A single executive owning that end-to-end chain typically signals an organization structured around volume commitments and export contracts rather than around geography. The appointments were reported by GuruFocus. What the share price is and is not saying. A sub-1% decline on the day of a leadership announcement is close to noise, and it arrived while the three major index trackers were all modestly positive. Read literally, that is a market treating the news as expected housekeeping rather than as a change in the investment case. Personnel moves of this type rarely move a large-cap midstream name unless they come bundled with a guidance change, a capital budget revision or a strategic review - none of which was announced here. A sub-1% decline on the day of a leadership announcement is close to noise, and it arrived while the three major index trackers were all modestly positive. The more useful frame is the medium term. CFO transitions tend to reveal themselves on the following two or three quarterly calls, when the new officeholder has to answer, in their own words, three questions the market always asks a midstream finance chief: * Where does leverage settle, and is the target unchanged? * How is incremental free cash flow split between buybacks, dividend growth and project capital? * Which sanctioned projects are firm, and which are still contingent on volume commitments? Consistency in those answers is what continuity looks like in practice. Divergence - a shifted leverage band, a re-weighted return-of-capital mix, a reprioritized project list - is where an internal promotion can still produce a genuine change in direction. Where this sits against the sector's wider pattern. North American midstream operators have spent recent years managing a tension between two demands: fund the buildout needed to move rising volumes to export markets, and return enough cash to shareholders to keep the equity attractive against a backdrop of higher long-term interest rates. The finance seat is where that tension is resolved every quarter. Handing it to an internal candidate at the same time as elevating a president for logistics and transportation reads as an attempt to specialize - one executive accountable for the physical chain, another for how it is paid for. What to watch from here is narrow and concrete. First, whether Targa pairs the appointments with any restatement of its financial framework, which would recast the promotion as the start of something rather than the continuation of it. Second, whether the logistics and transportation presidency is accompanied by segment reporting or disclosure changes that would let investors track that business more directly. Third, the effective dates and any transition arrangements for Byers, which determine when Branstetter actually owns the guidance he will be asked to defend. For shareholders, the practical takeaway is that nothing in the announcement changes the mechanics of what they own today: the same asset base, the same contracts, the same throughput. What changes is who explains it. On a day when the broad market ticked higher and TRGP ticked lower by less than a percent, the market's verdict was that the explanation is unlikely to change much either. Key facts. * TRGP price: 292.03, -0.76%, as of 14:47 GMT Aug. 25, 2026 * New CFO: Benjamin J. Branstetter, promoted internally * New segment president: Brent B. Secrest, President - Logistics and Transportation * Departure: William A. Byers announced his retirement Frequently asked questions. What leadership changes did Targa Resources announce? Targa Resources announced three moves in one release: Brent B. Secrest was named President - Logistics and Transportation, Benjamin J. Branstetter was promoted to chief financial officer, and William A. Byers announced his retirement. The company did not, in the announcement, pair the changes with any revision to guidance or capital plans. How did TRGP shares react? TRGP traded at 292.03 as of 14:47 GMT on Aug. 25, 2026, down 0.76% from the prior close of 294.26, within a session range of 288.20 to 293.50. That was a slight underperformance against major index trackers, which were all modestly higher at the same timestamp. Why does a CFO change matter at a midstream company? Midstream operators build capital-intensive assets - pipelines, processing plants, fractionators and export terminals - that cost money years before they earn any. The CFO sets the leverage target, negotiates with ratings agencies and arbitrates between capital spending, dividends and buybacks, so the seat is unusually strategic in this industry. What does an internal CFO promotion typically signal? Promoting from within is generally read as continuity. An internal candidate already knows the project queue, contract structures and covenant math, and rarely arrives with a mandate to rewrite financial policy immediately. It contrasts with an outside hire, which markets often interpret as an invitation to change course. What is the logistics and transportation part of a midstream business? It covers the downstream end of the chain - transport, storage, fractionation and export of natural gas liquids - rather than field-level gathering and processing. These assets typically generate the most heavily contracted fee streams, making them less directly exposed to short-term commodity price swings. What should investors watch next? Three things: whether Targa restates its financial framework or leverage target alongside the appointments, whether the new segment presidency brings changes to how that business is disclosed, and the effective dates of the transition, which determine when the new CFO owns the guidance he will be asked to defend.