Targa Resources Corp. announces 20-year agreements with ExxonMobil and announces three new natural gas processing plants in the Permian Delaware. August 17, 2026 Highlights * Establishes new 20-year fee-based, integrated midstream agreements to support ExxonMobil's 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 its existing AMI in the Permian Midland * Extends Targa's 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 expected production growth in the area over the longer term * Announced today a new ~70-mile natural gas pipeline in the Permian Delaware ("Bull Run II") to increase natural gas takeaway capacity to the Waha Hub * Further enhances Targa's existing long-term relationship with ExxonMobil * Updating full year 2026 net growth capital estimate to ~$5.0 billion HOUSTON, Aug. 17, 2026 (GLOBE NEWSWIRE) - Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") today announced the execution of new long-term, integrated midstream agreements with subsidiaries of ExxonMobil, further strengthening the parties' strategic relationship across the Permian Basin. Targa has entered into long-term fee-based agreements with ExxonMobil for integrated natural gas gathering and processing ("G&P") and downstream services in the Permian Basin. These agreements meaningfully add to and extend its strategic relationship with ExxonMobil with significant acreage dedications in the Delaware and Midland basins under 20-year agreements. In the Permian Delaware its 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, its agreements add new acreage dedications and extend its existing fee-floor gathering and processing agreements through 2046. The agreements in both the Delaware and Midland include 20-year NGL dedications to Targa's logistics and transportation ("L&T") systems. The new commercial agreements will add substantial long-term volume growth across Targa's integrated wellhead to water position, utilizing its existing infrastructure, projects currently underway, and planned future system expansions. Targa's commercial success is a result of its proven execution capabilities, expansive integrated footprint and strong operational reliability. Upstream Calendar expect these agreements will add to Targa's overall growth rate over the medium and long term. "We are excited to meaningfully expand our strategic relationship with ExxonMobil," said Matt Meloy, Targa's Chief Executive Officer. "Our 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' long-term production growth plans. We expect this expansion of our strategic relationship with ExxonMobil to meaningfully add to Targa's strong growth rate well into the next decade and bolster our outlook for durable and growing adjusted free cash flow over the long term." Growth Project Update and 2026 Capital Outlook To accommodate its customers' 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 Upstream Calendar is 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. Targa also announced a new ~70-mile natural gas pipeline as part of its Bull Run residue system in the Permian Delaware ("Bull Run II"). 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. Upstream Calendar is updating its 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 its growth, and Upstream Calendar expect its plant, field and downstream infrastructure currently underway will be much needed to accommodate planned volume growth. About Targa Resources Corp. 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's assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. Targa is a FORTUNE 500 company and is included in the S&P 500. Forward-Looking Statements Certain statements in this release are "forward-looking statements" 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's 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's 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's completion of capital projects and business development efforts, including the Company's realization of the expected benefits of new commercial agreements, the expected growth of volumes on the Company's 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's 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. [DISPLAY_ULTIMATE_SOCIAL_ICONS]

NGL demand pushes Targa to add Permian pipelines, processing. Industrial Info Resources is tracking more than $7 billion worth of active and proposed projects from Targa, most of which is nearing or under construction Released Friday, August 07, 2026 Reports related to this article: Summary. Lower natural gas prices in the second quarter didn't deter Targa from completing and accelerating several major natural gas transportation and processing projects in the Permian Basin. NGL demand fuels pipeline growth. Targa Resources Corporation started operations at some of its longest-gestating natural gas transportation and processing projects during the second quarter, which saw the company brush off lower commodity prices and accelerate buildouts in the Permian Basin. Industrial Info Resources is tracking more than $7 billion worth of active and proposed projects from Targa, more than half of which is attributed to projects nearing or under construction. In its Logistics and Transportation segment, Targa reported record-high volumes for natural gas liquid (NGL) transportation, fractionation and liquefied petroleum gas (LPG) exports. According to Industrial Info Resources data, natural gas and NGL pipeline developments account for about two-thirds of the total investment in active and proposed projects. Following the commencement of operations in the second quarter at its Delaware Express NGL Pipeline expansion, a 100-mile segment that carries natural gas out of the Delaware Basin area of the Permian, Targa is preparing to begin work on several major midstream projects in the coming quarters. These include the Apex Pipeline from Midland County to Jefferson County, Texas, which is designed to carry up to 2 billion cubic feet per day about 563 miles, from the Permian to downstream facilities on the Texas Gulf Coast. Industrial Info Resources offers more information on these developments in its Global Market Intelligence (GMI) Oil & Gas Pipeline Project Database, where readers can find details-including construction schedules, investment values and necessary equipment -in reports on the Delaware Express and Apex pipelines. Other midstream projects pursued by Targa include the Speedway NGL Pipeline, which is designed to transport NGL from its existing and future assets in the Permian Basin to the company's Cedar Bayou Fractionator in Mont Belvieu, Texas. Targa completed its addition of Train 11 at Mont Belvieu in the second quarter, which raised NGL production from 1.06 million to 1.18 million barrels per day (bpd). The Speedway pipeline comprises a 55-mile New Mexico segment and a 425-mile Texas segment, which will originate in Lovington, New Mexico. Readers can learn more from detailed project reports on Mont Belvieu's Train 11 and Speedway's New Mexico and Texas segments. "We continue to estimate net growth capital expenditures [for full-year 2026] to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million," the company said in a quarterly earnings-related press release. By the Numbers * More than $7 billion: Total investment value of active and proposed projects from Targa * About $4.5 billion: The company's estimated capital expenditures for full-year 2026 * More than 450 million cubic feet per day: Targa's increase in Permian Basin inlet volumes during the second quarter Pumping up Permian production. On the production side, Targa announced it had commenced operations ahead of schedule of at its new East Driver Gas-Processing Plant in Midland, Texas, which is in the heart of the Permian Basin, "in response to increasing production and to meet the infrastructure needs of producers," according to Targa's website. Readers can learn more from a detailed plant profile and project report. Targa also started construction earlier this year on its Yeti Gas-Processing Plant near Wink, Texas, and its Copperhead Gas-Processing Plant in Jal, New Mexico, both of which are designed to process 275 million standard cubic feet per day from the Delaware Basin. The company also is looking into proposed second phases for Yeti and Copperhead that would double capacity. Readers can learn more about these developments from profiles of the Yeti and Copperhead plants, and detailed reports on Phase I and Phase II at Yeti, and Phase I and Phase II at Copperhead. Targa reported record-high natural gas inlet volumes at its Permian Basin assets in the second quarter: "Permian inlet volumes increased more than 450 million cubic feet per day, despite temporary curtailments by certain producer customers in response to negative Waha natural gas prices in the second quarter," the company said in its quarterly earnings release. Targa's net income for second-quarter 2026 were reported to be $764.6 million, a 21.54% increase from second-quarter 2025. Revenues stood at $4.44 billion, a 4.22% increase. The Industrial Info Resources GMI Project and Plant databases offer a full list of detailed reports for projects mentioned in this article, and a full list of related plant profiles. Industrial Info Resources also offers a full list of reports for active and proposed projects from Targa. Key Takeaways * Targa started operations at some of its longest-gestating transportation and processing projects in the second quarter. * The company reported record-high volumes for NGL transportation and LPG exports in the second quarter. * So far this year, Targa has started construction on several major gas-processing plants in the Permian. About Industrial Info Resources Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD). Want more IIR news intelligence? Make Industrial Info Resources, Inc. a Preferred Source on Google to see more of Industrial Info Resources, Inc. when you search. Ask Industrial Info Resources, Inc.. Submit a question and one of its experts will be happy to assist you. By submitting this form, you give Industrial Info permission to contact you by email in response to your inquiry. Forecasts & analytical solutions. Where global project and asset data meets advanced analytics for smarter market sizing and forecasting. 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