Targa Resources Corp. has signed 20-year fee-based agreements with Exxon Mobil Corporation covering gathering, processing, natural gas liquids transportation and fractionation across the Permian Delaware and Midland basins through 2046. The deals add acreage to an existing Midland area of mutual interest and establish a new Delaware area of mutual interest, supporting three new Delaware processing plants with about 825 million cubic feet per day of combined capacity. Targa now expects about $5 billion of 2026 net growth capital, up from roughly $4.5 billion, to fund the new plants, associated field capital and the Bull Run II natural gas pipeline. The company reported total Permian inlet volumes of 7.19 billion cubic feet per day in the second quarter of 2026, up 14% year over year, and is evaluating as many as five additional plants in the area.
Targa Resources IncTarga signs 20-year fee-based agreements with ExxonMobil, expanding Permian operations and raising growth capital outlook.
Western Midstream Partners LP
Exxon Mobil CorpExxonMobil enters long-term agreements with Targa, securing midstream services for its Permian production.
