ExxonMobil signed new 20-year, fee-based midstream agreements with Targa Resources to support Permian Basin operations. The deal covers natural gas gathering, processing, and transportation across the Delaware and Midland basins. These agreements dedicate extensive acreage to Targa’s systems through 2046.
Targa will construct three new natural gas processing plants in the Permian Delaware to accommodate production growth. These facilities will provide a combined capacity of approximately 825 million cubic feet per day. The company will also build a new 70-mile pipeline to increase takeaway capacity.
Targa updated its full-year 2026 net growth capital estimate to approximately $5.0 billion. The new plants and pipeline are expected to be operational in the first half of 2028.