Targa Doubles Down on Permian with ExxonMobil Deals

Targa Resources Corp. has expanded its partnership with ExxonMobil through new 20-year agreements covering natural gas gathering, processing and downstream services in the Permian Basin.

The deals will strengthen Targa's position as a major integrated midstream operator and provide greater long-term visibility for production volumes and infrastructure demand.

Under the agreements, ExxonMobil subsidiaries will dedicate significant additional acreage to Targa's integrated fee-based services in the Permian Delaware and Midland basins. The arrangements will cover natural gas gathering, processing, treating, NGL transportation and fractionation through 2046.

Targa announced three new natural gas processing plants: Wrangler, Ranger, and Ranger II, which will have combined processing capacity of approximately 825 MMcf/d. Operations are expected to begin during the first half of 2028.