During its Q1 2026 earnings call, Targa reported increased gathering and processing volumes despite poor Waha gas pricing. President Jen Kneale noted that Permian volumes were more than 250 MMcf/d above the Q1 average, even with 200-400 MMcf/d of Permian gas temporarily shut in by producers on any given day. In the Q&A, CEO Matthew Meloy said the setup points to a stronger volume picture once more gas takeaway is available: “We have even had some tell us that they're pushing and delaying some of their completions and activity into the back half of this year. And so, even with some of that happening, us being on track for our volumes in the first part of the year with these shut-ins, paints a really good picture for us as that activity ramps when there's sufficient egress on the gas side.”
Their list of gas processing plant projects shows how Targa is building around Permian growth. In the Midland Basin, East Pembrook entered service at the end of Q1 earlier than expected, while East Driver remains on track for Q3 2026. In the Delaware Basin, Falcon II came online in Q1 while Copperhead, Yeti I and Yeti II remain on schedule; all plants have an inlet capacity of 275 MMcf/d. Targa announced two new plants, Roadrunner III (265 MMcf/d) and Copperhead II (275 MMcf/d) that are expected to start up in Q1 2028 to further support growth in the Delaware.
Other midstream projects the company provided an update on include the Delaware Express NGL pipeline, a 30" intra-basin system moving Delaware Basin liquids toward Targa’s Grand Prix pipeline is currently ramping up while Speedway, the 500 Mb/d NGL pipeline from the Permian to Mont Belvieu is expected to ramp up in Q3 2027. Fractionator Train 11 at Mont Belvieu began operations early in Q2, Train 12 is expected to enter service in Q1 2027, and Train 13 for Q1 2028, all with a fractionation capacity of 150 Mb/d. Other projects are tabulated below.
