Targa Resources is adding another fractionator. Train 14 is a 150 Mb/d unit at Mont Belvieu that will split raw natural gas liquids into products like propane and butane. It’s due online in Q1 2029 and will raise Targa’s fractionation capacity at the Gulf Coast hub to about 1.8 MMb/d. Targa clearly needs it: Train 12 started early this quarter and “came online full,” and Train 13 is expected to be fully used from the day it starts in Q1 2028.
The extra liquids are coming from Targa’s Permian processing plants. Its Permian gas volumes hit a record 7.5 Bcf/d, up 900 MMcf/d from a year ago, which management called “the equivalent of more than three processing plants of growth.” In the Delaware Basin, the Copperhead plant is starting up early, and the Yeti and Yeti II plants moved up to Q2 and Q3 2027. Three more plants (Wrangler, Ranger and Ranger II) follow in Q2 2028, backed by Targa’s new 20-year agreement with ExxonMobil. Targa is also ordering equipment for two more Delaware plants and one Midland plant that it expects to need in 2028 or early 2029. Management expects “years of double-digit” Permian growth.
On the exports side, Targa’s under-construction expansion at their Galena Park LPG terminal will raise capacity to about 19 million barrels per month (~625 Mb/d) in Q3 2027. Management said the next expansion would only need added refrigeration, as opposed to expanding additional pre-existing pipelines, and could add similar improvements at roughly half the cost. In the Q&A portion of the call, President Jen Kneale said "beyond the 19 million barrels will be based on bringing incremental volumes into our footprint; based on the cadence of frac adds we add.”
Targa Natural gas and NGL projects
