Targa Resources announced May 2 that the company will build a new 275 MMcf/d cryogenic natural gas processing plant in the Permian Midland (Pembrook II) slated to start up in Q4 2025, as construction continues on its 275 MMcf/d Greenwood II plan slated to come online in Q4 2024 (green-lined white triangles in map below). Executives said during Targa’s Q1 2024 earnings call that the company’s Greenwood I plant in the Permian Midland was expected to resume operations by the end of Q2 2024 after fire occurred at the facility in April.
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Don't Stop - Targa Resources, Phillips 66 Detail Plans for Expanding Permian-to-Gulf Infrastructure
The handful of midstream companies that provide a full range of “wellhead-to-water” services between the Permian and the Gulf Coast are in growth mode, advancing a long list of gas processing plants, takeaway pipelines, fractionators and export terminal expansions. Last time we looked at what Enterprise Products Partners and Energy Transfer are up to. In today’s RBN blog, we shift our spotlight to what Targa Resources and Phillips 66 are planning, with Targa building a slew of projects and P66 growing primarily through organic opportunities that have arisen following recent bolt-on M&A.
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... Ready for It?, Part 3 - Permian Production Boom Drives Build-out of Targa's NGL Network
Crude oil production in the Permian continues to grow, gas-to-oil ratios in the basin are on the rise, and a slew of new gas processing plants are coming online, extracting more and more NGLs that need to be transported, fractionated and shipped to end-users. Targa Resources, with its full slate of NGL-related assets — gathering systems, processing plants, NGL pipelines, fractionators and an LPG terminal — is a big winner in all this. In today’s RBN blog, we continue our series on the U.S.’s robust and growing NGL networks with a look at Targa’s array of assets in the Permian and other production areas.
- Blog
Don't Stop - Top-Tier Midstreamers Double Down on Expanding Permian-to-Gulf Infrastructure
In their first earnings calls of 2025, the handful of large midstream companies that provide the gamut of “wellhead-to-water” services in Texas laid out plans for yet another round of projects — everything from gas processing plants and takeaway pipelines to fractionators and export terminal expansions. At the same time, many of these same midstreamers expressed a degree of caution about overbuilding. They sought to reassure Wall Street that they were only approving plans underpinned by strong commercial support. In today’s RBN blog, we discuss the latest capital spending plans of this select, upper tier of midstream service providers.
