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.
As we said in Part 1, a small but gradually growing group of midstreamers have seen the benefits of owning and operating the infrastructure that processes, transports and, in many cases, exports the increasing volumes of crude oil, natural gas and NGLs emerging from wells in the Permian Basin. Companies that offer the full gamut of midstream services can reap a number of important benefits — chief among them, the ability to operate with extraordinary efficiency, collect fees from shippers each step of the way, and feed pipelines, fractionators, storage and export terminals along the network’s value chain.
In that blog, we also detailed plans by Enterprise to add another 900 MMcf/d of gas processing capacity in the Permian over the next year or so, as well as bring online its 600-Mb/d Bahia NGL pipeline from West Texas to Mont Belvieu (in Q3 2025) and yet another fractionator (also in Q3). Several projects that will boost the company’s NGL export capacity out of Beaumont and Houston are also planned. Energy Transfer has similarly ambitious plans: 875 MMcf/d of incremental Permian gas processing capacity, upgrades to its Lone Star and West Texas Gateway NGL pipelines, a new fractionator at Mont Belvieu, an expansion at its Nederland Terminal to handle more NGL exports, and — last but not least — the 400-mile, 1.5-Bcf/d (and maybe larger) Hugh Brinson gas pipeline from West Texas to south of the Dallas/Fort Worth area.
Figure 1. Targa Resources Assets and Projects in Texas. Source: RBN
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About the song
“Don’t Stop” was written by Christine McVie and appears as the fourth cut on side one of Fleetwood Mac’s 11th studio album, Rumours. The song was written about staying strong and positive after McVie’s separation from husband and Fleetwood Mac bassist John McVie. It was released as a single in March 1977 and went to #3 on the Billboard Hot 100 chart. Fleetwood Mac performed “Don't Stop” at President Bill Clinton's inaugural ball in 1993. Clinton had used the song extensively during his election campaign. Personnel on the record were: Christine McVie (piano, lead vocals), Lindsey Buckingham (guitar, lead vocals), Stevie Nicks (tambourine, backing vocals), Mick Fleetwood (drums) and John McVie (bass).
Rumours was recorded during 1976 at The Record Plant in Sausalito, CA, and Wally Heider Studios in Los Angeles. It was produced by the band with Ken Caillat and Richard Dashut. The LP was released in February 1977 and went to #1 on the Billboard Top 200 Albums chart. Four Top 10 singles were released from the album. It won a Grammy Award for Album of the Year in 1978. Rumours has been certified 2x Diamond (20 million in sales) by the Recording Industry Association of America. It has sold more than 40 million copies worldwide, making it one of the best-selling albums of all time.
Fleetwood Mc has released 18 studio albums, 10 live albums, 23 compilation albums, one EP, and 62 singles. The band has won four American Music Awards, two Brit Awards, three Grammy Awards, and was inducted into the Rock and Roll Hall of Fame in 1998. It last toured on the band’s An Evening with Fleetwood Mac tour, which began in October 2018 and ended in November 2019. The tour featured long-time Fleetwood Mac members Mick Fleetwood, John McVie, Christine McVie and Stevie Nicks, joined by Neil Finn (Crowded House) and Mike Campbell (Tom Petty and the Heartbreakers). Former Fleetwood Mac guitarist Danny Kirwin died in June 2018 at the age of 68. Former guitarist Peter Green died in July 2020 at 73. Singer, keyboardist, songwriter Christine McVie died in November 2022 at 79. In an interview with Mojo magazine in September 2024, Mick Fleetwood said that he was open to re-forming the band.
