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Plant(s): View 3 related plants in PECWeb
Released February 21, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Targa Resources Corporation (NYSE:TRGP) (Houston, Texas) has no regrets about going all-in on the Permian Basin, as its operations in the shale play spurred record financial and operational results. The company is doubling down over the coming year with a series of capacity expansions at related production facilities. Industrial Info is tracking more than $3.75 billion worth of active and proposed projects from Targa, about $2.3 billion of which has a high likelihood (81% or more) of beginning construction as currently planned, according to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database.
Click on the image at right for a graph detailing Targa's active and proposed projects, by type.
"Targa expects to continue to benefit from meaningful growth across its Permian G&P [Gathering and Processing] footprint, which is expected to drive record Permian, NGL [natural gas liquids] pipeline transportation, fractionation, and LPG [liquefied petroleum gas] export volumes in 2025, relative to the records set in 2024," the company said this week in a quarterly earnings-related press release.
Targa recently commenced operations at its new, $150 million Bull Moose Gas-Processing Plant in Wink, Texas, which started construction in the summer of 2024 and is expected to be fully completed in the coming weeks. The plant is located near Targa's existing Red Hills and Road Runner gas plants and has a designed capacity of 330 million standard cubic feet per day. It is expected to give the company a stronger foothold and more flexibility in the Avalon and Bone Spring plays, which are two of the busiest areas of the Permian's Delaware Basin.
As the initial phase of the project ends, Targa is preparing for a $220 million second-phase expansion that is designed to double production capacity. Subscribers to Industrial Info's GMI Oil & Gas Plant and Project databases can learn more from a detailed plant profile and detailed reports on Phase I and Phase II.
Other major processing buildouts in the Permian include the $150 million Train 2 at the Pembrook Natural Gas Processing Plant in Midkiff, Texas, which would add 275 million standard cubic feet per day, for a total capacity of 525 million cubic feet. Subscribers can learn more from a detailed plant profile and project report.
In its NGL business, Targa completed construction on its 120,000-barrel-per-day (BBL/d) Train 10 fractionator at its Cedar Bayou Fractionator in Mont Belvieu, Texas, and started construction on its $500 million Train 11, which would have an identical capacity of high-purity butane, propane and ethane. Subscribers can learn more from a detailed plant profile and detailed reports on Train 10 and Train 11.
"Given the anticipated growth in our Permian G&P business, our outlook for NGL supply growth remains robust and our downstream system expansions will be much needed to handle growth from our systems," said Jen Kneale, the president of finance and administration for Targa, in an earnings-related conference call. "Our next fractionator in Mont Belvieu, Train 11, remains on track for the third quarter of 2026 and is expected to be much needed at startup."
Targa estimates its 2025 net growth capital expenditures will come in between $2.6 billion and $2.8 billion, while net maintenance capital expenditures for 2025 are estimated to be about $250 million.
Targa's net income for 2024 was reported to be $1.31 billion, a 2.7% drop from 2023; adjusted earnings before interest, income taxes, depreciation and amortization, and other noncash items stood at $4.1 billion, a 17% increase over 2023.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects from Targa.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing Targa's active and proposed projects, by type."Targa expects to continue to benefit from meaningful growth across its Permian G&P [Gathering and Processing] footprint, which is expected to drive record Permian, NGL [natural gas liquids] pipeline transportation, fractionation, and LPG [liquefied petroleum gas] export volumes in 2025, relative to the records set in 2024," the company said this week in a quarterly earnings-related press release.
Targa recently commenced operations at its new, $150 million Bull Moose Gas-Processing Plant in Wink, Texas, which started construction in the summer of 2024 and is expected to be fully completed in the coming weeks. The plant is located near Targa's existing Red Hills and Road Runner gas plants and has a designed capacity of 330 million standard cubic feet per day. It is expected to give the company a stronger foothold and more flexibility in the Avalon and Bone Spring plays, which are two of the busiest areas of the Permian's Delaware Basin.
As the initial phase of the project ends, Targa is preparing for a $220 million second-phase expansion that is designed to double production capacity. Subscribers to Industrial Info's GMI Oil & Gas Plant and Project databases can learn more from a detailed plant profile and detailed reports on Phase I and Phase II.
Other major processing buildouts in the Permian include the $150 million Train 2 at the Pembrook Natural Gas Processing Plant in Midkiff, Texas, which would add 275 million standard cubic feet per day, for a total capacity of 525 million cubic feet. Subscribers can learn more from a detailed plant profile and project report.
In its NGL business, Targa completed construction on its 120,000-barrel-per-day (BBL/d) Train 10 fractionator at its Cedar Bayou Fractionator in Mont Belvieu, Texas, and started construction on its $500 million Train 11, which would have an identical capacity of high-purity butane, propane and ethane. Subscribers can learn more from a detailed plant profile and detailed reports on Train 10 and Train 11.
"Given the anticipated growth in our Permian G&P business, our outlook for NGL supply growth remains robust and our downstream system expansions will be much needed to handle growth from our systems," said Jen Kneale, the president of finance and administration for Targa, in an earnings-related conference call. "Our next fractionator in Mont Belvieu, Train 11, remains on track for the third quarter of 2026 and is expected to be much needed at startup."
Targa estimates its 2025 net growth capital expenditures will come in between $2.6 billion and $2.8 billion, while net maintenance capital expenditures for 2025 are estimated to be about $250 million.
Targa's net income for 2024 was reported to be $1.31 billion, a 2.7% drop from 2023; adjusted earnings before interest, income taxes, depreciation and amortization, and other noncash items stood at $4.1 billion, a 17% increase over 2023.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects from Targa.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
