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Released November 06, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Targa Resources Corporation (NYSE:TRGP) (Houston, Texas) reported a 23% jump in natural gas liquids (NGL) production across all its operating regions in the third quarter, with related processing volumes bolstered by its full acquisition of the Grand Prix NGL pipeline earlier this year. Grand Prix delivers NGL to processing facilities from the Permian Basin, where one executive said Targa's "volumes are going to continue to grow... as you look out to 2024, 2025 and beyond." Industrial Info is tracking more than 50 active and planned projects from Targa, totaling about $3.3 billion of investment value. More than half of the total investment is attributed to plant expansion projects.
Click on the image at right for a graph detailing active and planned projects from Targa, by project type.
More than 75% of Targa's total investment is attributed to natural gas-processing plants, led by two major expansions at its 820,000-barrel-per-day (BBL/d) fractionation and storage facility in Mont Belvieu, Texas. About one year ago, the company began construction on its NGL fractionation Train 9, which is designed to produce 120,000 BBL/d of high-purity butane, propane and ethane. Following its completion, expected in the second quarter of 2024, Targa expects to pursue Train 10, which would have an identical capacity and bring Mont Belvieu's total production capacity to 1.06 million BBL/d.
Development of the Mont Belvieu complex has been aided substantially by Targa's full ownership of the Grand Prix NGL pipeline, which links Mont Belvieu with the company's assets in the Permian Basin, North Texas and Southern Oklahoma. Targa is further developing Grand Prix with its Daytona NGL pipeline, a 210-mile, 30-inch-diameter addition that is designed to carry up to 550,000 BBL/d of NGL from the Permian to an existing Grand Prix segment, which runs to Mont Belvieu. Targa expects Daytona NGL to wrap up by the end of next year.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on Train 9 and Train 10 at Mont Belvieu, and the Daytona NGL Pipeline. Subscribers to Industrial Info's GMI Pipeline Asset Database can learn more about Grand Prix from a detailed pipeline profile.
"We are continuously improving our deliverability out of our system to the domestic petrochemical operators in and around Mont Belvieu and the surrounding area," said Scott Pryor, the president of logistics and transportation for Targa, in a recent quarterly earnings-related conference call. "So, that will be a primary focus as we see volume growth continue over the course of the next several years. And given the increase in ethane consumption with [recently opened] petrochemical plants, we believe we'll get a large portion of that, just based upon our own upstream growth and into our assets."
The Daytona NGL Pipeline would be supported further by new pump stations in Ozona and Seguin, Texas, both of which began construction in September and are expected to wrap up by the end of 2024. Targa also is considering a proposed pump station in Midland, Texas, which could begin construction in first-quarter 2024. Subscribers can read detailed reports on the Ozona, Seguin and Midland projects.
Within the Permian Basin, Targa has two major expansion projects in development at two of its most important gas-processing facilities: Train II at the Wildcat plant in Wink, Texas, which started construction just recently, and Train II at the Roadrunner plant in Loving, New Mexico. The trains are expected to process 300 million and up to 230 million standard cubic feet per day of natural gas, respectively, bringing total capacities at the Wildcat and Roadrunner facilities to 500 million and up to 460 million standard cubic feet per day, respectively.
"Our Wildcat II and Roadrunner II plants remain on track to begin operations in the first and second quarters of 2024, respectively, and both plants are expected to be much needed at startup," said Matt Meloy, the chief executive officer of Targa, in the conference call. "In our Central region and the Badlands, our combined natural gas volumes increased 2% sequentially [during third-quarter 2023], and our systems are performing well."
In addition to Roadrunner II, Targa is weighing its options for the proposed Train III and Train IV, each of which would add between 200 million and 230 million standard cubic feet per day of capacity. Neither train would begin construction before its predecessor is completed. Subscribers can read detailed reports on Wildcat Train II and Roadrunner Train II, Train III and Train IV.
Subscribers to Industrial Info's GMI Project Database 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 reports for active and planned 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 active and planned projects from Targa, by project type.More than 75% of Targa's total investment is attributed to natural gas-processing plants, led by two major expansions at its 820,000-barrel-per-day (BBL/d) fractionation and storage facility in Mont Belvieu, Texas. About one year ago, the company began construction on its NGL fractionation Train 9, which is designed to produce 120,000 BBL/d of high-purity butane, propane and ethane. Following its completion, expected in the second quarter of 2024, Targa expects to pursue Train 10, which would have an identical capacity and bring Mont Belvieu's total production capacity to 1.06 million BBL/d.
Development of the Mont Belvieu complex has been aided substantially by Targa's full ownership of the Grand Prix NGL pipeline, which links Mont Belvieu with the company's assets in the Permian Basin, North Texas and Southern Oklahoma. Targa is further developing Grand Prix with its Daytona NGL pipeline, a 210-mile, 30-inch-diameter addition that is designed to carry up to 550,000 BBL/d of NGL from the Permian to an existing Grand Prix segment, which runs to Mont Belvieu. Targa expects Daytona NGL to wrap up by the end of next year.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on Train 9 and Train 10 at Mont Belvieu, and the Daytona NGL Pipeline. Subscribers to Industrial Info's GMI Pipeline Asset Database can learn more about Grand Prix from a detailed pipeline profile.
"We are continuously improving our deliverability out of our system to the domestic petrochemical operators in and around Mont Belvieu and the surrounding area," said Scott Pryor, the president of logistics and transportation for Targa, in a recent quarterly earnings-related conference call. "So, that will be a primary focus as we see volume growth continue over the course of the next several years. And given the increase in ethane consumption with [recently opened] petrochemical plants, we believe we'll get a large portion of that, just based upon our own upstream growth and into our assets."
The Daytona NGL Pipeline would be supported further by new pump stations in Ozona and Seguin, Texas, both of which began construction in September and are expected to wrap up by the end of 2024. Targa also is considering a proposed pump station in Midland, Texas, which could begin construction in first-quarter 2024. Subscribers can read detailed reports on the Ozona, Seguin and Midland projects.
Within the Permian Basin, Targa has two major expansion projects in development at two of its most important gas-processing facilities: Train II at the Wildcat plant in Wink, Texas, which started construction just recently, and Train II at the Roadrunner plant in Loving, New Mexico. The trains are expected to process 300 million and up to 230 million standard cubic feet per day of natural gas, respectively, bringing total capacities at the Wildcat and Roadrunner facilities to 500 million and up to 460 million standard cubic feet per day, respectively.
"Our Wildcat II and Roadrunner II plants remain on track to begin operations in the first and second quarters of 2024, respectively, and both plants are expected to be much needed at startup," said Matt Meloy, the chief executive officer of Targa, in the conference call. "In our Central region and the Badlands, our combined natural gas volumes increased 2% sequentially [during third-quarter 2023], and our systems are performing well."
In addition to Roadrunner II, Targa is weighing its options for the proposed Train III and Train IV, each of which would add between 200 million and 230 million standard cubic feet per day of capacity. Neither train would begin construction before its predecessor is completed. Subscribers can read detailed reports on Wildcat Train II and Roadrunner Train II, Train III and Train IV.
Subscribers to Industrial Info's GMI Project Database 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 reports for active and planned 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).
