Targa Piles on Gas-Processing Capacity in Permian, Gulf Coast

November 6, 2023--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. 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 fractionation and storage facility in Mont Belvieu, Texas.