Targa Resources Corp. (NYSE: TRGP) announced new 20-year fee-based midstream agreements with subsidiaries of ExxonMobil covering natural gas gathering, processing, and downstream services across the Permian Basin, according to a company press release dated Aug. 17, 2026.

The agreements establish a new area of mutual interest in the Permian Delaware for gathering, processing, treating, NGL transportation, and fractionation through 2046. In the Permian Midland, the deals add new acreage dedications and extend existing agreements through 2046. Both basins include 20-year NGL dedications to Targa's logistics and transportation systems.

To support the expanded agreements, Targa announced three new natural gas processing plants in the Permian Delaware — Wrangler, Ranger, and Ranger II — with combined capacity of approximately 825 million cubic feet per day. The plants are expected to be in service in the first half of 2028. Targa said it is also evaluating up to five additional processing plants in the Delaware to accommodate longer-term production growth.

Targa also announced a new approximately 70-mile natural gas pipeline, called Bull Run II, in the Permian Delaware. The pipeline will connect new plant additions to the Waha Hub and is supported by take-or-pay commitments, with operations expected to begin in the first half of 2028.

The company updated its full-year 2026 net growth capital estimate to approximately $5.0 billion, reflecting planned investment in the new Delaware processing plants, incremental field capital, and the Bull Run II pipeline.

"We are excited to meaningfully expand our strategic relationship with ExxonMobil," said Matt Meloy, Targa's Chief Executive Officer. "Our track record has positioned us as an attractive partner, and a provider of exceptional execution and reliability for our producer customers."

Targa also said it is evaluating the timing of an additional fractionation train in Mont Belvieu, Texas.