TRGP · 10-Q · 2026Q2 · Full report
NGL Logistics Expansion
Targa Resources Corp. · 2026-08-06 · Importance 41 · Surprise 48 · In source text
Logistics and Transportation benefited from higher supply volumes, particularly from Targa’s Permian Gathering and Processing systems. Second-quarter NGL pipeline transportation volumes increased 14% to 1,098.9 MBbl/d, fractionation volumes increased 24% to 1,206.1 MBbl/d, and export volumes increased 15% to 487.1 MBbl/d. NGL sales increased 14% to 1,310.9 MBbl/d. The addition of Train 11 early in the second quarter of 2026 supported higher pipeline transportation and fractionation volumes, while LPG export margin benefited from higher volumes and fees.
Key facts
- Train 12 (150 MBbl/d) in Mont Belvieu is expected to begin operations in the first quarter of 2027. source
- Train 13 (150 MBbl/d) in Mont Belvieu is expected to begin operations in the first quarter of 2028. source
- Train 11 (150 MBbl/d) in Mont Belvieu commenced operations in the second quarter of 2026. source
- The addition of Train 11 occurred early in the second quarter of 2026 source
- Three months ended June 30, 2026 NGL sales: 680.8 MBbl/d source
- Three months ended June 30, 2026 Logistics and Transportation fractionation volumes: 1,206.1 MBbl/d source
- The increase in Logistics and Transportation adjusted operating margin was due to higher marketing margin, higher pipeline transportation and fractionation margin and higher LPG export margin source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | probable | — | Train 12 (150 MBbl/d) in Mont Belvieu is expected to begin operations in the first quarter of 2027. |
| revenue | positive | probable | — | Train 13 (150 MBbl/d) in Mont Belvieu is expected to begin operations in the first quarter of 2028. |
| operating_income | positive | realized | — | Train 11 (150 MBbl/d) in Mont Belvieu commenced operations in the second quarter of 2026. |