TRGP · 10-Q · 2026Q2 · Full report
Natural Gas Pipeline Expansion
Targa Resources Corp. · 2026-08-06 · Importance 37 · Surprise 42 · In source text
Targa is adding and converting natural gas pipeline infrastructure to improve connectivity between Permian Basin processing assets and regional hubs. The 43-mile Bull Run Extension is intended to connect Targa’s Permian Delaware system to the Waha hub and is expected to begin operations in the first quarter of 2027. Buffalo Run comprises a new 35-mile pipeline and a 55-mile conversion that will connect the Permian Midland and Permian Delaware systems, with full completion expected in early 2028. The 36-mile Forza interstate pipeline will connect new and existing Permian Delaware plants to Waha, subject to regulatory approvals, and is expected to enter service in mid-2028.
Key facts
- Blackcomb Joint Venture entered in July 2024 will construct Blackcomb pipeline designed to transport up to 2.5 Bcf/d through ~365 miles of 42-inch pipeline and is expected to be in service in the fourth quarter of 2026. source
- Traverse pipeline reached final investment decision in April 2025, designed to transport up to 2.5 Bcf/d through ~160 miles and expected to be in service in mid-2027. source
- Bull Run Extension (43-mile) announced August 2025 is expected to begin operations in the first quarter of 2027. source
- Buffalo Run announced September 2025 consists of a new 35-mile intrastate natural gas pipeline and a 55-mile conversion, expected to be fully complete in early 2028. source
- Forza pipeline announced November 2025 is a new 36-mile interstate natural gas pipeline in Permian Delaware expected to begin operations in the middle of 2028, pending regulatory approvals; certificate application filed December 3, 2025 with FERC. source
- Added finance lease right-of-use assets of approximately $464.6 million upon amendment of a compressor lease in six months ended June 30, 2026 source
- Finance lease liabilities total undiscounted cash flows as of June 30, 2026: $959.2 million; total lease liabilities (discounted) $794.1 million source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +1.6% | Added finance lease right-of-use assets of approximately $464.6 million upon amendment of a compressor lease in six months ended June 30,… |
| liability | negative | realized | -1.6% | Added finance lease right-of-use assets of approximately $464.6 million upon amendment of a compressor lease in six months ended June 30,… |
| revenue | positive | probable | — | Blackcomb Joint Venture entered in July 2024 will construct Blackcomb pipeline designed to transport up to 2.5 Bcf/d through ~365 miles of… |
| revenue | positive | probable | — | Traverse pipeline reached final investment decision in April 2025, designed to transport up to 2.5 Bcf/d through ~160 miles and expected… |
| revenue | positive | probable | — | Bull Run Extension (43-mile) announced August 2025 is expected to begin operations in the first quarter of 2027. |
| revenue | positive | probable | — | Buffalo Run announced September 2025 consists of a new 35-mile intrastate natural gas pipeline and a 55-mile conversion, expected to be… |
| revenue | positive | probable | — | Forza pipeline announced November 2025 is a new 36-mile interstate natural gas pipeline in Permian Delaware expected to begin operations… |