TRGP · 10-Q · 2026Q2 · Full report

Capital Expenditure Outlook

Targa Resources Corp. · 2026-08-06 · Importance 37 · Surprise 42

Targa is expanding its Permian processing, NGL fractionation, pipeline, LPG export and natural gas pipeline infrastructure in response to increasing production and downstream customer needs. Major projects include eight 275-to-265 MMcf/d Permian processing plants, three 150 MBbl/d fractionation trains, Speedway with initial capacity of approximately 500 MBbl/d expandable to 1,000 MBbl/d, and the GPMT LPG Export Expansion expected to raise effective export capacity to up to 19 MMBbl per month. The projects have scheduled in-service dates from the second quarter of 2026 through mid-2028, while six-month 2026 capital expenditures were $2,112.7 million versus $1,510.8 million in the prior-year period.