Targa Resources (TRGP) reported Q2 earnings Thursday, showing total natural gas liquids production of 1.181 million barrels per day, up from 1.025 million b/d a year earlier.
Total plant natural gas inlet volumes increased to 8,908.9 million cubic feet per day for the quarter ended June 30, up from 7,894.0 MMcf/d a year earlier.
Total Permian plant natural gas inlet volumes rose to 7,187.3 MMcf/d in Q2, up from 6,278 MMcf/d a year earlier, while total Permian natural gas liquids production increased to 1.007 million b/d from 856,800 b/d.
Permian Midland inlet volumes increased to 3,393.5 MMcf/d in the quarter from 3,106.2 MMcf/d a year earlier. Natural gas liquids production volumes rose to 506,100 b/d from 450,100 b/d.
Permian Delaware inlet volumes climbed to 3,793.8 MMcf/d from 3,171.8 MMcf/d a year earlier. The production volumes for natural gas liquids increased to 500,800 b/d from 406,700 b/d.
Central region plant natural gas inlet volumes declined to 1,010.3 MMcf/d in Q2 from 1,086.3 MMcf/d a year earlier, while natural gas liquids production edged down to 118,300 b/d from 120,200 b/d.
For the Badlands region, plant natural gas inlet volumes increased to 133.8 MMcf/d in Q2 from 130.9 MMcf/d a year earlier, while the production volumes for natural gas liquids rose to 16,900 b/d from 16,600 b/d.
For the Coastal region, plant natural gas inlet volumes climbed to 577.5 MMcf/d in Q2 from 398.8 MMcf/d a year earlier, while natural gas liquids increased to 38,700 b/d from 31,600 b/d.
Natural gas sales increased to 3.08 billion British thermal units per day for the quarter, up from 2.82 billion Btu/d a year earlier.
Natural gas liquids sales in the gathering and processing segment increased to 680,800 b/d in Q2 from 606,400 b/d a year earlier. For the logistics and transportation segment, natural gas liquids sales rose to 1.311 million b/d from 1.151 million b/d.
Condensate sales increased to 22,400 b/d in Q2, up from 20,100 b/d a year earlier.
Crude oil gathered climbed to 143,800 b/d for the quarter, up from 116,500 b/d in the year-ago quarter.
In the logistics and transportation segment, natural gas liquids pipeline transportation volumes increased to 1.099 million b/d for the quarter, up from 961,200 b/d a year earlier.
Fractionation volumes rose to 1.206 million b/d from 969,100 b/d, while liquefied petroleum gas export volumes increased to 487,100 b/d from 423,100 b/d.
The company maintained its full-year 2026 estimate for net growth capital expenditures of about $4.5 billion and net maintenance capital expenditures of about $250 million.
The company commenced operations of the Train 11 fractionator, the Delaware Express NGL Pipeline expansion and the East Driver processing plant during the quarter.
Targa continues to advance the Copperhead, Yeti, Yeti II, Roadrunner III and Copperhead II processing plants, with construction remaining on schedule, according to the company.
The company also continues to build the Train 12 and Train 13 fractionators, the Speedway NGL Pipeline, the GPMT LPG Export Expansion, and the Bull Run, Buffalo Run and Forza intra-basin residue gas pipeline projects, with all projects remaining on schedule.
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