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Update: Targa Resources Shares Rise on New Permian Agreements With ExxonMobil

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(Updates with stock moves in headline, first and last paragraphs.)

Targa Resources (TRGP) shares rose 6.9% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).

The new midstream agreements support ExxonMobil's development of its Permian Basin acreage.

Targa said the deals provide an extensive new area of mutual interest across the Permian Delaware for gathering and processing, and downstream services.

Targa also announced three new natural gas processing plants in the Permian Delaware to support production growth in the area.

Targa raised its 2026 growth capital estimate to $5 billion.

ExxonMobil shares rose 2.4%.

Price: $297.09, Change: $+19.15, Percent Change: +6.89%

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