Targa Resources: Record Quarter and ExxonMobil Deal Drive the Midstream Story

Targa Resources operates as a midstream company providing infrastructure for natural gas and natural gas liquids (NGL) in North America. The company serves as a crucial link between producers and end consumers. In the second quarter, adjusted EBITDA rose by 38% to a record high of $1.60 billion, while Permian, NGL, and LPG export volumes reached new peaks. New 20-year contracts with ExxonMobil and additional facilities by 2028 extend the growth trajectory well beyond the current investment cycle. Targa Resources (TRGP) has a market capitalization...