Targa Stock Rises as Exxon's Permian Push Bolsters Growth Outlook

In a December 9 statement, Exxon raised its 2030 Permian production guidance by 200,000 barrels of oil equivalent per day (boepd). The company now targets a total of 2.5 MMboepd. This aggressive ramp-up is particularly significant for Targa due to its dominant position on legacy Pioneer Natural Resources acreage. Pioneer, which Exxon acquired last year, sent the majority of its gas to Targa's G&P systems and owned a 27.2% interest in the Targa-operated WestTX system. The anticipated volume increase aligns w ...