Core Viewpoint - ExxonMobil's updated 2030 corporate plan significantly benefits the midstream sector, particularly Targa Resources Corp, due to increased production targets in the Permian Basin [1][3]. Group 1: ExxonMobil's Production Targets - Exxon raised its 2030 Permian production guidance by 200,000 barrels of oil equivalent per day (boepd), now targeting a total of 2.5 million boepd [3]. - This increase in production is particularly advantageous for Targa, which has a strong presence on Pioneer Natural Resources acreage, recently acquired by Exxon [3]. Group 2: Targa Resources' Strategic Position - Targa Resources has a 5.7% weighting in the Alerian Energy Infrastructure ETF, making it a top-ten holding as of December 17 [2]. - The anticipated volume increase aligns with Targa's expansion efforts, including the $1.6 billion Speedway NGL Pipeline, which will transport 500,000 barrels per day from the Permian to Mont Belvieu [4]. Group 3: Market Response - Following Exxon's announcement, Targa's stock gained 2.6% on December 9, outperforming the Alerian Midstream Energy Select Index, which was down 0.5% on the same day [4].

Core Viewpoint - ExxonMobil's updated 2030 corporate plan significantly benefits the midstream sector, particularly Targa Resources Corp, due to increased production targets in the Permian Basin [1][3]. Group 1: ExxonMobil's Production Targets - Exxon raised its 2030 Permian production guidance by 200,000 barrels of oil equivalent per day (boepd), now targeting a total of 2.5 million boepd [3]. - This increase in production is particularly advantageous for Targa, which has a strong position on Pioneer Natural Resources acreage, recently acquired by Exxon [3]. Group 2: Targa Resources' Strategic Position - Targa Resources has a 5.7% weighting in the Alerian Energy Infrastructure ETF, making it a top-ten holding as of December 17 [2]. - The anticipated volume increase aligns with Targa's expansion efforts, including the $1.6 billion Speedway NGL Pipeline, which will transport 500,000 barrels per day from the Permian to Mont Belvieu [4]. Group 3: Market Response - Following Exxon's announcement, Targa's stock gained 2.6% on December 9, outperforming the Alerian Midstream Energy Select Index, which was down 0.5% on the same day [4].

Core Viewpoint - Targa Resources Corp. (NYSE:TRGP) experienced a significant decline in share price, attributed to a reduction in price target by BofA and falling oil prices, despite ongoing growth initiatives in the Permian basin [1][2]. Group 1: Stock Performance - The share price of Targa Resources Corp. fell by 6.83% from September 26 to October 3, 2025, ranking it among the energy stocks that lost the most during that week [1]. - BofA reduced the stock's price target from $220 to $200 while maintaining a 'Buy' rating, indicating a mixed sentiment towards the stock [2]. Group 2: Company Initiatives - Targa Resources announced plans to construct the Speedway NGL Pipeline and a new gas processing plant, with an estimated cost of $1.6 billion, to support its production growth in the Permian basin [3]. - The company will also proceed with the construction of the Yeti gas processing plant, which has a capacity of 275 million cubic feet per day, in the Permian Delaware Basin [3].

Core Insights - Targa Resources Corp. (TRGP) has announced significant investments in its Permian Basin operations, including a new NGL pipeline and natural gas infrastructure [1][2] - The Speedway NGL Pipeline will have an initial capacity of 500,000 barrels per day, with potential future expansions to double this capacity, costing $1.6 billion and expected to be operational by Q3 2027 [1] - A new natural gas processing plant, the Yeti plant, will provide 275 million cubic feet per day processing capacity, aimed at transporting NGLs to the fractionation and storage complex in Mont Belvieu, Texas [1] Investment and Growth - The Buffalo Run project will enhance connections between Delaware and Midland natural gas assets, utilizing a mix of new and existing pipelines, expected to be completed by early 2028 [2] - TRGP's expected capital expenditures for 2025 have increased from $2.85-$3.05 billion to $3.3 billion due to these projects [2] - The company has experienced meaningful volume growth in its Permian Basin assets, with a robust outlook for continued growth in 2026 [2] Market Position - TRGP is recognized as a top-10 holding in the Alerian Energy Infrastructure ETF (ENFR), which tracks the Alerian Midstream Energy Select Index (AMEI) yielding 5.3% as of October 1 [2]