Permian NGL midstream
Targa Resources Corp.
Targa Resources earns revenue from natural gas gathering and processing and from NGL transportation, fractionation, storage, and export services. It secures producer volumes through long-term fee-based contracts and spends on feedstock, fuel, power, pipelines, and processing facilities.
TRGP Updated Sep 11, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Targa Resources Corp. is directly linked to 2 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $17.0283 billion in FY2025
- Segments · Gathering and Processing · Logistics and Transportation
Revenue from
- CITGO Petroleum Corporation High confidence· Count 5 wells · FY2025 · Number of owned Hackberry storage wells leased to CITGO under a long-term lease
CITGO leases five of Targa's twelve owned storage wells at Hackberry under a long-term lease. Lease payments and counterparty revenue were not disclosed. - ExxonMobil Medium confidence· Count 20 years · 2026-2046 · Term of ExxonMobil's integrated Permian midstream agreements
ExxonMobil signed 20-year fee-based agreements for Targa to provide gathering, processing, NGL transportation, and fractionation services across the Permian Delaware and Midland basins. Contract value and counterparty revenue were not disclosed.Mentions KO Edaily Published Sep 2, 2026: Wells Fargo Raises Targa Resources Price Target on ExxonMobil Long-Term ContractConfirms EN Targa Resources Corp. Published Aug 17, 2026: Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware
Pays to
- Gulf Coast Fractionators High confidence· Amount $15M · FY2025 · Product purchases and fuel attributable to Gulf Coast Fractionators
Targa recorded $14.7 million of product purchases and fuel from Gulf Coast Fractionators in 2025. Targa owns a 38.8% interest in the affiliate. - Little Missouri 4 LLC High confidence· Amount $12M · FY2025 · Product purchases and fuel attributable to Little Missouri 4 LLC
Targa recorded $12.2 million of product purchases and fuel from Little Missouri 4 LLC in 2025. Targa owns a 50% interest in the affiliate. - Concho Valley Solar, LLC Medium confidence
Targa signed a long-term power purchase agreement with Concho Valley Solar to supply renewable electricity to its West Texas gas processing infrastructure. Targa's payment obligation was not disclosed.Confirms EN Targa Resources Corp. Published Nov 1, 2021: Targa Resources Announces Power Purchase Agreement With Concho Valley Solar To Provide Renewable Electricity For Its West Texas Assets
Investors
- BlackRock High confidence· Market share 9.33 percent · Schedule 13G holdings as of 2023-12-31 · BlackRock beneficial ownership reported in Targa's 2026 proxy statement
Targa's 2026 proxy statement lists BlackRock as a greater-than-5% beneficial owner. The 9.33% figure is based on BlackRock's Schedule 13G holdings as of year-end 2023.
Investments
- Targa Badlands LLC High confidence· Amount $1.8B · acquisition completed March 2025 · Cash consideration for the acquisition of the remaining 45% interest in Targa Badlands
Targa acquired the 45% interest in Targa Badlands held by Blackstone-managed funds for $1.8 billion in cash, increasing its ownership to 100%.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CF Industries | lead2 | +87.2 | +22.3 | -4.7 | +10.1 | -7.2 | +74.9 |
| Linde | lead2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +13.1 |
| O’Reilly Automotive | lead2 | +56 | +19.5 | +12.6 | +24.8 | +15.4 | -3.6 |
| ExxonMobil | lead1 | +57.6 | +87.4 | -6.3 | +11.3 | +16 | +35.2 |
| Targa Resources Corp. | node | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| BlackRock | benef1 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Marathon Petroleum Corporation | benef2 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +141.9 |
| ONEOK, Inc. | benef2 | +64.7 | +18.9 | +13.2 | +50.1 | -22.9 | +34.8 |
| Ross Stores | benef2 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| Altria Group, Inc. | benef2 | +24.2 | +4.4 | -3.7 | +40.8 | +18.2 | +23.3 |
| Elevance Health, Inc. | benef2 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| Edwards Lifesciences Corporation | benef2 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Targa Resources Corp. operates across Permian NGL midstream. Momentum stayed firm and it is +59.5% in 2026. The stock (+59.5%) and its demand side (avg +35.2%) are moving in step. It secures producer volumes through long-term fee-based contracts and spends on feedstock, fuel, power, pipelines, and processing facilities.
Analysis generated from returns as of 2026-09-04