Targa Resources Corp. said on Tuesday it had signed a 20-year midstream services agreement with ExxonMobil Corp., deepening their long-standing infrastructure relationship.
The deal expands Targa’s role in processing, transporting and storing natural gas liquids and other hydrocarbons for ExxonMobil, though financial terms were not disclosed. The agreement extends a partnership that has supported ExxonMobil’s operations in key U.S. shale basins, including the Permian and Haynesville regions.
Targa, a Houston-based midstream operator, said the arrangement would leverage its existing infrastructure to meet ExxonMobil’s long-term supply and logistics needs. The company did not provide specifics on volumes or capital commitments tied to the contract.
Midstream operators like Targa typically benefit from long-term agreements by securing stable revenue streams, while integrated energy majors such as ExxonMobil gain reliability in processing and transport for their upstream production. The deal follows ExxonMobil’s recent expansions in U.S. natural gas production and LNG export capacity.
Targa’s shares were not immediately materially impacted by the announcement, which was made via a company filing. The agreement is subject to customary closing conditions but is expected to finalize by the end of the year.
