Targa Continues to Benefit From Strong Permian Volumes in 1Q; Kicks Off Asset Sales
Targa reported a decent first quarter, and we don't have any plans to change our $53 fair value estimate or no-moat rating. The improvements were mainly focused on the gathering and processing side, where a 26% increase in Permian gathering and processing volumes was the main driver in part because of expansions, and higher volumes from South Texas and South Oklahoma also contributed. The higher level of gathering volumes naturally led to higher levels of natural gas liquids production of 186in ...Targa Resources is a provider of midstream services and is a midstream energy company. The company operates in two segments: Gathering and Processing, which consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil; and Logistics and Marketing, which includes activities necessary to convert mixed natural gas liquids (NGLs) into NGL products and provides certain services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses.
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