Targa to Build 500-Mile NGL Pipeline from Permian to Mont Belvieu

Targa Resources will build the 500-mile Speedway NGL Pipeline from the Permian Basin to Mont Belvieu, expand processing capacity with the Yeti plant, and add Buffalo Run gas infrastructure in a $3.3 billion growth plan.

(P&GJ) — Targa Resources said on Sept. 30 it will construct the 500-mile Speedway NGL Pipeline to move natural gas liquids from the Permian Basin to its fractionation and storage hub in Mont Belvieu, Texas.

The 30-inch-diameter pipeline will launch with a capacity of 500,000 barrels per day, expandable to 1 million bpd. It is scheduled to enter service in the third quarter of 2027 at an estimated cost of $1.6 billion.

Targa is also advancing its midstream buildout with the planned Yeti gas processing plant, a 275 MMcf/d facility in the Permian Delaware system, expected online in Q3 2027. Combined with other projects under construction, the company will add five Permian plants over the next two years, increasing inlet capacity by 1.4 Bcf/d.

In addition, the company announced Buffalo Run, a project that includes a new 35-mile natural gas pipeline and a 55-mile conversion of an existing line to gas service. Buffalo Run will link Targa’s Midland and Delaware systems and, together with the previously announced Bull Run Extension, expand connectivity to multiple markets including Waha. The staged project is slated for completion in early 2028.

CEO Matt Meloy said the Speedway pipeline is central to Targa’s long-term strategy. “Speedway is critical to the continued execution of our core integrated wellhead to water strategy, will generate attractive and growing fee-based cash flows, and will provide Targa with significant operating leverage once in service,” he said.

With the addition of Speedway, Buffalo Run, and the Yeti plant, Targa raised its 2025 growth capital spending forecast to $3.3 billion.