Pipeline Operator Targa Resources Expects Profit Growth in 2024 on Strong NGL Transport, Processing
(Reuters) — Pipeline operator Targa Resources said on Thursday it expects higher core profit for full-year 2024, helped by its natural gas processing facilities in the Permian, LPG exports and high transport volumes of natural gas liquids (NGL).
The company expects adjusted core profit between $3.7 billion and $3.9 billion in the current year, an about 8% rise from the previous year at midpoint.
The International Energy Agency (IEA), which advises industrialized countries, last month predicted global oil consumption will rise by 1.24 million barrels per day (bpd) in 2024.
Houston-based Targa also reported an adjusted core profit of $959.9 million for the fourth quarter ended Dec. 31, beating analysts' estimates of $936.8 million, according to LSEG data.
The results were primarily driven by performance at its logistics and transportation segment, which includes the activities and assets necessary to convert mixed NGLs into NGL products.
The NGL pipeline transportation volumes were up about 44% to 722,000 barrels per day (Bbl/d) and NGL sales were up about 31% at 1.12 million Bbl/d in the quarter, from the previous year.
NGLs are hydrocarbon liquids like ethane, propane and butane among others which are used as fuels for heating, refrigeration and gasoline blending among others.
Total U.S. oil demand rose 3.4% in October versus the prior year according to U.S. Energy Information Administration (EIA)data, helping oil and gas transportation firms like Targa Resources.
Related News
Related News

- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
- Phillips 66 to Sell $865 Million Stake in 500-Mile Gulf Coast Express Pipeline to ArcLight
- NDT, Aramco to Launch 56-Inch Inspection Tool
Comments