Permian Basin energy firms expand midstream and LNG export reach

Energy companies in the Permian Basin are expanding their midstream and export capabilities through significant new agreements and infrastructure investments.

Targa Resources has entered into a 20-year deal with subsidiaries of ExxonMobil, securing contractual anchors across the Permian Delaware and Midland basins. The agreement covers gathering, processing, treating, and NGL transportation, with NGL dedications running through 2046. To support this, Targa is developing three new natural gas processing plants in the Permian Delaware—Wrangler, Ranger, and Ranger II—expected to be operational by the first half of 2028.

Simultaneously, Diamondback Energy is overhauling its Permian gas marketing by contracting additional export capacity and working directly with LNG offtakers. This shift aims to build a wellhead-to-water sales channel, moving the company further along the value chain from wellhead to liquefaction and increasing its connection to global gas buyers.