Targa Resources expands infrastructure via ExxonMobil deal

Targa Resources, Inc., a midstream energy company operating natural gas pipelines, gas plants, and crude oil terminals in the United States, has seen recent shifts in institutional investment and strategic partnerships.

Wellington Management Group LLP reduced its stake in Targa Resources by 5.8% during the second quarter, selling 867,067 shares. Despite this reduction, the firm maintains a significant position of 14,176,394 shares, valued at approximately $3.8 billion.

In a separate strategic development, Targa Resources shares rose 10% following the announcement of a 20-year midstream agreement with ExxonMobil. The deal involves building and operating a portfolio of energy infrastructure assets to support the oil and gas giant.