BUZZ-Targa Resources more than doubles; U.S. pipeline operators rise in 2024

Reuters2024-12-31

BUZZ-Targa Resources more than doubles; U.S. pipeline operators rise in 2024

** Shares of several U.S. oil and gas transportation firms rose in 2024 with Alerian Midstream Energy Index .AMNA gaining ~36% YTD

** Gains in midstream firms were fueled by hopes of growing electric generation associated with artificial intelligence operations, cryptocurrency mining and data centers

** Pipeline operators Targa Resources TRGP.N rose ~104% YTD and DT Midstream was up ~83% YTD, its highest jump in a year

** Williams Companies WMB.N up ~55% YTD

** "We executed a precedent agreement on another expansion to the Transco Dalton Lateral driven by load growth from data center demand and industrial re-shoring in the Atlanta area," CEO of Williams Companies, Alan Armstrong, said in November

** Kinder Morgan KMI.N also climbed 55% YTD

** "Data center demand has skyrocketed," KMI CEO Kimberly Dang said in October. The overall gas market could grow by 25 billion cubic feet per day over the next five years, she added

** ONEOK OKE.N was up 43% YTD, as the company expanded its asset base with multiple acquisitions in the year

(Reporting by Tanay Dhumal in Bengaluru)

((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal))

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