BUZZ-Targa Resources gains after Exxon boosts Permian output plans

Reuters12-09 23:50
BUZZ-Targa Resources gains after <a href="https://laohu8.com/S/XOM">Exxon</a> boosts Permian output plans

** U.S.-listed shares of pipeline operator Targa Resources TRGP.N up 3% at $183.54

** RBC Capital Markets views Exxon Mobil's XOM.N updated outlook for 2026 to be beneficial for TRGP

** XOM's plan now calls for a doubling of Permian Basin production to ~2.5 million barrels of oil production per day, which represents a 200,000 boepd increase from prior plan

** RBC notes that Targa has exposure to the largest and best capitalized producers in the Permian Basin that generally drill through near term commodity price fluctuation

** Exxon's stronger long-term production and export outlook will drive higher, more durable volumes across Targa's Permian and Gulf Coast midstream system

** 21 of 23 brokerages rate the stock "buy" or higher and 2 "hold"; median PT is $200- data compiled by LSEG

** Including session's moves, TRGP up 3.1% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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