Nov 5 (Reuters) - Targa Resources surpassed Wall Street's estimates for third-quarter core profit on Tuesday, benefiting from increased volumes of natural gas and natural gas liquids transported through its pipelines.
U.S. pipeline operators are seeing
robust demand
for their infrastructure as oil and gas production continues to climb in the Permian Basin, which accounts for half of the country's crude oil output.
Targa's total quarterly natural gas sales volumes were up 3% to 2.84 billion British thermal units per day (BBtu/d) from the previous year, while total natural gas inlets for processing rose 18% in the Permian Basin.
Natural gas liquid $(NGL)$ pipeline transportation volumes were up about 26% to 829,200 barrels per day in the quarter ended Sept. 30. NGLs are hydrocarbon liquids such as ethane, propane and butane, which are used as fuels for heating, refrigeration and gasoline blending, among others.
The company expects full-year adjusted core profit above the higher end of its previously forecast range of $3.95 billion to $4.05 billion.
Houston, Texas-based Targa also said it would build two natural gas processing plants in the Permian Basin, which straddles New Mexico and Texas, in response to the increase in production.
On an adjusted basis, its core profit was $1.07 billion in the reported quarter, compared to analysts' estimate of $1.01 billion, according to data compiled by LSEG.
The company's quarterly net income attributable to common shareholders rose 76% to $387.4 million, compared to last year.
(Reporting by Pooja Menon in Bengaluru; Editing by Pooja Desai)
((Pooja.Menon@thomsonreuters.com;))
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