Feb 20 (Reuters) - Targa Resources ( TRGP ) forecast

full-year adjusted core profit above analyst expectations on

Thursday, benefiting from increased demand and higher transport

volumes of natural gas and natural gas liquids through its

pipelines.

The U.S. Energy Information Administration (EIA) reported

that oil production in the country rose 260,000 barrels per day

(bpd) month-over-month to a record 13.46 million bpd in October

as demand surged to its highest levels since the pandemic.

Oil and gas transportation companies in the U.S. gained in

2024, fueled by hopes of growing electric generation associated

with artificial intelligence operations, cryptocurrency mining

and data centers, with Targa rising nearly 104% last year.

U.S. natural gas futures rose 24.3% in the quarter

ended December 31, positively impacting pipeline operators'

margins, reducing operational costs and potentially boosting

natural gas transportation demand.

Targa's total quarterly natural gas sales were up nearly 2%

at 2.78 billion British thermal units per day (BBtu/d) from the

previous year.

NGL pipeline transportation volumes were up at 871,500

barrels per day (Bbl/d) in the October-to-December quarter, from

722,000 bbl/d last year.

NGL sales in the company's logistics and transportation

segment were 1.23 billion Bbl/d in the reported quarter,

compared with 1.13 billion Bbl/d a year earlier.

On an adjusted basis, Targa's adjusted core profit was $1.12

billion in the reported quarter, beating analysts' average

estimate of $1.10 billion, according to data compiled by LSEG.

Targa forecast continued growth across its Permian

footprint, which is expected to drive record production at the

basin, NGL pipeline transportation and LPG export volumes in

2025 compared with records set in 2024.

The Houston, Texas-based company expects 2025 adjusted core

profit to be between $4.65 billion and $4.85 billion. Analysts

were estimating a profit of $4.63 billion.