May 2 (Reuters) - Pipeline operator Targa Resources beat Wall Street estimates for first-quarter core profit, benefitting from higher volumes of natural gas liquids (NGL) transported through its system, sending its shares up about 1% in the afternoon trade.

NGL pipeline transportation volumes were up nearly 34% in the January-March quarter compared to last year, while NGL sales rose about 22% to 1.23 million bbl/d in the quarter from a year earlier.

Crude prices gained in the January-March quarter, as production curtailments from OPEC+, Russian refinery outages and the Middle East conflict raised concerns over supplies, helping oil and gas transportation firms like Targa Resources charge higher fees.

The company said its pipeline transported higher volumes primarily through its systems in the Permian Basin.

NGLs are hydrocarbon liquids like ethane, propane and butane among others which are used as fuels for heating, refrigeration and gasoline blending among others.

In its post-earnings call, Targa announced a new capital project at its Galena Park Marine Terminal located near Houston, Texas.

The project is expected to increase its liquefied petroleum gas export capacity by 650,000 barrels per month within the second half of 2025.

Targa Resources said its revenue for the first quarter rose slightly to $4.56 billion, from $4.52 billion last year.

The company reaffirmed its full-year adjusted core profit forecast of $3.7 billion to $3.9 billion, compared with analysts' estimates of $3.84 billion, according to LSEG data.

"Continue to expect a meaningful step-up in adjusted EBITDA and cash generation into 2025 as organic growth projects, which remain on schedule and on budget, are turned into service," says RBC Capital Markets analyst, Elvira Scotto.

On an adjusted basis, the Houston, Texas-based company's core profit was $966.2 million in the quarter ended March 31, compared with analysts' estimates of $937.95 million. (Reporting by Vallari Srivastava in Bengaluru; Editing by Vijay Kishore)