I am getting these errors repeatedly in my logs
PHP Fatal error: Allowed memory size of 134217728 bytes exhausted (tried to allocate 20480 bytes)
PHP Fatal error: Allowed memory size of 134217728 bytes exhausted (tried to allocate 32768 bytes)
I don't get why it would die with memory size being much bigger then the bytes attempted to allocate!!
The error message tells you that a limit of 134217728 bytes (128 MB) was defined. This has already been used by your script, but it requested more. Allocating the next bytes (in your example: 20480) failed, that's why the script died.
To resolve this, you could either check why your script needs that memory (reducing the memory footprint can always be a good idea), or otherwise set a higher memory limit