Targa Resources (NYSE: TRGP ) is a midstream energy company which is focused on gathering, processing, transporting and marketing natural gas and natural gas liquids. It is based primarily in the Permian basin and other shale plays in USA. It has twoEquity investor with focus on long term and medium term value. Focuses on companies with good fundamentals with a long haul for investing and sector agnostic. Have passed CFA Level 1. Looking forward to building a base as an independent blogger on equity researc ...

Core Insights - Targa Resources (NYSE: TRGP) has seen a significant share price increase of 40% recently, but has underperformed in the last two months, remaining flat while the broader market has recovered from early April losses [1] Company Performance - Targa Resources' shares have not followed the upward trend of the pipeline sector, indicating a potential divergence in performance compared to its peers [1] Market Context - The broader market has regained its losses from early April, contrasting with Targa's stagnant performance over the past two months, suggesting specific challenges or market perceptions affecting the company [1]

Core Viewpoint - Targa Resources Corp. is conducting a public offering of $750 million in Senior Notes due 2030 and $750 million in Senior Notes due 2036 to manage its debt and support corporate activities [1][2]. Group 1: Offering Details - The public offering includes $750 million of 4.900% Senior Notes due 2030 priced at 99.870% of face value and $750 million of 5.650% Senior Notes due 2036 priced at 99.700% of face value [1]. - The expected closing date for the offering is June 18, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - A portion of the net proceeds will be used to redeem the 6.500% Senior Notes due 2027 [2]. - Remaining proceeds will be allocated for general corporate purposes, including repaying borrowings under the unsecured commercial paper note program, repaying other debts, repurchasing or redeeming securities, and funding capital expenditures or investments in subsidiaries [2]. Group 3: Company Overview - Targa Resources Corp. is a leading provider of midstream services and one of the largest independent infrastructure companies in North America [4]. - The company operates a diversified portfolio of infrastructure assets critical for the delivery of energy across the U.S. and internationally, connecting natural gas and natural gas liquids to markets with growing demand [4].

Targa Resources Corp. (TRGP) reported first-quarter 2025 adjusted earnings of 91 cents per share, which missed the Zacks Consensus Estimate of $2.04 as Permian Basin volumes fell short of estimates.The bottom line also decreased from the year-ago quarter’s level of $1.22. The year-over-year decrease in earnings can be attributed to increased operating expenses and product costs.Total quarterly revenues of $4.6 billion were in line with the prior-year quarter’s level. However, the top line missed the Zacks C ...

For the quarter ended March 2025, Targa Resources, Inc. (TRGP) reported revenue of $4.56 billion, down 0% over the same period last year. EPS came in at $0.91, compared to $1.22 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $5.31 billion, representing a surprise of -14.12%. The company delivered an EPS surprise of -55.39%, with the consensus EPS estimate being $2.04.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Financial Performance - Total revenues for the three months ended March 31, 2025, were $4,561.5 million, a slight decrease of 0.9% compared to $4,562.4 million in the same period of 2024[148]. - Adjusted EBITDA increased by 22% to $1,178.5 million for the three months ended March 31, 2025, compared to $966.2 million for the same period in 2024[148]. - Adjusted cash flow from operations rose by 31% to $970.0 million for the three months ended March 31, 2025, up from $738.4 million in 2024[148]. - Net income attributable to Targa Resources Corp. for the three months ended March 31, 2025, was $270.5 million, a decrease of 2% from $275.2 million in 2024[148]. - Operating expenses increased by 9% to $303.6 million for the three months ended March 31, 2025, compared to $278.0 million in 2024[148]. - Cash flows from operating activities increased to $954.4 million in Q1 2025, up from $876.4 million in Q1 2024, representing a $78.0 million increase[179]. Capital Expenditures and Investments - Capital expenditures for growth projects were $570.7 million in Q1 2025, down from $677.9 million in Q1 2024, primarily due to timing of construction projects[190]. - Net cash used in investing activities rose to $813.3 million in Q1 2025, compared to $677.9 million in Q1 2024, reflecting higher outlays for growth capital projects[182]. - The company completed a public offering resulting in net proceeds of approximately $2.0 billion, used for the Badlands Transaction and general corporate purposes[176]. Dividends and Share Repurchase - The company declared an increase in its quarterly common dividend to $1.00 per share, or $4.00 annualized, effective for Q1 2025[118]. - The company declared dividends of $218.9 million for common stock for the three months ended March 31, 2025, with a dividend per share of $1.00[189]. - Targa Resources Corp. reported a total net cost of $124.9 million for repurchasing 651,163 shares at a weighted average price of $191.86 per share during Q1 2025[121]. Operational Highlights - The adjusted operating margin for the Gathering and Processing segment was $602.2 million for the three months ended March 31, 2025, compared to $556.4 million in 2024[157]. - The adjusted operating margin for the Logistics and Transportation segment was $646.7 million for the three months ended March 31, 2025, compared to $532.1 million in 2024[157]. - The Gathering and Processing segment reported an adjusted operating margin of $810.4 million for Q1 2025, up 9% from $744.5 million in Q1 2024[158]. - The Logistics and Transportation segment achieved an adjusted operating margin of $742.2 million in Q1 2025, a 19% increase from $622.1 million in Q1 2024[162]. - NGL pipeline transportation volumes rose by 18% to 843.5 MBbl/d in Q1 2025, compared to 717.8 MBbl/d in Q1 2024[162]. Debt and Liquidity - Targa entered into a new $3.5 billion revolving credit facility (TRGP Revolver) maturing on February 18, 2030, to support its financial activities[122]. - The company raised approximately $2.0 billion from the issuance of senior unsecured notes due 2035 and 2055 to fund the Badlands Transaction and for general corporate purposes[123]. - The company had $151.4 million in cash and cash equivalents as of March 31, 2025, with total liquidity amounting to $2,722.0 million[169]. - As of March 31, 2025, the company was in compliance with all debt covenants[178]. Future Projects and Expansion - The company announced the construction of three new 275 MMcf/d cryogenic natural gas processing plants in Permian Midland, with expected operational dates in Q3 2025, Q2 2026, and Q3 2026[110]. - Targa's LPG export capacity will increase to up to 19 MMBbl per month following the expansion at Galena Park Marine Terminal, expected to be completed in Q3 2027[114]. - The Blackcomb Joint Venture pipeline is designed to transport up to 2.5 Bcf/d of natural gas and is expected to be operational in the second half of 2026[115]. - Targa completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for $1.8 billion, resulting in 100% ownership effective January 1, 2025[117]. Market and Pricing - The average realized price for natural gas increased by 49% to $2.24 per MMBtu in Q1 2025, compared to $1.50 per MMBtu in Q1 2024[162]. - Natural gas inlet volumes in the Permian increased by 11% to 6,005.9 MMcf/d in Q1 2025, compared to 5,395.0 MMcf/d in Q1 2024, driven by new plant additions[160].

Targa Resources (TRGP) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead. Speaker1 Thanks, Michelle. Good morning, and welcome to the first quarter twenty twenty five earnings call for Target Resources Corp. The first quarter earnings release, along with the first quarter supplement pres ...

Targa Resources (TRGP) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Company Participants Tristan Richardson - VP - Investor RelationsMatthew Meloy - CEOJennifer Kneale - PresidentWilliam Byers - Executive Vice President & CFOSpiro Dounis - DirectorMichael Blum - Managing DirectorScott Pryor - President, Logistics and TransportationManav Gupta - Executive DirectorRobert Muraro - Chief Commercial OfficerKeith Stanley - DirectorJohn Mackay - VP - Equity ResearchAndrew O'Donnell - Director - Equity ResearchPa ...

First Quarter 2025 Earnings Supplement We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.targaresources.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures. Q1 2025 EARNINGS SUPPLEMENT PRESENTATION 2 Finan ...

Exhibit 99.1 811 Louisiana, Suite 2100 Houston, TX 77002 713.584.1000 Targa Resources Corp. Reports Record First Quarter 2025 Financial Results HOUSTON – May 1, 2025 - Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported first quarter 2025 results. First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and ...