Financial Data and Key Metrics Changes - Targa Resources reported a record adjusted EBITDA of $2.9 billion for 2022, representing a 41% increase over 2021, with Q4 2022 adjusted EBITDA at $840 million, a 9% sequential increase [4][15] - The consolidated leverage ratio at the end of 2022 was 3.7x, well within the long-term target range [15] - The company expects 2023 adjusted EBITDA to be between $3.5 billion and $3.7 billion, indicating a 24% year-over-year increase based on the midpoint of the range [8][18] Business Line Data and Key Metrics Changes - Record gathering and processing volumes were achieved in the Permian Basin, contributing to the overall growth in adjusted EBITDA [4][15] - The company anticipates significant increases in NGL transportation, fractionation, and export volumes in 2023, driven by higher expected gathering and processing volumes [8][20] Market Data and Key Metrics Changes - The average Permian Basin natural gas inlet volumes for 2023 are projected to increase by about 10% over the average Q4 2022 volumes [19] - The company expects record LPG export volumes in 2023, supported by the completion of projects that enhance propane loading capabilities [20] Company Strategy and Development Direction - Targa Resources aims to maintain a strong investment-grade balance sheet while pursuing organic growth opportunities to create shareholder value [9][11] - The company is focused on expanding its midstream infrastructure to connect U.S. production to domestic and global markets, particularly in cost-advantaged basins like the Permian [6][10] - Targa plans to continue increasing its common dividend, with a projected 43% year-over-year increase for 2023 [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum continuing through 2023, citing strong business fundamentals and the critical need for midstream infrastructure [6][8] - The management team highlighted the importance of fee-based margins and the implementation of fee floors to reduce downside exposure to commodity price fluctuations [41][50] Other Important Information - Targa completed the acquisition of the remaining 25% interest in the Grand Prix NGL pipeline for approximately $1.05 billion, enhancing operational flexibility and capital synergies [17] - The company has approximately $2.5 billion of available liquidity, providing flexibility for future investments [17] Q&A Session Summary Question: Insights on 2023 guidance and Permian volume growth - Management noted significant activity across their acreage, with expectations of outperforming average growth in the Permian Basin due to recent acquisitions and increased rig activity [25][26] Question: Capital allocation and future dividend increases - Management emphasized a strong balance sheet and the ability to grow EBITDA while increasing dividends, indicating potential for future significant dividend increases [30][31] Question: Commodity sensitivity and fee floors - Management highlighted the implementation of fee floors across gathering and processing businesses, which significantly reduces downside exposure to commodity price declines [40][41] Question: Outlook on fractionation and demand for LPGs - Management expressed confidence in the fractionation capacity and demand for LPGs, citing upcoming expansions and strong market conditions [46][48] Question: CapEx guidance and future plant needs - Management indicated that while current CapEx guidance includes announced projects, they are evaluating the need for additional plants based on market conditions and volume growth [63][64]

Targa Resources Corp. Fourth Quarter 2022 Earnings Supplement February 22, 2023 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 811 Louisiana Street, Suite 2100, Houston, Texas 77002 (Address of principal executive offices) (Zip Code) (713) 584-1000 (Registrant's telephone number, including area code) Securities registered pursuant to section 12(b) of the Act ...

Targa Resources Corp. (NYSE:TRGP) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Sanjay Lad - Vice President, Finance & Investor Relations Matt Meloy - Chief Executive Officer Pat McDonie - President-Gathering & Processing Scott Pryor - President, Logistics and Transportation Jen Kneale - Chief Financial Officer Robert Muraro - Chief Commercial Officer Conference Call Participants Colton Bean - Tudor Pickering Holt & Co. Jeremy Tonet - JPMorgan Brian Reynolds - UBS Keith ...

Targa Resources Corp. Third Quarter 2022 Earnings Supplement November 3, 2022 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-34991 TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jur ...

Targa Resources Corp. Second Quarter 2022 Earnings Supplement August 4, 2022 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or ...

Financial Data and Key Metrics Changes - Targa Resources reported a quarterly adjusted EBITDA of $666.4 million, a 6% sequential increase driven by higher commodity prices and volumes across gathering and processing and logistics and transportation systems, partially offset by lower marketing margins and higher operating expenses [25][26] - The company updated its full-year 2022 adjusted EBITDA guidance to a range of $2.85 billion to $2.95 billion, reflecting the completion of the Delaware Basin acquisition [11][32] - The consolidated net leverage ratio was reported at 3.1x at the end of the second quarter, with an expectation to end the year around 3.5x [28][32] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, record inlet volumes averaged 3.1 Bcf per day during the second quarter, with expectations for continued growth in both the Permian Midland and Delaware positions [17][11] - NGL transportation volumes reached a record 492,000 barrels per day, with fractionation volumes at Mont Belvieu also hitting a record of 737,000 barrels per day [21][25] - The company announced new projects including a 275 million cubic feet per day processing plant in the Permian Midland and a 120,000 barrel per day fractionator in Mont Belvieu [13][14] Market Data and Key Metrics Changes - The Delaware Basin acquisition increased Targa's processing capacity to a combined total of 6.4 Bcf per day across the Permian Basin [14] - The logistics and transportation segment is experiencing a tightening fractionation market, with expectations for continued supply growth from Targa's G&P systems and third parties [21][76] Company Strategy and Development Direction - Targa is focused on executing strategic priorities to drive increasing EBITDA, reduce common share count, and maintain leverage within target ranges [10][32] - The company is investing in organic growth projects across its integrated footprint, which is expected to provide attractive returns and enhance shareholder capital returns [13][34] - Management emphasized the importance of integrating recent acquisitions and capturing synergies while maintaining a strong balance sheet [44][45] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong performance and growth in volumes across both the Permian Midland and Delaware positions [11][10] - The company is actively managing inflation impacts, benefiting from inflation-linked fee escalators across commercial contracts [26][27] - Management highlighted the potential for increased cash flow and capital returns to shareholders in 2023, while maintaining a focus on organic investments [39][40] Other Important Information - Targa has repurchased approximately 2.4 million common shares at a cost of around $154 million year-to-date, with plans for continued share repurchases [24][28] - The company is significantly hedged for the remainder of 2022 and has added hedges for 2023 at higher weighted average prices than in 2022 [30][115] Q&A Session Summary Question: Capital allocation thoughts for 2023 - Management indicated strong flexibility for capital allocation in 2023, focusing on organic investments and increasing returns to shareholders [39][40] Question: Commodity exposure post-Lucid acquisition - The Lucid acquisition is expected to marginally increase fee-based margins over time, with continued investments in both G&P and logistics and transportation [48][50] Question: Lucid synergies and near-term opportunities - Management discussed near-term synergies from moving volumes to Targa's existing systems and the gradual increase in NGLs captured over time [58][60] Question: Impact of Inflation Reduction Act on cash taxes - Management expects to be a material cash taxpayer by 2024, with potential minimum tax implications starting in 2024 [61][62] Question: Expansion and demand for additional products - Management noted a tightening frac market and increasing demand for fractionation services, with ongoing evaluations for additional transportation capacity [76][68] Question: Hedging strategy for 2023 - Management confirmed that hedges for 2023 are at higher prices than in 2022, providing a potential tailwind for the company [115][116]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-34991 TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jurisdic ...

Targa Resources Corp. Strategic Permian Basin Acquisition of Lucid Energy June 16, 2022 Forward Looking Statements Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates wi ...