Targa Resources Corp. Citi's Global Energy, Utilities and Climate Technology Conference Investor Presentation May 10-11, 2022 Forward Looking Statements and Corporate Structure 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 dev ...

Targa Resources Corp. First Quarter 2022 Earnings Supplement May 5, 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 will or may occur ...

Financial Data and Key Metrics Changes - Targa Resources reported record high quarterly EBITDA of $626 million, an increase of 10% sequentially, driven by higher volumes across most assets despite lower marketing margins [20][10] - Adjusted free cash flow for the first quarter was $373 million, with a consolidated leverage ratio of 3.4x, indicating a strong financial position [21][22] - The company completed the redemption of all outstanding Series A preferred stock for approximately $973 million, simplifying its capital structure [23] Business Line Data and Key Metrics Changes - In the Permian region, inlet volumes averaged over 3 billion cubic feet per day, with expectations for a 12% to 15% increase in average volumes for 2022 compared to 2021 [11][13] - NGL transportation volumes reached a record 460,000 barrels per day, with fractionation volumes rebounding to 703,000 barrels per day following a previous outage [16] - The acquisition of assets in South Texas is expected to be immediately accretive, enhancing the company's gathering and processing operations [15] Market Data and Key Metrics Changes - The company experienced strong activity levels across its Midland and Delaware systems, with volumes rebounding nicely in March and April after winter weather impacts [11][12] - The LPG export business at Galena Park loaded an average of 10.2 million barrels per month, with a strong outlook supported by a low-cost expansion project [17] Company Strategy and Development Direction - Targa Resources continues to invest in its businesses, with ongoing construction of new plants in the Permian and the acquisition of bolt-on assets [8][24] - The company aims to return increasing capital to shareholders through dividends and opportunistic share repurchases, with a $1.40 annualized dividend per common share for 2022 [25][29] - The long-term outlook remains strong, supported by a premier integrated Permian NGL business and a focus on safety and operational performance [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to withstand risks related to commodity prices and volumes, citing improvements in the balance sheet and hedging strategies [31][33] - The company anticipates that if commodity prices average around current levels for 2022, it would exceed the top end of its previously disclosed full-year financial guidance range [10][36] - Management noted that while weather impacts affected operations in the Badlands, they expect to recover and see positive activity levels across various regions [52][101] Other Important Information - Targa Resources has significantly hedged its positions for 2022 and continues to add hedges for 2023 and beyond, reducing exposure to commodity price fluctuations [21][68] - The company is evaluating opportunities in renewable energy and carbon capture, indicating a commitment to sustainability [76] Q&A Session Summary Question: Capital allocation priorities moving forward - Management plans to increase the common share dividend for 2022 and continue investing in the business while executing opportunistic share repurchases [29] Question: Key risks moving forward - Management identified commodity prices and volumes as key risks but noted improvements in balance sheet strength and hedging strategies to mitigate these risks [31][32] Question: Guidance reconciliation - Management acknowledged that current spot prices and the Southcross acquisition could lead to EBITDA exceeding guidance, but noted that the sale of GCX was included in the guidance [36][37] Question: Update on M&A considerations - Management remains selective regarding M&A opportunities, having recently completed the Southcross acquisition, and sees more assets available in the market [54][56] Question: Future growth projects and capacity - Management indicated that the fractionation market is tightening, and they are evaluating the need for additional capacity while monitoring producer activity [59][60] Question: Update on ethane recovery and Grand Prix - Management expects most plants to be in ethane recovery, but does not anticipate significant volume changes from this recovery [104][105] Question: Planning for gas egress issues - Management emphasized the importance of planning for gas takeaway capacity and collaborating with partners to ensure transport out of the basin [108][109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 811 Louisiana St, Suite 2100, Houston, Texas 77002 (Address of principal executive offices) (Zip Code) FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Targa Resources Corp. (NYSE:TRGP) Q4 2021 Earnings Conference Call February 24, 2022 11:00 AM ET Company Participants Sanjay Lad - VP, Finance & IR Matt Meloy - CEO Jen Kneale - CFO Scott Pryor - President, Logistics and Transportation Pat McDonie - President, Gathering and Processing Conference Call Participants John Mackay - Goldman Sachs Michael Blum - Wells Fargo Spiro Dounis - Credit Suisse Tristan Richardson - Truist Securities Colton Bean - Tudor Pickering Keith Stanley - Wolfe Research Theresa Chen ...

Targa Resources Corp. Fourth Quarter 2021 Earnings and 2022 Guidance Supplement February 24, 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 anti ...

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) ...

Targa Resources Corp. Wells Fargo Midstream Utility & Renewables Symposium December 8, 2021 Forward Looking Statements and Corporate Structure 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 ...

Financial Data and Key Metrics Changes - Targa Resources reported a quarterly adjusted EBITDA of $506 million, representing a 10% sequential increase due to higher commodity prices and increased volumes across its integrated systems [20] - Year-to-date 2021, Targa generated adjusted free cash flow of $893 million, significantly reducing leverage throughout the year [21] - The company expects to end 2021 with a consolidated leverage ratio around 3.25 times, down from 3.5 times previously [23] Business Line Data and Key Metrics Changes - In the Permian region, third quarter system inlet volumes increased by 7% sequentially, with expectations to exceed the previously disclosed growth range of 5% to 10% for 2021 [14] - The Logistics and Transportation segment saw Grand Prix volumes increase to a record 417,000 barrels per day, with a 6% sequential increase in throughput volumes [16] - LPG Export Services averaged 9 million barrels per month in the third quarter, with lower sequential volumes attributed to maintenance at the Galena Park export facility [17] Market Data and Key Metrics Changes - The company noted a stronger outlook across its Permian Basin footprint, driving incremental volumes through its NGL downstream business [15] - The overall global LPG market was weaker, impacting export volumes, but Targa expects improved performance in the fourth quarter due to stabilized prices [18][80] Company Strategy and Development Direction - Targa is focused on fully integrating its NGL business and moving to a G&P contract structure that protects downside while allowing participation in strong commodity prices [8] - The company plans to recommend a $1.40 per common share annual dividend, equating to approximately 30% of its 2021 free cash flow, with expectations for modest annual increases going forward [11][25] - Targa aims to simplify its capital structure and return more capital to shareholders in 2022, while continuing to invest in high-return growth opportunities [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the top end of the adjusted EBITDA guidance for 2021, driven by attractive organic growth opportunities [10] - The company is optimistic about continued growth in the Permian region, with robust activity levels expected to persist into the next year [14] - Management acknowledged the challenges posed by inflation but indicated that contracts include escalators to benefit from inflationary pressures [52] Other Important Information - Targa has been proactive in sustainability efforts, recently entering agreements to source renewable electricity for its G&P infrastructure [28] - The company is in discussions with rating agencies to achieve an investment-grade rating, with Moody's recently upgrading Targa to Ba1 [26] Q&A Session Summary Question: Outlook for producer activity in 2022 - Management noted that larger E&Ps are sticking to their plans, while smaller and private producers are showing increased activity [37] Question: Capital allocation priorities - The focus has shifted from debt repayment to returning capital to shareholders, with the dividend increase being the first step [41] Question: Activity levels in the Delaware Basin - Management indicated steady growth from both large public and smaller private producers in both the Midland and Delaware sides of the basin [50] Question: Inflation impact on contracts - Targa has escalators in its contracts, which should benefit the company in an inflationary environment [52] Question: Discussions with rating agencies - Management is optimistic about achieving investment-grade status and is in good dialogue with the agencies [61] Question: Future CapEx and inflation considerations - The increase in 2022 CapEx is primarily due to increased activity rather than inflation, although some cost pressures are expected [77] Question: Dividend increase metrics - The dividend set at $1.40 represents about 30% of 2021 free cash flow, but future increases will depend on performance and outlook [86] Question: M&A strategy in midstream - Targa will continue to evaluate M&A opportunities but maintains a high hurdle for acquisitions, focusing on organic growth [116] Question: ESG initiatives and renewable energy - Targa is exploring additional renewable energy projects and carbon capture opportunities as part of its ESG strategy [118]

Targa Resources Corp. Third Quarter 2021 Earnings Supplement November 4, 2021 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 will or may ...