Financial Data and Key Metrics Changes - The company reported a record adjusted EBITDA of $984 million for Q2 2024, a 2% increase from Q1 2024 [14] - Full-year 2024 adjusted EBITDA is now estimated at $4 billion, reflecting a $200 million or 5% increase from previous estimates [12] - The company executed a record $355 million in common share repurchases during the quarter [8][19] Business Line Data and Key Metrics Changes - Natural gas inlet volumes in the Permian averaged a record 5.7 billion cubic feet per day [14] - NGL pipeline transportation volumes averaged a record 784,000 barrels per day [14] - Fractionation volumes averaged a record 902,000 barrels per day at the Mont Belvieu complex [14] Market Data and Key Metrics Changes - Permian volumes increased by approximately 275 million cubic feet per day over Q1 2024, with year-over-year growth exceeding 600 million cubic feet per day [9] - The company expects low double-digit percentage volume growth for 2024, with strong activity anticipated to continue into 2025 [10] Company Strategy and Development Direction - The company is focusing on expanding its infrastructure in the Permian Basin, with plans for new plants in both the Midland and Delaware Basins [10][15] - A joint venture was announced for the Blackcomb pipeline, which will transport gas from the Permian to South Texas, with a capital investment expected to be less than $200 million [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the Permian Basin's growth, citing high levels of producer activity and positive revisions to volume forecasts [21][29] - The company is positioned to return an increasing amount of capital to shareholders while strengthening its investment-grade balance sheet [12][19] Other Important Information - The company has largely removed exposure to downside commodity prices, with 90% of its margin being fee-based or supported by fee floor contracts [18] - The company has $1.6 billion in available liquidity and a consolidated net leverage ratio of 3.6 times [18] Q&A Session Summary Question: Guidance on free cash flow inflection - Management indicated that the guidance raise is underpinned by strong volume growth and expectations for continued activity from producers [21][22] Question: Implied GPM across processing fleet - Higher recoveries in Q2 were attributed to improved operational efficiency rather than fundamental changes in production [23][24] Question: Volume growth dynamics - Management noted that Targa has outperformed the basin due to strong commercial success and a wide area of operations in the best spots of the Midland and Delaware Basins [28][29] Question: Capital spending beyond 2025 - The company expects to maintain a similar capital spending profile, with adjustments based on underlying Permian growth volumes [44][45] Question: Return of capital strategy - Management reiterated a balanced approach to capital allocation, focusing on maintaining a strong balance sheet while returning capital to shareholders through dividends and share repurchases [50][51]

Second Quarter 2024 Earnings Supplement August 1, 2024 | TARGA RESOURCES CORP. Forward Looking Statements 2 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 presentation that address activities, events or developments that the Company expects, believes or anticipates ...

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, 2024 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 ...

| --- | --- | --- | |-------|-------|--------------------------------------------------------------------| | | | Exhibit 99.1 | | | | | | | | 811 Louisiana, Suite 2100 Houston, TX 77002 713.584.1000 | Targa Resources Corp. Reports Record Second Quarter 2024 Results and Increases Full Year 2024 Outlook HOUSTON – August 1, 2024 - Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported second quarter 2024 results. Second quarter 2024 net income attributable to Targa Resources Corp. ...

HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported second quarter 2024 results. Second quarter 2024 net income attributable to Targa Resources Corp. was $298.5 million compared to $329.3 million for the second quarter of 2023. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items ("adjusted EBITDA")(1) of $984.3 million for the second quarter of 2024 compared t ...

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Targa Resources, Inc. Have increased 17.54% over the past quarter, and have gained 69.28% in the last year. In comparison, the S&P 500 has only moved 11.39% and 24.26%, respectively. Earnings Outlook Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost TRGP's consensus estimate, increasing from $5.33 t ...

Based in Houston, Targa Resources, Inc. (TRGP) is in the Oils-Energy sector, and so far this year, shares have seen a price change of 53.81%. The company is paying out a dividend of $0.75 per share at the moment, with a dividend yield of 2.25% compared to the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 6.29% and the S&P 500's yield of 1.57%. High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more establishe ...

About Targa Resources Corp. Targa is a FORTUNE 500 company and is included in the S&P 500. For more information, please visit the Company's website at www.targaresources.com. Forward-Looking Statements Sanjay Lad Vice President, Finance & Investor Relations Jennifer Kneale Chief Financial Officer Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diver ...

Targa announced today that its board of directors has declared a quarterly cash dividend of $0.75 per common share, or $3.00 per common share on an annualized basis, for the second quarter of 2024. This cash dividend will be paid August 15, 2024 on all outstanding common shares to holders of record as of the close of business on July 31, 2024. Event Information Event: Targa Resources Corp. Second Quarter 2024 Earnings Webcast and Presentation Date: Thursday, August 1, 2024 Time: 11:00 a.m. Eastern Time Webc ...

Earnings growth looks solid for TRGP for this fiscal year. The Zacks Consensus Estimate for 2024 is $5.27 per share, with earnings expected to increase 43.99% from the year ago period. Bottom Line From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. It's important to keep in mind that not all companies provide a quarterly payout. Looking at dividend growth, the company's current annualized ...