TRGP · 8-K · 20260806PR336525

Income Tax Rate Changes

Targa Resources Corp. · 2026-08-06 · Importance 53 · Surprise 48

Second-quarter income tax expense increased 23% year over year to $227.2 million from $184.1 million as pre-tax book income increased. Six-month income tax expense increased 37% to $351.1 million from $256.3 million. Net income attributable to Targa increased 22% to $764.6 million in the quarter and 38% to $1,244.2 million for the first six months. The company also recognized Section 45Q tax credits from carbon capture and sequestration activities in other operating income during the first six months.

Key facts

• The increase in other operating (income) expense for the six months ended June 30, 2026 was primarily due to recognition of Section 45Q tax credits and lower asset abandonment costs. source