TRGP · 8-K · 20260806PR336525

Macroeconomic Factors Impact

Targa Resources Corp. · 2026-08-06 · Importance 40 · Surprise 42

Negative Waha natural gas prices in the Permian Basin reflected an extended period of significant egress constraints during the second quarter of 2026. Certain producer customers temporarily curtailed activity in response to the negative prices, although Permian inlet volumes still increased by more than 450 MMcf/d sequentially. Targa reported a negative second-quarter 2026 average realized natural gas price of $2.48 per MMBtu, compared with positive realized pricing of $1.01 per MMBtu in the prior-year quarter.