TRGP · 8-K · 20260806PR336525

Revenue Performance and Mix

Targa Resources Corp. · 2026-08-06 · Importance 30 · Surprise 14 · In source text

Second-quarter 2026 total revenue increased 4% year over year to $4,440.1 million from $4,260.1 million, while six-month revenue declined 3% to $8,534.8 million. Quarterly commodity sales decreased $43.4 million, or 1%, to $3,592.9 million because lower natural gas prices and unfavorable hedges offset higher NGL, condensate and commodity volumes. Fees from midstream services increased $223.4 million, or 36%, to $847.2 million in the quarter, reflecting higher gas gathering and processing fees, transportation and fractionation fees, and export volumes. Adjusted EBITDA rose 38% year over year to $1,603.1 million, supported by increased fee-based activity and higher marketing margins.

Key facts

• Total revenues for the three months ended June 30, 2026 were $4,440.1 million, up $180.0 million or 4% from $4,260.1 million in 2025. source
• Second quarter 2026 net income attributable to Targa Resources Corp. was $765 million. source
• Sales of commodities in Q2 2026 were $3,592.9 million compared to $3,636.3 million in Q2 2025, a decrease of $43.4 million (1%). source
• Fees from midstream services in Q2 2026 were $847.2 million, an increase of $223.4 million or 36% versus $623.8 million in Q2 2025. source
• Average realized condensate price in Q2 2026 was $90.57 per Bbl, up $26.78 or 42% from $63.79 in Q2 2025. source
• Average realized NGL price in Q2 2026 was $0.48 per gallon, up $0.07 or 17% from $0.41 in Q2 2025. source
• Three Months Ended June 30, 2026 realized natural gas hedge gain: volume settled 7.7 BBtu, price spread $5.351, gain $41.2 million. source
• Three Months Ended June 30, 2026 realized NGL hedge loss: volume settled 106.5 MMgal, price spread (0.052), loss (5.5) million. source

Impact estimates