TRGP · 10-Q · 2026Q2 · Full report
Capital Expenditures
Targa Resources Corp. · 2026-08-06 · Importance 84 · Surprise 74 · From source text
Six-month capital expenditures increased 39.8% to $2,112.7 million from $1,510.8 million. Gathering and Processing capital expenditures rose to $1,292.9 million from $894.2 million, while Logistics and Transportation capital expenditures increased to $798.8 million from $596.5 million. Major expansion projects include the 275 MMcf/d Falcon II, East Pembrook and East Driver processing plants, which commenced operations during 2026, and the 150 MBbl/d Train 11 fractionation train, which commenced operations in the second quarter. Planned projects include the 500-mile Speedway NGL Pipeline with initial capacity of approximately 500 MBbl/d and the GPMT LPG Export Expansion, which is expected to increase effective export capacity to up to 19 MMBbl per month.
Key facts
- Three months ended June 30, 2026 Growth capital expenditures, net used in adjusted free cash flow reconciliation: $(1,113.3) million source
- Interest capitalized on major projects was $61.0 million for the six months ended June 30, 2026 and $32.4 million for the six months ended June 30, 2025. source
- Capital expenditures for the three months ended June 30, 2026: Gathering and Processing $711.1 million and Logistics and Transportation $440.1 million (total $1,151.2 million). source
- Capital expenditures for the six months ended June 30, 2026: Gathering and Processing $1,292.9 million and Logistics and Transportation $798.8 million (total $2,091.7 million). source
- Outlays for property, plant and equipment for six months ended June 30, 2026: $1,909.6 million source
- Property, plant and equipment, net at June 30, 2026: $23,062.6 million source
- Management expects growth capital expenditures and maintenance capital expenditures are classified and monitored for return on investment before project approval source
- Three months ended June 30, 2026 Maintenance capital expenditures, net used in adjusted free cash flow reconciliation: $(52.4) million source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -7.3% | Capital expenditures for the six months ended June 30, 2026: Gathering and Processing $1,292.9 million and Logistics and Transportation… |
| cash | negative | realized | -3.9% | Three months ended June 30, 2026 Growth capital expenditures, net used in adjusted free cash flow reconciliation: $(1,113.3) million |
| assets | positive | realized | +0.1% | Interest capitalized on major projects was $61.0 million for the six months ended June 30, 2026 and $32.4 million for the six months ended… |