TRGP · 10-Q · 2026Q2 · Full report

Macroeconomic Factors Impact

Targa Resources Corp. · 2026-08-06 · Importance 49 · Surprise 32

Commodity pricing and hedging materially affected Targa’s 2026 results, with six-month commodity sales declining by $583.2 million, or 8%, from 2025. Lower natural gas and NGL prices reduced commodity sales by $1,309.2 million, while unfavorable hedges reduced sales by $244.1 million; higher NGL, natural gas and condensate volumes partially offset these effects by $899.6 million. In the second quarter, extended negative Waha natural gas prices caused by significant Permian Basin egress constraints resulted in a negative realized natural gas price of $2.48 per MMBtu.

Key facts

• The company's profitability is impacted by NGL content in gathered wellhead natural gas, supply and demand for products and services, utilization of assets and changes in customer mix source