TRGP · 10-Q · 2026Q2 · Full report

Permian Egress Constraints

Targa Resources Corp. · 2026-08-06 · Importance 34 · Surprise 42

Permian natural gas markets experienced significant egress constraints during the second quarter of 2026. The extended constraint period caused negative Waha prices and resulted in a negative average realized natural gas price of $2.48 per MMBtu for the Gathering and Processing segment. Despite the pricing pressure, higher Permian inlet volumes increased fee-based margin and supported year-over-year growth in adjusted operating margin. The company indicated that lower natural gas prices partially offset the benefit of higher volumes.

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