TRGP · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
Targa Resources Corp. · 2026-11-05 · Importance 58 · Surprise 22 · Matches filing data
Total debt obligations were $19,844.5 million at September 30, 2026, up from $17,432.5 million at December 31, 2025; cash and cash equivalents were $142.6 million. The Commercial Paper Program had approximately $0.9 billion outstanding, and the TRGP Revolver had approximately $2.6 billion of availability after letters of credit. The Partnership’s receivables securitization facility had $451.0 million outstanding and $149.0 million of remaining committed availability. Targa issued $1.5 billion of senior unsecured notes in March 2026 and redeemed $679.3 million of Partnership notes in January 2026.
Key facts
- In April 2026, Targa amended a compressor lease agreement, extending its term through March 2036 and adding approximately $464.6 million to the finance lease right-of-use asset and corresponding liability. source
- In July 2026, the Securitization Facility’s borrowing capacity increased from up to $600 million to up to $800 million, consisting of a committed line of up to $600 million and an uncommitted line of up to $200 million. source
- In January 2026, Targa redeemed all $679.3 million principal amount of the Partnership’s 6.875% Senior Unsecured Notes due 2029 for a total cash payment of $687.1 million, including the redemption premium. source
- At September 30, 2026, Targa had cash and cash equivalents of $142.6 million, current debt obligations of $562.5 million, long-term debt of $19,282.0 million, and total debt obligations of $19,844.5 million. source
- At September 30, 2026, Targa's TRGP Revolver had no borrowings outstanding; the Commercial Paper Program had approximately $0.9 billion outstanding, leaving approximately $2.6 billion of availability under the revolver after letters of credit. source
- At September 30, 2026, Targa’s TRGP senior unsecured notes had a carrying value of $14,211.9 million and fair value of $13,546.6 million. source
- In July 2026, Targa amended the Partnership’s accounts receivable Securitization Facility, extending its termination date to July 30, 2027. source
- In July 2026, the Partnership amended its accounts receivable Securitization Facility and extended its termination date to July 30, 2027. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -2.3% | In January 2026, Targa redeemed all $679.3 million principal amount of the Partnership’s 6.875% Senior Unsecured Notes due 2029 for a… |
| liability | positive | realized | +2.3% | In January 2026, Targa redeemed all $679.3 million principal amount of the Partnership’s 6.875% Senior Unsecured Notes due 2029 for a… |
| assets | positive | realized | +1.6% | In April 2026, Targa amended a compressor lease agreement, extending its term through March 2036 and adding approximately $464.6 million… |
| liability | negative | realized | -1.6% | In April 2026, Targa amended a compressor lease agreement, extending its term through March 2036 and adding approximately $464.6 million… |