TRGP · 10-Q · 2026Q3 · Full report

Segment Profitability

Targa Resources Corp. · 2026-11-05 · Importance 54 · Surprise 40 · In source text

Nine-month Gathering and Processing adjusted operating margin increased $489.4 million to $2,980.5 million, driven primarily by higher Permian natural-gas inlet volumes and fee-based margin, partly offset by lower natural gas prices. Total Permian inlet volumes rose 13% to 7,154.2 MMcf/d for the nine months, while Permian NGL production increased 16% to 1,002.2 MBbl/d. Logistics and Transportation adjusted operating margin increased $535.4 million to $2,824.2 million, as marketing margin and pipeline transportation and fractionation margin grew. Nine-month NGL pipeline transportation volumes increased 16% to 1,096.4 MBbl/d, fractionation volumes rose 17% to 1,204.7 MBbl/d, and export volumes increased 7% to 457.4 MBbl/d.

Key facts

• Targa’s three-month Logistics and Transportation adjusted operating margin was $888.1 million in 2026, versus $808.8 million in 2025; nine-month margin was $2,824.2 million, versus $2,288.8 million. source
• Targa’s three-month Gathering and Processing adjusted operating margin was $1,069.9 million in 2026, versus $873.7 million in 2025; nine-month margin was $2,980.5 million, versus $2,491.1 million. source

Impact estimates