TRGP · 10-Q · 2026Q2

Targa Resources Corp.

Filed 2026-08-06 · Utilities · View original filing on EDGAR

Ranked Events

• Capital ExpendituresImportance 84 · Surprise 74
  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…
• Revolving Credit FacilityImportance 78 · Surprise 74
  In July 2026, Targa amended its accounts receivable securitization facility, extending the termination date to July 30, 2027 and increasing total borrowing capacity from $600.0 million to $800.0 million. At June 30,…
• Operating Income and MarginsImportance 64 · Surprise 56
  Six-month adjusted EBITDA increased $664.3 million, or 28%, to $3,005.8 million, while income from operations increased $504.5 million, or 32%, to $2,081.4 million. Gathering and Processing six-month adjusted operating…
• Segment ProfitabilityImportance 59 · Surprise 48
  Six-month total reportable-segment operating margin increased 27.9% to $3,157.7 million from $2,468.9 million. Gathering and Processing operating margin increased 20.7% to $1,436.1 million, while Logistics and…
• Permian Asset AcquisitionImportance 59 · Surprise 60
  Targa completed the $1.25 billion Stakeholder Midstream acquisition in January 2026 and integrated its Permian Basin infrastructure into the Permian Delaware operations. The acquired portfolio includes natural-gas…
• Commodity Derivative VolatilityImportance 57 · Surprise 64
  At June 30, 2026, commodity derivative instruments had $137.1 million of gross assets and $262.7 million of gross liabilities, producing an estimated net liability of $125.6 million. Non-hedge derivatives generated a…
• Liquidity and Debt PositionImportance 56 · Surprise 24
  At June 30, 2026, Targa had $14,211.1 million of TRGP senior unsecured notes, $3,649.9 million of Partnership senior unsecured notes, $600.3 million drawn under the TRGP Revolver and Commercial Paper Program, and…
• Midstream Contract BacklogImportance 50 · Surprise 24
  Targa reported $2.854 billion of fixed consideration tied primarily to unsatisfied performance obligations at June 30, 2026. The obligations primarily arise from gathering and processing, fractionation, export,…
• Macroeconomic Factors ImpactImportance 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…
• Revenue Performance and MixImportance 49 · Surprise 32
  Six-month revenue declined 3.3% year over year to $8,534.8 million from $8,821.6 million, despite higher fee-based revenue. NGL sales increased 8.6% to $6,742.6 million, while natural gas revenue fell to $161.1 million…
• Operating Expense TrendsImportance 48 · Surprise 40
  Six-month operating expenses increased $60.6 million, or 10%, to $687.8 million, while second-quarter operating expenses increased $30.5 million, or 9%, to $354.1 million. Gathering and Processing six-month operating…
• Commodity Price VolatilityImportance 44 · Surprise 24
  Targa hedges portions of its natural gas, NGL and condensate equity volumes, future commodity purchases and sales, and natural gas transportation basis risk to reduce operating cash-flow volatility. For the six months…
• NGL Logistics ExpansionImportance 41 · Surprise 48
  Logistics and Transportation benefited from higher supply volumes, particularly from Targa’s Permian Gathering and Processing systems. Second-quarter NGL pipeline transportation volumes increased 14% to 1,098.9 MBbl/d,…
• Permian Volume GrowthImportance 41 · Surprise 48
  Permian plant natural gas inlet volumes increased 14% year over year to 7,187.3 MMcf/d in the second quarter of 2026, driven by strong producer activity, new plants and acquired assets. Permian Midland volumes rose 9%…
• Income Tax Rate ChangesImportance 41 · Surprise 38
  Six-month income tax expense increased $94.8 million, or 37%, to $351.1 million from $256.3 million. Second-quarter income tax expense increased $43.1 million, or 23%, to $227.2 million. The increases were primarily…
• Capital Return ProgramImportance 40 · Surprise 42
  Targa repurchased 535,903 common shares during the six months ended June 30, 2026 for a total net cost of $135.1 million at a weighted-average price of $252.07 per share. The company had $1,238.5 million remaining…
• Fee-Based Contract GrowthImportance 37 · Surprise 42
  Targa is increasing the share of its business supported by fee-based contracts through pipeline and gathering and processing investments, Downstream facility expansion and additions to existing and future gathering and…
• Regulatory RiskImportance 37 · Surprise 42
  Targa and the Partnership face environmental proceedings from the EPA, TCEQ, Oklahoma Department of Environmental Quality, NMED, Louisiana Department of Environmental Quality and North Dakota Department of…
• Capital Expenditure OutlookImportance 37 · Surprise 42
  Targa is expanding its Permian processing, NGL fractionation, pipeline, LPG export and natural gas pipeline infrastructure in response to increasing production and downstream customer needs. Major projects include…
• Natural Gas Pipeline ExpansionImportance 37 · Surprise 42
  Targa is adding and converting natural gas pipeline infrastructure to improve connectivity between Permian Basin processing assets and regional hubs. The 43-mile Bull Run Extension is intended to connect Targa’s…

Revenue by Product (in millions)