TRGP · 10-Q · 2026Q3

Targa Resources Corp.

Filed 2026-11-05 · Utilities · View original filing on EDGAR

Everything TRGP's SEC filings said, ranked

Ranked Events

• Capital Expenditure ProgramImportance 76 · Surprise 56
  Capital expenditures for the nine months ended September 30, 2026 were $3,355.0 million, up 41.4% from $2,372.4 million in the prior-year period. Gathering and Processing accounted for $2,079.6 million, compared with…
• Senior Notes IssuanceImportance 64 · Surprise 42
  In March 2026, Targa issued $750.0 million of 4.350% senior notes due 2031 and $750.0 million of 6.050% senior notes due 2056, generating approximately $1,483.2 million in net proceeds. The company used the proceeds…
• Net Income and ProfitabilityImportance 64 · Surprise 56
  Third-quarter 2026 net income increased 39.0% year over year to $676.1 million from $486.6 million, and net income attributable to Targa Resources Corp. rose to $658.2 million from $478.4 million. Nine-month net income…
• Operating Income and MarginsImportance 64 · Surprise 56
  Third-quarter 2026 income from operations increased 31.0% year over year to $1,096.0 million from $836.9 million. The operating margin was 19.6% of revenue, compared with 20.2% in the third quarter of 2025. Nine-month…
• Stakeholder Midstream AcquisitionImportance 59 · Surprise 60
  In January 2026, Targa acquired all membership interests in Stakeholder Midstream, LLC for a purchase price of $1.25 billion, subject to customary closing adjustments; the preliminary purchase price allocation was…
• Liquidity and Debt PositionImportance 58 · Surprise 22
  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…
• Commodity Derivative VolatilityImportance 57 · Surprise 64
  At September 30, 2026, Targa’s commodity derivatives had a net fair-value liability of $272.5 million, compared with $66.9 million at December 31, 2025. A 10% increase in forward natural gas, NGL, and crude oil prices…
• Midstream Contract BacklogImportance 56 · Surprise 24
  At September 30, 2026, Targa disclosed $2,527.5 million of estimated minimum revenue from unsatisfied performance obligations, consisting primarily of fixed consideration under contracts with minimum-volume…
• Segment ProfitabilityImportance 54 · Surprise 40
  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…
• Capital Return ProgramImportance 54 · Surprise 74
  Targa’s two share repurchase programs each authorize up to $1.0 billion, with $1,186.5 million remaining at September 30, 2026. The company repurchased 716,671 shares for $187.1 million in the first nine months of…
• LPG Export ExpansionImportance 52 · Surprise 42
  Targa is expanding LPG export capabilities at its Galena Park Marine Terminal with a new pipeline from Mont Belvieu and additional refrigeration. The project is expected to raise effective export capacity to as much as…
• NGL Pipeline ExpansionImportance 52 · Surprise 42
  The Delaware Express intra-Delaware Basin expansion of Targa’s NGL pipeline system commenced operations in the second quarter of 2026. The planned Speedway pipeline will move NGLs from existing and future Permian Basin…
• NGL Fractionation ExpansionImportance 52 · Surprise 42
  Targa’s new Mont Belvieu fractionation trains have capacity of 150 MBbl/d each. Train 11 commenced operations in the second quarter of 2026, and Train 12 commenced operations in the fourth quarter of 2026. Train 13 is…
• Strategic Infrastructure ExpansionImportance 52 · Surprise 42
  Targa is expanding processing, fractionation, NGL pipeline, LPG export, and natural gas pipeline capacity across the Permian and its downstream network. Permian plant additions include 275 MMcf/d Falcon II, East…
• Capital Expenditures and Free Cash FlowImportance 49 · Surprise 56
  For the nine months ended September 30, 2026, adjusted free cash flow was $466.8 million, down $24.6 million, or 5%, from $491.4 million in the prior-year period. Growth capital expenditures, net of reimbursements and…
• Manufacturing Capacity ExpansionImportance 48 · Surprise 42
  Targa brought the 275 MMcf/d Falcon II plant in Permian Delaware and East Pembrook plant in Permian Midland online in the first quarter of 2026, followed by the 275 MMcf/d East Driver plant in Permian Midland in the…
• NGL Infrastructure Volume GrowthImportance 42 · Surprise 40
  Logistics and Transportation NGL pipeline transportation volumes increased 15% year over year to 1,171.7 MBbl/d in the third quarter of 2026, and fractionation volumes rose 11% to 1,261.5 MBbl/d. Export volumes through…
• Permian Volume GrowthImportance 42 · Surprise 40
  Gathering and Processing plant natural gas inlet volumes in the Permian increased 14% year over year to 7,536.6 MMcf/d in the third quarter of 2026, with Permian Midland at 3,472.8 MMcf/d and Permian Delaware at…
• ExxonMobil Commercial AgreementsImportance 40 · Surprise 42
  In August 2026, Targa entered into long-term, fee-based agreements with ExxonMobil subsidiaries for integrated natural gas gathering and processing and downstream services in the Permian Basin. The agreements extend…
• Income Tax Rate ChangesImportance 39 · Surprise 38
  Nine-month income tax expense increased $135.2 million, or 35%, to $525.8 million in 2026 from $390.6 million in 2025, primarily because pre-tax book income increased. Third-quarter income tax expense rose $40.4…

Revenue by Product (in millions)