Targa Resources Corp.

PROPWR Signs New Power Contracts to Commit Approximately 230 Megawatts to Targa Resources Corp.

ProPetro's PROPWR power unit signed new long-term contracts to commit approximately 230 megawatts of generation capacity to a subsidiary of Targa Resources, bringing PROPWR's total capacity committed under contract to roughly 510 MW. The contracts provide behind-the-meter power for Targa's natural gas processing infrastructure buildout in the Permian Basin, with full deployment expected in early 2028, and allow PROPWR to position additional megawatts for potential data center deployments in 2027 and beyond. CEO Sam Sledge described Targa as a large, investment-grade counterparty and framed the awards as the start of a durable partnership tied to growing demand from LNG exports, data centers, and grid-connected gas generation.

•1mo ago

Targa Resources Corp. Announces Addition of Experienced Industry Executive and Leadership Changes to Support Continued Long-Term Growth

Targa Resources promoted Benjamin J. Branstetter to Chief Financial Officer, effective September 1, succeeding retiring CFO William A. Byers. Brent B. Secrest, a former executive at Enterprise Products Partners, was appointed President of Logistics and Transportation to fill the vacancy created by Branstetter's promotion. Outgoing CFO William A. Byers will transition to an advisory role through the end of 2026 to ensure a smooth leadership transition.

•2mo ago

Targa Resources Corp. Announces 20-Year Agreements with ExxonMobil and Announces Three New Natural Gas Processing Plants in the Permian Delaware

Targa Resources signed 20-year fee-based agreements with ExxonMobil subsidiaries to support Permian Basin development, covering gathering, processing, and downstream services through 2046. To support these agreements and regional growth, Targa announced three new processing plants with 825 MMcf/d of capacity and the 70-mile Bull Run II pipeline, targeted for H1 2028 service. The company updated its 2026 net growth capital estimate to approximately $5.0 billion to fund these expansions.

•2mo ago

TRGP: 10-Q · periodic report

Targa Resources posted strong Q2 2026 results in its 10-Q: total revenues of $4,440.1 million, up from $4,260.1 million a year ago, with net income attributable to Targa of $764.6 million, up 21.5% from $629.1 million. Diluted EPS rose to $3.54 from $2.87, and fees from midstream services jumped roughly 36% YoY to $847.2 million. The quarter reflects the $1.25 billion Stakeholder Midstream acquisition completed in January 2026, which contributed $65.7 million of revenue in Q2 and was folded into Permian Delaware operations. Gathering and Processing operating margin rose to $732.6 million from $587.6 million, and Logistics and Transportation margin rose to $948.3 million from $632.4 million. Targa raised its common dividend to $1.25 per share quarterly ($5.00 annualized) and bought back 535,903 shares for $135.1 million in the first half, leaving $1,238.5 million of authorization. It funded growth with a March 2026 issuance of $1.5 billion of senior notes and redeemed its $679.3 million 6.875% notes due 2029, while first-half operating cash flow reached $2,180.8 million. Watch items include a proposed NMED order carrying an approximately $47.8 million civil penalty tied to legacy Red Hills facility air permit violations, and MIECO contract litigation now headed to the Texas Supreme Court after the Fifth Circuit certified questions. The company reported compliance with all debt covenants as of June 30, 2026.

SEC 10-Q•2mo ago

Targa Resources Corp. Reports Record Second Quarter 2026 Financial Results

Targa Resources reported record second quarter adjusted EBITDA of $1.603 billion, up 38% year-over-year, driven by record Permian inlet, NGL transportation, and LPG export volumes. Management raised full-year 2026 adjusted EBITDA guidance towards the top end of the $5.7 billion to $5.9 billion range, citing strong marketing and optimization margins across the first half of the year. The board declared a 25% higher quarterly dividend of $1.25 per share, and the company repurchased $80 million of common stock during the quarter.

•2mo ago

Targa Resources Corp. Announces Quarterly Common Dividend and Timing of Second Quarter 2026 Earnings Webcast

Targa Resources' board declared a quarterly cash dividend of $1.25 per share, or $5.00 annualized, payable on August 14, 2026 to shareholders of record as of July 31, 2026. The company announced it will report its second quarter 2026 financial results before the market opens on Thursday, August 6, 2026. A live webcast to discuss the results is scheduled for 11:00 a.m. Eastern Time on the same day, accessible via the company's website.

•3mo ago

Targa Resources Corp. Reports Record First Quarter 2026 Financial Results and Increases Financial Outlook for 2026

Targa Resources reported record Q1 adjusted EBITDA of $1.4 billion, up 19% year-over-year, driven by record Permian inlet and fractionation volumes. The company raised its full-year 2026 adjusted EBITDA guidance to $5.7 billion to $5.9 billion, representing a 17% increase over the prior year, and announced a 25% dividend increase to $1.25 per share. Operational highlights include the completion of the Falcon II and East Pembrook processing plants, the Train 11 fractionator, and the announcement of two new Permian Delaware plants, Roadrunner III and Copperhead II.

•5mo ago