Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and one of the largest independent midstream infrastructure companies in North America. The company is primarily engaged in gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling natural gas liquids (NGLs) and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil . Targa operates in two primary segments: Gathering and Processing, and Logistics and Transportation (also referred to as the Downstream Business) .
- Natural Gas Liquids (NGLs) - Involves transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including providing services to LPG exporters.
- Natural Gas - Engages in gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas.
- Crude Oil - Focuses on gathering, storing, terminaling, and purchasing and selling crude oil.
- Midstream Services - Offers gathering and processing, NGL transportation, fractionation and services, storage, terminaling, and export services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew J. Meloy ExecutiveBoard | Chief Executive Officer and Director | None | CEO since March 2020, joined TRGP in 2006, previously CFO and President, extensive operational and financial expertise. | View Report → |
D. Scott Pryor Executive | President - Logistics and Transportation | None | President - Logistics and Transportation since March 2018, joined TRGP in 2005, extensive logistics and marketing expertise. | |
G. Clark White Executive | EVP - Operations | None | EVP - Operations since September 2020, joined TRGP in 2003, extensive operational leadership experience. | |
Gerald R. Shrader Executive | EVP, General Counsel, and Secretary | None | EVP, General Counsel, and Secretary since December 2023, joined TRGP in 2015, extensive legal expertise in the energy sector. | |
J. Christopher Eklof Executive | SVP and Chief Accounting Officer | None | Chief Accounting Officer since March 2025, joined TRGP in 2010, extensive financial reporting and operational control expertise. | |
Jennifer R. Kneale Executive | Chief Financial Officer | None | CFO since March 2018, joined TRGP in 2013, previously VP-Finance, extensive financial strategy experience. | |
Patrick J. McDonie Executive | President - Gathering and Processing | None | President - Gathering and Processing since March 2018, joined TRGP in 2015, previously EVP - Southern Field G&P. | |
Robert M. Muraro Executive | Chief Commercial Officer | None | CCO since March 2018, joined TRGP in 2004, extensive commercial and business development expertise. | |
William A. Byers Executive | Chief Financial Officer | None | CFO since July 2024, extensive financial leadership experience, previously CFO at Navitas Midstream Partners and Manchester Energy. | |
Beth A. Bowman Board | Director | None | Director since September 2018, extensive expertise in energy markets and risk management. | |
Caron A. Lawhorn Board | Director | Director at AAON, Inc. | Director since March 2024, extensive accounting and financial expertise, previously CFO at ONE Gas, Inc.. | |
Charles R. Crisp Board | Director | Director at EOG Resources Inc. | Director since October 2005, extensive energy industry experience, previously served on boards of ICE and Southern Company Gas. | |
Ershel C. Redd Jr. Board | Director | None | Director since February 2011, extensive energy industry expertise, retiring effective at the 2024 Annual Meeting. | |
Joe Bob Perkins Board | Director | None | Director since January 2012, previously CEO and Executive Chairman, extensive leadership experience in the energy sector. | |
Laura C. Fulton Board | Director | SVP & CFO of American Bureau of Shipping | Director since February 2013, extensive financial expertise, currently CFO of American Bureau of Shipping. | |
Lindsey M. Cooksen Board | Director | Founder & Managing Director of Cooksen Wealth, LLC | Director since June 2020, extensive financial services expertise, founder of Cooksen Wealth, LLC. | |
Paul W. Chung Board | Chairman of the Board | None | Chairman since January 2021, previously EVP and General Counsel, extensive legal and governance expertise. | |
R. Keith Teague Board | Director | None | Director since February 2024, extensive energy infrastructure development and operations expertise, previously COO at Tellurian, Inc.. | |
Rene R. Joyce Board | Director | None | Director since October 2005, founding CEO of TRGP, extensive midstream energy expertise. | |
Waters S. Davis, IV Board | Director | Director at Milacron Holdings Corp. | Director since July 2015, extensive experience in retail energy and midstream industries. |
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Given your expectation to become a full cash taxpayer by 2027 despite accruing 45Q tax credits starting in the fourth quarter, could you elaborate on why these credits are not meaningfully changing your cash tax outlook, and what steps you are taking to mitigate upcoming cash tax liabilities?
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With the acceleration of plant timing and additional investments in Permian infrastructure leading to higher anticipated capital expenditures in 2025, how are you balancing this increased spending with your capital allocation priorities, particularly regarding shareholder returns and maintaining a strong investment-grade balance sheet?
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Considering the current weak ethane prices and potential ethane rejection in outlying areas, how is Targa managing ethane recovery across its systems, and what impact do you expect this to have on your NGL transportation, fractionation volumes, and margins moving forward?
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As new pipelines like Matterhorn come online and the basin experiences maintenance and disruptions affecting Waha prices, how is Targa positioned to navigate these market dynamics, and what strategies are you employing to ensure that your customers' production growth translates into increased volumes for Targa?
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Given the increasing gas production and the potential need for additional gas pipeline capacity out of the Permian Basin, can you discuss Targa's plans or willingness to participate in future gas egress projects beyond your partnership with Blackcomb, and how delays or constraints in gas takeaway could impact your growth projections?
Research analysts who have asked questions during Targa Resources earnings calls.
Jeremy Tonet
JPMorgan Chase & Co.
5 questions for TRGP
Keith Stanley
Wolfe Research, LLC
5 questions for TRGP
Manav Gupta
UBS Group
5 questions for TRGP
Michael Blum
Wells Fargo & Company
5 questions for TRGP
Sunil Sibal
Seaport Global Holdings LLC
5 questions for TRGP
Andrew John O'Donnell
Tudor, Pickering, Holt & Co.
3 questions for TRGP
Jean Ann Salisbury
Bank of America
3 questions for TRGP
Spiro Dounis
Citigroup Inc.
3 questions for TRGP
Theresa Chen
Barclays PLC
3 questions for TRGP
Jackie Koletas
Goldman Sachs
2 questions for TRGP
Jason Gabelman
TD Cowen
2 questions for TRGP
John Mackay
Goldman Sachs Group, Inc.
2 questions for TRGP
Neal Dingmann
Truist Securities
2 questions for TRGP
Brandon Bingham
Scotiabank
1 question for TRGP
Harry Mateer
Barclays
1 question for TRGP
Jacqueline Koletas
The Goldman Sachs Group, Inc.
1 question for TRGP
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Targa Badlands LLC | 2025 | Planned Acquisition: Targa will acquire Blackstone funds’ 45% interest for approximately $1.8 billion in cash, achieving 100% ownership effective January 1, 2025. This strategic move allows Targa to replace higher-cost preferred equity with lower-cost debt and gain valuable midstream assets—such as 500 miles of crude oil pipelines and natural gas processing plants—expected to deliver an incremental $180 million EBITDA in 2025. |
Grand Prix NGL Pipeline | 2023 | Completed Acquisition: In January 2023, Targa acquired Blackstone Energy Partners’ 25% interest for $1.05 billion in cash, funding the deal via a $1.75 billion senior note offering. The purchase secured 100% ownership of the pipeline system, providing enhanced operational flexibility and capital synergies, while augmenting midstream capabilities with assets like the Daytona NGL Pipeline expansion. |
Southcross Energy Operating LLC | 2022 | Completed Acquisition: Acquired in April 2022 for $201.9 million (subject to customary adjustments), this deal integrated a portfolio of midstream infrastructure into Targa's SouthTX operations, and consolidated full ownership in key joint ventures including T2 LaSalle and T2 Eagle Ford Gathering Companies, thereby strengthening Targa’s regional footprint. |
Lucid Energy Delaware, LLC | 2022 | Completed Acquisition: Closed on July 29, 2022, this acquisition involved a $3.55 billion cash transaction to obtain extensive natural gas gathering, treating, and processing assets in the Delaware Basin. It strategically enhances Targa’s Delaware operations with long-term fixed-fee contracts and was financed through a mix of term loans, senior notes, and credit facility draws. |
Recent press releases and 8-K filings for TRGP.
- Targa will build the 500-mile Speedway NGL Pipeline from its Permian assets to Mont Belvieu with 500 MBbl/d initial capacity (expandable to 1,000 MBbl/d), expected in-service Q3 2027 at an estimated $1.6 billion cost.
- The Yeti gas processing plant (275 MMcf/d) is one of five Permian facilities under construction, collectively providing 1.4 Bcf/d inlet capacity and producing 175–200 MBbl/d NGLs, all online by 2027.
- The Buffalo Run project—a 35-mile new pipeline and 55-mile conversion—will link Midland and Delaware systems, boosting flow assurance, with completion by early 2028.
- Growth capital expenditures for 2025 are now projected at ~$3.3 billion, including long-lead items for Speedway and Yeti.
- The board has declared a quarterly cash dividend of $1.00 per common share (annualized $4.00 per share), payable August 15, 2025, to holders of record as of July 31, 2025.
- Q2 2025 financial results will be released Thursday, August 7, 2025, before market open, with a live webcast at 11:00 a.m. Eastern Time.
- Replay of the webcast and updated investor presentations will be available on the company’s investor website.
- Targa Resources is a FORTUNE 500 company and component of the S&P 500, operating as a leading North American midstream infrastructure provider.
- Completed an underwritten public offering of $750 million 4.900% Senior Notes due 2030 and $750 million 5.650% Senior Notes due 2036, fully and unconditionally guaranteed by its subsidiaries under the Indenture dated April 6, 2022, as supplemented June 18, 2025.
- Net proceeds are expected to redeem the 6.500% Senior Notes due 2027, repay borrowings under the commercial paper program and other indebtedness, and fund general corporate purposes, including repurchases or redemptions of securities, capital expenditures, working capital, or investments in subsidiaries.
- The offering was registered under a shelf registration statement on Form S-3ASR (File No. 333-286012), with a Prospectus Supplement dated June 4, 2025 and filed June 6, 2025.
- Targa Resources Corp. filed an 8‑K announcing the pricing of a $1.5 billion public offering of senior notes, split equally between 4.900% Senior Notes due 2030 and 5.650% Senior Notes due 2036.
- The offering is expected to close on June 18, 2025, with proceeds used to redeem existing 6.500% Senior Notes due 2027 and for general corporate purposes.
- Recorded record quarterly adjusted EBITDA of $1.18B for Q1 2025, reflecting 22% YoY and 5% sequential growth, with full-year targets estimated between $4.65B and $4.85B .
- Announced capital allocation moves with opportunistic share repurchases totaling nearly $215M and an annual dividend of $4.00 per share (a 33% increase) .
- Delivered strong operational performance with Permian natural gas volumes exceeding 6 billion cubic feet per day (up 11% YoY), though winter weather affected natural gas inlet volumes and reduced NGL pipeline and LPG export volumes .
- Improved segment margins with the G&P segment up by $46M and the L&T segment by $115M .
- Achieved key project milestones, including the anticipated online start of the Pembrook II plant in Q3 2025 and additional plants scheduled for 2026 .
- Provided full-year net growth capital expenditures guidance between $2.6B and $2.8B .
- Emphasized the use of non-GAAP measures to better reflect underlying performance and support strategic project developments .