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    Targa Resources Corp (TRGP)

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    Business Description

    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) .

    1. Natural Gas Liquids (NGLs) - Involves transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including providing services to LPG exporters.
    2. Natural Gas - Engages in gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas.
    3. Crude Oil - Focuses on gathering, storing, terminaling, and purchasing and selling crude oil.
    4. Midstream Services - Offers gathering and processing, NGL transportation, fractionation and services, storage, terminaling, and export services.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Matthew J. MeloyChief Executive Officer and DirectorMarch 1, 2020Matthew J. Meloy has served as the CEO and a director since March 1, 2020. He was previously President from March 2018 to March 2020 and CFO from May 2015 to February 2018 .
    Patrick J. McDoniePresident – Gathering and ProcessingMarch 2018Patrick J. McDonie has served as President – Gathering and Processing since March 2018. He was previously EVP – Southern Field Gathering and Processing from November 2015 to February 2018 .
    D. Scott PryorPresident – Logistics and TransportationMarch 2018D. Scott Pryor has served as President – Logistics and Transportation since March 2018. He was previously EVP – Logistics and Marketing from November 2015 to February 2018 .
    Robert M. MuraroChief Commercial OfficerMarch 2018Robert M. Muraro has served as Chief Commercial Officer since March 2018. He was previously EVP – Commercial from February 2017 to February 2018 .
    Jennifer R. KnealeChief Financial OfficerMarch 2018Jennifer R. Kneale has served as CFO since March 2018. She was previously Vice President – Finance from December 2015 to February 2018 .
    Gerald R. ShraderExecutive Vice President, General Counsel, SecretaryDecember 2023Gerald R. Shrader has served as EVP, General Counsel, and Secretary since December 2023. He held various positions within the company's subsidiaries starting in March 2015 .
    G. Clark WhiteExecutive Vice President - OperationsSeptember 2020G. Clark White has served as EVP - Operations since September 2020. He was previously EVP - Engineering and Operations from November 2015 to September 2020 .
    Julie H. BoushkaSenior Vice President and Chief Accounting OfficerMarch 2019Julie H. Boushka has served as SVP and Chief Accounting Officer since March 2019. She was previously Vice President – Controller from February 2017 to February 2019 .
    William A. ByersChief Financial OfficerJuly 22, 2024William A. Byers serves as CFO, having joined the company in this role on July 22, 2024 .
    J. Christopher EklofSenior Vice President and Chief Accounting OfficerMarch 1, 2025The documents do not provide any information about J. Christopher Eklof or his role as Senior Vice President and Chief Accounting Officer at Targa Resources Corp. (TRGP) [N/A].

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateMay 2023 July 2024
    End Date/DurationOngoing Ongoing
    Total Additional Amount$1.0 billion $1.0 billion
    Remaining Authorization Amount$0.1 billion $1.0 billion
    DetailsPart of strategy to return capital to shareholders Part of strategy to return capital to shareholders

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$600.0 Partnership accounts receivable securitization facility6.2% (weighted average) 4.2% = (600 / 14,254.7) * 100
    2025$951.0 TRGP senior revolving credit facilityN/A6.7% = (951 / 14,254.7) * 100
    2027$750.0 Senior Unsecured Notes5.200% 5.3% = (750 / 14,254.7) * 100
    2027$705.2 Partnership Senior Unsecured Notes6.500% 4.9% = (705.2 / 14,254.7) * 100
    2028$700.3 Partnership Senior Unsecured Notes5.000% 4.9% = (700.3 / 14,254.7) * 100
    2029$1,000.0 Senior Unsecured Notes6.150% 7.0% = (1,000 / 14,254.7) * 100
    2029$679.3 Partnership Senior Unsecured Notes6.875% 4.8% = (679.3 / 14,254.7) * 100
    2030$949.6 Partnership Senior Unsecured Notes5.500% 6.7% = (949.6 / 14,254.7) * 100
    2031$1,000.0 Partnership Senior Unsecured Notes4.875% 7.0% = (1,000 / 14,254.7) * 100
    2032$1,000.0 Partnership Senior Unsecured Notes4.000% 7.0% = (1,000 / 14,254.7) * 100
    2033$750.0 Senior Unsecured Notes4.200% 5.3% = (750 / 14,254.7) * 100
    2033$900.0 Senior Unsecured Notes6.125% 6.3% = (900 / 14,254.7) * 100
    2034$1,000.0 Senior Unsecured Notes6.500% 7.0% = (1,000 / 14,254.7) * 100
    2035$1,000.0 Senior Unsecured Notes5.500% 7.0% = (1,000 / 14,254.7) * 100
    2052$750.0 Senior Unsecured Notes4.950% 5.3% = (750 / 14,254.7) * 100
    2052$500.0 Senior Unsecured Notes6.250% 3.5% = (500 / 14,254.7) * 100
    2053$850.0 Senior Unsecured Notes6.500% 6.0% = (850 / 14,254.7) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Major interstate and intrastate pipeline companies
    • Master limited partnerships
    • Oil and gas producers
    • Midstream providers with NGL transportation capabilities
    • Fractionators in the Mont Belvieu region
    • Fractionators in Conway, Kansas
    • Decentralized, smaller fractionation facilities in Texas, Louisiana, and New Mexico
    • NGL marketing companies
    • Trading organizations
    • Petrochemical operators
    • Large crude oil, natural gas, and NGL companies with greater financial resources

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2005 PresentCurrent auditor