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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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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?
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