Targa Resources (TRGP) Company Report

Targa Resources will acquire Stakeholder Midstream for $1.25 billion in cash, enhancing its Permian Basin midstream operations
Stakeholder’s assets include approximately 480 miles of pipelines, 180 MMcf/d cryogenic processing capacity, and long-term, fee-based contracts on about 170,000 acres
The deal is expected to generate around $200 million annually in unlevered adjusted free cash flow with minimal capital expenditure, bolstering Targa’s sour gas treating and CCUS footprint
Financing will come from cash on hand and Targa’s $3.5 billion revolving credit facility, with closing anticipated in Q1 2026

4 days ago

Bloomberg

Targa Resources issues $1.75B Senior Notes

TRGP

Debt Issuance

Completed an underwritten public offering of $750 million 4.350% Senior Notes due 2029 and $1 billion 5.400% Senior Notes due 2036 under its April 6, 2022 Indenture, as supplemented by the Twelfth Supplemental Indenture dated November 12, 2025.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries (Subsidiary Guarantors).
Net proceeds will be used to redeem the 6.875% Senior Notes due 2029 issued by Targa Resources Partners LP and for general corporate purposes, including repayment of commercial paper, other indebtedness, repurchases or redemptions of securities, and funding capital expenditures, working capital or subsidiary investments.
The offering was registered under a shelf registration statement on Form S-3ASR (File No. 333-286012), as supplemented by the Prospectus Supplement dated November 6, 2025.

Nov 12, 2025, 9:30 PM

8-K

Targa Resources Corp. prices $1.75 billion senior notes offering

TRGP

Debt Issuance

$1.75 billion aggregate principal amount of senior notes priced, including $750 million of 4.350% notes due 2029 and $1 billion of 5.400% notes due 2036.
2029 notes priced at 99.938% of face value and 2036 notes at 99.920%, with settlement expected on November 12, 2025.
Net proceeds to redeem 6.875% Senior Notes due 2029 issued by Targa Resources Partners LP and for general corporate purposes, including commercial paper and other debt repayments.

Nov 7, 2025, 9:07 PM

8-K

Targa Resources prices $1.75B senior notes offering

TRGP

Debt Issuance

Targa Resources announced pricing of $750 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036 at 99.938% and 99.920% of face value, respectively.
The offering is expected to close on November 12, 2025, with net proceeds to redeem its 6.875% 2029 notes and for general corporate purposes, including debt repayment and capital expenditures.

Nov 6, 2025, 10:48 PM

Press Release

Targa Resources reports Q3 2025 results

TRGP

Earnings

Guidance Update

New Projects/Investments

Achieved $1.275 billion adjusted EBITDA in Q3, up 19% year-over-year and 10% sequentially; full-year 2025 EBITDA now expected at the top of the $4.65 billion–$4.85 billion guidance range.
Recorded a 6.6 bcf/d average in Permian gas inlet volumes (+11% YoY) and system-wide NGL pipeline and fractionation volumes of 1.02 mmbpd and 1.13 mmbpd, respectively.
Committed approximately $3.3 billion to growth and $250 million to maintenance capex in 2025; proposed a 25% common dividend increase to $5.00 per share and repurchased $156 million of shares in Q3 (YTD repurchases of $642 million).
Announced new midstream expansions including the Speedway NGL pipeline, Yeti and Copperhead gas plants, and Buffalo Run and Forza pipelines to support further Permian processing and residue capacity.

Nov 5, 2025, 4:00 PM

Transcript

Targa Resources reports Q3 2025 earnings

TRGP

Earnings

Guidance Update

Dividends

Targa reported $1.275 B in adjusted EBITDA for Q3 2025, up 19% YoY and 10% sequentially, and reaffirmed full-year guidance at the top end of $4.65–$4.85 B.
Permian volumes averaged a record 6.6 Bcf/d of natural gas (+11% YoY) and NGL volumes grew ~180 k bpd YoY; record NGL pipeline transport of 1.02 MMbpd and fractionation throughput of 1.13 MMbpd.
2025 net growth capex expected at $3.3 B (maintenance capex $250 M), funding new processing plants (Yeti, Copperhead), major NGL pipelines (Speedway, Forza, Delaware Express) and fractionation trains, with key projects online by 2027–28.
Board to recommend 25% dividend increase to $5/share starting Q1 2026; Q3 share repurchases totaled $156 M (YTD $642 M), with 3.6× leverage and $2.3 B of liquidity.

Nov 5, 2025, 4:00 PM

Transcript

Targa Resources reports Q3 2025 results

TRGP

Earnings

Adjusted EBITDA rose 19% year-over-year to $1,274.8 million in Q3 2025
Adjusted EBITDA increased 10% quarter-over-quarter from $1,163.0 million in Q2 2025
G&P adjusted operating margin reached $873.7 million while L&T adjusted operating margin was $808.8 million, both up year-over-year
Permian inlet volumes climbed to 6,622 MMcf/d, NGL production to 1,017 MBbl/d, fractionation volumes to 1,134 MBbl/d, and exports at 12.5 MBbl/d in Q3 2025

Nov 5, 2025, 4:00 PM

Presentation

Targa reports Q3 2025 results and updates guidance

TRGP

Earnings

Guidance Update

Dividends

Reported adjusted EBITDA of $1.275 billion, up 19% YoY and 10% sequentially; reiterates full-year 2025 adj. EBITDA at the top end of the $4.65–$4.85 billion range
Permian natural gas inlet volumes of 6.6 BCF/day, up 11% YoY, supporting at least 10% full-year growth in Permian volumes for 2025 and low-double-digit growth in 2026
NGL pipeline transport hit 1.02 MMbpd, fractionation 1.13 MMbpd, and LPG exports 12.5 MMbbl/month in Q3, all records
Announced a 25% dividend increase to $5.00 per share effective Q1 2026 and repurchased $156 million of common shares in Q3 (YTD repurchases $642 million)
Advancing multiple growth projects—Speedway NGL pipeline, Yeti and Copperhead gas plants, Bull Moose II, Forza pipeline—with downstream capex set to decline post-2027, driving a free cash flow inflection

Nov 5, 2025, 4:00 PM

Transcript

Targa Resources reports record third quarter 2025 results

TRGP

Earnings

Dividends

Share Buyback

Targa Resources reported Q3 2025 net income attributable to common shareholders of $478.4 million, up 23% year-over-year, and adjusted EBITDA of $1.27 billion, a 19% increase vs. Q3 2024.
The board plans to recommend a 25% increase in the annual common dividend to $5.00 per share for 2026, up from $4.00 in 2025.
In Q3, the company repurchased $155.6 million of common stock (932,023 shares at an average price of $166.95), totaling $605 million repurchased year-to-date, with $1.41 billion remaining under its buyback program.
Targa commenced operations of its 275 MMcf/d Bull Moose II plant in the Permian Delaware, and announced additional gas processing projects and pipeline expansions, including the Yeti and Copperhead plants, Speedway NGL Pipeline, and Forza intra-basin pipeline.

Nov 5, 2025, 11:15 AM

8-K

Targa Resources reports record Q3 2025 results and 2026 dividend guidance

TRGP

Earnings

Guidance Update

Dividends

Targa achieved $478.4 million net income attributable to shareholders in Q3 2025 (up 23% YoY) and record adjusted EBITDA of $1.275 billion (up 19% YoY).
Repurchased $156 million of common stock in Q3 and $605 million YTD through September 30, 2025.
Raised full-year 2025 adjusted EBITDA guidance toward the top of the $4.65 billion–$4.85 billion range.
Plans to recommend a 25% increase in its 2026 annual dividend to $5.00 per share.

Nov 5, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Targa Resources.

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