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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.
| 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?
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.
- 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 .