AI Earnings Predictions for Targa Resources Inc. (TRGP)

EX-99.1

2 trgp-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

811 Louisiana, Suite 2100

Houston, TX 77002

713.584.1000

Targa Resources Corp. Reports Record Second Quarter 2026 Financial Results

HOUSTON – August 6, 2026 - Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported second quarter 2026 results.

Second quarter 2026 net income attributable to Targa Resources Corp. was $765 million compared to $629 million for the second quarter of 2025. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,603 million for the second quarter of 2026 compared to $1,163 million for the second quarter of 2025.

Highlights

• Record adjusted EBITDA for the second quarter of $1.6 billion, an increase of 38% year-over-year and a 14% increase compared to the first quarter

• Record Permian inlet, NGL transportation, fractionation, and LPG export volumes during the second quarter

• Commenced operations of our Train 11 fractionator and Delaware Express NGL Pipeline expansion during the second quarter

• Commenced operations of our new East Driver processing plant in Permian Midland late in the second quarter, ahead of schedule

• Estimate full year 2026 adjusted EBITDA to be towards the top end of $5.7 billion to $5.9 billion range

• Continue to estimate 2026 net growth capital expenditures of approximately $4.5 billion

On July 16, 2026, the Company declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the second quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the second quarter of 2025. Total cash dividends of approximately $268 million will be paid on August 14, 2026 on all outstanding shares of common stock to holders of record as of the close of business on July 31, 2026.

During the second quarter of 2026, Targa repurchased 308,102 shares of its common stock at a weighted average per share price of $259.93 for a total net cost of $80 million. As of June 30, 2026, there was $1,239 million remaining under the Company’s share repurchase programs.

Second Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported record second quarter adjusted EBITDA of $1,603 million, representing a 14 percent increase compared to the first quarter of 2026. The sequential increase was driven by higher marketing margin in our Logistics and Transportation (“L&T”) segment, record Permian volumes in our Gathering and Processing (“G&P”) segment, and record NGL transportation, fractionation, and LPG export volumes in our L&T segment.

In our G&P segment, higher sequential adjusted operating margin was driven by record Permian natural gas inlet volumes, partially offset by lower natural gas prices. Permian inlet volumes increased more than 450 million cubic feet per day (“MMcf/d”) despite temporary curtailments by certain producer customers in response to negative Waha natural gas prices in the second quarter.

In our L&T segment, higher sequential adjusted operating margin was driven by higher marketing margin, and record NGL pipeline transportation, fractionation, and LPG export volumes. Marketing margin increased due to greater optimization opportunities. NGL pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian G&P systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of June 30, 2026 was $19,578 million, net of $128 million of debt issuance costs and $39 million of unamortized discount, with $17,900 million of outstanding senior unsecured notes, $600 million outstanding under our Commercial Paper Program, $451 million outstanding under our accounts receivable securitization facility (the “Securitization Facility”), and $794 million of finance lease liabilities.

Total consolidated liquidity as of June 30, 2026 was approximately $3.2 billion, including $2.9 billion available under the TRGP Revolver, $149 million under the Securitization Facility and $132 million of cash.

In July 2026, Targa amended the Securitization Facility to, among other things, extend the facility termination date to July 30, 2027 and increase borrowing capacity to up to $800 million.

Growth Projects Update

In our G&P segment, we commenced operations of our new East Driver plant in the Permian Midland late in the second quarter, ahead of schedule. Construction remains underway on our Copperhead, Yeti, Yeti II, Roadrunner III, and Copperhead II plants in Permian Delaware, and our G&P projects remain on track.

In our L&T segment, we commenced operations of our Train 11 fractionator in Mont Belvieu, TX and our Delaware Express NGL Pipeline expansion in the second quarter. Construc

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8-K

false000138917000013891702026-02-192026-02-19

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 19, 2026

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)

001-34991 (Commission File Number)

20-3701075 (IRS Employer Identification No.)

811 Louisiana, Suite 2100 Houston, TX 77002 (Address of principal executive office and Zip Code)

(713) 584-1000 (Registrants’ telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock

TRGP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 19, 2026, Targa Resources Corp. (the “Company”) issued a press release regarding its financial results for the three months and year ended December 31, 2025. A conference call to discuss these results is scheduled for 11:00 a.m. Eastern time (10:00 a.m. Central time) on Thursday, February 19, 2026. The conference call will be webcast live and a replay of the webcast will be available through the Investors section of the Company’s web site (http://www.targaresources.com). A copy of the earnings press release is furnished as Exhibit 99.1 to this report, which is hereby incorporated by reference into this Item 2.02.

The press release and accompanying schedules and/or the conference call discussions include the non-generally accepted accounting principles (“non-GAAP”) financial measures of adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The press release provides reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our non-GAAP financial measures should not be considered as alternatives to GAAP measures and have important limitations as analytical tools.

Item 7.01 Regulation FD Disclosure.

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or the Company’s website. The Company routinely posts important information on its website (http://www.targaresources.com), including information that may be deemed to be material. The Company encourages investors and others interested in the Company to monitor these distribution channels for material disclosures.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

Exhibit 99.1

Targa Resources Corp. Press Release dated February 19, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Targa Resources Corp.

Date: February 19, 2026

By:

/s/ William A. Byers

William A. Byers

Chief Financial Officer (Principal Financial Officer)