Targa Resources Corp. Second Quarter 2022 Earnings Supplement August 4, 2022 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or ...

Financial Data and Key Metrics Changes - Targa Resources reported a quarterly adjusted EBITDA of $666.4 million, a 6% sequential increase driven by higher commodity prices and volumes across gathering and processing and logistics and transportation systems, partially offset by lower marketing margins and higher operating expenses [25][26] - The company updated its full-year 2022 adjusted EBITDA guidance to a range of $2.85 billion to $2.95 billion, reflecting the completion of the Delaware Basin acquisition [11][32] - The consolidated net leverage ratio was reported at 3.1x at the end of the second quarter, with an expectation to end the year around 3.5x [28][32] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, record inlet volumes averaged 3.1 Bcf per day during the second quarter, with expectations for continued growth in both the Permian Midland and Delaware positions [17][11] - NGL transportation volumes reached a record 492,000 barrels per day, with fractionation volumes at Mont Belvieu also hitting a record of 737,000 barrels per day [21][25] - The company announced new projects including a 275 million cubic feet per day processing plant in the Permian Midland and a 120,000 barrel per day fractionator in Mont Belvieu [13][14] Market Data and Key Metrics Changes - The Delaware Basin acquisition increased Targa's processing capacity to a combined total of 6.4 Bcf per day across the Permian Basin [14] - The logistics and transportation segment is experiencing a tightening fractionation market, with expectations for continued supply growth from Targa's G&P systems and third parties [21][76] Company Strategy and Development Direction - Targa is focused on executing strategic priorities to drive increasing EBITDA, reduce common share count, and maintain leverage within target ranges [10][32] - The company is investing in organic growth projects across its integrated footprint, which is expected to provide attractive returns and enhance shareholder capital returns [13][34] - Management emphasized the importance of integrating recent acquisitions and capturing synergies while maintaining a strong balance sheet [44][45] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong performance and growth in volumes across both the Permian Midland and Delaware positions [11][10] - The company is actively managing inflation impacts, benefiting from inflation-linked fee escalators across commercial contracts [26][27] - Management highlighted the potential for increased cash flow and capital returns to shareholders in 2023, while maintaining a focus on organic investments [39][40] Other Important Information - Targa has repurchased approximately 2.4 million common shares at a cost of around $154 million year-to-date, with plans for continued share repurchases [24][28] - The company is significantly hedged for the remainder of 2022 and has added hedges for 2023 at higher weighted average prices than in 2022 [30][115] Q&A Session Summary Question: Capital allocation thoughts for 2023 - Management indicated strong flexibility for capital allocation in 2023, focusing on organic investments and increasing returns to shareholders [39][40] Question: Commodity exposure post-Lucid acquisition - The Lucid acquisition is expected to marginally increase fee-based margins over time, with continued investments in both G&P and logistics and transportation [48][50] Question: Lucid synergies and near-term opportunities - Management discussed near-term synergies from moving volumes to Targa's existing systems and the gradual increase in NGLs captured over time [58][60] Question: Impact of Inflation Reduction Act on cash taxes - Management expects to be a material cash taxpayer by 2024, with potential minimum tax implications starting in 2024 [61][62] Question: Expansion and demand for additional products - Management noted a tightening frac market and increasing demand for fractionation services, with ongoing evaluations for additional transportation capacity [76][68] Question: Hedging strategy for 2023 - Management confirmed that hedges for 2023 are at higher prices than in 2022, providing a potential tailwind for the company [115][116]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-34991 TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jurisdic ...

Targa Resources Corp. Strategic Permian Basin Acquisition of Lucid Energy June 16, 2022 Forward Looking Statements Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates wi ...

Targa Resources Corp. Citi's Global Energy, Utilities and Climate Technology Conference Investor Presentation May 10-11, 2022 Forward Looking Statements and Corporate Structure Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or dev ...

Targa Resources Corp. First Quarter 2022 Earnings Supplement May 5, 2022 Forward Looking Statements Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur ...

Financial Data and Key Metrics Changes - Targa Resources reported record high quarterly EBITDA of $626 million, an increase of 10% sequentially, driven by higher volumes across most assets despite lower marketing margins [20][10] - Adjusted free cash flow for the first quarter was $373 million, with a consolidated leverage ratio of 3.4x, indicating a strong financial position [21][22] - The company completed the redemption of all outstanding Series A preferred stock for approximately $973 million, simplifying its capital structure [23] Business Line Data and Key Metrics Changes - In the Permian region, inlet volumes averaged over 3 billion cubic feet per day, with expectations for a 12% to 15% increase in average volumes for 2022 compared to 2021 [11][13] - NGL transportation volumes reached a record 460,000 barrels per day, with fractionation volumes rebounding to 703,000 barrels per day following a previous outage [16] - The acquisition of assets in South Texas is expected to be immediately accretive, enhancing the company's gathering and processing operations [15] Market Data and Key Metrics Changes - The company experienced strong activity levels across its Midland and Delaware systems, with volumes rebounding nicely in March and April after winter weather impacts [11][12] - The LPG export business at Galena Park loaded an average of 10.2 million barrels per month, with a strong outlook supported by a low-cost expansion project [17] Company Strategy and Development Direction - Targa Resources continues to invest in its businesses, with ongoing construction of new plants in the Permian and the acquisition of bolt-on assets [8][24] - The company aims to return increasing capital to shareholders through dividends and opportunistic share repurchases, with a $1.40 annualized dividend per common share for 2022 [25][29] - The long-term outlook remains strong, supported by a premier integrated Permian NGL business and a focus on safety and operational performance [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to withstand risks related to commodity prices and volumes, citing improvements in the balance sheet and hedging strategies [31][33] - The company anticipates that if commodity prices average around current levels for 2022, it would exceed the top end of its previously disclosed full-year financial guidance range [10][36] - Management noted that while weather impacts affected operations in the Badlands, they expect to recover and see positive activity levels across various regions [52][101] Other Important Information - Targa Resources has significantly hedged its positions for 2022 and continues to add hedges for 2023 and beyond, reducing exposure to commodity price fluctuations [21][68] - The company is evaluating opportunities in renewable energy and carbon capture, indicating a commitment to sustainability [76] Q&A Session Summary Question: Capital allocation priorities moving forward - Management plans to increase the common share dividend for 2022 and continue investing in the business while executing opportunistic share repurchases [29] Question: Key risks moving forward - Management identified commodity prices and volumes as key risks but noted improvements in balance sheet strength and hedging strategies to mitigate these risks [31][32] Question: Guidance reconciliation - Management acknowledged that current spot prices and the Southcross acquisition could lead to EBITDA exceeding guidance, but noted that the sale of GCX was included in the guidance [36][37] Question: Update on M&A considerations - Management remains selective regarding M&A opportunities, having recently completed the Southcross acquisition, and sees more assets available in the market [54][56] Question: Future growth projects and capacity - Management indicated that the fractionation market is tightening, and they are evaluating the need for additional capacity while monitoring producer activity [59][60] Question: Update on ethane recovery and Grand Prix - Management expects most plants to be in ethane recovery, but does not anticipate significant volume changes from this recovery [104][105] Question: Planning for gas egress issues - Management emphasized the importance of planning for gas takeaway capacity and collaborating with partners to ensure transport out of the basin [108][109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from _____ to _____ Commission File Number: 001-34991 TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 811 Louisiana St, Suite 2100, Houston, Texas 77002 (Address of principal executive offices) (Zip Code) FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Targa Resources Corp. (NYSE:TRGP) Q4 2021 Earnings Conference Call February 24, 2022 11:00 AM ET Company Participants Sanjay Lad - VP, Finance & IR Matt Meloy - CEO Jen Kneale - CFO Scott Pryor - President, Logistics and Transportation Pat McDonie - President, Gathering and Processing Conference Call Participants John Mackay - Goldman Sachs Michael Blum - Wells Fargo Spiro Dounis - Credit Suisse Tristan Richardson - Truist Securities Colton Bean - Tudor Pickering Keith Stanley - Wolfe Research Theresa Chen ...

Targa Resources Corp. Fourth Quarter 2021 Earnings and 2022 Guidance Supplement February 24, 2022 Forward Looking Statements Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anti ...