Financial Data and Key Metrics Changes - Targa Resources reported a quarterly adjusted EBITDA of $516 million, an increase of 18% over the fourth quarter [22] - The company reduced its debt balance by $383 million quarter-over-quarter, resulting in a consolidated reported debt-to-EBITDA ratio of approximately 4.3 times at the end of the first quarter, down from 4.7 times at year-end 2020 [24][7] - The full year 2021 adjusted EBITDA estimate was increased to between $1.8 billion to $1.9 billion, representing a 13% increase compared to 2020 based on the midpoint of the new guidance range [18][27] Business Line Data and Key Metrics Changes - In the Permian region, average total 2021 inlet volumes are expected to increase between 5% and 10% over the previous year, with current volumes averaging about 2.7 billion cubic feet per day [10] - The Gathering and Processing segment benefited from higher commodity prices, with margins improving due to fee floor arrangements [14][23] - LPG export volumes at Galena Park averaged 8.5 million barrels per month in the first quarter, down 23% sequentially, but the outlook for the second quarter remains strong [16][17] Market Data and Key Metrics Changes - The severe weather from the February winter storm caused a 50% reduction in gathering and processing volumes, but overall system volumes rebounded to pre-storm levels later in the first quarter [8][9] - The Grand Prix pipeline is performing well, with current deliveries into Mont Belvieu at approximately 380,000 barrels per day, and expected full-year average deliveries to increase over 25% from 2020 [14][15] Company Strategy and Development Direction - The company is prioritizing free cash flow towards debt reduction and aims to achieve a long-term consolidated leverage ratio target of three to four times [30][20] - Targa is evaluating the timing for a new Midland plant, estimated to cost about $150 million, which could be needed as early as the second half of 2022 [11] - The company is also focusing on sustainability and ESG initiatives, including the formation of a Sustainability committee at the Board level [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the integrated NGL business and the ability to capture growth volumes from the Permian without significant incremental CapEx [20] - The company expects second quarter adjusted EBITDA to be lower than the first quarter but anticipates significant momentum heading into 2022 [28] - Management noted that the overall capital allocation priority is on leverage reduction and simplifying the corporate structure [40][45] Other Important Information - A reporting change was made to include certain fuel and power costs in product purchases and fuel to better reflect their relationship to revenue-generating activities [25] - The company remains significantly hedged for 2021 and continues to add hedges across most commodities [26] Q&A Session Summary Question: Capital allocation philosophy and potential CapEx pressure - Management emphasized that the overriding priority is on leverage reduction, with potential CapEx pressure mainly on the Permian Midland side due to increasing volumes [40][41] Question: Thoughts on carbon capture initiatives - Management is evaluating opportunities in carbon capture and renewable projects, indicating that they are in the early stages of assessing these initiatives [47][48] Question: Guidance and fee floors performance - Management clarified that the guidance increase reflects strong operating performance and benefits from the winter storm, with expectations for continued strong performance [52][54] Question: Impact of propane inventories on pricing - Management acknowledged low propane inventories and strong pricing, indicating that higher NGL prices are generally beneficial for Targa [68][70] Question: M&A activity and non-core asset sales - Management stated that while they are open to smaller acquisitions, their focus remains on organic growth and reducing leverage, with no current processes for non-core asset sales [98][102]

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 March 31, 2021 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) (State or other jurisdiction of incorporati ...

Targa Resources Corp. (NYSE:TRGP) Q4 2020 Earnings Conference Call February 23, 2021 12:00 PM ET Company Participants Sanjay Lad - Vice President of Finance & Investor Relations Matt Meloy - Chief Executive Officer Jen Kneale - Chief Financial Officer Scott Pryor - President, Logistics & Transportation Conference Call Participants Jeremy Tonet - JPMorgan Tristan Richardson - Truist Securities Shneur Gershuni - UBS Ujjwal Pradhan - Bank of America Christine Cho - Barclays Spiro Dounis - Credit Suisse Keith S ...

Targa Resources Corp. Investor Presentation February 2021 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 developments that the Company expects, believes or anticipates will or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K | 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 Street, Suite 2100, Houston, Texas | 77002 | | (Address of principal executive offices) | (Zip Code) | | (713) 584-1000 | | | (Registrant's telephone number, including area code) ...

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 September 30, 2020 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) (State or other jurisdiction of incorpo ...

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, 2020 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) (State or other jurisdiction of incorporatio ...

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 (713) 584-1000 For the quarterly period ended March 31, 2020 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 o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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 Street, Suite 2100, Houston, Texas 77002 (Address of principal executive offices) (Zip Code) (713) 584-1000 (Registrant's telephone number, including area code) Securities registered pu ...

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 September 30, 2019 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 jur ...