Financial Performance - Total revenues for the three months ended March 31, 2025, were $4,561.5 million, a slight decrease of 0.9% compared to $4,562.4 million in the same period of 2024[148]. - Adjusted EBITDA increased by 22% to $1,178.5 million for the three months ended March 31, 2025, compared to $966.2 million for the same period in 2024[148]. - Adjusted cash flow from operations rose by 31% to $970.0 million for the three months ended March 31, 2025, up from $738.4 million in 2024[148]. - Net income attributable to Targa Resources Corp. for the three months ended March 31, 2025, was $270.5 million, a decrease of 2% from $275.2 million in 2024[148]. - Operating expenses increased by 9% to $303.6 million for the three months ended March 31, 2025, compared to $278.0 million in 2024[148]. - Cash flows from operating activities increased to $954.4 million in Q1 2025, up from $876.4 million in Q1 2024, representing a $78.0 million increase[179]. Capital Expenditures and Investments - Capital expenditures for growth projects were $570.7 million in Q1 2025, down from $677.9 million in Q1 2024, primarily due to timing of construction projects[190]. - Net cash used in investing activities rose to $813.3 million in Q1 2025, compared to $677.9 million in Q1 2024, reflecting higher outlays for growth capital projects[182]. - The company completed a public offering resulting in net proceeds of approximately $2.0 billion, used for the Badlands Transaction and general corporate purposes[176]. Dividends and Share Repurchase - The company declared an increase in its quarterly common dividend to $1.00 per share, or $4.00 annualized, effective for Q1 2025[118]. - The company declared dividends of $218.9 million for common stock for the three months ended March 31, 2025, with a dividend per share of $1.00[189]. - Targa Resources Corp. reported a total net cost of $124.9 million for repurchasing 651,163 shares at a weighted average price of $191.86 per share during Q1 2025[121]. Operational Highlights - The adjusted operating margin for the Gathering and Processing segment was $602.2 million for the three months ended March 31, 2025, compared to $556.4 million in 2024[157]. - The adjusted operating margin for the Logistics and Transportation segment was $646.7 million for the three months ended March 31, 2025, compared to $532.1 million in 2024[157]. - The Gathering and Processing segment reported an adjusted operating margin of $810.4 million for Q1 2025, up 9% from $744.5 million in Q1 2024[158]. - The Logistics and Transportation segment achieved an adjusted operating margin of $742.2 million in Q1 2025, a 19% increase from $622.1 million in Q1 2024[162]. - NGL pipeline transportation volumes rose by 18% to 843.5 MBbl/d in Q1 2025, compared to 717.8 MBbl/d in Q1 2024[162]. Debt and Liquidity - Targa entered into a new $3.5 billion revolving credit facility (TRGP Revolver) maturing on February 18, 2030, to support its financial activities[122]. - The company raised approximately $2.0 billion from the issuance of senior unsecured notes due 2035 and 2055 to fund the Badlands Transaction and for general corporate purposes[123]. - The company had $151.4 million in cash and cash equivalents as of March 31, 2025, with total liquidity amounting to $2,722.0 million[169]. - As of March 31, 2025, the company was in compliance with all debt covenants[178]. Future Projects and Expansion - The company announced the construction of three new 275 MMcf/d cryogenic natural gas processing plants in Permian Midland, with expected operational dates in Q3 2025, Q2 2026, and Q3 2026[110]. - Targa's LPG export capacity will increase to up to 19 MMBbl per month following the expansion at Galena Park Marine Terminal, expected to be completed in Q3 2027[114]. - The Blackcomb Joint Venture pipeline is designed to transport up to 2.5 Bcf/d of natural gas and is expected to be operational in the second half of 2026[115]. - Targa completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for $1.8 billion, resulting in 100% ownership effective January 1, 2025[117]. Market and Pricing - The average realized price for natural gas increased by 49% to $2.24 per MMBtu in Q1 2025, compared to $1.50 per MMBtu in Q1 2024[162]. - Natural gas inlet volumes in the Permian increased by 11% to 6,005.9 MMcf/d in Q1 2025, compared to 5,395.0 MMcf/d in Q1 2024, driven by new plant additions[160].

Targa Resources (TRGP) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Company Participants Tristan Richardson - VP - Investor RelationsMatthew Meloy - CEOJennifer Kneale - PresidentWilliam Byers - Executive Vice President & CFOSpiro Dounis - DirectorMichael Blum - Managing DirectorScott Pryor - President, Logistics and TransportationManav Gupta - Executive DirectorRobert Muraro - Chief Commercial OfficerKeith Stanley - DirectorJohn Mackay - VP - Equity ResearchAndrew O'Donnell - Director - Equity ResearchPa ...

Financial Data and Key Metrics Changes - Targa reported record quarterly adjusted EBITDA of $1,179 million, a 22% increase year-over-year, primarily driven by higher Permian volumes [5][14][15] - The adjusted EBITDA increased 5% sequentially, attributed to the Badlands transaction and higher marketing margins [14] - The company expects full-year 2025 adjusted EBITDA to be in the range of $4,650 million to $4,850 million [14] Business Line Data and Key Metrics Changes - In the Permian, natural gas inlet volumes averaged over 6,000 million cubic feet per day, an 11% increase from a year ago, despite a 1% decrease from the previous quarter due to winter weather impacts [9][10] - NGL pipeline transportation volumes averaged 844,000 barrels per day, and fractionation volumes averaged 980,000 barrels per day, both impacted by winter weather events [11] - LPG export loadings averaged 13,400,000 barrels per month during the first quarter, with continued strength in cargo loadings [12][13] Market Data and Key Metrics Changes - The forward crude price curve has shifted lower, but customers are not indicating material changes to their drilling programs for 2025 and 2026, suggesting continued volume growth [6][10] - The demand for LPGs globally remains strong, with long-term contracts in place, positioning the company well in the market [12][13] Company Strategy and Development Direction - The company aims to maintain a strong investment-grade balance sheet, invest in high-return integrated projects, and return increasing capital to shareholders [14][17] - Targa's integrated asset footprint and strong financial position, with over 90% fee-based revenue, are expected to generate attractive returns [7][14] - The company is focused on expanding its footprint in the Permian Basin and enhancing its logistics and transportation capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and outlook for 2025, citing strong producer relationships and multiyear drilling programs [6][24] - The company is well-prepared to navigate global tariff impacts and has managed operating costs effectively [13][14] - Management noted that the current environment allows for opportunistic share repurchases, with a focus on maintaining financial flexibility [14][49] Other Important Information - Targa has successfully completed a $2 billion debt offering to fund share repurchases and general corporate purposes [14][15] - The company has a pro forma consolidated leverage ratio of approximately 3.6 times, well within its long-term target range [15][17] Q&A Session Summary Question: How does Targa differ from others regarding customer relationships and positioning in the Permian? - Management highlighted their strong G&P footprint and relationships with well-capitalized producers, which provide resilience in drilling programs [22][24] Question: Can you elaborate on CapEx direction for 2026 relative to 2025? - Management indicated that CapEx will depend on activity levels, with ongoing growth capital projects expected to support future growth [26][30] Question: Are there any signs of optimization opportunities due to market volatility? - Management noted that they are seeing more opportunities to monetize positions, particularly in gas and NGL marketing [34][35] Question: What is the current hedging strategy and fee floor status? - Management confirmed that they are hedged 90% through 2026, which mitigates commodity price impacts on operating results [38][102] Question: How is the LPG export activity and destination changing? - Management reported no material change in activity levels but noted some shifts in cargo destinations due to market dynamics [43][46] Question: Would Targa consider small-scale bolt-on deals in the current environment? - Management stated that they remain open to bolt-on acquisitions if they meet return criteria, while focusing on organic growth opportunities [59][60] Question: What is the outlook for Permian production if crude prices remain flat? - Management suggested a baseline growth of 2% to 3% in gas production under flat crude oil conditions, with confidence in capturing a larger share of drilled volumes [98][105]

First Quarter 2025 Earnings Supplement We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.targaresources.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures. Q1 2025 EARNINGS SUPPLEMENT PRESENTATION 2 Finan ...

Exhibit 99.1 811 Louisiana, Suite 2100 Houston, TX 77002 713.584.1000 Targa Resources Corp. Reports Record First Quarter 2025 Financial Results HOUSTON – May 1, 2025 - Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported first quarter 2025 results. First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and ...

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2025 results. First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,178.5 million for the first quarter of 2025 compared to $ ...

Industry Overview - The oil and energy sector is experiencing significant challenges in Q1 2025, with falling oil prices and slight increases in natural gas prices creating a complex outlook for growth [1][4] - Oil prices have sharply declined, with West Texas Intermediate crude averaging $71.84 per barrel, down from $77.56 a year ago, primarily due to weaker global economic growth and increased supply [2] - Natural gas prices have surged to an average of $4.15 per million British thermal units (MMBtu), up from $2.13 per MMBtu, driven by colder weather and rising LNG exports [3] Earnings Performance - Energy companies in the S&P 500 are projected to see a 12.9% decline in earnings year-over-year, although this is an improvement from the 22.4% decline in Q4 2024 [4][5] - Revenue for energy companies is expected to decline by 0.3%, contrasting with a 3.8% growth forecast for the broader S&P 500 [4] - Excluding the energy sector, the S&P 500's earnings would rise by 8.3%, indicating the significant drag energy is placing on overall results [5] Company-Specific Insights - TC Energy Corporation (TRP) is expected to report earnings of 72 cents per share, reflecting a 21.74% decrease from the previous year, with a low chance of an earnings beat due to an Earnings ESP of -0.35% and a Zacks Rank of 3 [8][10] - Targa Resources Corp. (TRGP) has a Zacks Consensus Estimate of $2.06 per share, indicating a 68.85% increase year-over-year, but also has a low chance of an earnings beat with an Earnings ESP of -4.12% and a Zacks Rank of 3 [10][12] - PBF Energy Inc. (PBF) is projected to report earnings of $3.24 per share, suggesting a significant 476.74% decrease from the prior year, with an Earnings ESP of 0.00% and a Zacks Rank of 3, indicating low chances for an earnings beat [12][13]

Wall Street analysts expect Targa Resources, Inc. (TRGP) to post quarterly earnings of $2.04 per share in its upcoming report, which indicates a year-over-year increase of 67.2%. Revenues are expected to be $5.73 billion, up 25.5% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a co ...

Core Points - Targa Resources Corp. has declared an increase in its quarterly cash dividend to $1.00 per common share, which is an annualized rate of $4.00 per share, marking a 33% increase from the first quarter of 2024 [1] - The dividend will be paid on May 15, 2025, to shareholders on record as of April 30, 2025 [1] - The company will report its first quarter 2025 financial results on May 1, 2025, and will host a live webcast to discuss these results [2][3] Company Overview - Targa Resources Corp. is a leading provider of midstream services and one of the largest independent infrastructure companies in North America [4] - The company operates a diversified portfolio of midstream infrastructure assets that are essential for the delivery of energy across the United States and to international markets [4] - Targa's operations include gathering, processing, transporting, and selling natural gas and natural gas liquids (NGLs), as well as crude oil services [4]

Group 1 - Targa Resources, Inc. (TRGP) shares increased by 8.2% to $173.65, following a significant trading volume, contrasting with an 11.4% loss over the past four weeks [1] - The rise in Targa's stock price is attributed to the increase in natural gas prices, which followed the upward trend in oil prices, and a broader market rally due to President Trump's tariff policy changes [2] - The company is expected to report quarterly earnings of $2.04 per share, reflecting a year-over-year increase of 67.2%, with revenues projected at $5.58 billion, up 22.4% from the previous year [3] Group 2 - The consensus EPS estimate for Targa Resources has been revised 4.1% higher in the last 30 days, indicating a positive trend that typically leads to price appreciation [4] - Targa Resources is classified under the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, with a current Zacks Rank of 3 (Hold) [4] - Global Partners LP (GLP), another company in the same industry, saw its stock rise by 8% but has a negative return of -17.9% over the past month [4]