Targa Resources Corp. Reports Record Fourth Quarter and Full Year 2024 Financial Results, Provides Growth Outlook for 2025 and Announces Refinancing of Badlands Preferred Equity

Core Viewpoint - Targa Resources Corp. reported strong financial results for the fourth quarter and full year of 2024, with record adjusted EBITDA and significant growth in volumes across its Gathering and Processing and Logistics and Transportation segments, despite a slight decline in annual net income compared to 2023 [2][7][14]. Financial Performance - Fourth quarter 2024 net income attributable to Targa was $351.0 million, a 17$299.6 million in Q4 2023 [2][22]. - Full year 2024 net income was $1,312.0 million, down from$1,345.9 million in 2023 [2][22]. - Adjusted EBITDA for Q4 2024 was $1,122.2 million, a 17$959.9 million in Q4 2023 [2][22]. - Full year adjusted EBITDA reached $4,142.3 million, a 17$3,530.0 million in 2023 [2][22]. Dividend and Share Repurchase - The company declared a quarterly cash dividend of $0.75 per common share for Q4 2024, totaling approximately$164 million paid on February 14, 2025 [4]. - Targa repurchased 610,683 shares in Q4 2024 at an average price of $176.86, totaling$108.0 million, and repurchased 5,933,050 shares for the full year at an average price of $127.20, totaling$754.7 million [5]. Operational Highlights - The company achieved record volumes in its Gathering and Processing and Logistics and Transportation segments, driven by increased natural gas inlet volumes and higher fees [6][7]. - The completion of new facilities, including the Greenwood II plant and Train 10 fractionator, supported higher transportation and fractionation volumes [7][12]. Capital Expenditures and Growth Projects - Targa estimates 2025 net growth capital expenditures between $2.6 billion and$2.8 billion, including spending for new projects like the Delaware Express and Train 12 [17][14]. - The company announced a new intra-Delaware Basin expansion of its Grand Prix NGL Pipeline and an expansion of LPG export capabilities at its Galena Park Marine Terminal [7][16]. Capitalization and Liquidity - As of December 31, 2024, Targa's total consolidated debt was $14,174.6 million, with total liquidity of approximately$2.0 billion [8][9]. - In February 2025, Targa entered a new five-year revolving facility with a capacity of $3.5 billion, enhancing its liquidity position [10]. 2025 Outlook - Targa expects full year 2025 adjusted EBITDA to be between$4.65 billion and $4.85 billion, representing a 15% increase over 2024 [14][15]. - The company anticipates continued growth in its Permian G&P footprint, driving record volumes in 2025 [14].