Targa Resources (TRGP) Reports Q3 Earnings: What Key Metrics Have to Say

Core Insights - Targa Resources, Inc. reported a revenue of $4.15 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.8% but falling short of the Zacks Consensus Estimate of $4.93 billion by 15.75% [1] - The company's earnings per share (EPS) was $2.20, an increase from $1.75 in the same quarter last year, but below the consensus estimate of $2.23, resulting in an EPS surprise of -1.35% [1] Financial Performance - Targa Resources' stock has returned -7.1% over the past month, contrasting with a +1% change in the Zacks S&P 500 composite [3] - The company currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Key Metrics - Gathering and Processing - NGL sales per day reached 634.8 million barrels, exceeding the average estimate of 621.65 million barrels [4] - Gathering and Processing - Gross NGL production in Coastal areas was 36.9 million barrels, surpassing the estimate of 32.22 million barrels [4] - Gathering and Processing - Condensate sales per day were 18 million barrels, below the average estimate of 20.54 million barrels [4] - Logistics and Marketing - NGL sales totaled 1249.3 million barrels, exceeding the estimate of 1211.04 million barrels [4] - Logistics and Marketing - Export volumes were 407.4 million barrels, falling short of the estimate of 427.27 million barrels [4] - Logistics and Marketing - Fractionation volumes reached 1134.3 million barrels, surpassing the estimate of 997.45 million barrels [4] - Gathering and Processing - Total Plant natural gas inlet volumes were 8268.4 million cubic feet, exceeding the estimate of 8137.9 million cubic feet [4] - Gathering and Processing - Total Gross NGL production was 1095.1 million barrels, above the estimate of 1051.75 million barrels [4] - Gathering and Processing - Average realized prices for Condensate were $67.75, higher than the estimate of $65.59 [4] - Gathering and Processing - Average realized prices for Natural gas were $1.20, below the estimate of $1.75 [4] - Gathering and Processing - Average realized prices for NGL were $0.39, lower than the estimate of $0.44 [4] - Gathering and Processing - Plant natural gas inlet volumes in Badlands were 129.9 million cubic feet, slightly below the estimate of 131.86 million cubic feet [4]