Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [6][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [20][21] - The net consolidated leverage ratio at year-end was approximately 3.5 times, within the long-term target range of 3-4 times [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% in 2025, translating to an increase of over 600 million cubic feet per day [6] - NGL transport volumes increased by almost 170,000 barrels per day, while frac volumes rose by more than 120,000 barrels per day [6] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [14] - The Delaware Express project and other expansions are expected to enhance the company's market position and operational capacity [18] Company Strategy and Development Direction - Targa Resources plans to continue investing in growth capital projects, with an estimated $4.5 billion in growth capital spending for 2026 [21][22] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [11][22] - The strategy emphasizes growing Adjusted EBITDA, increasing common dividends, and reducing common shares outstanding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026 and beyond, supported by strong producer relationships and commercial success [7][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][32] - Management acknowledged the potential for volatility in natural gas prices but emphasized the stability provided by fee-based contracts [22][88] Other Important Information - The company is in an elevated growth capital environment, investing in gathering, processing, and downstream infrastructure [10] - Targa is ordering long lead items for additional processing plants planned for early 2028, indicating a proactive approach to future capacity needs [9][10] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026, with low double-digit growth expected [30][32] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and additional field capital, reflecting a larger base for growth and the need for incremental spending [33][37] Question: Durability of commercial success - Management indicated that even without significant new commercial success, strong growth is expected from existing contracts and dedicated acreage [44][45] Question: Waha price exposure and marketing opportunities - Management noted that while Waha prices may be volatile, the company has significant transport positions to mitigate risks and capture marketing opportunities [86][88] Question: Impact of new technologies on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Export volumes and capacity - The company remains confident in growing export volumes in tandem with new capacity coming online, supported by strong commercial commitments [108]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [26] - The Delaware Basin is anticipated to be the primary driver of throughput growth, despite expected declines in the DJ and Powder River Basins [40] Company Strategy and Development Direction - The company aims for mid- to low-single-digit Adjusted EBITDA growth in the long term, supported by producers' development plans and undrilled inventory on serviced acreage [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's produced water solutions capabilities [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [5][7] - The company remains confident in its long-term growth strategy despite a transition year in 2026, with stable long-term contract structures supporting financial stability [9][10] Other Important Information - The capital expenditure program for 2026 has been reduced to a midpoint of $925 million, down from at least $1.1 billion, reflecting a disciplined approach to capital allocation [9][40] - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [17] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy remains unchanged, focusing on capital deployment to sustain or grow distributions, with a preference for M&A opportunities that offer synergies [52][56] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [58][59] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with core business growth projected at 2%-3% over time [70]

Fourth Quarter 2025 Earnings Supplement February 19, 2026 | TARGA RESOURCES CORP. Forward Looking Statements + Reduction in non-controlling interests attributable to Badlands transaction and acquisition of CBF minority interest 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, include ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with a sequential quarter increase of approximately 5% to $665 million when excluding negative adjustments [10][30] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of the guidance range [34] - The net income attributable to limited partners for Q4 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [28] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 due to lower volumes from the Delaware and Powder River Basins, partially offset by record throughput from the DJ Basin [20] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [20] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% increase [23] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance [12] - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [24] - The Powder River Basin is expected to see a decline in throughput by 10%-15% based on producer forecasts [27] Company Strategy and Development Direction - The company’s long-term growth strategy remains unchanged, targeting mid- to low-single-digit Adjusted EBITDA growth [42] - The Aris acquisition is expected to significantly contribute to 2026 results and enhance the company's capabilities in produced water solutions [9][15] - The company plans to reduce capital expenditures for 2026 to a range of $850 million to $1 billion, reflecting a disciplined approach to capital allocation [38] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [4] - The company anticipates a transition year in 2026, with stable long-term contract structures supporting financial stability [8] - Management expressed confidence in the long-term development plans of producers, particularly in the Delaware Basin [6] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [16] - The integration of Aris has progressed well, enhancing the company’s commercial organization and capabilities [14] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy for M&A remains unchanged, focusing on opportunities for synergies and disciplined capital deployment [49][50] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [55][56] Question: What is the outlook for distribution coverage? - Management discussed plans to grow distributions slightly behind EBITDA growth, with a proposed increase of $0.02 per unit for 2026 [80]

Financial Data and Key Metrics Changes - In 2025, the company's adjusted EBITDA reached $1.138 billion, marking a 17% increase from the previous year, primarily driven by a 27% growth in the pipeline segment [17] - The fourth quarter adjusted EBITDA was $293 million, a $5 million increase from the prior quarter, attributed to increased seasonal demand on joint venture pipelines and higher LEAP revenue [17] - The company achieved an investment-grade credit rating across all three rating agencies, reflecting disciplined financial management and a strong balance sheet [6][20] Business Line Data and Key Metrics Changes - The pipeline segment has grown from 50% to 70% of the company's business since the spin-off, contributing significantly to overall growth [7] - The company advanced over $1 billion of organic opportunities from its backlog, with 80% allocated to pipeline projects [5] - Record-high throughput was achieved in 2025, supported by successful project execution and integration of acquired assets [5][6] Market Data and Key Metrics Changes - Demand for natural gas in the Upper Midwest is expected to increase significantly, with approximately 35 GW of coal plant generation anticipated to retire in the next 10-15 years [13] - The company expects LNG demand to grow by 11 Bcf through 2030, with two-thirds of this demand being served by the Haynesville region [14] - The recent cold weather highlighted capacity constraints in the North American market, resulting in extreme price volatility, indicating a need for expanded pipeline infrastructure [15] Company Strategy and Development Direction - The company is focused on organic growth within the natural gas ecosystem, with a project backlog increased by approximately 50% to $3.4 billion over the next five years, primarily in pipeline projects [9] - The strategy emphasizes disciplined capital allocation to high-quality natural gas pipeline projects, with a commitment to grow dividends in line with adjusted EBITDA [21][84] - The company is pursuing both brownfield expansions and modernization opportunities, particularly in the Midwestern region, to enhance reliability and capacity [54][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on guidance and highlighted strong fundamentals supporting the business, positioning the company for growth amid a generational investment opportunity [23] - The market is described as fluid and opportunity-rich, with ongoing discussions with utilities regarding their growth trajectories and needs [25][26] - Management noted that the current regulatory framework provides a durable opportunity set for contracting with utilities [26][52] Other Important Information - The company declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the prior year, maintaining a strong coverage ratio [21] - The company is committed to maintaining an investment-grade credit rating and has a forecast for on-balance sheet leverage of 2.9 times by year-end 2026 [20][86] Q&A Session Summary Question: Discussion on project backlog and commercialization pace - Management indicated that the market is fluid and opportunity-rich, with ongoing discussions with utilities about their growth needs, suggesting a disciplined approach to moving forward [25][26] Question: Update on Midwestern Gas Transmission expansion - Management is in deep conversations regarding both northern and southern expansions of the Midwestern pipeline, highlighting strong demand signals [28] Question: Insights on growth CapEx outlook - Management confirmed that the growth CapEx outlook has increased due to a fluid market and a growing backlog, with half of the backlog already at FID [35] Question: Impact of competition on planned expansions - Management expressed confidence in their competitive position, noting that their assets are well-located and capable of achieving outstanding results even amid competition [38][39] Question: Clarification on gross backlog size - Management stated that the gross backlog is significantly larger than the risk-adjusted backlog but did not provide specific numbers, emphasizing a robust opportunity set [45] Question: Gathering and new backlog increase - Management acknowledged the interconnectedness of gathering assets and pipelines but deferred a detailed response on the increase in expected gathering spend [66] Question: Future LEAP expansions tied to LNG projects - Management indicated that recent LNG projects coming online are being absorbed into the market, with expectations for new contracting opportunities as the next wave of LNG projects develops [70]

Fourth-Quarter 2025 Review February 18, 2026 Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation. These fact ...

Financial Data and Key Metrics Changes - For 2025, the company's Adjusted EBITDA was $1.138 billion, reflecting a 17% increase from the previous year, primarily driven by a 27% growth in the pipeline segment [16][3] - The fourth quarter Adjusted EBITDA was $293 million, a $5 million increase from the prior quarter, attributed to increased seasonal demand on joint venture pipelines and higher LEAP revenue [16][3] - The company achieved a total shareholder return of approximately 280% since its spin-off, with a compounded annual adjusted EBITDA growth of 12% [5] Business Line Data and Key Metrics Changes - The pipeline segment has grown from 50% to 70% of the company's business, the highest among its peer group [5] - The company advanced over $1 billion of organic opportunities from its backlog, with 80% allocated to pipeline projects [4] - The gathering segment achieved record-high throughput in 2025, with Haynesville averaging above 1.9 Bcf/d [16] Market Data and Key Metrics Changes - Demand for natural gas in the Upper Midwest is expected to increase significantly, with approximately 35 GW of coal plant generation anticipated to retire in the next 10-15 years [12] - The company expects LNG demand to grow by 11 Bcf through 2030, with two-thirds of this demand being served by the Haynesville [13] - The recent cold weather highlighted capacity constraints in the North American market, resulting in extreme price volatility [14] Company Strategy and Development Direction - The company is focused on organic growth within the natural gas ecosystem, with an updated project backlog of $3.4 billion, a 50% increase over the previous estimate [7] - The strategy emphasizes disciplined capital allocation towards high-quality natural gas pipeline projects, supported by long-term demand-based contracts [5][21] - The company plans to continue executing its core strategy, which has consistently delivered strong performance and shareholder value [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the business, highlighting a robust opportunity set in the natural gas market [21] - The company is well-positioned to capitalize on generational investment opportunities, with a focus on expanding its pipeline capacity to meet growing demand [7][14] - Management noted that the market remains fluid, with ongoing discussions with utilities about their growth trajectories and needs [23] Other Important Information - The company achieved investment-grade credit ratings across all three rating agencies, reflecting its disciplined financial management [5] - A quarterly dividend of $0.88 per share was declared, representing a 7.3% increase from the prior year [20] Q&A Session Summary Question: Discussion on the expected pace and cadence of commercialization and capital spending outlook - Management indicated a fluid market with growing opportunities, particularly in the Upper Midwest, and emphasized disciplined conversations with existing customers [23][24] Question: Update on Midwestern Gas Transmission expansion - Management is in deep discussions regarding both northern and southern expansions, highlighting strong demand signals for gas in the region [26] Question: Insights on growth CapEx outlook and risk adjustment - Management confirmed that the backlog has increased due to a fluid market, with half of the projects already at FID and the other half highly probable [34] Question: Impact of competition on planned pipeline expansions - Management expressed confidence in their competitive position, noting that they do not fear competition and can achieve outstanding results even with multiple players in the market [36] Question: Clarification on the gross backlog and its significance - Management stated that the gross backlog is significantly larger than the risk-adjusted backlog, indicating a robust opportunity set [42] Question: Update on Haynesville capacity needs and producer conversations - Management noted a ramp-up in Haynesville production and ongoing discussions with major producers regarding capacity needs [90] Question: Future LNG projects and their impact on expansions - Management indicated that the next wave of LNG projects will drive incremental expansion opportunities, with ongoing discussions with shippers [68]

Core Insights - DT Midstream, Inc. reported a strong financial performance for the fourth quarter and full year of 2025, achieving record results with a 17% year-over-year growth in Adjusted EBITDA [3][7]. Financial Performance - Fourth quarter 2025 reported net income was $111 million, or $1.08 per diluted share, with Operating Earnings also at $111 million [1]. - Full year 2025 reported net income was $441 million, or $4.30 per diluted share, with Operating Earnings matching this figure [2]. - Adjusted EBITDA for the fourth quarter was $293 million, while for the full year it reached $1.138 billion, reflecting a 17% increase from 2024 [2][7]. Business Strategy and Growth - The company successfully integrated its Midwest pipelines and completed key organic growth projects ahead of schedule and on budget, positioning itself to meet increasing demand [3]. - The organic project backlog increased by approximately 50% to $3.4 billion over the next five years, with pipeline projects making up 75% of this backlog [8]. - Adjusted EBITDA guidance for 2026 is projected to be between $1.155 billion and $1.225 billion, indicating a 6% annual growth from the original 2025 guidance [4]. Dividend and Investment Decisions - The company announced a 7% increase in dividends from the fourth quarter of 2025 to $0.88 per share, payable on April 15, 2026 [8]. - Final investment decisions were reached on two pipeline projects, including an expansion of Viking Gas Transmission [7][8].

Core Insights - Targa Resources exceeded Wall Street estimates for fourth-quarter adjusted core profit, driven by increased demand and higher transport volumes of natural gas and natural gas liquids [1] - U.S. natural gas futures rose over 11% sequentially in the fourth quarter, ending a declining trend due to higher demand and increased pipeline volumes [1] - Midstream companies like Targa are benefiting from strong oil and gas production in the Permian Basin, rising natural gas demand from liquefied natural gas exports, and increased power generation linked to AI operations, cryptocurrency mining, and data centers [1] Financial Performance - Targa reported total quarterly natural gas sales of 2.96 billion British thermal units per day (BBtu/d), a 6.2% increase from the previous year [1] - NGL pipeline transportation volumes increased by approximately 20.3% to 1,048.7 thousand barrels per day (MBbl/d) [1] - Adjusted core profit for the quarter ended December 31 was $1.34 billion, surpassing analysts' estimates of $1.27 billion [1] Future Outlook - Targa anticipates continued growth across its Permian footprint, projecting record NGL pipeline transportation, fractionation, and liquefied petroleum gas export volumes by 2026 [1] - The company expects to bring online the Falcon II plant in the Permian Delaware region in the first quarter [1] - For the current year, Targa forecasts adjusted core earnings between $5.4 billion and $5.6 billion, aligning with analysts' average estimate of $5.5 billion [1]