Core Insights - Targa Resources Corp. reported a net income of $478.4 million for Q3 2025, a 23% increase from $387.4 million in Q3 2024, and an adjusted EBITDA of $1,274.8 million, up 19% year-over-year [2][10][22]. Financial Performance - The total revenues for Q3 2025 were $4,151.2 million, an 8% increase from $3,851.8 million in Q3 2024 [23]. - The increase in commodity sales was driven by higher natural gas prices ($322.3 million) and increased NGL volumes ($213.8 million), partially offset by lower NGL prices [23][24]. - Operating expenses rose due to higher maintenance, taxes, and labor costs associated with system expansions [24][29]. Dividend and Share Repurchase - The company declared a quarterly cash dividend of $1.00 per common share for Q3 2025, totaling approximately $215 million to be paid on November 17, 2025 [4]. - Targa repurchased 932,023 shares at an average price of $166.95, totaling $155.6 million, with $1,410.6 million remaining under its share repurchase programs as of September 30, 2025 [5][18]. Segment Performance - The Gathering and Processing (G&P) segment reported an operating margin of $637.6 million for Q3 2025, a 9% increase from $584.3 million in Q3 2024 [36]. - The Logistics and Transportation (L&T) segment saw record NGL pipeline transportation and fractionation volumes, contributing to the overall increase in adjusted operating margin [6][10]. Growth Projects - Targa commenced operations at the new 275 MMcf/d Bull Moose II plant in the Permian Delaware in October 2025 [11]. - The company announced plans for several new projects, including the Speedway NGL Pipeline and the Yeti plant, expected to enhance its infrastructure and capacity in the Permian Basin [14][12]. Capitalization and Liquidity - As of September 30, 2025, Targa's total consolidated debt was $17,431.3 million, with total liquidity of approximately $2.3 billion [7][8]. - The company estimates its full-year adjusted EBITDA for 2025 to be at the top end of the $4.65 billion to $4.85 billion range [16].