Investor Presentation February 2026 | TARGA RESOURCES CORP. Forward Looking Statements 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, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in ...

Core Viewpoint - The company has announced new amendments to its contracts in the Delaware Basin, which involve renegotiations with Occidental Petroleum and a new arrangement with ConocoPhillips, aimed at enhancing its operational framework and long-term strategic benefits [1][2] Group 1: Contract Amendments - The company renegotiated natural-gas gathering and processing contracts in the Delaware Basin with a subsidiary of Occidental Petroleum [1] - A new natural-gas gathering and processing arrangement was established with ConocoPhillips for a portion of its Delaware Basin natural gas volumes [1] - These agreements reset Delaware Basin natural gas fees in exchange for WES common units from Occidental, promoting the development of acreage supported by the company's systems [1] Group 2: Strategic Realignment - The transaction realigns the company's equity capital structure to better accommodate anticipated changes that will provide long-term strategic benefits [2] - These changes signify a significant step in the company's evolution as a stand-alone midstream enterprise, simplifying its contract portfolio and diversifying its customer base [2] - The amendments reinforce the company's ability to deliver enduring value for its stakeholders [2]

Core Insights - Antero Midstream Corporation reported a revenue of $294.82 million for Q3 2025, marking a year-over-year increase of 9.3% and an EPS of $0.24 compared to $0.21 a year ago, slightly missing the consensus EPS estimate of $0.25 by 4% [1][3] Financial Performance - Revenue of $294.82 million exceeded the Zacks Consensus Estimate of $293.8 million, resulting in a surprise of +0.35% [1] - The company experienced a -9.4% return over the past month, contrasting with the Zacks S&P 500 composite's +3.8% change, and currently holds a Zacks Rank 3 (Hold) [3] Key Metrics - Average Daily Volumes for Low Pressure Gathering were 3432 million cubic feet per day, surpassing the estimate of 3371.62 million cubic feet per day [4] - Average Daily Volumes for Compression reached 3421 million cubic feet per day, exceeding the estimate of 3343.72 million cubic feet per day [4] - Average Daily Volumes for High Pressure Gathering were 3170 million cubic feet per day, slightly above the estimate of 3158.69 million cubic feet per day [4] - Average Daily Volumes for Fresh Water Delivery stood at 92 million barrels of oil per day, compared to the estimate of 84.26 million barrels per day [4] - Revenues from Water Handling for Antero Resources were $62.13 million, below the estimated $64.19 million but reflecting an 18.8% year-over-year increase [4] - Revenues from Gathering and Processing for Antero Resources were $249.83 million, exceeding the estimate of $245.72 million, with a year-over-year change of +6.4% [4] - Revenues from Gathering and Processing were reported at $240.56 million, above the estimate of $235.76 million, showing a +6.6% year-over-year change [4] - Revenues from Water Handling were $54.27 million, slightly below the estimate of $55.5 million, with a year-over-year change of +22.5% [4]

Core Viewpoint - MPLX is actively streamlining operations and expanding its natural gas assets through significant transactions, including a billion-dollar divestiture and a recent acquisition [1][6]. Group 1: Company Operations - MPLX has entered into a billion-dollar agreement to divest its gathering and processing assets in the Rocky Mountain region, expected to close in Q4 of this year [1]. - The company recently completed the acquisition of Northwind Midstream for $2.375 billion, enhancing its capabilities in sour gas gathering and processing in New Mexico [6]. - MPLX operates a diverse network of assets, including natural gas gathering and processing facilities, oil terminals, and transport facilities [2]. Group 2: Financial Performance - In Q2 2025, MPLX reported $1.4 billion in distributable cash flow, allowing for $1.1 billion in capital returns to shareholders, including a quarterly dividend [7]. - The current dividend is $0.9565 per share, annualizing to $3.83, which provides a forward yield of 7.5% [7]. Group 3: Analyst Outlook - RBC's analyst Elvira Scotto views MPLX as a compelling income play among large-cap MLPs, with a price target of $58, indicating a potential upside of 13% [8]. - The consensus rating for MPLX is Strong Buy, based on 7 reviews, with 6 Buys and 1 Hold, suggesting a 14% gain potential from the current price of $51.28 [8].

Group 1 - Oneok Inc. reported $8.04 billion in revenue for Q1 2025, a year-over-year increase of 68.2% [1] - The EPS for the same period was $1.04, down from $1.09 a year ago, indicating a decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $7 billion by 14.89%, while the EPS fell short of the consensus estimate of $1.23 by 15.45% [1] Group 2 - Oneok's stock has returned -18.1% over the past month, compared to the S&P 500 composite's -0.7% change [3] - The company currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Group 3 - Raw feed throughput for Natural Gas Liquids was 1,293 MBBL/d, below the average estimate of 1,369.48 MBBL/d [4] - Adjusted EBITDA for Natural Gas Liquids was $635 million, compared to the average estimate of $686.37 million [4] - Adjusted EBITDA for Refined Products & Crude was $471 million, below the estimated $527.44 million [4] - Adjusted EBITDA for Natural Gas Pipelines was $212 million, exceeding the average estimate of $171.15 million [4] - Adjusted EBITDA for Natural Gas Gathering and Processing was $491 million, below the average estimate of $529 million [4]

Financial Data and Key Metrics Changes - In Q4 2024, adjusted EBITDA was reported at $237 million, with distributable cash flow of $155 million and free cash flow of $32 million [16] - For the full year 2024, adjusted EBITDA reached $971 million, representing a 16% year-over-year increase, and an 18% increase when normalizing for November impacts [11][19] - Capital expenditures for 2024 totaled $265 million, which was approximately $15 million below the midpoint of the guidance range [11][19] Business Line Data and Key Metrics Changes - The Midstream Logistics segment generated adjusted EBITDA of $150 million in Q4, up 3% year-over-year but down 14% sequentially due to negative Waha prices [16][17] - The Pipeline Transportation segment reported adjusted EBITDA of $92 million, up nearly 9% year-over-year, driven by volume growth and contributions from EPIC Crude [18] Market Data and Key Metrics Changes - Average gas processed volumes for 2024 were 1.64 billion cubic feet per day, up 13% year-over-year [10] - The average gas daily price at Waha was negative $1.4 per MMBtu for the first half of November, impacting volumes and margins [16][17] Company Strategy and Development Direction - The company aims for a 10% compound annual growth rate (CAGR) in EBITDA over the next five years, focusing on both organic growth and strategic M&A opportunities [26][40] - Kinetic is positioned to capitalize on the growing demand for natural gas and liquids, with significant growth expected in the Permian Basin and Gulf Coast [12][13] - The company is exploring a large-scale gas-fired power generation facility to manage electricity costs and capitalize on natural gas price volatility [14][80] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 was transformational, with significant M&A activity and organic growth, particularly in the Delaware Basin [6][9] - The company has implemented new risk measures to prevent operational headwinds experienced in November and expects a strong rebound in operational performance [10][17] - Management expressed confidence in achieving a 15% growth in adjusted EBITDA for 2025, with key assumptions including a 20% growth in gas processed volumes [19][21] Other Important Information - The company increased its cash dividend by 4%, marking the first return of capital to shareholders since its merger [9] - Kinetic's leverage ratio improved to 3.4 times, down 0.6 times year-over-year, reflecting disciplined capital management [19][24] Q&A Session Summary Question: What infrastructure is needed to achieve the 10% EBITDA CAGR? - Management indicated that they are seeing outsized market share performance and have structural changes that will create incremental EBITDA opportunities [26][27] Question: Are there still M&A opportunities in 2025? - Management confirmed that opportunities remain, but they maintain a high bar for attractiveness in potential transactions [32][33] Question: What are the expectations for producer customer activity in 2025? - Management noted robust activity levels across both Northern and Southern Delaware, with significant drilling capital being allocated to New Mexico [45][46] Question: How does the company manage risks associated with pipeline maintenance? - Management acknowledged the regular seasonal maintenance and emphasized the importance of having incremental length for Gulf Coast capacity to mitigate risks [51][54] Question: Can you clarify the economic contribution of the Barilla Draw acquisition? - Management stated that the initial phase involves gas gathering services, with processing expected to ramp up later in the decade, contributing to margin expansion [98] Question: What is the timeline for the power generation project? - Management indicated that if the project reaches FID this year, it could be operational by the end of 2027, with potential for further projects in New Mexico [100][102]