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Targa(TRGP) - 2025 Q3 - Earnings Call Presentation

Financial Performance (Q3 2025) - Adjusted EBITDA increased by 19% from Q3 2024 [9] - Adjusted EBITDA increased by 10% from Q2 2025 [15] - Net income attributable to Targa Resources Corp was $478.4 million for the three months ended September 30, 2025 [36] - Adjusted EBITDA was $1,274.8 million for the three months ended September 30, 2025 [36] - Estimated Adjusted EBITDA for full year 2025 is $4,850 million [42] Segment Performance (Q3 2025) - G&P segment operating margin increased by $53 million compared to Q3 2024 [10] - L&T segment operating margin increased by $91 million compared to Q3 2024 [11] - G&P segment operating margin increased by $50 million compared to Q2 2025 [16] - L&T segment operating margin increased by $78 million compared to Q2 2025 [16] - Gathering and Processing adjusted operating margin was $873.7 million [40] - Logistics and Transportation adjusted operating margin was $808.8 million [40] Operational Performance (Q3 2025) - Field G&P Natural Gas Inlet Volumes increased to 6,622 MMcf/d [20] - NGL Production increased to 1,017 MBbl/d [21] - NGL Pipeline Transportation Volumes increased to 1,134 MBbl/d [24]