# Targa Resources Corp. (TRGP) - Recent Events ## Filings that contain financial statements Targa furnishes an earnings press release (Exhibit 99.1) with each quarterly Form 8-K. These carry a consolidated results-of-operations table (revenues through net income), segment tables with operating statistics, and a reconciliation of net income to adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow. They do not carry a full balance sheet or cash flow statement. - Form 8-K filed November 5, 2026, accession 0001193125-26-448401: three and nine months ended September 30, 2026. - Form 8-K filed August 6, 2026, accession 0001193125-26-336525: three and six months ended June 30, 2026. - Form 8-K filed May 7, 2026, accession 0001193125-26-210165: three months ended March 31, 2026. - Form 8-K filed February 19, 2026, accession 0001193125-26-058040: three months and year ended December 31, 2025. ## Earnings and guidance - **November 5, 2026 (third quarter 2026), 0001193125-26-448401.** Net income attributable to Targa was $658 million (third quarter 2025: $478 million). Adjusted EBITDA was $1,504 million, up 18% year over year and down 6% from the second quarter, as lower marketing and LPG export margin offset record Permian inlet, NGL transportation and fractionation volumes. Full-year 2026 adjusted EBITDA guidance was raised to "at least $6.0 billion" (from "towards the top end of $5.7 billion to $5.9 billion" in August). Net growth capital expenditures are estimated at about $5.0 billion, up from about $4.5 billion in the February, May and August releases; the November release calls the $5.0 billion a continuing estimate, so the higher figure was first given after the August 6 release. Net maintenance capital expenditures are estimated at about $250 million. Management expects to recommend a 2027 common dividend of $6.00 per share annualized ($1.50 per quarter), a 20% increase over 2026, effective for the first quarter of 2027. - **August 6, 2026 (second quarter 2026), 0001193125-26-336525.** Net income attributable to Targa was $765 million (second quarter 2025: $629 million); record adjusted EBITDA was $1,603 million, up 38% year over year and 14% sequentially. Full-year 2026 adjusted EBITDA guidance was moved to the top end of the $5.7 billion to $5.9 billion range, with net growth capital expenditures of about $4.5 billion. - **May 7, 2026 (first quarter 2026), 0001193125-26-210165.** Net income attributable to Targa was $480 million (first quarter 2025: $271 million); adjusted EBITDA was $1,403 million, up 19% year over year. Full-year 2026 adjusted EBITDA guidance was raised to $5.7 billion to $5.9 billion. - **February 19, 2026 (fourth quarter and full year 2025), 0001193125-26-058040.** Record fourth quarter 2025 adjusted EBITDA of $1,341 million. Initial 2026 adjusted EBITDA guidance of $5.4 billion to $5.6 billion, with net growth capital expenditures of about $4.5 billion, and an intended 2026 common dividend of $5.00 per share (a 25% increase). - **November 5, 2025 (third quarter 2025), 0001193125-25-265621.** Net income attributable to Targa was $478.4 million; record adjusted EBITDA of $1,274.8 million, up 19% year over year. The release announced the expected 25% increase of the 2026 dividend to $5.00 per share. ## Acquisitions and commercial agreements - **Stakeholder Midstream, LLC - closed.** The February 19, 2026 release (0001193125-26-058040) states that on January 6, 2026 Targa completed the previously announced acquisition of Stakeholder for $1.25 billion in cash, effective January 1, 2026, and that the assets are integrated into its Delaware Basin system. The quarterly report on Form 10-Q for the period ended September 30, 2026 (0001193125-26-449541) reports funding of $650.0 million from commercial paper and $600.0 million from the securitization facility. - **Delaware Basin bolt-on acquisitions - closed.** In December 2025, Targa completed two small bolt-on acquisitions of sour gathering and compression assets in the Delaware Basin for aggregate cash consideration of about $213 million (0001193125-26-058040). Per Note 4 of the 10-K (0001193125-26-059296), the two transactions were (1) Dovetail Midstream, LLC plus certain compressor assets from Riley Exploration Permian, for about $122.8 million in cash plus up to $60.0 million of contingent consideration over five years, and (2) the Nile Acquisition, midstream assets from Nile Midstream, LLC and Four Winds Midstream, LLC (subsidiaries of Blackbeard Holdings, LLC), for $90.3 million in cash including capitalized transaction costs. - **ExxonMobil agreements (August 2026).** The November 5, 2026 release (0001193125-26-448401) and the 10-Q (0001193125-26-449541) state that in August 2026 Targa entered into 20-year, fee-based agreements with subsidiaries of ExxonMobil for natural gas gathering and processing and downstream services in the Permian Basin, with acreage dedications in the Delaware and Midland basins. The agreements are described in the release and 10-Q only; no Form 8-K reports them. Three new Permian Delaware processing plants (Wrangler, Ranger, Ranger II) were announced in August 2026 to support them. ## Capital projects (per the earnings releases) - November 5, 2026 (0001193125-26-448401): Train 12 fractionator and the Bull Run Extension pipeline began operating, ahead of schedule; the Copperhead plant is in start-up. Yeti and Yeti II are now expected in the second quarter and third quarter of 2027. Long-lead items are being ordered for one more Permian Midland plant and two more Permian Delaware plants. A new 150 MBbl/d fractionator, Train 14 in Mont Belvieu, is expected to begin operating in the first quarter of 2029. - May 7, 2026 (0001193125-26-210165): Roadrunner III and Copperhead II plants announced. February 19, 2026 (0001193125-26-058040): Yeti II plant and Train 13 fractionator announced. ## Debt and financing - **Senior notes, November 2025.** On November 6, 2025 Targa priced $750.0 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036 (Form 8-K, 0001193125-25-272333); the offering closed November 12, 2025 (0001193125-25-277756). Proceeds were to redeem Targa Resources Partners LP's 6.875% Senior Notes due 2029, with the remainder for general corporate purposes including commercial paper repayment. The February 19, 2026 release states the 6.875% notes were redeemed on January 15, 2026. - **Senior notes, March 2026.** On February 25, 2026 Targa priced $750.0 million of 4.350% Senior Notes due 2031 and $750.0 million of 6.050% Senior Notes due 2056 (0001193125-26-076556); the offering closed March 2, 2026 (0001193125-26-085512). Proceeds were for general corporate purposes, including commercial paper repayment. - **Receivables securitization amendment, July 1, 2026 (Form 8-K filed July 6, 2026, 0001193125-26-296255).** The Seventeenth Amendment extends the facility termination date to July 30, 2027 and adds a $200 million uncommitted line. About $451 million of receivable purchases were outstanding at July 1, 2026. The August 6, 2026 release states borrowing capacity of up to $800 million. - **Debt and liquidity at September 30, 2026 (0001193125-26-448401).** Total consolidated debt was $19.8 billion: $17.9 billion of senior unsecured notes, $860 million of commercial paper, $451 million under the securitization facility and $796 million of finance leases. Liquidity was about $2.9 billion. ## Shareholder returns - Quarterly common dividend: $1.00 (declared for the third and fourth quarters of 2025), raised to $1.25 ($5.00 annualized) from the first quarter of 2026, a 25% increase; $1.25 was declared October 13, 2026 for the third quarter of 2026, payable November 17, 2026 (0001193125-26-448401). - Buybacks: in the third quarter of 2026 Targa repurchased 180,768 shares at a weighted average $287.64 for a net cost of $52 million; $1,187 million remained under its repurchase programs at September 30, 2026 (0001193125-26-448401). Full-year 2025 repurchases were 3,765,272 shares for $642 million (0001193125-26-058040). ## Management and board - **August 25, 2026 (Form 8-K, 0001193125-26-364099).** Chief Financial Officer William A. Byers will retire effective September 1, 2026 and stay on in a non-executive role through December 31, 2026. Benjamin J. Branstetter, President - Logistics and Transportation, becomes Chief Financial Officer effective September 1, 2026 (base salary raised to $600,000). Brent B. Secrest, formerly Chief Commercial Officer of Enterprise Products Holdings LLC, becomes President - Logistics and Transportation effective September 1, 2026. - **July 17, 2026 (0001193125-26-306591).** Thomas Mathiasmeier, who retired in June 2026 as President, Global Gas, Power & Emerging Markets at ConocoPhillips, was appointed a Class II director on July 16, 2026 and joined the Audit Committee. - **August 6, 2025 (0001193125-25-174533).** D. Scott Pryor announced his retirement as President - Logistics and Transportation effective March 1, 2026; Branstetter was named his successor (a role he now leaves for CFO, per the August 2026 filing above). - **May 22, 2026 (0001193125-26-237018).** At the May 21, 2026 annual meeting all four Class I directors were re-elected, PricewaterhouseCoopers LLP was ratified as auditor and say-on-pay was approved. ## Pending transactions No Form 8-K reports an announced merger or a pending signed acquisition; the acquisitions above are all reported as completed. The ExxonMobil agreements appear only in the earnings release and 10-Q.