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Targa Resources Corp. (symbol: TRGP) is a leading provider of midstream services in North America, known for its robust and diversified portfolio of midstream energy assets. The company primarily operates in the gathering and processing sector, with significant assets in key regions like the Permian, STACK, SCOOP, and Bakken plays.
Core Business: Targa Resources focuses on gathering and processing natural gas, natural gas liquids (NGLs), and crude oil. The company's operations include one of the largest fractionation capacities at Mont Belvieu and a strategically located liquefied petroleum gas (LPG) export terminal. An important asset in their portfolio is the Grand Prix natural gas liquids pipeline, which enhances their ability to transport and deliver energy products efficiently.
Recent Achievements: In the third quarter of 2023, Targa reported significant improvements compared to the same period in 2022, reflecting their effective operational strategies and market positioning. The company has consistently delivered strong financial performance, with notable increases in distributable cash flow and adjusted free cash flow.
Current Projects: Targa Resources is continually developing and acquiring new assets to expand its reach and capabilities. The company is involved in several ongoing projects aimed at enhancing their infrastructure and service offerings. These projects include expansions to existing pipelines and processing facilities to better serve their growing customer base.
Financial Condition: Targa's financial health remains robust, backed by strong earnings reports and strategic investments. As of the latest financial reports, the company demonstrates a solid balance sheet with steady revenue streams from its diversified operations.
Partnerships and Products: Targa Resources collaborates with various partners across the energy sector, leveraging these relationships to optimize their operations and service delivery. The company's product offerings include natural gas, NGLs, and crude oil, catering to a wide range of industrial and commercial customers.
Work Environment: Targa prides itself on creating a dynamic work environment that fosters learning, development, and growth. The company prioritizes safety and actively involves employees in continuous performance improvement initiatives. With a strong commitment to employee well-being, Targa supports its workforce in achieving their professional goals.
For more detailed information and the latest updates on Targa Resources Corp., visit their official website or check out recent news and events on platforms like StockTitan.
Targa Resources Corp. (TRGP) reported record financial results for Q4 and FY 2022. Q4 2022 net income was $318 million, a turnaround from a loss of $313.6 million in Q4 2021. For FY 2022, net income soared to $1.195 billion from $71.2 million in 2021. Adjusted EBITDA reached $840.4 million in Q4 2022 and $2.901 billion for the year, reflecting substantial growth. Targa declared a quarterly dividend of $0.35 per share and repurchased 395,798 shares in Q4. The company completed a $1.05 billion acquisition and a public offering totaling $1.75 billion. For 2023, Targa anticipates adjusted EBITDA between $3.5 billion and $3.7 billion, projecting a 24% growth rate.
Targa Resources Corp. (NYSE: TRGP) announced its participation in the U.S. Capital Advisors Midstream Corporate Access Day on January 24, 2023, in Houston, TX. The Company will engage in investor meetings where it will share insights regarding its midstream services.
Investors can access the presentation slides from the event on Targa's official website. As a leading midstream infrastructure company in North America, Targa plays a critical role in the transportation and processing of natural gas and natural gas liquids, contributing to a growing demand for cleaner energy sources.
Targa Resources Corp. (NYSE: TRGP) declared a quarterly cash dividend of $0.35 per common share for Q4 2022, amounting to $1.40 annually. This dividend will be paid on February 15, 2023, to shareholders on record as of January 31, 2023. Additionally, Targa is set to release its Q4 2022 financial results on February 22, 2023, before market opening, followed by a live webcast at 11:00 a.m. Eastern Time.
As a leading midstream services provider in North America, Targa plays a pivotal role in the delivery of energy resources, supporting cleaner fuels and efficient market connectivity.
Targa Resources Corp. has completed the acquisition of Blackstone Energy Partners’ 25% interest in the Grand Prix NGL Pipeline for $1.05 billion. The effective date of this transaction is January 1, 2023, resulting in Targa owning 100% of the pipeline. Grand Prix can transport up to one million barrels per day of natural gas liquids to the Mont Belvieu hub in Texas, enhancing Targa's connectivity in the Permian Basin and surrounding regions. This acquisition strengthens Targa's position as a leading midstream service provider in North America.
Targa Resources Corp. (NYSE: TRGP) announced a public offering of $900 million in 6.125% senior notes due 2033 and $850 million in 6.500% senior notes due 2053. The offering is priced at 99.858% and 97.843% of face value, respectively, and is expected to close on January 9, 2023. Proceeds will fund the acquisition of Blackstone Energy Partners’ 25% interest in the Grand Prix NGL Pipeline for approximately $1.05 billion and be used for general corporate purposes, including reducing borrowings. Completion of the transaction is subject to customary conditions.
Targa Resources Corp. (NYSE: TRGP) announced a definitive agreement to acquire Blackstone Energy Partners' 25% interest in the Grand Prix NGL Pipeline for $1.05 billion in cash. This acquisition allows Targa to own 100% of the pipeline, which transports up to one million barrels per day of natural gas liquids to Mont Belvieu, Texas. The deal, valued at approximately 8.75 times the estimated 2023 adjusted EBITDA, is expected to enhance Targa’s fee-based margins and cash flow stability. The acquisition is anticipated to close in Q1 2023.
Targa Resources Corp. (NYSE: TRGP) will participate in investor meetings at the Capital One Securities 17th Annual Energy Conference on December 7, 2022, in Houston, TX. The Company is a leading midstream services provider in North America, owning and operating essential infrastructure for natural gas and NGLs. The conference slides will be available in the Investors section of Targa's website. Targa is a FORTUNE 500 company and a member of the S&P 500, connecting natural gas and NGLs to growing domestic and international markets.
Targa Resources Corp. (NYSE: TRGP) will participate in the RBC Capital Markets Midstream and Energy Infrastructure Conference on November 16, 2022, in Dallas, TX. This engagement reflects Targa's commitment to connecting natural gas and NGLs to domestic and international markets. The company's diversified midstream infrastructure is vital for reliable energy delivery across the U.S. Interested investors can access the presentation slides on Targa's website.
Targa Resources Corp. (TRGP) reported a strong third quarter 2022, achieving a net income of $193.1 million, up 6% from $182.2 million in Q3 2021. The company also announced a record adjusted EBITDA of $768.6 million, a 52% increase year-over-year. Targa declared a quarterly dividend of $0.35 per share, totaling approximately $79 million to be paid on November 15, 2022. The company continued to enhance its operational capacity with new plants and projects, including the Wildcat II and Daytona NGL Pipeline, expected to be operational by 2024.
Targa Resources Corp. (NYSE: TRGP) declared a quarterly cash dividend of $0.35 per common share for Q3 2022, amounting to $1.40 annually. This dividend is payable on November 15, 2022, to shareholders on record by the end of October 31, 2022. The company will announce its Q3 2022 financial results on November 3, 2022, before market open, followed by a live earnings webcast at 11:00 a.m. ET. Targa is a leading midstream service provider in North America, crucial for delivering energy across the U.S. and globally.
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