Targa Resources Corp. - TRGP STOCK NEWS

Targa Resources Corp. (NYSE: TRGP) reported a net income of $88 million for Q1 2022, down from $146.4 million in Q1 2021. Adjusted EBITDA rose to $625.8 million, a 21% increase year-over-year. The company declared a quarterly dividend of $0.35 per share, amounting to $80 million, and reported distributable cash flow of $494.6 million. Targa's total debt stood at $7.25 billion with consolidated liquidity of approximately $2 billion. Guidance for 2022 expects adjusted EBITDA between $2.3 billion and $2.5 billion, bolstered by higher Permian natural gas volumes.

Targa Resources Corp. (NYSE: TRGP) has successfully completed its acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas. This acquisition strengthens Targa's position in the midstream energy sector, enhancing its capabilities in the gathering, processing, and transportation of natural gas and NGLs. The deal is expected to contribute to Targa's overall growth and expand its operational footprint in the region, leveraging Southcross's existing infrastructure for improved service delivery.

Targa Resources Corp. (NYSE: TRGP) announced plans to redeem all outstanding shares of its 9.5% Series A Preferred Stock on May 3, 2022. The redemption will occur at a price of $1,050 per share, plus accrued dividends totaling $8.87, amounting to an aggregate Redemption Consideration of approximately $973.4 million. This move is part of Targa’s strategy to simplify its capital structure and enhance free cash flow. Following the redemption, no Series A Preferred Stock will remain, and holders will no longer earn dividends.

Targa Resources Corp. (NYSE: TRGP) declared a quarterly cash dividend of $0.35 per common share and $23.75 per Series A preferred share for Q1 2022. The cash dividend for common shares will be paid on May 16, 2022, with a record date of April 29, 2022. The Series A dividend will be paid on May 2, 2022, with a record date of April 25, 2022. Targa will report its Q1 2022 financial results on May 5, 2022, followed by a live earnings webcast at 11:00 a.m. ET.

Targa Resources Partners LP announced the expiration of its cash tender offer for 5.875% Senior Notes due 2026 on April 5, 2022, with $482,158,000 (50.06%) validly tendered. The Partnership plans to accept all validly tendered notes and will pay for them on April 6, 2022, subject to completing a public offering of $1.5 billion in senior notes to fund this transaction. Additionally, any notes not tendered will be optionally redeemed on April 22, 2022, at a price of 102.938%, plus accrued interest, contingent on the successful financing condition being met.

Targa Resources Corp. (NYSE: TRGP) announced its participation in two upcoming investor conferences. The U.S. Capital Advisors Midstream Corporate Access Day is scheduled for March 30, 2022, followed by the Bank of America Energy Summit on March 31, 2022. Attendees can access presentation slides on the Company’s website. Targa is a major midstream service provider in North America, connecting natural gas and NGLs to various markets, playing a crucial role in energy delivery. It is also ranked as a FORTUNE 500 company, underscoring its market significance.

Targa Resources Corp. (NYSE: TRGP) announced a public offering of $750 million in senior notes due 2033 and $750 million due 2052. The notes are priced at 99.815% and 99.333% of their face value, respectively, with expected closing on April 6, 2022. Proceeds will fund the purchase of 5 7/8% Senior Notes due 2026 and repay part of the company's revolving credit facility. The offering is contingent on a tender offer for the 2026 Notes, which underscores the company’s efforts to manage its debt and leverage its financial position.

Targa Resources Partners LP, a subsidiary of Targa Resources Corp. (NYSE: TRGP), has initiated a cash tender offer for all outstanding 5.875% Senior Notes due 2026, totaling approximately $963.2 million. The purchase price is set at $1,030.88 for each $1,000 of notes. Holders will also receive accrued interest. The tender offer expires on April 5, 2022, with settlement expected on April 6, 2022. This offer is contingent on a senior notes financing of at least $1.25 billion by TRGP. If not tendered, notes may be redeemed at 102.938% of their principal amount on April 22, 2022.

Targa Resources Corp. (NYSE: TRGP) has announced the acquisition of Southcross Energy Operating LLC and its subsidiaries for $200 million. This transaction, valued at around 4 times adjusted EBITDA, highlights significant synergy potential and the ability to operate an idle plant with a capacity of 200 million cubic feet per day. The acquisition, which includes fee-based contracts primarily for low pressure wellhead gathering, is expected to close in Q2 2022, pending customary conditions.