Targa Resources Corp. Releases Sustainability Report

Rhea-AI Summary

Targa Resources Corp. (NYSE: TRGP) has released its Sustainability Report for 2023, highlighting key achievements in environmental, social, and governance areas. The report, available on the company's website, showcases Targa's commitment to sustainability and transparency.

Notable accomplishments include:

• A 19% decrease in Gathering & Boosting sector methane intensity
• Surpassing original methane intensity goals set through ONE Future participation
• Conducting aerial methane surveys across all gathering and processing assets
• Increasing methane monitoring frequency at compressor stations and gas plants
• Exporting approximately 5.6 billion gallons of LPG globally, potentially displacing higher GHG-emitting fuels
• Improving safety performance with a 25% decrease in Employee Total Recordable Incident Rate since 2021
• Receiving nine midstream safety recognition awards
• Maintaining a high level of local hiring and board independence

The report aligns with GRI Standards, IFRS, SASB Oil & Gas Midstream Standard, and TCFD guidelines, demonstrating Targa's commitment to recognized sustainability reporting frameworks.

HOUSTON, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today that its Sustainability Report for 2023 is now available on the Company’s website at https://www.targaresources.com/sustainability. The report advances Targa’s sustainability disclosures and provides a review of Targa’s performance for calendar year 2023 against various environmental, social, and governance topics that we believe are important to our industry and our business.

Highlights of Targa’s Sustainability Report for the 2023 calendar year include the following:

• Decreased Gathering & Boosting (G&B) sector methane intensity by 19%;
• Exceeded the original methane intensity goals established through the ONE Future participation;
• Conducted aerial methane surveys at all gathering and processing assets;
• Increased handheld camera methane monitoring to quarterly at all compressor stations and bi-monthly to all gas plants;
• Exported approximately 5.6 billion gallons of liquefied petroleum gas (“LPG”) globally that can displace higher GHG-emitting fuels;
• Realized continued safety performance with a 25% decrease in Employee Total Recordable Incident Rate since 2021;
• Received nine (9) midstream safety recognition awards for exceptional safety records;
• 95% of our new hires resided in the communities in which we operate;
• 91% of Board of Directors are independent; 100% independent Audit, Compensation, Nominating and Governance, Risk Management, and Sustainability Committees;⁽¹⁾
• 36% of Board of Directors are women;⁽¹⁾ and
• Board-level Sustainability Committee continues to oversee management’s implementation of strategy to integrate sustainability into various business activities to create long-term stakeholder benefits.
  

Please refer to the full sustainability report for additional context regarding these highlights as well as other sustainability matters. The report references the Global Reporting Initiative (“GRI”) Standards, International Financial Reporting Standards’ (“IFRS”), Sustainability Accounting Standards Board’s (“SASB”) Oil & Gas Midstream Standard, and the Task Force on Climate-Related Financial Disclosures (“TCFD”). In addition, Targa engaged an external third party to perform an attest review engagement for certain greenhouse gas emissions and employee safety data metrics disclosed in Targa’s 2023 Sustainability Report for the year ended December 31, 2023.

⁽¹⁾ As of May 17, 2024.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Forward-Looking Statements

Certain statements in this release 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 release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s Sustainability Report for 2023 and its filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
InvestorRelations@targaresources.com
(713) 584-1133

FAQ

What are the key highlights of Targa Resources Corp's (TRGP) 2023 Sustainability Report?

Key highlights include a 19% decrease in G&B sector methane intensity, exceeding original methane intensity goals, conducting aerial methane surveys, increasing methane monitoring frequency, exporting 5.6 billion gallons of LPG globally, improving safety performance, and maintaining high levels of board independence and local hiring.

How has Targa Resources Corp (TRGP) improved its methane monitoring in 2023?

Targa conducted aerial methane surveys at all gathering and processing assets, increased handheld camera methane monitoring to quarterly at all compressor stations, and bi-monthly at all gas plants.

What safety improvements did Targa Resources Corp (TRGP) achieve in 2023?

Targa realized a 25% decrease in Employee Total Recordable Incident Rate since 2021 and received nine midstream safety recognition awards for exceptional safety records.

How does Targa Resources Corp (TRGP) contribute to reducing greenhouse gas emissions globally?

Targa exported approximately 5.6 billion gallons of liquefied petroleum gas (LPG) globally in 2023, which can potentially displace higher GHG-emitting fuels.

What percentage of Targa Resources Corp's (TRGP) Board of Directors are women as of May 17, 2024?

As of May 17, 2024, 36% of Targa Resources Corp's Board of Directors are women.