Targa Resources Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 adjusted EBITDA and volumes were achieved despite weather and price-driven shut-ins, prompting a $300M guidance increase for 2026. Strong Permian growth, new plant expansions, and robust LPG export demand position the company for continued outperformance.
Fiscal Year 2025
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Record 2025 results driven by Permian growth and commercial success, with Adjusted EBITDA up 20% year-over-year. 2026 guidance points to continued double-digit growth, major project execution, and robust free cash flow, supported by a strong balance sheet and fee-based cash flows.
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Record Q3 adjusted EBITDA and volumes position the company to reach the top end of 2025 guidance, driven by strong Permian growth and major project execution. Capital allocation remains balanced, with a 25% dividend increase planned and robust free cash flow expected post-2027.
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Q2 2025 saw record Permian and NGL volumes, 18% year-over-year adjusted EBITDA growth, and robust capital returns. Guidance for 2025 remains strong, with major projects ahead of schedule and a new $1 billion share repurchase program authorized.
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Record Q1 Adjusted EBITDA rose 22% year-over-year, driven by strong Permian volumes and robust marketing. Capital returns accelerated with $214M in share repurchases and a 33% dividend hike, while growth projects and disciplined hedging support a positive 2025 outlook.
Fiscal Year 2024
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Record 2024 results with 17% adjusted EBITDA growth, driven by Permian outperformance and commercial wins. 2025 guidance points to another record year, with strong back-half growth and major new projects underway. Capital returns remain robust, with a 50% dividend hike and $755M in buybacks.
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Record Q3 results driven by strong Permian growth and robust NGL volumes, with adjusted EBITDA up 9% sequentially and full-year guidance raised above prior expectations. Capital returns accelerated, including a planned 33% dividend increase for 2025 and significant share repurchases.
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Record Q2 Adjusted EBITDA and Permian volumes drove a guidance raise and accelerated capital spending. New infrastructure came online as planned, and a $1 billion buyback was authorized, with strong free cash flow and balance sheet metrics supporting continued shareholder returns.