Targa Resources Corp. ( (TRGP) ) has released its Q4 earnings. Here is a breakdown of the information Targa Resources Corp. presented to its investors.
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Targa Resources Corp. is a prominent midstream service provider in North America, specializing in gathering, compressing, treating, processing, and transporting natural gas and natural gas liquids (NGLs), alongside crude oil services. As a significant player in the energy sector, Targa operates a vast infrastructure network, facilitating the efficient delivery of energy across domestic and international markets.
Targa Resources Corp. has reported record-breaking financial results for the fourth quarter and the entire fiscal year 2024. The company’s net income for the fourth quarter reached $351 million, showcasing a notable increase from the previous year. Adjusted EBITDA for the year stood at a record $4.1 billion, marking a 17% rise compared to 2023. These results reflect Targa’s strong operational performance, particularly in the Permian Basin.
Key highlights from Targa’s earnings report include record volumes in NGL transportation and LPG exports, alongside significant infrastructure expansions. Notably, the company completed the Greenwood II plant and Train 10 fractionator, further enhancing its processing capacity. Targa also announced strategic expansions, such as the Delaware Express pipeline and the GPMT LPG Export Expansion, positioning itself to meet growing demand.
Targa’s financial strategy involved refinancing $1.8 billion in preferred equity for Targa Badlands LLC, optimizing debt costs. Looking ahead, Targa anticipates a robust 2025, projecting adjusted EBITDA between $4.65 billion and $4.85 billion, driven by continued growth in the Permian region. The company plans substantial capital expenditures, targeting expansions in NGL pipelines and export capabilities.
As Targa Resources Corp. moves into 2025, the company remains focused on enhancing shareholder returns, with plans to increase its annual common dividend to $4.00 per share. With a strong growth outlook and strategic investments, Targa is poised to capitalize on increasing energy demand, while maintaining a solid financial foundation.
