Targa Resources Corp. has recently released its 10-Q report, providing a detailed look into the company's financials and operations. Targa Resources Corp., along with its subsidiary, Targa Resources Partners LP, is a leading provider of midstream services and one of the largest independent infrastructure companies in North America. The company is primarily engaged in gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling natural gas liquids (NGLs) and NGL products; and gathering, storing, terminaling, and purchasing and selling crude oil.
In the 10-Q report, Targa Resources Corp. highlighted significant recent developments, including major expansion projects such as the construction of new cryogenic natural gas processing plants in the Permian Basin and Delaware, fractionation expansions, NGL pipeline expansion, and LPG export expansion. The company also entered into joint ventures and completed the acquisition of Blackstone’s interest in Targa Badlands LLC for $1.8 billion in cash.
Additionally, the report detailed the company's capital allocation, with an increase in the quarterly common dividend to $1.00 per common share effective for the first quarter of 2025. Targa Resources Corp. also engaged in share repurchase programs and completed an underwritten public offering of $1.0 billion aggregate principal amount of 5.550% Senior Unsecured Notes due 2035 and $1.0 billion aggregate principal amount of 6.125% Senior Unsecured Notes due 2055.
The company's financing activities were also outlined, including entering into a Credit Agreement with Bank of America, N.A., and completing an underwritten public offering of Senior Unsecured Notes. The report also addressed the corporation tax matters and recent accounting pronouncements that will affect the company.
Furthermore, the 10-Q report provided insight into how Targa Resources Corp. evaluates its operations, emphasizing the impact of commodity price movements, fee-based contracts, and the use of various financial and operational measurements to analyze performance.
The market has reacted to these announcements by moving the company's shares -3.6% to a price of $164.71. Check out the company's full 10-Q submission here.
