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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-34991

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)


Delaware		20-3701075
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

811 Louisiana Street, Suite 2100, Houston, Texas		77002
(Address of principal executive offices)		(Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock	TRGP	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of July 31, 2025, there were 215,191,852 shares of the registrant’s common stock, $0.001 par value, outstanding.

Total number of pages (excluding Exhibits): 49

TABLE OF CONTENTS


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements		4

Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024		4

Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024		5

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024		6

Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024		7

Consolidated Statements of Changes in Owners’ Equity for the three and six months ended June 30, 2025 and 2024		8

Notes to Consolidated Financial Statements		10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		27

Item 3. Quantitative and Qualitative Disclosures About Market Risk		42

Item 4. Controls and Procedures		44

PART II—OTHER INFORMATION

Item 1. Legal Proceedings		46

Item 1A. Risk Factors		46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		46

Item 3. Defaults Upon Senior Securities		46

Item 4. Mine Safety Disclosures		46

Item 5. Other Information		46

Item 6. Exhibits		46

SIGNATURES

Signatures		48

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (the “Partnership”), “we,” “us,” “our,” “Targa,” “TRGP,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify 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, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:

•

the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and natural gas liquid supplies to our logistics and transportation facilities and our success in connecting our facilities to transportation services and markets;

•

actions taken by other countries with significant hydrocarbon production;

•

the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services;

•

our ability to grow through internal growth capital projects or acquisitions and the successful integration and future performance of such assets;

•

the timing and success of business development efforts;

•

our ability to timely obtain and maintain necessary licenses, permits and other approvals;

•

industry changes, including the impact of consolidation, changes in competition and any increase in the use of alternative forms of energy for oil, gas and NGLs;

•

downside commodity price volatility from a variety of potential factors that can result in lower activity in our areas of operation;

•

our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;

•

general economic, market and business conditions;

•

the potential impact of significant public health crises and their impact on demand for oil, gas and NGLs;

•

weather and other natural phenomena, and related impacts;

•

our ability to access the capital markets on favorable terms, or at all, which will depend on general market conditions, including the impact of interest rates and any associated Federal Reserve policies and disruptions in the bank and capital markets as a whole, our credit ratings and leverage levels, and demand for our common equity, senior unsecured notes and commercial paper;

•

the amount of collateral required to be posted from time to time in our transactions;

•

the level of creditworthiness of counterparties to various transactions with us;

•

changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, safety and the protection of the environment; and

•

the risks described in our annual report on Form 10-K for the year ended December 31, 2024 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this quarterly report on Form 10-Q for the quarter ended June 30, 2025 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.

As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:


Bbl		Barrels (equal to 42 U.S. gallons)
BBtu		Billion British thermal units
Bcf		Billion cubic feet
Btu		British thermal units, a measure of heating value
/d		Per day
GAAP		Accounting principles generally accepted in the United States of America
gal		U.S. gallons
LPG		Liquefied petroleum gas
MBbl		Thousand barrels
MMBbl		Million barrels
MMBtu		Million British thermal units
MMcf		Million cubic feet
MMgal		Million U.S. gallons
NGL(s)		Natural gas liquid(s)
NYMEX		New York Mercantile Exchange
NYSE		New York Stock Exchange
SCOOP		South Central Oklahoma Oil Province
STACK		Sooner Trend, Anadarko, Canadian and Kingfisher

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS


	June 30, 2025			December 31, 2024
	(Unaudited)
	(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	113.1		$	157.3
Trade receivables, net of allowances of $0.7 million and $2.5 million as of June 30, 2025 and December 31, 2024		1,408.6			1,618.3
Inventories		443.5			334.3
Assets from risk management activities		78.3			61.8
Other current assets		163.7			124.6
Total current assets		2,207.2			2,296.3
Property, plant and equipment, net		19,020.3			18,062.7
Intangible assets, net		1,814.4			1,977.4
Long-term assets from risk management activities		26.2			25.3
Investments in unconsolidated affiliates		268.6			193.3
Other long-term assets		176.1			179.1
Total assets	$	23,512.8		$	22,734.1

LIABILITIES AND OWNERS’ EQUITY
Current liabilities:
Accounts payable	$	1,726.7		$	2,012.5
Accrued liabilities		214.0			336.0
Interest payable		313.2			269.1
Liabilities from risk management activities		154.6			167.3
Current debt obligations		768.2			387.7
Total current liabilities		3,176.7			3,172.6
Long-term debt		16,082.3			13,786.9
Long-term liabilities from risk management activities		72.7			92.0
Deferred income taxes, net		1,079.4			872.1
Other long-term liabilities		390.3			392.3
Contingencies (see Note 12)
Owners’ equity:
Targa Resources Corp. stockholders’ equity:
Common Stock ($0.001 par value, 450,000,000 shares authorized as of June 30, 2025 and December 31, 2024)		0.2			0.2
Issued Outstanding
June 30, 2025 242,332,690 215,509,429
December 31, 2024 241,764,105 217,763,821
Additional paid-in capital		3,053.3			3,089.1
Retained earnings (deficit)		1,705.4			1,190.0
Accumulated other comprehensive income (loss)		43.2			27.5
Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of June 30, 2025 and December 31, 2024)		(2,214.0	)		(1,714.4	)
Total Targa Resources Corp. stockholders’ equity		2,588.1			2,592.4
Noncontrolling interests		123.3			1,825.8
Total owners’ equity		2,711.4			4,418.2
Total liabilities and owners’ equity	$	23,512.8		$	22,734.1

See notes to consolidated financial statements.

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Unaudited)
	(In millions, except per share amounts)
Revenues:
Sales of commodities	$	3,636.3		$	2,966.7		$	7,520.7		$	6,909.3
Fees from midstream services		623.8			595.3			1,300.9			1,215.1
Total revenues		4,260.1			3,562.0			8,821.6			8,124.4
Costs and expenses:
Product purchases and fuel		2,436.0			2,197.4			5,693.8			5,415.4
Operating expenses		323.6			290.7			627.2			568.7
Depreciation and amortization expense		373.7			348.6			741.3			689.1
General and administrative expense		95.0			98.3			189.5			184.8
Other operating (income) expense		(1.8	)		(0.2	)		(7.1	)		(0.3	)
Income (loss) from operations		1,033.6			627.2			1,576.9			1,266.7
Other income (expense):
Interest expense, net		(218.4	)		(176.0	)		(415.5	)		(404.6	)
Equity earnings (loss)		5.1			2.9			10.6			5.6
Other, net		1.0			(0.9	)		1.3			1.0
Income (loss) before income taxes		821.3			453.2			1,173.3			868.7
Income tax (expense) benefit		(184.1	)		(94.3	)		(256.3	)		(177.1	)
Net income (loss)		637.2			358.9			917.0			691.6
Less: Net income (loss) attributable to noncontrolling interests		8.1			60.4			17.4			117.9
Net income (loss) attributable to Targa Resources Corp.		629.1			298.5			899.6			573.7
Premium on repurchase of noncontrolling interests, net of tax		—			—			70.5			—
Net income (loss) attributable to common shareholders	$	629.1		$	298.5		$	829.1		$	573.7

Net income (loss) per common share - basic	$	2.88		$	1.34		$	3.79		$	2.56
Net income (loss) per common share - diluted	$	2.87		$	1.33		$	3.78		$	2.55
Weighted average shares outstanding - basic		216.6			221.0			217.2			221.9
Weighted average shares outstanding - diluted		217.3			221.9			218.0			222.9

See notes to consolidated financial statements.

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30,
	2025									2024
	Pre-Tax			Related Income Tax			After Tax			Pre-Tax			Related Income Tax			After Tax
	(Unaudited)
	(In millions)

Net income (loss)							$	637.2								$	358.9
Other comprehensive income (loss):
Commodity hedging contracts:
Change in fair value	$	75.8		$	(17.3	)		58.5		$	3.0		$	(0.7	)		2.3
Settlements reclassified to revenues		(27.7	)		6.3			(21.4	)		(32.2	)		7.4			(24.8	)
Other comprehensive income (loss)		48.1			(11.0	)		37.1			(29.2	)		6.7			(22.5	)
Comprehensive income (loss)								674.3									336.4
Less: Comprehensive income (loss) attributable to noncontrolling interests								8.1									60.4
Comprehensive income (loss) attributable to Targa Resources Corp.							$	666.2								$	276.0


	Six Months Ended June 30,
	2025									2024
	Pre-Tax			Related Income Tax			After Tax			Pre-Tax			Related Income Tax		After Tax
	(Unaudited)
	(In millions)

Net income (loss)							$	917.0							$	691.6
Other comprehensive income (loss):
Commodity hedging contracts:
Change in fair value	$	42.0		$	(9.6	)		32.4		$	(67.2	)	$	15.4		(51.8	)
Settlements reclassified to revenues		(21.6	)		4.9			(16.7	)		(29.0	)		6.6		(22.4	)
Other comprehensive income (loss)		20.4			(4.7	)		15.7			(96.2	)		22.0		(74.2	)
Comprehensive income (loss)								932.7								617.4
Less: Comprehensive income (loss) attributable to noncontrolling interests								17.4								117.9
Comprehensive income (loss) attributable to Targa Resources Corp.							$	915.3							$	499.5

See notes to consolidated financial statements.

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
	2025			2024
	(Unaudited)
	(In millions)
Cash flows from operating activities
Net income (loss)	$	917.0		$	691.6
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization in interest expense		7.9			7.2
Compensation on equity grants		34.7			29.7
Depreciation and amortization expense		741.3			689.1
Deferred income tax expense (benefit)		226.7			170.8
Equity (earnings) loss of unconsolidated affiliates		(10.6	)		(5.6	)
Distributions of earnings received from unconsolidated affiliates		7.4			11.2
Risk management activities		(31.7	)		68.8
Other, net		14.0			6.4
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets		319.8			302.9
Inventories		(105.4	)		60.2
Accounts payable, accrued liabilities and other liabilities		(352.5	)		(269.7	)
Interest payable		44.1			18.3
Net cash provided by (used in) operating activities		1,812.7			1,780.9
Cash flows from investing activities
Outlays for property, plant and equipment		(1,698.3	)		(1,410.1	)
Investments in unconsolidated affiliates		(75.8	)		(20.1	)
Return of capital from unconsolidated affiliates		3.7			1.0
Other, net		0.3			1.5
Net cash provided by (used in) investing activities		(1,770.1	)		(1,427.7	)
Cash flows from financing activities
Debt obligations:
Proceeds from borrowings of commercial paper notes		46,656.2			36,477.0
Repayments of commercial paper notes		(47,119.7	)		(35,349.0	)
Repayment of term loan facility		—			(500.0	)
Proceeds from borrowings under accounts receivable securitization facility		870.0			125.0
Repayments of accounts receivable securitization facility		(1,200.0	)		(150.0	)
Proceeds from issuance of senior unsecured notes		3,490.7			—
Principal payments of finance leases		(30.2	)		(23.2	)
Costs incurred in connection with financing arrangements		(41.3	)		—
Repurchases of common stock		(449.2	)		(478.8	)
Shares tendered for tax withholding obligations		(46.7	)		(36.7	)
Contributions from noncontrolling interests		—			6.0
Distributions to noncontrolling interests		(24.2	)		(113.3	)
Repurchase of noncontrolling interests		(1,800.4	)		(1.3	)
Dividends paid to common shareholders		(385.6	)		(284.2	)
Other, net		(6.4	)		—
Net cash provided by (used in) financing activities		(86.8	)		(328.5	)
Net change in cash and cash equivalents		(44.2	)		24.7
Cash and cash equivalents, beginning of period		157.3			141.7
Cash and cash equivalents, end of period	$	113.1		$	166.4

See notes to consolidated financial statements.

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY


								Retained			Accumulated
						Additional		Earnings			Other		Treasury								Total
	Common Stock					Paid in		(Accumulated			Comprehensive		Shares					Noncontrolling			Owners’
	Shares			Amount		Capital		Deficit)			Income (Loss)		Shares		Amount			Interests			Equity
	(Unaudited)
	(In millions, except shares in thousands)

Balance, March 31, 2025		217,461		$	0.2	$	3,036.2	$	1,295.3		$	6.1		24,867	$	(1,886.3	)	$	121.2		$	2,572.7
Compensation on equity grants		—			—		17.1		—			—		—		—			—			17.1
Dividend equivalent rights		—			—		—		(0.7	)		—		—		—			—			(0.7	)
Shares issued under compensation program		4			—		—		—			—		—		—			—			—
Shares tendered for tax withholding obligations		(1	)		—		—		—			—		1		(0.2	)		—			(0.2	)
Repurchases of common stock		(1,955	)		—		—		—			—		1,955		(324.3	)		—			(324.3	)
Excise tax on repurchases of common stock		—			—		—		—			—		—		(3.2	)		—			(3.2	)
Common stock dividends
Dividends - $1.00 per share		—			—		—		(218.3	)		—		—		—			—			(218.3	)
Distributions to noncontrolling interests		—			—		—		—			—		—		—			(6.0	)		(6.0	)
Other comprehensive income (loss)		—			—		—		—			37.1		—		—			—			37.1
Net income (loss)		—			—		—		629.1			—		—		—			8.1			637.2
Balance, June 30, 2025		215,509		$	0.2	$	3,053.3	$	1,705.4		$	43.2		26,823	$	(2,214.0	)	$	123.3		$	2,711.4


								Retained			Accumulated
						Additional		Earnings			Other			Treasury								Total
	Common Stock					Paid in		(Accumulated			Comprehensive			Shares					Noncontrolling			Owners’
	Shares			Amount		Capital		Deficit)			Income (Loss)			Shares		Amount			Interests			Equity
	(Unaudited)
	(In millions, except shares in thousands)

Balance, March 31, 2024		222,150		$	0.2	$	3,073.4	$	654.1		$	33.9			19,110	$	(1,057.7	)	$	1,873.7		$	4,577.6
Compensation on equity grants		—			—		15.1		—			—			—		—			—			15.1
Dividend equivalent rights		—			—		—		(1.1	)		—			—		—			—			(1.1	)
Shares issued under compensation program		7			—		—		—			—			—		—			—			—
Shares tendered for tax withholding obligations		(1	)		—		—		—			—			1		(0.2	)		—			(0.2	)
Repurchases of common stock		(2,986	)		—		—		—			—			2,986		(355.1	)		—			(355.1	)
Excise tax on repurchases of common stock		—			—		—		—			—			—		(3.5	)		—			(3.5	)
Common stock dividends
Dividends - $0.75 per share		—			—		—		(167.6	)		—			—		—			—			(167.6	)
Distributions to noncontrolling interests		—			—		—		—			—			—		—			(56.8	)		(56.8	)
Contributions from noncontrolling interests		—			—		—		—			—			—		—			4.2			4.2
Other comprehensive income (loss)		—			—		—		—			(22.5	)		—		—			—			(22.5	)
Net income (loss)		—			—		—		298.5			—			—		—			60.4			358.9
Balance, June 30, 2024		219,170		$	0.2	$	3,088.5	$	783.9		$	11.4			22,097	$	(1,416.5	)	$	1,881.5		$	4,349.0

See notes to consolidated financial statements.

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY


									Retained			Accumulated
						Additional			Earnings			Other		Treasury								Total
	Common Stock					Paid in			(Accumulated			Comprehensive		Shares					Noncontrolling			Owners’
	Shares			Amount		Capital			Deficit)			Income (Loss)		Shares		Amount			Interests			Equity
	(Unaudited)
	(In millions, except shares in thousands)

Balance, December 31, 2024		217,764		$	0.2	$	3,089.1		$	1,190.0		$	27.5		24,000	$	(1,714.4	)	$	1,825.8		$	4,418.2
Compensation on equity grants		—			—		34.7			—			—		—		—			—			34.7
Dividend equivalent rights		—			—		—			(1.4	)		—		—		—			—			(1.4	)
Shares issued under compensation program		568			—		—			—			—		—		—			—			—
Shares tendered for tax withholding obligations		(217	)		—		—			—			—		217		(46.7	)		—			(46.7	)
Repurchases of common stock		(2,606	)		—		—			—			—		2,606		(449.2	)		—			(449.2	)
Excise tax on repurchases of common stock		—			—		—			—			—		—		(3.7	)		—			(3.7	)
Common stock dividends
Dividends - $1.75 per share		—			—		—			(382.8	)		—		—		—			—			(382.8	)
Distributions to noncontrolling interests		—			—		—			—			—		—		—			(10.7	)		(10.7	)
Repurchase of noncontrolling interests, net of tax		—			—		(70.5	)		—			—		—		—			(1,709.2	)		(1,779.7	)
Other comprehensive income (loss)		—			—		—			—			15.7		—		—			—			15.7
Net income (loss)		—			—		—			899.6			—		—		—			17.4			917.0
Balance, June 30, 2025		215,509		$	0.2	$	3,053.3		$	1,705.4		$	43.2		26,823	$	(2,214.0	)	$	123.3		$	2,711.4


								Retained			Accumulated
						Additional		Earnings			Other			Treasury								Total
	Common Stock					Paid in		(Accumulated			Comprehensive			Shares					Noncontrolling			Owners’
	Shares			Amount		Capital		Deficit)			Income (Loss)			Shares		Amount			Interests			Equity
	(Unaudited)
	(In millions, except shares in thousands)

Balance, December 31, 2023		222,611		$	0.2	$	3,058.8	$	492.0		$	85.6			17,484	$	(896.9	)	$	1,870.3		$	4,610.0
Compensation on equity grants		—			—		29.7		—			—			—		—			—			29.7
Dividend equivalent rights		—			—		—		(1.8	)		—			—		—			—			(1.8	)
Shares issued under compensation program		1,172			—		—		—			—			—		—			—			—
Shares tendered for tax withholding obligations		(441	)		—		—		—			—			441		(36.7	)		—			(36.7	)
Repurchases of common stock		(4,172	)		—		—		—			—			4,172		(478.8	)		—			(478.8	)
Excise tax on repurchases of common stock		—			—		—		—			—			—		(4.1	)		—			(4.1	)
Common stock dividends
Dividends - $1.25 per share		—			—		—		(280.0	)		—			—		—			—			(280.0	)
Distributions to noncontrolling interests		—			—		—		—			—			—		—			(112.7	)		(112.7	)
Contributions from noncontrolling interests		—			—		—		—			—			—		—			6.0			6.0
Other comprehensive income (loss)		—			—		—		—			(74.2	)		—		—			—			(74.2	)
Net income (loss)		—			—		—		573.7			—			—		—			117.9			691.6

Targa Resources Corp. 10-Q