Organization and Operations	9 Months Ended
Sep. 30, 2025
Organization [Abstract]
Organization and Operations	Note 1 — Organization and Operations Our Organization Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets. In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: • the inclusion of the TRGP senior revolving credit facility; • the inclusion of the TRGP senior unsecured notes; • the inclusion of the TRGP commercial paper notes; and • the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes. Our Operations 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. See Note 16 – Segment Information for certain financial information regarding our business segments.

Organization and Operations

9 Months Ended

Sep. 30, 2025

Note 1 — Organization and Operations

Our Organization

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets.

In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are:

•

the inclusion of the TRGP senior revolving credit facility;

•

the inclusion of the TRGP senior unsecured notes;

•

the inclusion of the TRGP commercial paper notes; and

•

the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.

Our Operations

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.

See Note 16 – Segment Information for certain financial information regarding our business segments.

Targa Resources Corp. 10-Q