TRGP · Targa Resources Corp.

Targa Resources Corp. reported record first quarter 2026 results, with adjusted EBITDA of $1.4 billion, a 19% increase year-over-year, driven by record Permian inlet volumes and fractionation volumes. Net income attributable to Targa was $480 million, up 77% from $271 million in Q1 2025. The company raised its full-year 2026 adjusted EBITDA guidance to $5.7-$5.9 billion, reflecting strong marketing and optimization opportunities, LPG export operations, and continued volume growth. Key operational highlights include the completion of the Falcon II and East Pembrook processing plants, the Train 11 fractionator, and the announcement of two new Permian processing plants (Roadrunner III and Copperhead II). The company also increased its quarterly dividend by 25% to $1.25 per share and repurchased $55 million in shares. Total consolidated debt stood at $19.1 billion as of March 31, 2026, with liquidity of $3.1 billion. The strong results and raised guidance underscore Targa's integrated asset base and growth trajectory in the Permian Basin.