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• They are like the Waste Management (WM) of natural gas and oil – gathering, processing, and transporting these energy products from wells to market.
• Consider them the Union Pacific (UNP) of the energy sector, owning and operating the vast network of pipelines, processing plants, and storage facilities essential for moving natural gas and oil.
• They're akin to a Prologis (PLD) for energy, providing the crucial infrastructure—like processing plants, pipelines, and storage terminals—that other energy companies rely on to move and manage their products.

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• Natural Gas Midstream Services: Targa provides comprehensive services for natural gas, including gathering, compression, treatment, processing, transportation, and marketing.
• Natural Gas Liquids (NGL) Services: The company offers a full suite of NGL services, encompassing gathering, processing (fractionation), storage, transportation, marketing, and NGL balancing.
• Crude Oil Midstream Services: Targa's crude oil operations include gathering, purchasing, storing, terminaling, and selling crude oil.
• Propane Wholesale and Logistics: The company is involved in the wholesale distribution of propane and provides associated logistics services.
• Transportation Services for Refineries and Petrochemical Companies: Targa offers specialized transportation services for refineries and petrochemical facilities in the Gulf Coast area.

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Targa Resources (TRGP) primarily sells its services and products to other companies within the energy sector, rather than directly to individuals. The company operates as a midstream energy provider, connecting upstream producers with various downstream consumers and marketers.

Based on the company description, its major customers fall into the following categories:

• Upstream Energy Producers: Companies involved in the exploration and production of natural gas, natural gas liquids (NGLs), and crude oil. Targa provides essential gathering, compressing, treating, processing, and transportation services for these raw energy commodities.
• Refineries and Petrochemical Companies: Downstream energy companies that utilize crude oil, natural gas, and NGLs as feedstocks. Targa provides transportation services to these companies, particularly in the Gulf Coast area, and supports their operations through storage and terminaling services.
• NGL and LPG Marketers, Exporters, and Retailers: This category includes companies involved in the purchase and resale of NGL products, liquefied petroleum gas (LPG) exporters, and multi-state and independent retailers who purchase wholesale propane and receive related logistics services from Targa.

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Matthew J. Meloy, Chief Executive Officer

Matthew J. Meloy has served as Chief Executive Officer and a director of Targa Resources Corp. since March 1, 2020. Prior to this, he held the positions of President from March 2018 to March 2020 and Executive Vice President and Chief Financial Officer from May 2015 to February 2018. Mr. Meloy joined Targa in March 2006. Before joining Targa, he was with The Royal Bank of Scotland in the structured finance group, focusing on the energy sector from October 2003 to March 2006. He has also been the head of five different companies, including various Targa subsidiaries, and previously held the position of Assistant Vice President at NatWest Markets Plc.

William A. Byers, Chief Financial Officer

William A. Byers has served as Chief Financial Officer of Targa Resources Corp. since July 2024. Before joining Targa, Mr. Byers was Chief Financial Officer at Manchester Energy, LLC from June 2022 to June 2024. He also served as Executive Vice President and Chief Financial Officer at Navitas Midstream Partners, LLC from August 2014 to February 2022. Navitas Midstream Partners, LLC was the largest private gas gathering and processing company in the Midland Basin prior to its sale in early 2022, indicating his involvement with a company that was acquired. Prior to his roles at Manchester Energy and Navitas Midstream, he worked in investment banking focused on the energy sector for 14 years, most recently as a Managing Director for Barclays.

Jennifer R. Kneale, President

Jennifer R. Kneale has served as President of Targa Resources Corp. since March 2025. She previously held the role of President – Finance and Administration from July 2024 to February 2025. Ms. Kneale served as Chief Financial Officer of the Company from March 2018 to July 2024. She joined Targa in May 2013. Prior to Targa, Ms. Kneale spent 10 years in the financial services industry, working in private equity, structured commodities transactions, asset management, and investment banking, including being a member of Tudor, Pickering, Holt & Co.'s energy private equity group, TPH Partners. At Targa, she has been involved in numerous M&A and capital markets transactions, including forming capital raising joint ventures with private equity and strategic partners.

Patrick J. McDonie, President – Gathering and Processing

Patrick J. McDonie has served as President—Gathering and Processing of Targa Resources Corp. since March 2018. His previous roles at Targa include Executive Vice President—Southern Field Gathering and Processing from November 2015 to February 2018. Before joining Targa, he served as President of Atlas Pipeline Partners GP LLC from October 2013 to February 2015. Atlas Pipeline Partners was acquired by Targa in February 2015. He also served as Chief Operating Officer and Senior Vice President of Atlas from July 2012 to October 2013. From May 2008 to July 2012, Mr. McDonie was President of ONEOK Energy Services Company.

Robert M. Muraro, Chief Commercial Officer

Robert M. Muraro has served as Chief Commercial Officer of Targa Resources Corp. since March 2018. He previously held the position of Executive Vice President—Commercial from February 2017 to February 2018. Mr. Muraro joined Targa in August 2004 as a Director of Business Development and has held roles of increasing responsibility within the company. Prior to his tenure at Targa, he was associated with ABN Amro's energy investment banking group.

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Key Business Risks for Targa Resources (TRGP)

1. Commodity Price Volatility: Targa Resources remains significantly exposed to fluctuations in natural gas and natural gas liquids (NGL) prices, despite utilizing fee-based contracts to mitigate some risk. These price movements can directly impact the company's processing and marketing margins, particularly within its Logistics and Transportation segment, leading to earnings volatility. A decline in the market price and demand for natural gas, NGLs, and crude oil could negatively affect Targa's financial performance.
2. Competitive Pressures and Potential Oversupply in Midstream Infrastructure: The midstream energy sector, especially in key areas like the Permian Basin where Targa has a dominant presence, is highly competitive. Both Targa and its competitors are undertaking substantial capital expenditures to expand infrastructure, which introduces the risk of oversupply in processing and transportation capacity. If demand growth does not keep pace with this increased capacity, Targa could face pressure on its margins and utilization rates. Furthermore, there are execution risks associated with Targa's ambitious expansion projects, including potential delays, cost overruns, supply-chain disruptions, or labor shortages.
3. Regulatory and Environmental Changes: Targa Resources is subject to evolving laws and regulations, particularly those related to environmental protection, taxes, tariffs, and international trade. Changes in these regulations, such as tightening methane and pipeline permitting rules, could result in increased operational costs, necessitate significant capital investments for compliance, and potentially impact the company's profitability and ability to develop new infrastructure.

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The accelerating global and domestic transition to renewable energy sources (solar, wind) and electrification initiatives across power generation, transportation, and industrial/residential heating sectors. This fundamental shift reduces the long-term demand for the fossil fuels (natural gas, NGLs, and crude oil) that Targa Resources' entire midstream infrastructure and business model are designed to gather, process, and transport, thereby threatening the future utilization and economic viability of its extensive asset base.

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Targa Resources (TRGP) operates within several addressable markets across North America, primarily focusing on midstream energy assets for natural gas, natural gas liquids (NGLs), and crude oil.

Natural Gas and Crude Oil Midstream Services

The addressable market for Targa Resources' natural gas and crude oil gathering, processing, transportation, and storage services falls under the broader North America Oil and Gas Midstream Market. This market is projected to grow from an estimated USD 74.90 billion in 2025 to USD 89.56 billion by 2030. This midstream sector encompasses the essential operations of transporting, storing, and handling crude oil, natural gas, and refined products.

Natural Gas Liquids (NGL) Services

Targa Resources' extensive involvement in storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products is within the North America Natural Gas Liquids (NGL) Market. This market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 5.57%.

Propane Wholesale

As a key component of NGL products, Targa Resources also participates in the propane wholesale market. The North America Propane Market, including wholesale and other applications, held a market size of approximately USD 2.45 billion in 2025 and is projected to grow at a CAGR of 2.5% from 2025 to 2033.

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Targa Resources Corp. (TRGP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends, primarily focused on its core midstream energy assets in North America.

1. Strong Volume Growth in the Permian Basin: Targa Resources anticipates robust increases in natural gas and natural gas liquids (NGL) volumes from the Permian Basin. This growth is supported by increased drilling activity from producer customers and expanding acreage dedications, with expectations for low double-digit volumetric growth in 2026 and beyond. This sustained increase in throughput across its gathering and processing systems directly translates into higher fee-based revenues.
2. Expansion of Natural Gas Processing Capacity: The company is undertaking a significant buildout of new natural gas processing plants in the Permian Basin. Planned projects include Falcon 2, East Pembrook, East Driver, Copperhead, Yeti I, and Yeti II, with multiple plants expected to come online over the next two years, adding substantial processing capacity. These new facilities are crucial for handling the increasing Permian volumes and reinforcing Targa's competitive position.
3. Increased NGL Transportation and Fractionation Capacity: Targa is expanding its NGL infrastructure, including the construction of the new Speedway NGL Pipeline, which will transport NGLs from the Permian Basin to its Mont Belvieu fractionation and storage complex. Additionally, the company is adding new fractionation trains (Train 11, Train 12, and Train 13) at Mont Belvieu to process greater volumes of NGLs into purity products, further strengthening its logistics and transportation segment.
4. Growth in LPG Export Volumes: Improving demand from export hubs along the Gulf Coast is a significant driver, leading Targa to expand its liquefied petroleum gas (LPG) export capacity at Mont Belvieu. This expansion allows Targa to capitalize on global demand for NGL products and increase its export volumes.
5. Strategic Acquisitions and System Integration: Targa has recently completed strategic acquisitions, such as Stakeholder Midstream, LLC, and bolt-on transactions in the Delaware Basin. These moves expand the company's dedicated acreage, integrate new volumes into its existing systems, and enhance connectivity, thereby creating additional commercial opportunities and strengthening its market presence.

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Share Repurchases

• In May 2023, Targa Resources' Board of Directors authorized a new $1.0 billion common share repurchase program, supplementing the remaining amount from a prior 2020 program.
• During 2025, Targa repurchased common stock totaling $642 million.
• As of December 31, 2025, approximately $1,374 million remained authorized under the company's Share Repurchase Programs.

Outbound Investments

• In January 2026, Targa completed the acquisition of Stakeholder Midstream, LLC for $1.25 billion in cash, expanding its midstream infrastructure in the Permian Basin.
• In December 2025, Targa completed two smaller bolt-on acquisitions of sour gathering and compression assets in the Delaware Basin for a total of $213 million.

Capital Expenditures

• Net growth capital expenditures for 2025 were approximately $3.3 billion.
• Targa estimates its net growth capital expenditures for 2026 to be approximately $4.5 billion.
• These capital expenditures are primarily focused on developing infrastructure in the Permian Basin, including six new processing plants, three new fractionators in Mont Belvieu, the Speedway NGL Pipeline, and the GPMT LPG Export Expansion.