Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, purchasing, storing, terminaling, and selling crude oil. It is also involved in the purchase and resale of NGL products; and wholesale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, the company offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. It operates approximately 28,400 miles of natural gas pipelines, including 42 owned and operated processing plants; and owns or operates a total of 34 storage wells with a gross storage capacity of approximately 76 million barrels. As of December 31, 2021, the company leased and managed approximately 648 railcars; 119 transport tractors; and two company-owned pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.
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Here are 1-3 brief analogies for Targa Resources (TRGP):
FedEx/UPS for natural gas and natural gas liquids (NGLs), handling their gathering, processing, and transportation.
Archer Daniels Midland (ADM) for energy commodities, gathering, processing, and moving natural gas and NGLs to market.
Union Pacific for natural gas and natural gas liquids (NGLs), operating the essential pipeline and processing infrastructure.
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- Natural Gas Gathering & Processing: Collects and processes raw natural gas from production wells, separating it into dry natural gas and natural gas liquids (NGLs).
- Natural Gas Liquids (NGL) Transportation & Fractionation: Transports NGLs through pipelines and fractionates them into individual purity products like ethane, propane, and butane.
- Crude Oil Gathering & Terminaling: Provides services for gathering crude oil from production basins and transporting it to storage terminals or pipeline systems.
- NGL Export & Storage: Offers storage and marine terminal services for exporting natural gas liquids to international markets.
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Targa Resources (symbol: TRGP) sells primarily to other companies, not individuals.
Due to the nature of the midstream energy business and for competitive reasons, Targa Resources does not publicly disclose the specific names of its individual major corporate customers in its financial filings or investor communications. The company's diverse customer base also means it is not dependent on any single customer for a significant portion of its revenues (typically defined as 10% or more).
However, based on Targa Resources' business operations and public disclosures, its major customer categories (i.e., the types of companies it serves) include:
- Crude Oil and Natural Gas Producers: These are upstream companies that extract crude oil and natural gas from the ground. They utilize Targa's gathering and processing services to collect, separate, and prepare their raw production for further transport and sale.
- Petrochemical Companies: These companies purchase natural gas liquids (NGLs) such as ethane, propane, and butane from Targa. NGLs serve as critical feedstocks for the production of plastics, chemicals, and other petrochemical products.
- Refineries / Refiners: Companies that purchase crude oil and NGLs from Targa to process into refined petroleum products like gasoline, diesel fuel, and jet fuel.
- Other Midstream Companies and Marketers: Targa may also provide transportation, storage, fractionation, or marketing services to other midstream energy companies or commodity marketers who then distribute products to end-users.
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Matthew J. Meloy, Chief Executive Officer
Mr. Meloy has served as Chief Executive Officer and a director of Targa Resources Corp. since March 1, 2020. He previously held roles as 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 as Director of Corporate Development. Before joining Targa, he worked with The Royal Bank of Scotland in the structured finance group, focusing on the energy sector, from October 2003 to March 2006. He holds a Bachelor's Degree in Finance from the University of Texas at Austin.
William A. Byers, Chief Financial Officer
Mr. Byers has served as Chief Financial Officer of Targa Resources Corp. since July 2024. Prior to this, he 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 described as the largest private gas gathering and processing company in the Midland Basin prior to its sale in early 2022. Before his time at Navitas, Mr. Byers spent 14 years in investment banking focused on the energy sector, most recently as a Managing Director for Barclays.
Jennifer R. Kneale, President - Finance and Administration
Ms. Kneale has served as President - Finance and Administration of Targa Resources Corp. since July 2024. She previously served as Chief Financial Officer from March 2018 to July 2024. Ms. Kneale joined Targa in May 2013. Prior to joining Targa, she was a member of Tudor, Pickering, Holt & Co.'s energy private equity group, TPH Partners, indicating her involvement with private equity firms.
Patrick J. McDonie, President—Gathering and Processing
Mr. McDonie has served as President—Gathering and Processing of Targa Resources Corp. since March 2018. He previously served as Executive Vice President—Southern Field Gathering and Processing from November 2015 to February 2018. Mr. McDonie joined Targa in 2015 through Targa's acquisition of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P. At Atlas, he served as President from October 2013 to February 2015 and Chief Operating Officer from July 2012 to October 2013. He also served as President of ONEOK Energy Services Company from May 2008 to July 2012.
D. Scott Pryor, President—Logistics and Transportation
Mr. Pryor has served as President—Logistics and Transportation of Targa Resources Corp. since March 2018. He joined Targa in 2005 through the company's acquisition of Dynegy Midstream Services LP. Prior to his current role, he was Executive Vice President—Logistics and Marketing from November 2015 to February 2018. Before Targa's acquisition of Dynegy, Mr. Pryor held increasingly responsible roles at Dynegy and Warren Petroleum Company.
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Accelerating global energy transition towards renewable sources and electrification, leading to reduced long-term demand for natural gas, natural gas liquids, and crude oil, which form the core commodities transported and processed by Targa Resources.
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Targa Resources (TRGP) operates primarily in the midstream energy sector in the United States, focusing on natural gas and natural gas liquids (NGLs). Its main products and services include gathering, compressing, treating, and processing natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products; and gathering, storing, terminaling, and selling crude oil.
The addressable markets for Targa Resources' main products and services are as follows:
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Natural Gas Liquids (NGLs) Market:
- The global natural gas liquids market was valued at approximately $13.75 billion in 2024 and is projected to reach around $24.17 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.80%. Other sources indicate the global market was valued at $16.9 billion in 2020 and is projected to reach $28.5 billion by 2030, with a CAGR of 5.4% from 2021 to 2030. Another estimate places the global market at $14 billion in 2024, projected to reach $23.07 billion by 2032, with a CAGR of 6.44% from 2026 to 2032. Technavio forecasts the market size to increase by $21.5 billion, at a CAGR of 6.7% between 2024 and 2029.
- The North American natural gas liquids market was valued at approximately $7.08 billion in 2024 and is estimated to reach $11.53 billion in 2033, representing a CAGR of 5.57%. North America held over 40% of the global revenue for NGLs, with a market size of $7016.88 million in 2024, projected to reach $9915.6 million by 2031 at a CAGR of 3.8%. The U.S. had a major share in the North American NGL market, with a market size of $5536.32 million in 2024, projected to grow at a CAGR of 3.6%.
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Natural Gas Gathering & Processing Market:
- The global gas processing market size was valued at approximately $228.66 billion in 2024 and is projected to surpass $430.84 billion by 2034, growing at a CAGR of 6.54% from 2024 to 2034.
- North America accounted for the largest share in the global gas processing market in 2023. The U.S. is a substantial market for gas processing, with rising oil and gas exploration and production activities driving demand.
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U.S. Oil & Gas Infrastructure Market (includes pipelines, terminals, storage, gathering & processing):
- The U.S. oil & gas infrastructure market was valued at $78.9 billion in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2034.
- Within this, the oil, gas, and NGL pipelines segment is anticipated to exceed $41 billion by 2034 in the U.S. The U.S. gas pipeline infrastructure market specifically was calculated at $1,058.73 billion in 2024, is projected to reach $2,431.55 billion by 2034, expanding at a CAGR of 8.67% between 2025 and 2034.
- The U.S. oil and gas midstream market is estimated at $17.10 billion in 2025 and is expected to reach $20.41 billion by 2030, at a CAGR of 3.60% during the forecast period (2025-2030).
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Oil Storage Market:
- The global oil storage market was valued at $13.75 billion in 2024 and is predicted to surpass $24.17 billion by 2034, registering a CAGR of 5.80% between 2024 and 2034.
- The oil storage market in the United States is expected to reach a projected revenue of $295.9 billion (cubic capacity, not value) by 2027, with a CAGR of 5% from 2020 to 2027.
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Expected Drivers of Future Revenue Growth for Targa Resources (TRGP) Over the Next 2-3 Years:
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Permian Basin Volume Growth: Targa Resources anticipates substantial growth in natural gas and Natural Gas Liquid (NGL) volumes from the Permian Basin. The company is actively expanding its gas processing infrastructure, with several new plants such as Yeti, Bull Moose II, East Pembrook, East Driver, Falcon II, and Copperhead slated to come online over the next two years. This expansion is expected to drive at least 10% growth in Permian volumes for 2025 and strong low double-digit growth in 2026.
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Expansion of NGL Transportation Infrastructure: A significant driver of future revenue is the expansion of Targa's NGL pipeline network. The new Speedway NGL Pipeline, a 500-mile pipeline connecting the Permian Basin to Mont Belvieu, is projected to begin operations in the third quarter of 2027. It will have an initial capacity of approximately 500,000 barrels per day (bpd), with the potential to expand to 1,000,000 bpd, effectively doubling the company's existing NGL transportation capacity. Additionally, the Delaware Express Pipeline expansion, a 100-mile extension of the Grand Prix system, is expected to commence operations in late 2026. The Buffalo Run project will further enhance natural gas connectivity within the Permian.
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Increased NGL Fractionation Capacity: Targa is significantly boosting its NGL fractionation capabilities at its Mont Belvieu complex. The company is constructing two new wholly-owned fractionation trains, Train 11 and Train 12, each with a capacity of 150 MBbl/d. These are expected to be operational in the second quarter of 2026 and the first quarter of 2027, respectively, supporting the processing of increased NGL volumes.
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Growth in LPG Export Capabilities: To meet rising international demand for U.S.-based NGLs, Targa Resources is expanding its Liquefied Petroleum Gas (LPG) export capabilities at its Galena Park Marine Terminal. This expansion is designed to increase the effective export capacity to 19 million barrels per month by the third quarter of 2027, up from the current approximately 13.5 million barrels per month.
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Share Repurchases
- Targa Resources repurchased $604.8 million of common stock for the nine months ended September 30, 2025.
- The company repurchased approximately $156 million of common stock during the third quarter of 2025.
- As of September 30, 2025, Targa Resources had approximately $1.4 billion remaining under its common Share Repurchase Programs. In July 2024, the Board of Directors approved a new share repurchase program for up to $1.0 billion of outstanding common stock, in addition to the amount remaining under the existing program.
Share Issuance
- Targa Resources Corp. priced an underwritten public offering of $1.75 billion in senior notes in November 2025, consisting of $750 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036.
- In February 2025, Targa Resources completed a $2.0 billion notes offering.
Outbound Investments
- In March 2022, Targa Resources acquired Southcross Energy Operating LLC and its subsidiaries in South Texas for $200 million, strengthening its natural gas gathering and processing footprint.
Capital Expenditures
- Targa Resources estimates net growth capital expenditures for 2025 to be approximately $3.3 billion, with a primary focus on expanding infrastructure in the Permian Basin, including new natural gas processing plants and pipeline expansions.
- Net maintenance capital expenditures for 2025 are estimated at approximately $250 million.
- Growth capital spending is expected to be elevated in 2025 and 2026 due to numerous projects in progress, with a moderation anticipated beyond 2027 as previously announced projects enter service.
