Targa Resources (TRGP) Investor presentation summary

Strategic asset footprint and growth

• Operates the largest natural gas processing system in the Permian Basin, with over 80% of inlet volumes sourced from this region.

• Integrated wellhead-to-water NGL solution connects production to key markets, including one of the largest Gulf Coast LPG export facilities.

• Ongoing expansions include new processing plants and major NGL pipelines, such as the Speedway NGL Pipeline, supporting long-term volume growth.

• Investments in gas treating and CO2 sequestration infrastructure enhance commercial opportunities and regulatory compliance.

• System integration and scale provide resilience and flexibility across market cycles.

Financial performance and returns

• Achieved a 24% adjusted EBITDA CAGR and 21% return on invested capital over the last five years.

• Returned $3.1B to shareholders from 2020–2024 through dividends and share repurchases.

• Maintains an investment grade balance sheet with leverage within the 3.0–4.0x target range.

• Projected to return 40–50% of adjusted cash flow from operations to shareholders over a multi-year horizon.

• Increased annual dividend by 33% in 2025, with $450MM in share repurchases year-to-date.

Operational excellence and expansion

• Added 20 processing plants in six years, driving NGL transportation volume growth of ~140 MBbl/d per year.

• Six new Permian plants underway, expected to add 210–240 MBbl/d of NGL production.

• Grand Prix pipeline was transformational, enabling differentiated growth and attractive returns; Speedway pipeline is the next major project.

• Intra-basin residue gas pipeline projects enhance connectivity and takeaway capacity.

• Organic investments across gathering, processing, logistics, and transportation segments support continued growth.