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 a premier fractionation footprint in Mont Belvieu and one of the largest Gulf Coast LPG export facilities.

• Ongoing investments in new processing plants and pipelines, such as the Speedway NGL Pipeline, support continued volume growth and system expansion.

• Best-in-class gas treating system in the Delaware Basin, with 2.6 Bcf/d treating capacity and ongoing AGI expansions.

• Intra-basin residue projects like Bull Run Extension and Buffalo Run enhance connectivity and takeaway capacity.

Financial performance and returns

• Achieved 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 investment grade credit ratings (BBB/Baa2/BBB) and a strong balance sheet with leverage at 3.6x, within the 3.0–4.0x target range.

• Industry-leading adjusted EBITDA growth and meaningful dividend increases, with a 25% dividend growth expected in 2026.

• Reduced share count by 10% since 2020, with $605MM in share repurchases YTD 2025.

Operational excellence and volume growth

• Permian volume growth outpaced basin-wide associated gas by 4% and crude by 9% on average over the last five years.

• NGL transportation volumes have grown at a 25% CAGR since 2019, driven by plant additions and the Grand Prix pipeline.

• Seven new Permian plants, including Pembrook II and Bull Moose II, add significant NGL production and support the Speedway pipeline expansion.

• LPG export volumes reached ~426 MBbl/d YTD 2025, representing about 9% of global exports.

• Integrated NGL system and export capabilities position the company for continued growth in international markets.