Targa Resources (TRGP) Investor presentation summary

Strategic positioning and asset base

• Operates the largest natural gas gathering and processing network in the Permian Basin, with a fully integrated infrastructure from wellhead to water, supporting both domestic and export markets.

• Maintains a premier NGL footprint in Mont Belvieu and one of the largest Gulf Coast LPG export facilities, enabling access to growing global demand.

• Recent bolt-on acquisitions and commercial activity have expanded dedicated acreage and enhanced sour gas treating and CCUS capabilities.

• System integration across gathering, processing, transportation, storage, and export provides reliability and operational flexibility.

• Positioned for deeper zone development, expanding supply potential and long-term growth rate.

Financial performance and growth

• Achieved 21% Permian volume growth CAGR and 25% Adjusted EBITDA growth CAGR over the last five years, with $4.5B capital returned to shareholders.

• Adjusted CFFO per share grew at a 28% CAGR from 2020 to 2025, reflecting strong cash flow generation and share repurchases.

• Maintains industry-leading ROIC versus peers, driven by disciplined capital deployment into high-return projects.

• 2026 Adjusted EBITDA projected at $5.4–$5.6B, with over 90% fee-based revenue and minimal commodity price sensitivity.

• Leverage remains within a 3.0–4.0x target range, supporting financial flexibility and investment grade ratings.

Capital allocation and shareholder returns

• Returned $4.7B to shareholders since 2020 through dividends and share repurchases, with a 52% CAGR in annual return of capital.

• Plans to return 40–50% of Adjusted CFFO to shareholders over a multi-year horizon, including a recommended increase to a $5.00/share annualized dividend in 2026.

• Reduced share count by 10% since 2020, enhancing per-share metrics and shareholder value.