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Updated Nov 5, 2026
Targa Resources posts record Q3 2026 Adjusted EBITDA of $1.50B, up 18% YoY, as Permian volume growth and ExxonMobil 20-year dedications cement structural midstream dominance.
Targa Resources delivered Q3 2026 Adjusted EBITDA of $1.504 billion, an 18% year-over-year increase, driven by 14% Permian natural gas inlet volume growth and a 22% rise in Gathering and Processing adjusted operating margin. The August 2026 ExxonMobil 20-year acreage dedication across Delaware and Midland basins is the most consequential commercial development in the filing, locking in long-duration fee-based cash flows that underpin the company's accelerating capital program — eleven new processing plants and four fractionation trains under construction or announced. Growth capital expenditures of $1.186 billion in Q3 alone compressed Adjusted Free Cash Flow to $33.6 million for the quarter, signaling that Targa is prioritizing infrastructure buildout over near-term cash return, with the Speedway pipeline and GPMT LPG Export Expansion representing the next leg of Permian-to-Gulf-Coast integration.
Tone: bullishRevenue
$17B
TRGP 10-K · FY 2025
Revenue FY2024
$16.4B
Founded
2005
Headquarters
Houston, TX
Profile
TRGP 10-K Item 1 · Feb 19, 2026Targa Resources Corp. is a Houston-based midstream energy company that gathers, compresses, treats, processes, transports, and sells natural gas; transports, stores, fractionates, and sells NGLs and NGL products, including LPG export services; and gathers, stores, terminals, and sells crude oil. The company operates through two segments — Gathering and Processing, and Logistics and Transportation — with assets concentrated in the Permian Basin, Williston Basin, and Gulf Coast. Targa owns and controls the general partner of Targa Resources Partners LP, which holds the operating assets.
Read filing description ↓ Collapse description ↑
Targa Resources Corp. (NYSE: TRGP) owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. The Company operates in two primary segments: Gathering and Processing, and Logistics and Transportation (also referred to as the Downstream Business). The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP.
Primary products
- Natural gas gathering, compressing, treating and processing
- NGL transportation, fractionation and services
- Storage, terminaling and export services
- Crude oil gathering, storing and terminaling
- LPG export services
- Natural gas supply and marketing
Business segments
End markets
Geographies
Named customers
Revenue commentary · FY 2025
Total revenues increased from $16.38 billion in 2024 to $17.03 billion in 2025, driven by higher fees from midstream services, partially offset by fluctuations in commodity sales revenues.
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