Slide 1: Second Quarter 2026 Earnings Supplement
Second Quarter 2026 Earnings Supplement August 6, 2026 | TARGA RESOURCES CORP.
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fac
Slide 3: Financial Performance – 2Q 2026 vs. 2Q 2025
Financial Performance – 2Q 2026 vs. 2Q 2025 38% increase in Adjusted EBITDA ($ in Millions) $1,800 G&P segment operating margin increased $145 million(1) + Higher Permian inlet volumes $1,600 + Higher fees in the Permian $1,400 + Acquisition of certain assets in the Permian Basin − Lower natural gas
Slide 4: Financial Performance – 2Q 2026 vs. 1Q 2026
Financial Performance – 2Q 2026 vs. 1Q 2026 14% increase in Adjusted EBITDA ($ in Millions) $1,800 G&P segment operating margin increased $29 million(1) + Higher Permian inlet volumes $1,600 + Higher fees in the Permian $1,400 − Lower natural gas prices − Higher operating expenses associated with hi
Slide 5: Operational Performance
Operational Performance Field G&P Natural Gas Inlet Volumes NGL Pipeline Transportation Volumes 9,000 1,200 1,200 8,000 1,144 1,000 1,201 1,203 1,154 1,000 1,099 NGL Production (MBbl/d) 7,000 1,217 1,017 1,049 1,017 961 6,000 800 800 MMcf/d 5,000 MBbl/d 600 600 4,000 6,730 7,187 6,278 6,622 6,651 3,
Slide 6: Business Mix – 2Q 2026
Business Mix – 2Q 2026 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 56% 50% 44% 50% 25% 25% 0% Gathering & Processing Logistics & Transportation 0% (2) 2Q26 Marketing and 2Q26Other Permian Centr
Slide 7: Business Mix – YTD 2026
Business Mix – YTD 2026 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 55% 50% 45% 50% 25% 25% 0% 0% Permian Central & Badlands 2Q26 Gathering & Processing Logistics & Transportation (2) Marketing
Slide 8: 2026 Outlook
2026 Outlook 2026 Outlook Adjusted EBITDA Toward Top End of Range ✓ Strength in marketing and optimization opportunities in 1H26 ✓ Meaningful growth across Targa’s Permian G&P footprint Adjusted $5,700 - $5,900MM ✓ Record volumes through Targa’s integrated NGL system EBITDA Fee-based(1) Net Growth ~
Slide 9: Appendix and Reconciliations
Appendix and Reconciliations 2Q 2026 EARNINGS SUPPLEMENT PRESENTATION 9
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: adjusted EBITDA and adjusted operating margin. The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company utilizes non
Slide 11: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, June 30, 2026 March 31, 2026 June 30, 2025 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 764.6 $ 479.6 $ 629.1 Interest (income)
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, June 30, 2026 March 31, 2026 June 30, 2025 (in millions) Gathering and Processing Segment Operating margin $ 732.6 $ 703.5 $ 587.6 Operating expenses 240.9 233.6 219.4 Adjusted operating margin $ 973.5 $ 937.1 $ 807.0 Logistics and Transportation
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation (1) Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for 2Q 2026 EARNINGS SUPPLEMENT PRESENTATION certain plants within Targa’s WestTX joint venture not sub
Slide 14: Investor Relations Contact
INVESTORRELATIONS@TARGARESOURCES.COM WWW.TARGARESOURCES.COM Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary do