Targa Resources, Inc. · NYSE:TRGP
Targa Resources — Investor Presentation (September 2025)
29 slides from Targa Resources's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation September 2025 | 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: Why Targa?
Why Targa? Best-in-class assets, excellent long-term growth profile, and demonstrated track record of creating shareholder value Generating Differentiated A Compelling Attractive Returns Asset Footprint Value Proposition High returns on invested Largest natural gas processor Industry leading Adjuste
Slide 4: A Compelling Growth Profile Over the Last Years
A Compelling Growth Profile Over the Last 5 Years Targa’s performance and growth outlook provides strong momentum in 2025 and beyond 23% 24% 21% Permian Volume Adjusted EBITDA Return on Growth CAGR Growth CAGR Invested Capital(1) $3.1B $55B IG Capital Returned to Enterprise Value(3) Credit Ratings S
Slide 5: Fully Integrated Wellhead to Water NGL Solution
Fully Integrated Wellhead to Water NGL Solution Our assets and operations connect natural gas and NGLs to markets with growing demand for cleaner fuels and feedstocks NGL Pipeline Transportation Largest Permian Premier NGL Fractionation Connected to Domestic Connects Key Supply to NGL Natural Gas Pr
Slide 6: Premier Permian Asset Footprint
Premier Permian Asset Footprint Largest multi-plant, multi-system G&P footprint, integrated with Targa’s NGL business Legend ~60% >80% Processing Plant Processing Plant (in progress) Crude Terminal of Lower 48 US shale Existing Gathering Pipeline of Targa’s inlet NGL Pipelines rigs are in the volume
Slide 7: Best-in-Class Gas Treating System in the Delaware Basin
Best-in-Class Gas Treating System in the Delaware Basin Differentiated system in the Delaware accommodating growing producer volumes that require treating Targa’s track record of treating natural gas in the Delaware Basin Treating Capabilities in Delaware Basin continues to drive incremental comme
Slide 8: Targa Volume Growth Outpacing the Permian Basin
Targa Volume Growth Outpacing the Permian Basin Permian Basin growth continues to drive increasing demand for Targa’s midstream services Targa Outperforming Permian Basin Production(1)(2) ~30% 320 300 Best-in-class Permian G&P assets +199% 280 Multi-plant interconnected system Exceptional oper
Slide 9: Permian Basin Growth Points to Strong Outlook for Targa
Permian Basin Growth Points to Strong Outlook for Targa Associated gas has outperformed crude, Targa has outperformed associated gas 260 Actual(1)(2) Forecast(3) 240 220 Targa Permian Growth 17% 200 Growth Indexed 180 Permian Gas Growth 13% Gas Growth Forecast: 7% annually 160 Permian Crude Growth 8
Slide 10: Targa's Differentiated Permian Volume Growth Across Environments
Targa’s Differentiated Permian Volume Growth Across Environments Targa’s supply aggregation is driven by best-in-class producers with excellent underlying acreage 7,000 800 6.3 Bcf/d 700 6,000 Targa Volumes Continue to Grow Through Periods of Crude Price Uncertainty Targa Permian Inlet Volumes (MMcf
Slide 11: NGL Transportation Expansion ― Permian to Mont Belvieu
NGL Transportation Expansion ― Permian to Mont Belvieu New NGL pipeline expansion transporting Targa’s growing Permian NGL volumes to Mont Belvieu Targa’s NGL Pipeline Transportation System Speedway NGL Pipeline With continued growth from Targa’s producer customers and continued commercial success
Slide 12: Targa Filled Grand Prix in Years
Targa Filled Grand Prix in 6 Years Added 20 processing plants NGL transportation volume growth driving significant NGL volumes(1) ~140 MBbl/d per year 1,100 Nameplate capacity into Mont Belvieu: ~1,000 Mbbl/d Pembrook II 1,000 Bull Moose 900 Greenwood II Roadrunner II NGL pipeline transportation vol
Slide 13: Baseload of Volumes and Supply Growth Driving Investment
Baseload of Volumes and Supply Growth Driving Investment Targa’s Permian processing plant expansions provide visibility into growing NGL transportation volumes Continued Growth Across Targa’s Premier Permian Footprint Driving Illustrative Volumes Available for Speedway Next NGL Transportation Expans
Slide 14: Grand Prix was Transformational for Targa
Grand Prix was Transformational for Targa Integrated NGL transportation strategy with Grand Prix has driven differentiated growth and attractive returns 24% Adjusted EBITDA CAGR(1) 21% Return on Invested Capital(1) 1,100 $5.0 Nameplate capacity into Mont Belvieu: ~1,000 Mbbl/d 1,000 $4.5 900 $4.0 NG
Slide 15: Targa's Permian Intrabasin Residue System
Targa’s Permian Intrabasin Residue System Enhancing Targa’s natural gas connectivity across the Permian Delaware and Permian Midland As the largest gas processor in the Permian, Targa continues to move a growing supply of natural gas within the Delaware and Midland basins Multiple benefits for T
Slide 16: Investing in Attractive Projects Driven by Permian Volume Growth
Investing in Attractive Projects Driven by Permian Volume Growth Organic investments across Targa’s integrated NGL business expected to drive strong return on invested capital Gathering & Processing Logistics & Transportation +1.9 Bcf/d of gas processing capacity additions in the Permian in Expa
Slide 17: Proven Record of Growth
Proven Record of Growth Increasing volume trajectory through Targa’s fee-based integrated NGL infrastructure footprint fuels growth in 2025 and beyond Permian Natural Gas Inlet Volumes(1) NGL Pipeline Transportation(1)(2) +26% 6,400 800 +14% 5,600 700 Inlet Volumes (MMcf/d) 4,800 600 4,000 500 25% M
Slide 18: Track Record of Strong Financial Performance
Track Record of Strong Financial Performance Integrated NGL business and supportive business fundamentals drive increasing cash flow outlook and return of capital Industry Leading Adjusted EBITDA Growth(1) $5.00 Growing Annual Dividends per Share $5.0 Annual Common Dividend/Share +17% $4.00 $4.0 Adj
Slide 19: Leading Return of Capital Outlook
Leading Return of Capital Outlook Differentiated growth position drives increasing return of capital 40-50% 33% $450MM 3.6x Adjusted CFFO Dividend growth Share repurchases Leverage(3) comfortably within expected to be returned across in 2025(1) YTD 2025(2) 3.0-4.0x multi-year horizon long-term targe
Slide 20: Fundamental Outlook
Fundamental Outlook INVESTOR PRESENTATION
Slide 21: Natural Gas Demand Growth Requires Continued Investment in Infrastructure
Natural Gas Demand Growth Requires Continued Investment in Infrastructure Incremental production from the Permian and other shale basins will be needed to support increasing natural gas demand Projected Lower 48 Natural Gas Demand Growth (Bcf/d) Demand forecasted to increase by 23 – 29 Bcf/d through
Slide 22: U.S. LPG Exports – A Sensible Energy Solution
U.S. LPG Exports – A Sensible Energy Solution LPGs provide a cleaner, affordable and reliable energy solution that saves lives! Waterborne LPG Exports by Country 2,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 Targa exported ~424 MBbl/d of LPG in 2024, or ~9% of 2,000 total global exports and ~1/
Slide 23: Strong LPG Fundamentals Supportive of Increased Exports
Strong LPG Fundamentals Supportive of Increased Exports Targa’s wellhead to water NGL strategy adds significant barrels into its system that are available for export Diverse Demand for US Gulf Coast LPG Exports Global LPG Demand 14.0 12.0 9% 11% LatAm & Carribean +4% 11% 10.0 Europe Growth 8% Africa
Slide 24: A Leading Infrastructure Company
A Leading Infrastructure Company ~34,300 Miles Natural Gas and NGL Pipelines 13.3 Bcf/d Gas Processing Capacity(1) ~1.0 MMBbl/d NGL Transport Capacity 1.5 MMBbl/d Fractionation Capacity(2) 19 MMBbl/mo LPG Export Capacity(3) (1) Gross processing capacity; includes plants under construction. INVESTOR
Slide 25: Appendix and Reconciliations
Appendix and Reconciliations INVESTOR PRESENTATION
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, and adjusted free cash flow. The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP
Slide 27: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Year Ended December 31, 2024 2023 2022 2021 2020 2019 2018 2017 2016 (In millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 1,312.0 $ 1,345.9 $ 1,195.5 $ 71.
Slide 28: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation INVESTOR PRESENTATION (1) Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants 28 within Targa’s WestTX joint venture not subject to noncontr
Slide 29: Investor Relations Contact
INVESTORRELATIONS@TARGARESOURCES.COM WWW.TARGARESOURCES.COM Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. Our operations are critical to the efficient, safe, and reliable delivery of energy across the United States
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