Slide 1: Second Quarter 2025 Earnings Supplement
Second Quarter 2025 Earnings Supplement August 7, 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: Financial Performance – 2Q 2024 vs. 2Q 2025
Financial Performance – 2Q 2024 vs. 2Q 2025 18% increase in Adjusted EBITDA $1,200 $1,000 $800 $ in millions $600 $400 $200 $0 2Q24 G&P G&P L&T L&T G&A and Other 2Q25 Adjusted EBITDA Adjusted Operating Margin Opex Adjusted Operating Margin Opex Adjusted EBITDA G&P segment operating margin increased
Slide 4: Financial Performance – 1Q 2025 vs. 2Q 2025
Financial Performance – 1Q 2025 vs. 2Q 2025 1% decrease in Adjusted EBITDA $1,200 $1,000 $800 $ in millions $600 $400 $200 $0 1Q25 G&P G&P L&T L&T G&A and Other 2Q25 Adjusted EBITDA Adjusted Operating Margin Opex Adjusted Operating Margin Opex Adjusted EBITDA G&P segment operating margin decreased $
Slide 5: Operational Performance
Operational Performance Field G&P Natural Gas Inlet Volumes NGL Pipeline Transportation Volumes 8,000 1,000 1000 961 NGL Production (MBbl/d) 1,217 800 800 872 Inlet Volumes (MMcf/d) 1,224 1,196 1,122 829 844 1,252 784 6,000 600 600 MBbl/d 400 400 4,000 5,944 6,065 6,006 6,278 5,672 200 200 2,000 (1)
Slide 6: Business Mix – 2Q 2025
Business Mix – 2Q 2025 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 52% 50% 48% 50% 25% 25% Gathering & Processing Logistics & Transportation 0% 0% 1 2Q25E Central Marketing & Other (2) Badlands
Slide 7: Business Mix – YTD 2025
Business Mix – YTD 2025 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 52% 50% 48% 50% 25% 25% Gathering & Processing Logistics & Transportation 0% 0% YTD 2025 YTD 2025 Central Marketing & Other(2
Slide 8: 2025 Financial Outlook
2025 Financial Outlook FY25 Adjusted EBITDA estimated to be in a range of $4.65 to $4.85B 2025 Estimates Adjusted EBITDA $4,650 - $4,850 million Net Growth Capex ~$3,000 million Net Maintenance Capex ~$250 million Continued growth in Adjusted EBITDA driven by: 2025 Growth Capital Spending: Record
Slide 9: Appendix and Reconciliations
Appendix and Reconciliations Q2 2025 EARNINGS SUPPL EMENT 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, 2025 March 31, 2025 June 30, 2024 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 629.1 $ 270.5 $ 298.5 Interest (income)
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, June 30, 2025 March 31, 2025 June 30, 2024 (in millions) Gathering and Processing Segment Operating margin $ 587.6 $ 602.2 $ 572.6 Operating expenses 219.4 208.2 205.7 Adjusted operating margin $ 807.0 $ 810.4 $ 778.3 Logistics and Transportation
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Full Year 2025E (in millions) Reconciliation of Estimated Net Income attributable to Targa Resources Corp. to Estimated Adjusted EBITDA Net income attributable to Targa Resources Corp. $ 1,830 Interest expense, net 865 Income tax expense 485 Depreciation and amortiza
Slide 14: Investor Relations
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