Targa Resources, Inc. · NYSE:TRGP
Targa Resources — Q1 2026 Earnings Presentation
13 slides from Targa Resources's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Supplement
First Quarter 2026 Earnings Supplement M ay 7, 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 – 1Q 2026 vs. 1Q 2025
Financial Performance – 1Q 2026 vs. 1Q 2025 19% increase in Adjusted EBITDA ($ in Millions) $1,600 G&P segment operating margin increased $101 million(1) + Higher Permian inlet volumes $1,400 + Higher fee-margin in the Permian + Acquisition of certain assets in the Permian Basin $1,200 − Lower commo
Slide 4: Financial Performance – 1Q 2026 vs. 4Q 2025
Financial Performance – 1Q 2026 vs. 4Q 2025 5% increase in Adjusted EBITDA ($ in Millions) $1,600 G&P segment operating margin increased $92 million(1) + Acquisition of certain assets in the Permian Basin $1,400 + Higher Permian inlet volumes and higher fee-based margin in the Permian region $1,200
Slide 5: Operational Performance
Operational Performance Field G&P Natural Gas Inlet Volumes NGL Pipeline Transportation Volumes 9,000 1,200 8,000 1,000 1,201 1,203 1,154 1,000 NGL Production (MBbl/d) 7,000 1,217 1,017 1,049 1,017 1,122 800 961 6,000 800 844 MMcf/d 5,000 600 MBbl/d 600 4,000 6,278 6,622 6,651 6,730 400 3,000 6,006
Slide 6: Business Mix – 1Q 2026
Business Mix – 1Q 2026 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 1 Marketing & Other (2) Permian Central & Ba
Slide 7: Increased 2026 Outlook
Increased 2026 Outlook 2026 Outlook 17% Adjusted EBITDA Growth in 2026 Meaningful growth across Targa’s Permian G&P footprint Record volumes through Targa’s integrated NGL system Adjusted $5,700 - $5,900MM Strength in marketing and optimization opportunities EBITDA Strong fee-based cash flow
Slide 8: Appendix and Reconciliations
Appendix and Reconciliations Q1 2026 EARNINGS SUPPL EMENT PRESENTATION 8
Slide 9: 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 10: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, March 31, 2026 December 31, 2025 March 31, 2025 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 479.6 $ 545.0 $ 270.5 Interest (in
Slide 11: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, March 31, 2026 December 31, 2025 March 31, 2025 (in millions) Gathering and Processing Segment Operating margin $ 703.5 $ 611.8 $ 602.2 Operating expenses 233.6 243.3 208.2 Adjusted operating margin $ 937.1 $ 855.1 $ 810.4 Logistics and Transporta
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Full Year 2026E Reconciliation of Estimated Net Income attributable to Targa Resources Corp. to Estimated Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 2,265 Interest (income) expense, net 945 Income tax expense (benefit) 640 Depreciation
Slide 13: 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