Targa Resources, Inc. · NYSE:TRGP
Targa Resources — Q1 2025 Earnings Presentation
14 slides from Targa Resources's earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Earnings Supplement
First Quarter 2025 Earnings Supplement May 1, 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 – 1Q 2025 vs. 1Q 2024
Financial Performance – 1Q 2025 vs. 1Q 2024 22% increase in Adjusted EBITDA $1,200 $1,000 $800 $ in millions $600 $400 $200 $0 1Q24 G&P G&P L&T L&T G&A and Other 1Q25 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. 4Q 2024
Financial Performance – 1Q 2025 vs. 4Q 2024 5% increase in Adjusted EBITDA G&P segment operating margin increased $4 million(1) L&T segment operating margin decreased $9 million + Higher fees in the Permian + Higher marketing margin + Lower operating expenses due to one-time items in the previous qu
Slide 5: Operational Performance – Gathering & Processing Segment
Operational Performance – Gathering & Processing Segment 1Q25 Highlights Field G&P Natural Gas Inlet Volumes ▪ Winter weather events negatively impacted G&P system Field G&P Natural Gas Inlet Volumes and NGL Production volumes 8,000 1,000 900 7,000 1,224 1,196 1,122 1,252 800 6,000 1,184 NGL Product
Slide 6: Operational Performance – Logistics & Transportation Segment
Operational Performance – Logistics & Transportation Segment 1Q25 Highlights NGL Pipeline Transportation, Fractionation, and LPG Export Services ▪ NGL pipeline transportation and LPG export volumes were negatively impacted by winter weather events which reduced supply volumes from Targa’s G&P system
Slide 7: Business Mix – 1Q 2025
Business Mix – 1Q 2025 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 50% 48% / 52% 50% 25% 25% Gathering & Processing Logistics & Transportation 0% 0% 1 1Q25E Central Marketing & Other (2) Badlan
Slide 8: 2025 Outlook (as presented in February 2025)
2025 Outlook (as presented in February 2025) Increasing system volumes drive strong projected growth in Adjusted EBITDA 2025 Outlook Key Adjusted EBITDA Growth Drivers: ✓ Continued Permian volume growth Adjusted EBITDA $4,650 - $4,850 million ✓ NGL transport volumes increasing YoY Net Growth Capex $
Slide 9: Appendix and Reconciliations
Appendix and Reconciliations Q1 2025 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, March 31, 2025 December 31, 2024 March 31, 2024 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 270.5 $ 350.9 $ 275.2 Interest (in
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, March 31, 2025 December 31, 2024 March 31, 2024 (in millions) Gathering and Processing Segment Operating margin $ 602.2 $ 598.9 $ 556.4 Operating expenses 208.2 217.5 188.1 Adjusted operating margin $ 810.4 $ 816.4 $ 744.5 Logistics and Transporta
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Q1 2025 EARNINGS SUPPLEMENT PRESENTATION 13
Slide 14: General Inquiries/Corporate Headquarters
GENERAL INQUIRIES/CORPORATE HEADQUARTERS 811 LOUISIANA STREET, SUITE 2100 HOUSTON, TX 77002 Targa is a leading provider of midstream services and is one of the largest independent infrastructure PHONE: 713.584.1133 companies in North America. Our operations are critical to the efficient, safe, and r