Slide 1: Fourth Quarter and Full Year 2024 Earnings Supplement
Fourth Quarter and Full Year 2024 Earnings Supplement February 20, 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 – 4Q 2024 vs. 4Q 2023
Financial Performance – 4Q 2024 vs. 4Q 2023 17% increase in Adjusted EBITDA $1,200 $1,000 $800 $ in millions $600 $400 $200 $0 4Q23 G&P G&P L&T L&T G&A and Other 4Q24 Adjusted EBITDA Adjusted Operating Margin Opex Adjusted Operating Margin Opex Adjusted EBITDA G&P segment operating margin increased
Slide 4: Financial Performance – 4Q 2024 vs. 3Q 2024
Financial Performance – 4Q 2024 vs. 3Q 2024 5% increase in Adjusted EBITDA $1,200 $1,000 $800 $ in millions $600 $400 $200 $0 3Q24 G&P G&P L&T L&T G&A and Other 4Q24 Adjusted EBITDA Adjusted Operating Margin Opex Adjusted Operating Margin Opex Adjusted EBITDA G&P segment operating margin increased $
Slide 5: Operational Performance – Gathering & Processing Segment
Operational Performance – Gathering & Processing Segment 4Q24 Highlights Field G&P Natural Gas Inlet Volumes and NGL Production Field G&P Natural Gas Inlet Volumes 8,000 1,000 ▪ Record Targa volumes in the Permian Basin attributable to continued strong activity levels 900 7,000 1,224 1,196 1,252 800
Slide 6: Operational Performance – Logistics & Transportation Segment
Operational Performance – Logistics & Transportation Segment 4Q24 Highlights NGL Pipeline Transportation, Fractionation, and LPG Export Services ▪ Record NGL pipeline transportation and fractionation volumes driven by higher supply primarily from Targa’s Permian G&P systems 〉 Targa benefited from th
Slide 7: Business Mix – 4Q 2024
Business Mix – 4Q 2024 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% 0% Gathering & Processing Logistics & Transportation 0% 1 4Q24E (2) Marketing & Other Central Badlan
Slide 8: 2025 Outlook
2025 Outlook 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 $2,600 - $2,800 million ✓ Fractio
Slide 9: Integrated Growth Opportunities
Integrated Growth Opportunities Volume growth and commercial wins accelerating capital on Permian G&P and downstream opportunities $3,000 2025E Net Growth Capex Outlook $2.6B – $2.8B $2,500 $2,000 $ in millions $1.7B $1,500 $1,000 $500 $0 1 2024 August 2 Plant 3 Downstream 4 Commercial 5 2025 Februa
Slide 10: Appendix and Reconciliations
Appendix and Reconciliations Q4 2024 EARNINGS SUPPLEMENT PRESENTATION 10
Slide 11: 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 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, December 31, 2024 September 30, 2024 December 31, 2023 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 351.0 $ 387.4 $ 299.6 Inter
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, December 31, 2024 September 30, 2024 December 31, 2023 (in millions) Gathering and Processing Segment Operating margin $ 598.9 $ 584.3 $ 536.3 Operating expenses 217.5 203.7 185.7 Adjusted operating margin $ 816.4 $ 788.0 $ 722.0 Logistics and Tra
Slide 14: 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. $ 1,765.0 Interest expense, net 875.0 Income tax expense 510.0 Depreciation and am
Slide 15: 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