Slide 1: Investor Presentation
Investor Presentation August 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: Why Targa?
Why Targa? Best-in-class assets, excellent long-term growth profile, and demonstrated track record of creating shareholder value A Compelling Value Proposition ✓ Largest natural gas gatherer and processor in the Permian Basin ✓ Fastest growing natural gas liquids footprint in Mont Belvieu ✓ Fully in
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 2026 and beyond 21% 25% ~5.5x Permian Volume Adjusted EBITDA EBITDA Multiple on Growth CAGR Growth CAGR Invested Capital(1) $4.5B $78B IG Capital Returned to Enterprise Value(3) Credi
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 Gas Processing Natural Gas Liquids Pipelines NGL Fractionation NGLs to End Markets Largest Permian Natural Gas NGL Pipeline Transport
Slide 6: Increasing Cash Flow, Reducing Share Count
Increasing Cash Flow, Reducing Share Count Differentiated cash flow growth and track record of opportunistic common share repurchases Adjusted CFFO Per Share Growth $18.94 $15.24 $12.57 $10.59 28% $7.32 CAGR $5.56 2020 2021 2022 2023 2024 2025 INVESTOR PRESENTATION Note: This slide contains non-GAAP
Slide 7: Premier Permian Asset Footprint
Premier Permian Asset Footprint Largest multi-plant, multi-system G&P footprint, integrated with Targa’s NGL business Scale Integrated 10+ Bcf/d gas processing G&P footprint integrated 50 plants with residue gas pipelines, 3+ Bcf/d gas treating NGL transportation, storage, 9 injection wells fraction
Slide 8: Differentiated Permian Position
Differentiated Permian Position Remarkable volume growth across a backdrop of much fewer active rigs in the basin 8,000 7.2 Bcf/d 800 7,000 700 Targa Permian Inlet Volumes (MMcf/d) 6,000 600 Stakeholder Permian Rig Count (1) Acquisition 5,000 500 4,000 400 3,000 300 Lucid Acquisition 2,000 200 1,000
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, and Targa has outperformed associated gas 260 Actual(1) Forecast(2) 240 220 Targa Permian Growth 16% 200 Growth Indexed 180 Permian Gas Growth 12% 160 Gas Growth Forecast: 7% annually Permian Crude Growth
Slide 10: 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 NGL Pipeline Transportation System Speedway Initial capacity ~500 MBbl/d Expandable to ~1,000 MBbl/d ~500 miles, 30-inch pipe ISD Q3 2027 +400 MBbl
Slide 11: Targa’s Permian Intra-Basin Residue System
Targa’s Permian Intra-Basin Residue System Enhancing Targa’s natural gas connectivity across the Permian Delaware and Permian Midland Targa Residue Pipeline System(1) Best in class residue supply connectivity in the Permian Over 5.5 Bcf/d connected through 29 Targa plants ✓ Reliability and redundanc
Slide 12: Targa Positioned for Deeper Zone Development
Targa Positioned for Deeper Zone Development Adds incremental growth to Targa’s already strong growth outlook Broader Permian Woodford-Barnett Formation(1) Materially expands Targa supply potential Adds to Targa’s long-term growth rate ~200 wells drilled in 2025 across Woodford-Barnett compared with
Slide 13: 2026 Outlook
2026 Outlook 2026 Outlook Adjusted EBITDA Toward Top End of Range ✓ Strength in marketing and optimization opportunities in 1H26 ✓ Meaningful growth across Targa’s Permian G&P footprint Adjusted $5,700 - $5,900MM ✓ Record volumes through Targa’s integrated NGL system EBITDA Fee-based(1) Net Growth ~
Slide 14: Post Speedway, Targa Estimates Billions in Cash Flow Generation
Post Speedway, Targa Estimates Billions in Cash Flow Generation Combination of Adjusted EBITDA growth and lower downstream capital results in meaningful annual free cash flow FY26E Significantly Higher $5.8B Adjusted EBITDA Adjusted Free Cash Flow Interest & Other(1) Maint. Capital FY26E FY20 ~$4.5B
Slide 15: Leading Return of Capital Outlook
Leading Return of Capital Outlook Differentiated growth position drives increasing return of capital 40-50% 25% $135MM 3.4x Adjusted CFFO Dividend growth Share repurchases Leverage comfortably within expected to be returned across in 2026(1) YTD 2026(2) 3.0-4.0x multi-year horizon long-term target r
Slide 16: Returned $4.7 Billion to Shareholders Since 2020
Returned $4.7 Billion to Shareholders Since 2020 Returning significant cash to shareholders with meaningful dividend increases and opportunistic share repurchases Annual Return of Capital ($ in Millions) $1,504 $1,412 $822 52% CAGR $543 $184 $189 2020 2021 2022 2023 2024 2025 Dividends Repurchases I
Slide 17: 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 Processing Plants Details Forecasted In-Service L&T Segment Details Foreca
Slide 18: Proven Record of Growth
Proven Record of Growth Increasing volume trajectory through Targa’s fee-based integrated NGL infrastructure footprint fuels growth in 2026 and beyond Permian Natural Gas Inlet Volumes(1) NGL Pipeline Transportation(1) 7,000 +11% 1,200 6,000 1,000 +21% 5,000 800 MMcf/d 4,000 MBbl/d 21% 600 3,000 27%
Slide 19: 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) Growing Annual Dividends per Share $6.0 +17% $6.00 Annual Common Dividend per $5.0 $5.00 Adjus
Slide 20: 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 ~20% through 2030 6 1
Slide 21: LPG Exports Show Resilience Amid Periods of Geopolitical Tension
LPG Exports Show Resilience Amid Periods of Geopolitical Tension Targa’s wellhead to water NGL strategy adds significant barrels into its system that are available for export Growing and Diverse Demand for US LPG Exports Global LPG Demand 2,500 14.0 10 Year CAGR: 14% 12.0 2,000 10.0 +11% Growth 1,50
Slide 22: A Leading Infrastructure Company
A Leading Infrastructure Company ~36,000 Miles Natural Gas, Crude, and NGL Pipelines 13.5 Bcf/d Gas Processing Capacity(1) 1.5 MMBbl/d NGL Transport Capacity(2) 1.7 MMBbl/d Fractionation Capacity(3) 19 MMBbl/mo LPG Export Capacity(4) (1) Gross processing capacity; includes plants under construction.
Slide 23: Appendix and Reconciliations
Appendix and Reconciliations INVESTOR PRESENTATION 23
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: adjusted EBITDA and adjusted cash flow from operations. The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company uti
Slide 25: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Year Ended December 31, 2025 2024 2023 2022 2021 2020 (In millions, except per share amounts) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 1,923.0 $ 1,312.0 $ 1,
Slide 26: 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. $ 2,285 Interest (income) expense, net 945 Income tax expense (benefit) 680 Depreciation
Slide 27: Investor Relations Contact
INVESTORRELATIONS@TARGARESOURCES.COM WWW.TARGARESOURCES.COM Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary do