Targa Resources Reports Strong Q3 2024 Results

Targa Resources Corp. ( (TRGP) ) has released its Q3 earnings. Here is a breakdown of the information Targa Resources Corp. presented to its investors.

Targa Resources Corp. is a major player in the midstream energy sector, focusing on the gathering, processing, transportation, and sale of natural gas and natural gas liquids across North America, with a significant footprint in the Permian Basin.

Targa Resources Corp. has announced its third-quarter 2024 financial results, showcasing a notable increase in net income and adjusted EBITDA compared to the previous year. The company also shared plans for a significant dividend increase in 2025, reflecting its strong financial performance and strategic growth initiatives.

The company reported a net income of $387.4 million for the third quarter of 2024, a significant rise from $220.0 million in the same quarter of 2023. Adjusted EBITDA reached a record $1.07 billion, driven by increased volumes across its Permian operations and the completion of the Daytona NGL Pipeline expansion. Targa also repurchased $168 million worth of common stock in the third quarter, indicating a robust return of capital to shareholders.

Targa Resources Corp. is strategically expanding its operations with new plants and infrastructure projects, including the commencement of the Greenwood II plant and Train 10 fractionator. The company anticipates a strong financial outlook for 2025, with adjusted EBITDA expected to exceed previous estimates, and plans for continued dividend growth post-2025.

Looking ahead, Targa Resources is poised for continued growth, leveraging its extensive midstream infrastructure and strategic investments in new projects to meet increasing demand for natural gas and NGLs. The company remains focused on maximizing shareholder value through disciplined capital allocation and operational excellence.