Targa Resources (TRGP) Investor presentation summary

Strategic positioning and asset base

• Operates the largest natural gas gathering and processing network in the Permian Basin, with a fully integrated infrastructure from wellhead to water, including pipelines, fractionation, and export facilities.

• Maintains a premier NGL footprint in Mont Belvieu and a leading LPG export platform on the Gulf Coast, connecting to both domestic and global markets.

• Asset integration supports high reliability, redundancy, and operational excellence, with millions of dedicated acres and thousands of receipt points.

Financial performance and growth

• Achieved a 21% CAGR in Permian volume growth and 25% CAGR in adjusted EBITDA over the past five years, reaching an enterprise value of $74B as of May 2026.

• Adjusted cash flow from operations per share grew at a 28% CAGR from 2020 to 2025, with significant capital returned to shareholders.

• Projected 17% adjusted EBITDA growth in 2026, with an outlook of $5.7–$5.9B and strong fee-based cash flow profile (over 90%).

Capital allocation and shareholder returns

• Returned $4.7B to shareholders since 2020 through dividends and share repurchases, with a 52% CAGR in annual return of capital.

• Plans to return 40–50% of adjusted CFFO to shareholders over a multi-year horizon, with dividend growth and ongoing share repurchases.

• Leverage remains within a 3.0–4.0x target range, supporting financial flexibility and investment grade ratings.