Targa Resources Corp.
Targa Resources Corp. Announces Record 2023 Financial Results and 2024 Outlook
Summary
Targa Resources Corp. reported record full-year adjusted EBITDA of $3.53 billion for 2023, a 22% increase over 2022. Net income for the full year was $1.35 billion, up 13% year-over-year. For Q4 2023, adjusted EBITDA was $960 million, and net income was $300 million. The company repurchased $374 million of its common stock in 2023 and has $770 million remaining in its repurchase program. Targa anticipates full-year adjusted EBITDA between $3.7 billion and $3.9 billion for 2024, with continued focus on capital return to shareholders. A press release detailing these results and an earnings conference call were furnished as Exhibit 99.1.
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Exhibits (1)
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About Targa Resources Corp.
Targa Resources Corp. is a prominent midstream energy company focused on the processing, storage, transportation, and marketing of natural gas and natural gas liquids (NGLs). It plays a vital role in the energy sector by facilitating the efficient flow of these critical resources from production sites to end users. Targa Resources Corp. provides a variety of essential services including gathering and processing, which involves collecting natural gas from wells, separating impurities, and preparing it for transport. Additionally, the company is involved in fractionation, which divides mixed NGLs into individual hydrocarbons such as propane, butane, and ethane. Targa's operations are key to energy infrastructure, supporting industries that rely on natural gas and NGLs for power generation, manufacturing, and heating. With a significant presence in major U.S. shale basins, Targa Resources Corp. contributes to the country's energy supply chain stability and efficiency, making it a strategic player in the integration and distribution of energy resources across multiple markets.
Official SEC Documents
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