Targa Resources Corp.
Targa Resources Reports Record Adjusted EBITDA and Key Operational Highlights
Summary
Targa Resources Corp. reported first-quarter 2024 financial results on May 2, 2024, highlighting record adjusted EBITDA of $966.2 million and record export volumes. Net income attributable to Targa Resources Corp. was $275.2 million, a decrease from $497.0 million in Q1 2023. The company also announced a 50% increase in its quarterly cash dividend to $3.00 per share annualized, effective from the first quarter of 2024. Targa continues to expand its infrastructure with the startup of new facilities and the announcement of additional expansion projects. Further details can be found in the press release furnished as Exhibit 99.1 to this report.
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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.
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