Targa Resources reports Q3 2026 results

On November 5, 2026, Targa Resources Corp. (the "Company") issued a press release regarding its financial results for the three and nine months ended September 30, 2026. A conference call to discuss these results is scheduled for 11:00 a.m. Eastern time (10:00 a.m. Central time) on Thursday, November 5, 2026. The conference call will be webcast live and a replay of the webcast will be available through the Investors section of the Company's website ( http://www.targaresources.com ). A copy of the earnings press release is furnished as Exhibit 99.1 to this report, which is hereby incorporated by reference into this Item 2.02.

The press release and accompanying schedules and/or the conference call discussions include the non-generally accepted accounting principles ("non-GAAP") financial measures of adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment).¹ The press release provides reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Our non-GAAP financial measures should not be considered as alternatives to GAAP measures and have important limitations as analytical tools.²

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or the Company's website. The Company routinely posts important information on its website ( http://www.targaresources.com) , including information that may be deemed to be material. The Company encourages investors and others interested in the Company to monitor these distribution channels for material disclosures.

(d) Exhibits

Exhibit

Number

Description

Exhibit 99.1

Targa Resources Corp. Press Release dated November 5, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Targa Resources Corp.

Date: November 5, 2026

By:

/s/ Benjamin J. Branstetter

Benjamin J. Branstetter

Chief Financial Officer

(Principal Financial Officer)

811 Louisiana, Suite 2100

Houston, TX 77002

HOUSTON – November 5, 2026 - Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported third quarter 2026 results.

Third quarter 2026 net income attributable to Targa Resources Corp. was $658 million compared to $478 million for the third quarter of 2025.³ The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items ("adjusted EBITDA") (1) of $1,504 million for the third quarter of 2026 compared to $1,275 million for the third quarter of 2025.⁴

Highlights

• Adjusted EBITDA for the third quarter of $1.5 billion, an increase of 18% year-over-year⁴

• Record Permian inlet, NGL transportation and fractionation volumes during the third quarter

• In August 2026, announced new 20-year, fee-based integrated midstream agreements with subsidiaries of ExxonMobil for natural gas gathering and processing, and downstream services in the Permian Basin

• In August 2026, announced three new natural gas processing plants in the Permian Delaware ("Wrangler," "Ranger" and "Ranger II") to support the new commercial agreements with ExxonMobil

• Recently commenced operations of our Train 12 fractionator and our Bull Run Extension intra-basin residue pipeline, with our Copperhead plant in the Permian Delaware currently in start-up, all ahead of schedule

• Announced today we are ordering long-lead items for an additional processing plant in the Permian Midland and two additional processing plants in the Permian Delaware

• Announced today we are moving forward with a new NGL fractionation train in Mont Belvieu, TX ("Train 14")

• Now expect full year 2026 adjusted EBITDA to be at least $6.0 billion

• Continue to estimate 2026 net growth capital expenditures of approximately $5.0 billion

• Expect to recommend to Targa's Board of Directors an annual common dividend per share of $6.00 in 2027, a 20% increase to 2026⁵

On October 13, 2026, the Company declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the third quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the third quarter of 2025. Total cash dividends of approximately $268 million will be paid on November 17, 2026 on all outstanding shares of common stock to holders of record as of the close of business on October 30, 2026.

During the third quarter of 2026, Targa repurchased 180,768 shares of our common stock at a weighted average per share price of $287.64 for a total net cost of $52 million.^{6 6}As of September 30, 2026, there was $1,187 million remaining under the Company's share repurchase programs.⁶

Third Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported third quarter adjusted EBITDA of $1,504 million, representing a 6 percent decrease compared to the second quarter of 2026. Record Permian inlet volumes in our Gathering and Processing ("G&P") segment and record NGL transportation and fractionation volumes in our Logistics and Transportation ("L&T") segment were offset by lower marketing margin and lower LPG export margin in our L&T segment.

In our G&P segment, higher sequential adjusted operating margin was driven by record natural gas inlet volumes in the Permian region and higher natural gas and NGL prices.

In our L&T segment, record NGL pipeline transportation and fractionation margin was offset by lower marketing margin and lower LPG export margin. NGL pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian G&P systems. Marketing margin was lower due to fewer optimization opportunities. LPG export margin was lower due to lower volumes and fees.

Capitalization, Financing and Liquidity

The Company's total consolidated debt as of September 30, 2026 was $19.8 billion, net of $124 million of debt issuance costs and $38 million of unamortized discount, with $17.9 billion of outstanding senior unsecured notes, $860 million outstanding under our Commercial Paper Program, $451 million outstanding under our accounts receivable securitization facility (the "Securitization Facility"), and $796 million of finance lease liabilities.

Total consolidated liquidity as of September 30, 2026 was approximately $2.9 billion, including $2.6 billion available under the TRGP Revolver, $149 million under the Securitization Facility and $143 million of cash.

Growth Projects Update

In our G&P segment, Targa's Copperhead plant in the Permian Delaware is currently in start-up, ahead of schedule. The Company now expects our Yeti and Yeti II plants to begin operations in the second quarter of 2027 and third quarter of 2027, earlier than previously expected. Construction continues on our Roadrunner