Targa Resources Corp. (TRGP)

Targa Resources Corp. is a publicly traded Delaware corporation (NYSE: TRGP), formed in October 2005, and describes itself as a leading provider of midstream services and one of the largest independent infrastructure companies in North America. It owns, operates, acquires and develops a diversified portfolio of domestic infrastructure assets. Its main activities are gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling natural gas liquids (NGLs) and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

The company operates in two primary segments. Gathering and Processing includes assets that gather and/or purchase and sell natural gas from oil and gas wells, remove impurities and process raw gas into merchantable natural gas by extracting NGLs, and gather and terminal crude oil. Its assets are located in the Permian Basin of West Texas and Southeast New Mexico, the Eagle Ford Shale, the Barnett Shale, the Anadarko, Ardmore and Arkoma Basins in Oklahoma and South Central Kansas, the Williston Basin in North Dakota, and the onshore and near offshore Louisiana Gulf Coast. Logistics and Transportation, also called Downstream, converts mixed NGLs into NGL products and provides transporting, storing, fractionating, terminaling and marketing of NGLs, including LPG export services and certain natural gas supply and marketing activities. It includes an NGL pipeline system linking the company's Permian Basin, Southern Oklahoma and North Texas gathering and processing positions with Downstream facilities in Mont Belvieu and Galena Park, Texas, and Lake Charles, Louisiana. A small "Other" category holds unrealized mark-to-market gains and losses on derivatives not designated as cash flow hedges.

The company serves oil and gas producers and other customers that need infrastructure for rising production, and it is expanding to meet those needs. Recent growth includes new 275 MMcf/d cryogenic processing plants in the Permian Delaware and Midland areas, with several already operating and others expected through 2027. It also has new 150 MBbl/d fractionation trains in Mont Belvieu, the reactivated Gulf Coast Fractionators facility, the Delaware Express and Speedway NGL pipelines, an LPG export expansion at the Galena Park Marine Terminal that will raise effective export capacity to up to 19 MMBbl per month, and several Permian natural gas pipelines (Bull Run Extension, Buffalo Run, Forza). In March 2025 it acquired Blackstone's 45% interest in Targa Badlands for $1.8 billion, and in January 2026 it acquired Stakeholder Midstream for $1.25 billion, adding Permian pipelines, processing and sour treating capacity, carbon capture activities and a small crude gathering system.

Targa holds a 17.5% interest in the Blackcomb Joint Venture, which is building the Blackcomb natural gas pipeline from the Permian Basin to the Agua Dulce area and the Traverse pipeline; both will be operated by an affiliate of WhiteWater. It funds its growth through a $3.5 billion senior revolving credit facility, senior unsecured notes, a commercial paper program and a $600 million receivables securitization facility, and it pays a quarterly dividend and repurchases shares under authorized programs. The text does not identify its headquarters, suppliers or competitors.