Targa Resources Corp. (TRGP)

Targa Resources Corp. (NYSE: TRGP) is a Delaware corporation and one of the largest independent midstream energy infrastructure companies in North America, engaged in gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products (including services to LPG exporters); and gathering, storing, terminaling, and purchasing and selling crude oil. The company operates through two primary segments: Gathering and Processing, which includes assets for gathering, treating and processing raw natural gas into merchantable gas and extracting NGLs, as well as crude oil gathering and terminaling, located in the Permian Basin (Midland, Central and Delaware Basins), Eagle Ford Shale, Barnett Shale, Anadarko/Ardmore/Arkoma Basins (SCOOP/STACK) and South Central Kansas, the Williston Basin (Bakken and Three Forks), and onshore/near offshore Louisiana Gulf Coast; and Logistics and Transportation (Downstream), which converts mixed NGLs into NGL products and provides transporting, storing, fractionating, terminaling and marketing services, including LPG export support and natural gas supply/marketing activities, centered on an NGL pipeline system connecting Permian, Southern Oklahoma and North Texas gathering positions to downstream facilities in Mont Belvieu and Galena Park, Texas, and Lake Charles, Louisiana. Targa serves oil and gas producers and NGL/LPG customers by continually expanding its infrastructure to meet growing production, including multiple new cryogenic natural gas processing plants across the Permian Delaware and Midland Basins (Bull Moose, Pembrook II, Bull Moose II, East Pembrook, Falcon II, East Driver, Copperhead, Yeti and Yeti II), new fractionation trains at Mont Belvieu (Train 11, 12 and 13) and reactivation of the Gulf Coast Fractionators facility, NGL pipeline expansions (Delaware Express and the new Speedway pipeline), an LPG export capacity expansion at Galena Park Marine Terminal, and new natural gas pipeline projects (Bull Run Extension, Buffalo Run and the Forza Pipeline) to enhance connectivity to the Waha hub and between basins.

The company also participates in joint ventures, including the Blackcomb Joint Venture (with WhiteWater Midstream, MPLX LP and Enbridge affiliates) constructing the Blackcomb and Traverse interstate natural gas pipelines connecting the Permian Basin to South Texas and the Katy area, and has grown through acquisitions such as the 2025 purchase of Blackstone’s remaining 45% interest in Targa Badlands (giving Targa full ownership) and the January 2026 acquisition of Stakeholder Midstream, LLC, which added Permian Basin natural gas pipelines, cryogenic processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a small crude oil gathering system. Targa funds its growth and returns capital to shareholders through a mix of equity and debt financing—including a new $3.5 billion revolving credit facility and multiple senior unsecured notes offerings—alongside common dividends (recently increased to $4.00 per share annualized) and ongoing share repurchase programs.