The company said it repurchased 1,186,444 shares at a weighted average price of $104.26 per share, for a total net cost of $123.7 million, over the 3 months ended March 31, 2024. The remaining amount under the 2023 Share Repurchase Program was $646.4 million as of March 31.

1. 01

   The company said it repurchased 1,186,444 shares at a weighted average price of $104.26 per share, for a total net cost of $123.7 million, over the 3 months ended March 31, 2024. The remaining amount under the 2023 Share Repurchase Program was $646.4 million as of March 31.

2. 02

   The company said growth capital expenditures, net of noncontrolling interest contributions and including contributions to investments in unconsolidated affiliates, were $685.8 million in Q1 2024, compared with $415.4 million a year earlier. It also estimated net growth capital expenditures for projects announced in 2024 at $2.3 billion to $2.5 billion.

3. 03

   Targa Resources said the increase in adjusted operating margin for the Gathering and Processing segment in Q1 2024 was driven by higher natural gas inlet volumes in the Permian and higher fees, which were partially offset by lower natural gas and NGL prices.

4. 04

   Targa Resources said its working capital decreased by $275.2 million in March 31, 2024 compared with December 31, 2023. It cited a decrease in NGL inventory and the reclassification of debt from long-term to current related to the Splitter Agreement court ruling in 2024 as factors. For operating cash flow, it cited lower customer collections and lower hedge settlements as factors that reduced cash flow from operating activities.

Key figures

Quarter ended March 31, 2024

Revenue

$4.0B

Operating income

$639M

Net income

$275M

EPS

$1.22

Operating cash flow

$876M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.