The company said it repurchased 1,150,107 shares over 3 months in Q3 2024 at a total net cost of $167.9 million, and 5,322,367 shares over 9 months for $646.7 million. As of September 30, 2024, $1.1 billion remained under its share repurchase programs.

10-QQuarterly reportFiled Nov 5, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said it repurchased 1,150,107 shares over 3 months in Q3 2024 at a total net cost of $167.9 million, and 5,322,367 shares over 9 months for $646.7 million. As of September 30, 2024, $1.1 billion remained under its share repurchase programs.
Targa Resources said it completed an underwritten public offering in August 2024 of $1.0 billion aggregate principal amount of 5.500% Senior Notes due 2035, with net proceeds of about $990.1 million. The company said it used the proceeds to repay borrowings under the Commercial Paper Program and for general corporate purposes.
The company said it agreed on July 31, 2024 with the WPC Joint Venture to move forward with the Blackcomb Pipeline. It said Blackcomb is owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX LP, and that it made an initial capital contribution of $12.8 million in Q3 2024.
The company said its growth capital expenditures, net of contributions from noncontrolling interests and including contributions to unconsolidated affiliates, were $2,180.4 million in the first 9 months of 2024 ($1,588.5 million in the same period a year earlier). It estimated net growth capital expenditures for 2024 at about $2.7 billion.

Key figures

Quarter ended September 30, 2024

Revenue: $3.9B
Operating income: $728M
Net income: $387M
EPS: $1.75

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Share Repurchase Activity

The company said it repurchased 1,150,107 shares over 3 months in Q3 2024 at a total net cost of $167.9 million, and 5,322,367 shares over 9 months for $646.7 million. As of September 30, 2024, $1.1 billion remained under its share repurchase programs.

Source · Based on the MD&A text of the filing

Issuance of 5.500% Senior Notes due 2035

Targa Resources said it completed an underwritten public offering in August 2024 of $1.0 billion aggregate principal amount of 5.500% Senior Notes due 2035, with net proceeds of about $990.1 million. The company said it used the proceeds to repay borrowings under the Commercial Paper Program and for general corporate purposes.

Source · Based on the MD&A text of the filing

Participation in Blackcomb Pipeline Joint Venture

The company said it agreed on July 31, 2024 with the WPC Joint Venture to move forward with the Blackcomb Pipeline. It said Blackcomb is owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX LP, and that it made an initial capital contribution of $12.8 million in Q3 2024.

Source · Based on the MD&A text of the filing

Growth Capital Spending and Annual Outlook

The company said its growth capital expenditures, net of contributions from noncontrolling interests and including contributions to unconsolidated affiliates, were $2,180.4 million in the first 9 months of 2024 ($1,588.5 million in the same period a year earlier). It estimated net growth capital expenditures for 2024 at about $2.7 billion.

Source · Based on the MD&A text of the filing

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.

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