On March March 5, 2025, the company completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for aggregate consideration of $1.8 billion in cash. As a result of the acquisition, the company owns 100% of the interests in and earnings of Targa Badlands effective January 1, 2025.

1. 01

   On March March 5, 2025, the company completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for aggregate consideration of $1.8 billion in cash. As a result of the acquisition, the company owns 100% of the interests in and earnings of Targa Badlands effective January 1, 2025.

2. 02

   The company said it completed an underwritten public offering in February 2025 of 5.550% Senior Unsecured Notes due 2035 and 6.125% Senior Unsecured Notes due 2055, each in the aggregate principal amount of $1.0 billion, resulting in net proceeds of approximately $2.0 billion, which it used to fund the Badlands Transaction and to repay borrowings under its Commercial Paper Program.

3. 03

   The company said it repurchased 651,163 shares of its common stock for the 3 months ended March 31, 2025 at a weighted average per share price of $191.86 for a total net cost of $124.9 million, and as of March 31, 2025 there was $890.5 million remaining under the 2024 Share Repurchase Program.

4. 04

   The company said the increase in Gathering and Processing adjusted operating margin for Q1 2025 compared to the prior year was predominantly due to higher natural gas inlet volumes in the Permian, citing the addition of the Roadrunner II, Greenwood II and Bull Moose plants as factors.

Key figures

Quarter ended March 31, 2025

Revenue

$4.6B

Operating income

$543M

Net income

$271M

EPS

$0.91

Operating cash flow

$954M

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.