On March 5, 2025, the company completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for $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 5, 2025, the company completed the acquisition of Blackstone's 45% interest in Targa Badlands LLC for $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

   In February 2025, the company issued $1.0 billion aggregate principal amount of 5.550% Senior Unsecured Notes due 2035 and $1.0 billion aggregate principal amount of 6.125% Senior Unsecured Notes due 2055, resulting in net proceeds of approximately $2.0 billion, which the company used for the Badlands Transaction and other purposes. In June 2025, the company issued $750.0 million aggregate principal amount of Senior Unsecured Notes in two series, resulting in net proceeds of approximately $1.5 billion.

3. 03

   For the 3 months ended June 30, 2025, Targa Resources repurchased 1,955,099 shares of its common stock at a weighted average per share price of $165.86 for a total net cost of $324.3 million. As of June 30, 2025, there was $566.2 million remaining under the 2024 Share Repurchase Program.

4. 04

   The Bull Moose plant in Permian Delaware, with a capacity of 275 MMcf/d, commenced operations in Q1 2025. The Pembrook II plant is expected to begin operations in Q3 2025. The company cited higher natural gas inlet volumes in the Permian as a factor in the increase in adjusted operating margin for the Gathering and Processing segment.

Key figures

Quarter ended June 30, 2025

Revenue

$4.3B

Operating income

$1.0B

Net income

$629M

EPS

$2.87

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.