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15:00
May 07 ◎

TRGP FY2026 Q1 Watch

Targa Resources, Inc. (TRGP) FY2026 Q1 Earnings Call

FANG TRGP ▾

Jen Neal

A major Permian producer is pulling forward development, which could accelerate demand for Targa's processing and downstream services.

"I think Diamondback in particular mentioned pulling forward some Barnett development."

FANG WATCH

Will Byers

Targa raised guidance substantially due to stronger Permian volumes, marketing and LPG export opportunities, pointing to a robust outlook for the rest of the year.

"We are increasing our estimate for full year 2026 adjusted EBITDA to be in a range of $5.7 to $5.9 billion."

TRGP WATCH

HIGH

16:00
Feb 19 ◎

TRGP FY2025 Q4 Watch

Targa Resources, Inc. (TRGP) FY2025 Q4 Earnings Call

ETRN PXD OKE TRGP ▾

Matt Molloy

Targa is investing in an additional two processing plants in the Delaware for early 2028, bringing total added capacity to 2.2 Bcf/d, a scale that would make this incremental infrastructure alone the fifth largest processor in the basin. — This outsized growth from Targa in the Delaware Basin signals a sustained increase in associated gas processing capacity, potentially pressuring competitors' utilization and market share in the region.

"That is eight plants over the next two years, giving us line of sight to an incremental 2.2 billion cubic feet per day of additional processing capacity, and gross NGL production of approximately 320,000 barrels per day. For perspective,"

ETRN WATCH

Matt Molloy

Management highlighted a significant ramp in producer forecasts over the last 90-180 days, particularly in the Delaware Basin, attributing it to a mix of improved well performance, technological advancements, and higher gas-oil ratios. — Upward revisions from multiple producers in the Delaware suggest drilling results are exceeding initial type curves, potentially boosting volumes for upstream operators in the region and validating their capital programs.

"Really, over the last 90, 180 days, we've continued to get revisions higher. And it's not just from one producer. It's from several producers. And I'd say that is more in the Delaware side than it is in the Midland... The outlook is"

PXD WATCH

Matt Molloy

Targa is not planning significant downstream capital after 2027, expecting minimal NGL transport and LPG export capital for years, instead focusing on smaller 'rateable' fracs to capture operating leverage from the Speedway pipeline and LPG export expansion. — Targa's capex pause after 2027 could lead to a buildup of excess NGL transport capacity in the Permian, potentially altering the pricing power dynamics for future pipeline projects like Oneok's.

"We would note our post-Speedway multiyear growth capital assumes minimal NGL transport and LPG export capital for years. And based on our current visibility, we expect Target reaching run rate adjusted EBITDA of over $6 billion following"

OKE WATCH

Matt Molloy

Management's tone is confidently bullish, reiterating low double-digit volume growth for 2026 and raising the outlook for 2027 and beyond, underpinned by strong producer activity and commercial wins.

"We are almost two months into 2026 and our momentum continues as we estimate another year of low double-digit Permian volume growth. Our expectations for 2026 are consistent with our previous commentary and our outlook for 2027 and beyond"

TRGP WATCH

HIGH

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