← Filings of TRGP
Tables in the 10-K of Targa Resources Corp.
82 tables with numbers, filed Feb 19, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I | |
| Item 1. Business | 4 |
| Item 1A. Risk Factors | 27 |
| Item 1B. Unresolved Staff Comments | 49 |
| Item 1C. Cybersecurity | 49 |
| Item 2. Properties | 50 |
| Item 3. Legal Proceedings | 50 |
| Item 4. Mine Safety Disclosures | 50 |
First 8 of 29 rows. The CSV has all of them.
Table 2 after “The following table lists the Gathering and Processing segment’s processing plants and related volumes for the year ended December 31, 2025:”
Download CSV
| Facility | Process Type (1) | Operated /Non-Operated | % Owned | | Location | | Processing Capacity (MMcf/d) (2) | | | Plant Natural Gas Inlet Throughput Volume (MMcf/d) (3) (4) (5) | | NGL Production (MBbl/d) (3) (4) (5) | |
| Permian Midland | | | | | | | | | | | | | |
| Consolidator (6) | Cryo | Operated | | 72.8 | | Reagan County, TX | | | 150.0 | | | | |
| Midkiff (6) | Cryo | Operated | | 72.8 | | Reagan County, TX | | | 70.0 | | | | |
| Driver (6) | Cryo | Operated | | 72.8 | | Midland County, TX | | | 220.0 | | | | |
| Benedum (6) | Cryo | Operated | | 72.8 | | Upton County, TX | | | 35.0 | | | | |
| Edward (6) | Cryo | Operated | | 72.8 | | Upton County, TX | | | 220.0 | | | | |
| Buffalo (6) | Cryo | Operated | | 72.8 | | Martin County, TX | | | 220.0 | | | | |
First 8 of 66 rows. The CSV has all of them.
Table 3 after “The following table details the Logistics and Transportation segment’s fractionation and treating facilities:”
Download CSV
| Facility | Location | % Owned | | Capacity (MBbl/d) (1) | | | Throughput 2025 (MBbl/d) | | |
| Cedar Bayou Fractionators (2) | Mont Belvieu, TX | | 100.0 | | | 493.0 | | | |
| Train 6 Fractionator | Mont Belvieu, TX | | 100.0 | | | 110.0 | | | |
| Train 7 Fractionator | Mont Belvieu, TX | | 80.0 | | | 120.0 | | | |
| Train 8 Fractionator | Mont Belvieu, TX | | 100.0 | | | 120.0 | | | |
| Train 9 Fractionator | Mont Belvieu, TX | | 100.0 | | | 120.0 | | | |
| Train 10 Fractionator | Mont Belvieu, TX | | 100.0 | | | 120.0 | | | |
| Lake Charles Fractionator (3) | Lake Charles, LA | | 100.0 | | | 55.0 | | | |
First 8 of 11 rows. The CSV has all of them.
Table 4 after “The following table details the Logistics and Transportation segment’s NGL storage and terminaling facilities:”
Download CSV
| Facility | % Owned | Location | Description | Throughput for 2025 (MMgal) | | Number of Operational Wells | | Storage Capacity (MMBbl) | |
| Galena Park Marine Terminal (1) | 100 | Harris County, TX | NGL import/export terminal | | 8,449.7 | | N/A | | 0.7 |
| Mont Belvieu Terminal & Storage | 100 | Chambers County, TX | Transport and storage terminal | | 39,343.3 | | 23 | (2) | 58.8 |
| Hackberry Terminal & Storage | 100 | Cameron Parish, LA | Storage terminal | | 453.0 | | 12 | (3) | 22.4 |
Table 5 after “The following table details the Logistics and Transportation segment’s propane terminaling facilities:”
Download CSV
| Facility | % Owned | | Location | | Description | | Throughput for 2025 (MMgal) (1) | | Usable Storage Capacity (MMgal) | |
| Greenville Terminal | | 100 | | Washington County, MS | | Marine propane terminal | | 22.0 | | 1.5 |
| Port Everglades Terminal | | 100 | | Broward County, FL | | Marine propane terminal | | 25.3 | | 1.6 |
| Calvert City Terminal | | 100 | | Marshall County, KY | | Propane terminal | | 16.8 | | 0.1 |
| Chattanooga Terminal | | 100 | | Hamilton County, TN | | Propane terminal | | 15.5 | | 0.9 |
| Hattiesburg Terminal (2) | | 50 | | Forrest County, MS | | Propane terminal | | 331.7 | | 190.1 |
| Sparta Terminal | | 100 | | Sparta County, NJ | | Propane terminal | | 7.2 | | 0.2 |
| Tyler Terminal | | 100 | | Smith County, TX | | Propane terminal | | 25.4 | | 0.2 |
First 8 of 10 rows. The CSV has all of them.
Table 6 after “The graph below compares the cumulative total return to holders of Targa Resources Corp.’s common stock, the Standard & Poor's 500 Stock Ind”
Download CSV
| Year Ended December 31, | | | | | |
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Targa Resources Corp. | $100.00 | $200.01 | $287.16 | $347.40 | $728.89 | $769.90 |
| S&P 500 Index | $100.00 | $128.71 | $105.40 | $133.10 | $166.40 | $196.16 |
| AMUS Index | $100.00 | $145.02 | $187.88 | $223.87 | $337.47 | $346.67 |
Table 7 after “Repurchase of Equity by Targa Resources Corp, or Affiliated Purchasers”
Download CSV
| Period | Total number of shares purchased (1) | | Average price per share | | Total number of shares purchased as part of publicly announced plans (2) | | Maximum approximate dollar value of shares that may yet be purchased under the plan (in thousands) (2) | |
| October 1, 2025 - October 31, 2025 | | 246,867 | | $163.41 | | 226,987 | | $1,373,581 |
| November 1, 2025 - November 30, 2025 | | 1,408 | | $154.04 | | — | | $1,373,581 |
| December 1, 2025 - December 31, 2025 | | — | | $— | | — | | $1,373,581 |
Table 8 after “The following table presents selected average annual and quarterly industry index prices for natural gas, selected NGL products and crude oi”
Download CSV
| Natural Gas $/MMBtu (1) | | Illustrative Targa NGL $/gal (2) | | Crude Oil $/Bbl (3) | |
| 2025 | | | | | | |
| 4th Quarter | $3.55 | | $0.56 | | $59.95 | |
| 3rd Quarter | | 3.07 | | 0.57 | | 65.35 |
| 2nd Quarter | | 3.44 | | 0.61 | | 65.04 |
| 1st Quarter | | 3.66 | | 0.70 | | 71.96 |
| 2025 Average | | 3.43 | | 0.61 | | 65.58 |
| 2024 | | | | | | |
First 8 of 13 rows. The CSV has all of them.
Table 9 after “The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the peri”
Download CSV
| Year Ended December 31, | | | |
| 2025 | | 2024 | |
| (In millions) | | | |
| Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow | | | | |
| Net income (loss) attributable to Targa Resources Corp. | $1,923.0 | | $1,312.0 | |
| Interest (income) expense, net | | 852.8 | | 767.2 |
| Income tax expense (benefit) | | 529.7 | | 384.5 |
| Depreciation and amortization expense | | 1,515.3 | | 1,423.0 |
First 8 of 24 rows. The CSV has all of them.
Table 10 after “The following table and discussion is a summary of our consolidated results of operations for the periods presented:”
Download CSV
| Year Ended December 31, | | | | | | | |
| 2025 | | 2024 | | 2025 vs. 2024 | | | |
| (In millions) | | | | | | | |
| Revenues: | | | | | | | | |
| Sales of commodities | $14,403.5 | | $13,891.8 | | $511.7 | 4% | | |
| Fees from midstream services | | 2,624.8 | | 2,489.7 | | 135.1 | | 5% |
| Total revenues | | 17,028.3 | | 16,381.5 | | 646.8 | | 4% |
| Product purchases and fuel | | 10,507.8 | | 10,703.0 | | (195.2) | | (2%) |
First 8 of 26 rows. The CSV has all of them.
Table 11 after “The following table presents our operating margins by reportable segment:”
Download CSV
| Gathering and Processing | | Logistics and Transportation | | Other | |
| (In millions) | | | | | |
| Year Ended: | | | | | | |
| December 31, 2025 | $2,439.2 | | $2,788.3 | | $(5.3) | |
| December 31, 2024 | | 2,312.4 | | 2,355.1 | | (164.6) |
Table 12 after “Gathering and Processing Segment”
Download CSV
| Year Ended December 31, | | | | | | | |
| 2025 | | 2024 | 2025 vs. 2024 | | | | |
| (In millions, except operating statistics and price amounts) | | | | | | | |
| Operating margin | $2,439.2 | | $2,312.4 | $126.8 | | 5% | | |
| Operating expenses | | 907.0 | | | 814.6 | | 92.4 | 11% |
| Adjusted operating margin | $3,346.2 | | $3,127.0 | $219.2 | | 7% | | |
| Operating statistics (1): | | | | | | | | |
| Plant natural gas inlet, MMcf/d (2) (3) | | | | | | | | |
First 8 of 31 rows. The CSV has all of them.
Table 13 after “The following table presents the realized commodity hedge gain (loss) attributable to our equity volumes that are included in the adjusted o”
Download CSV
| Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | | | | | | | | | | | |
| (In millions, except volumetric data and price amounts) | | | | | | | | | | | | | | |
| Volume Settled | | Price Spread (1) | | | Gain (Loss) | | Volume Settled | | Price Spread (1) | | | Gain (Loss) | | |
| Natural gas (BBtu) | | 30.1 | | $1.711 | | | $51.5 | | 43.7 | | | $1.924 | | $84.1 | |
| NGL (MMgal) | | 304.9 | | | (0.005) | | | (1.5) | | | 449.8 | | | 0.035 | 15.8 |
| Crude oil (MBbl) | | 2.9 | | | 6.586 | | | 19.1 | | | 2.1 | | | (2.048) | (4.3) |
| | | | | | $69.1 | | | | | | | $95.6 | | |
Table 14 after “Logistics and Transportation Segment”
Download CSV
| Year Ended December 31, | | | | | | | |
| 2025 | | 2024 | 2025 vs. 2024 | | | | |
| (In millions, except operating statistics) | | | | | | | |
| Operating margin | $2,788.3 | | $2,355.1 | $433.2 | | 18% | | |
| Operating expenses | | 393.7 | | | 362.3 | | 31.4 | 9% |
| Adjusted operating margin | $3,182.0 | | $2,717.4 | $464.6 | | 17% | | |
| Operating statistics MBbl/d (1): | | | | | | | | |
| NGL pipeline transportation volumes (2) | | 968.3 | | | 800.8 | | 167.5 | 21% |
First 8 of 11 rows. The CSV has all of them.
| Year Ended December 31, | | |
| 2025 | 2024 | 2025 vs. 2024 |
| (In millions) | | |
| Operating margin | $(5.3) | $(164.6) | $159.3 |
| Adjusted operating margin | $(5.3) | $(164.6) | $159.3 |
Table 16 after “Our short-term liquidity on a consolidated basis as of January 31, 2026 was:”
Download CSV
| Consolidated Total | |
| (In millions) | |
| Cash on hand (1) | $203.2 | |
| Total availability under the Securitization Facility | | 600.0 |
| Total availability under the TRGP Revolver and Commercial Paper Program | | 3,500.0 |
| | 4,303.2 |
| Outstanding borrowings under the Securitization Facility | | (600.0) |
| Outstanding borrowings under the TRGP Revolver and Commercial Paper Program | | (1,761.0) |
First 8 of 10 rows. The CSV has all of them.
Table 17 after “Cash Flows from Operating Activities”
Download CSV
| Year Ended December 31, | | |
| 2025 | 2024 | 2025 vs. 2024 |
| (In millions) | | |
| $3,917.4 | $3,649.7 | $267.7 |
Table 18 after “Cash Flows from Investing Activities”
Download CSV
| Year Ended December 31, | | |
| 2025 | 2024 | 2025 vs. 2024 |
| (In millions) | | |
| $(3,642.0) | $(3,021.3) | $(620.7) |
Table 19 after “Cash Flows from Financing Activities”
Download CSV
| Year Ended December 31, | | | |
| 2025 | | 2024 | |
| (In millions) | | | |
| Source of Financing Activities, net | | | | |
| Debt, including financing costs | $3,101.1 | | $1,149.9 | |
| Repurchase of noncontrolling interests | | (1,800.4) | | (112.9) |
| Dividends paid to common shareholders | | (818.3) | | (615.5) |
| Contributions from (distributions to) noncontrolling interests, net | | (33.5) | | (220.6) |
First 8 of 10 rows. The CSV has all of them.
Table 20 after “Summarized Combined Balance Sheet and Statement of Operations information for the Obligated Group as of the end of the most recent period pr”
Download CSV
| Summarized Combined Balance Sheet Information | | | | |
| December 31, 2025 | | December 31, 2024 | |
| (In millions) | | | |
| ASSETS | | | | |
| Current assets | $160.3 | | $127.8 | |
| Current assets - affiliates | | 6.5 | | 22.7 |
| Long-term assets | | 73.3 | | 76.4 |
| Total assets | $240.1 | | $226.9 | |
First 8 of 19 rows. The CSV has all of them.
Table 21 after “The following table details the dividends declared and/or paid by us to common shareholders for 2025:”
Download CSV
| Three Months Ended | Date Paid or To Be Paid | Total Common Dividends Declared | | Amount of Common Dividends Paid or To Be Paid | | Dividends on Share-Based Awards | Dividends Declared per Share of Common Stock | |
| (In millions, except per share amounts) | | | | | | | | |
| December 31, 2025 | February 13, 2026 | $216.7 | | $215.0 | | $1.7 | $1.00000 | |
| September 30, 2025 | November 17, 2025 | | 216.9 | | 214.7 | | 2.2 | 1.00000 |
| June 30, 2025 | August 15, 2025 | | 217.6 | | 215.2 | | 2.4 | 1.00000 |
| March 31, 2025 | May 15, 2025 | | 219.0 | | 216.9 | | 2.1 | 1.00000 |
Table 22 after “The following table details cash outlays for capital projects for the periods presented:”
Download CSV
| Year Ended December 31, | | | |
| 2025 | | 2024 | |
| (In millions) | | | |
| Capital expenditures: | | | | |
| Growth (1) | $3,213.0 | | $2,950.1 | |
| Maintenance (2) | | 228.3 | | 241.7 |
| Gross capital expenditures | | 3,441.3 | | 3,191.8 |
| Change in capital project payables and accruals, net | | (108.0) | | (226.0) |
First 8 of 9 rows. The CSV has all of them.
Table 23 after “We believe we have sufficient liquidity to fund our operations and meet our short-term and long-term cash obligations. The following table i”
Download CSV
| Contractual Obligations: | | Total | | Within 12 Months | |
| (in millions) | | | | |
| Long-term debt obligations (1) | | $17,240.2 | | $679.3 | |
| Interest on debt obligations (2) | | | 9,790.0 | | 948.1 |
| Operating leases (3) | | | 130.0 | | 23.1 |
| Finance leases (4) | | | 388.0 | | 107.5 |
| Land site lease and rights of way (5) | | | 374.3 | | 11.8 |
| Purchase obligations (6) | | | 4,174.1 | | 1,928.3 |
First 8 of 10 rows. The CSV has all of them.
Table 24 after “The following table shows the effect of hypothetical price movements on the estimated fair value of our derivative instruments as of Decembe”
Download CSV
| Fair Value | | Result of 10% Price Decrease | | Result of 10% Price Increase | |
| (In millions) | | | | | |
| Natural gas | $(161.1) | | $(94.1) | | $(228.1) | |
| NGL | | 51.2 | | 124.6 | | (22.2) |
| Crude oil | | 43.0 | | 71.3 | | 14.7 |
| Total | $(66.9) | | $101.8 | | $(235.6) | |
Table 25 after “The Board of Directors of the Company and the executive officers of the Company are:”
Download CSV
| Name | Age (1) | Position |
| Matthew J. Meloy | 47 | Chief Executive Officer and Director |
| Jennifer R. Kneale | 47 | President |
| Robert M. Muraro | 49 | Chief Commercial Officer |
| William A. Byers | 49 | Chief Financial Officer |
| Patrick J. McDonie | 65 | President – Gathering and Processing |
| D. Scott Pryor (2) | 62 | President – Logistics and Transportation |
| Benjamin J. Branstetter (3) | 40 | Senior Vice President – Downstream Commercial |
First 8 of 20 rows. The CSV has all of them.
| 2.1 | Purchase and Sale Agreement, dated as of June 16, 2022 by and among Lucid Energy Group II Holdings, LLC, Lasso Acquiror LLC and Lucid Energy Group II LLC (incorporated by reference to Exhibit 2.1 to Targa Resources Corp.’s Current Report on Form 8-K filed June 17, 2022 (File No. 001-34991)). |
| 3.1 | Amended and Restated Certificate of Incorporation of Targa Resources Corp. (incorporated by reference to Exhibit 3.1 to Targa Resources Corp.’s Current Report on Form 8-K filed December 16, 2010 (File No. 001-34991)). |
| 3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Targa Resources Corp. (incorporated by reference to Exhibit 3.1 to Targa Resources Corp.’s Current Report on Form 8-K filed May 26, 2021 (File No. 001-34991)). |
| 3.3 | Certificate of Designations of Series A Preferred Stock of Targa Resources Corp., filed with the Secretary of State of the State of Delaware on March 16, 2016 (incorporated by reference to Exhibit 3.1 to Targa Resources Corp.’s Current Report on Form 8-K/A filed March 17, 2016 (File No. 001-34991)). |
| 3.4 | Third Amended and Restated Bylaws of Targa Resources Corp. (incorporated by reference to Exhibit 3.1 to Targa Resources Corp.’s Current Report on Form 8-K filed December 12, 2023 (File No. 001-34991)). |
| 4.1 | Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Targa Resources Corp.’s Registration Statement on Form S-1/A filed November 12, 2010 (File No. 333-169277)). |
| 4.2 | Registration Rights Agreement, dated March 16, 2016, by and among Targa Resources Corp. and the purchasers named on Schedule A thereto (incorporated by reference to Exhibit 4.2 to Targa Resources Corp.’s Current Report on Form 8-K/A filed March 17, 2016 (File No. 001-34991)). |
| 4.3 | Amendment No. 1 to the Registration Rights Agreement dated March 16, 2016, dated September 13, 2016, among Targa Resources Corp. and Stonepeak Target Holdings, LP and Stonepeak Target Upper Holdings LLC (incorporated by reference to Exhibit 4.2 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 4, 2016 (File No. 001-34991)). |
First 8 of 12 rows. The CSV has all of them.
| 4.8 | Supplemental Indenture dated January 9, 2018 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.67 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 16, 2018 (File No. 001-34991)). |
| 4.9 | Supplemental Indenture dated July 24, 2018 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.9 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 9, 2018 (File No. 001-34991)). |
| 4.10 | Supplemental Indenture dated July 19, 2019 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.6 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 9, 2019 (File No. 001-34991)). |
| 4.11 | Supplemental Indenture dated February 20, 2020 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.5 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed May 7, 2020 (File No. 001-34991)). |
| 4.12 | Supplemental Indenture dated September 17, 2020 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.6 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 5, 2020 (File No. 001-34991)). |
| 4.13 | Supplemental Indenture dated September 17, 2021 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.2 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 4, 2021 (File No. 001-34991)). |
| 4.14 | Supplemental Indenture dated November 30, 2021 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.42 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
| 4.15 | Supplemental Indenture dated January 28, 2022 to Indenture dated October 17, 2017, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.43 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
First 8 of 13 rows. The CSV has all of them.
| 4.21 | Supplemental Indenture dated February 20, 2020 to Indenture dated November 27, 2019, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.8 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed May 7, 2020 (File No. 001-34991)). |
| 4.22 | Supplemental Indenture dated September 17, 2020 to Indenture dated November 27, 2019, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.9 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 5, 2020 (File No. 001-34991)). |
| 4.23 | Supplemental Indenture dated September 17, 2021 to Indenture dated November 27, 2019, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.5 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 4, 2021 (File No. 001-34991)). |
| 4.24 | Supplemental Indenture dated November 30, 2021 to Indenture dated November 27, 2019, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.67 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
| 4.25 | Supplemental Indenture dated January 28, 2022 to Indenture dated November 27, 2019, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.68 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
| 4.26 | Supplemental Indenture dated June 17, 2022 to Indenture dated November 27, 2019 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 4, 2022 (File No. 001-34991)). |
| 4.27 | Supplemental Indenture dated August 2, 2022 to Indenture dated November 27, 2019 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 3, 2022 (File No. 001-34991)). |
| 4.28 | Supplemental Indenture dated April 12, 2023 to Indenture dated November 27, 2019 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 4.7 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed May 4, 2023 (File No. 001-34991)). |
First 8 of 13 rows. The CSV has all of them.
| 4.34 | Supplemental Indenture dated January 28, 2022 to Indenture dated August 18, 2020, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.74 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
| 4.35 | Supplemental Indenture dated June 17, 2022 to Indenture dated August 18, 2020 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.4 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 4, 2022 (File No. 001-34991)). |
| 4.36 | Supplemental Indenture dated August 2, 2022 to Indenture dated August 18, 2020 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.4 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 3, 2022 (File No. 001-34991)). |
| 4.37 | Supplemental Indenture dated April 12, 2023 to Indenture dated August 18, 2020 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 4.8 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed May 4, 2023 (File No. 001-34991)). |
| 4.38 | Supplemental Indenture dated June 27, 2024 to Indenture dated August 18, 2020 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 4.6 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 1, 2024 (File No. 001-34991)). |
| 4.39 | Indenture dated as of February 2, 2021 among the Issuers, the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed February 5, 2021 (File No. 001-33303)). |
| 4.40 | Supplemental Indenture dated September 17, 2021 to Indenture dated February 2, 2021 among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.7 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 4, 2021 (File No. 001-34991)). |
| 4.41 | Supplemental Indenture dated November 30, 2021 to Indenture dated February 2, 2021, among the Guaranteeing Subsidiary, Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the other Subsidiary Guarantors and U.S. Bank National Association (incorporated by reference to Exhibit 10.79 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
First 8 of 13 rows. The CSV has all of them.
| 4.47 | Indenture, dated as of April 6, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa Resources Corp.’s Current Report on Form 8-K filed April 6, 2022 (File No. 001-34991)). |
| 4.48 | First Supplemental Indenture, dated as of April 6, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Targa Resources Corp.’s Current Report on Form 8-K filed April 6, 2022 (File No. 001-34991)). |
| 4.49 | Form of Notes (included in Exhibit 4.48 hereto) (incorporated by reference to Exhibit 4.3 to Targa Resources Corp.’s Current Report on Form 8-K filed April 6, 2022 (File No. 001-34991)). |
| 4.50 | Second Supplemental Indenture dated as of June 22, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.9 to Targa Resources Corp.’s Post-Effective Amendment No. 1 to Form S-3 filed June 22, 2022 (Registration No. 333-263730)). |
| 4.51 | Third Supplemental Indenture, dated as of July 7, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Targa Resources Corp.’s Current Report on Form 8-K filed July 7, 2022 (File No. 001-34991)). |
| 4.52 | Form of Notes (included in Exhibit 4.51 hereto) (incorporated by reference to Exhibit 4.3 to Targa Resources Corp.’s Current Report on Form 8-K filed July 7, 2022 (File No. 001-34991)). |
| 4.53 | Fourth Supplemental Indenture dated as of August 2, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 10.6 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed November 3, 2022 (File No. 001-34991)). |
| 4.54 | Fifth Supplemental Indenture, dated as of January 9, 2023, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Targa Resources Corp.’s Current Report on Form 8-K filed January 9, 2023 (File No. 001-34991)). |
First 8 of 17 rows. The CSV has all of them.
| 4.64 | Eleventh Supplemental Indenture, dated as of June 18, 2025, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Targa Resource Corp.’s Current Report on Form 8-K filed June 18, 2025 (File No. 001-34991)). |
| 4.65 | Form of Notes (included in Exhibit 4.64 hereto) (incorporated by reference to Exhibit 4.3 to Targa Resources Corp.’s Current Report on Form 8-K filed June 18, 2025 (File No. 001-34991)). |
| 4.66 | Twelfth Supplemental Indenture, dated as of November 12, 2025, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Targa Resource Corp.’s Current Report on Form 8-K filed November 12, 2025 (File No. 001-34991)). |
| 4.67 | Form of Notes (included in Exhibit 4.66 hereto) (incorporated by reference to Exhibit 4.3 to Targa Resources Corp.’s Current Report on Form 8-K filed November 12, 2025 (File No. 001-34991)). |
| 10.1 | Credit Agreement dated as of February 18, 2025, by and among Targa Resources Corp., Bank of America, N.A., and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 20, 2025 (File No. 001-34991)). |
| 10.2+ | Second Amended and Restated Targa Resources Corp. 2010 Stock Incentive Plan, as amended and restated effective August 1, 2023 (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Quarterly Report on Form 10-Q filed August 3, 2023 (File No. 001-34991)). |
| 10.3+ | Form of Restricted Stock Agreement for Directors, dated as of January 17, 2018 (incorporated by reference to Exhibit 10.13 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 16, 2018 (File No. 001-34991)). |
| 10.4+ | Form of Performance Share Unit Grant Agreement, dated as of January 20, 2022 under Targa Resources Corp. 2010 Stock Incentive Plan (incorporated by reference to Exhibit 10.12 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 24, 2022 (File No. 001-34991)). |
First 8 of 16 rows. The CSV has all of them.
| 10.13 | Purchase and Sale Agreement, dated January 10, 2013, between the originators from time to time party thereto as Originators and Targa Receivables LLC (incorporated by reference to Exhibit 10.2 to Targa Resources Partners LP’s Current Report on Form 8-K filed January 14, 2013 (File No. 001-33303)). |
| 10.14 | Second Amendment to Receivables Purchase Agreement, dated December 13, 2013, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed December 17, 2013 (File No. 001-33303)). |
| 10.15 | Fourth Amendment to Receivables Purchase Agreement, dated December 11, 2015, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed December 15, 2015 (File No. 001-33303)). |
| 10.16 | Fifth Amendment to Receivables Purchase Agreement, dated December 9, 2016, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed January 6, 2017 (File No. 001-33303)). |
| 10.17 | Seventh Amendment to Receivables Purchase Agreement, dated December 7, 2018, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed December 10, 2018 (File No. 001-33303)). |
| 10.18 | Eighth Amendment to Receivables Purchase Agreement, dated December 6, 2019, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed December 10, 2019 (File No. 001-34991)). |
| 10.19 | Ninth Amendment to Receivables Purchase Agreement, dated April 22, 2020, by and among Targa Receivables LLC, as seller, Targa Resources Partners LP, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed April 24, 2020 (File No. 001-34991)). |
| 10.20 | Tenth Amendment to Receivables Purchase Agreement, dated April 21, 2021, by and among Targa Receivables LLC, as seller, Targa Resources Partners LP, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed April 23, 2021 (File No. 001-34991)). |
First 8 of 11 rows. The CSV has all of them.
| 10.24 | Fourteenth Amendment to Receivables Purchase Agreement, dated as of August 30, 2023, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed August 31, 2023 (File No. 001-34991)). |
| 10.25 | Fifteenth Amendment to Receivables Purchase Agreement, dated as of August 26, 2024, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed August 27, 2024 (File No. 001-34991)). |
| 10.26 | Sixteenth Amendment to Receivables Purchase Agreement, dated as of July 28, 2025, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed July 28, 2025 (File No. 001-34991)). |
| 10.27 | Commitment Increase Request, dated February 23, 2017, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, and PNC Bank, National Association, as administrator, purchaser agent and LC Bank (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP’s Current Report on Form 8-K filed February 24, 2017 (File No. 001-33303)). |
| 10.28 | Commitment Increase Request, dated December 11, 2020, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, and PNC Bank, National Association, as administrator, purchaser agent and LC Bank, and Wells Fargo Bank, National Association, as purchaser agent and LC Participant (incorporated by reference to Exhibit 10.1 to Targa Resources Corp.’s Current Report on Form 8-K filed December 14, 2020 (File No. 001-34991)). |
| 19.1 | Targa Resources Corp. Insider Trading Policy (incorporated by reference to Exhibit 19.1 to Targa Resources Corp.’s Annual Report on Form 10-K filed February 20, 2025 (File No. 001-34991)). |
| 21.1* | List of Significant Subsidiaries of Targa Resources Corp. |
| 22.1* | List of Subsidiary Guarantors. |
First 8 of 17 rows. The CSV has all of them.
Table 34 after “TARGA RESOURCES CORP. AUDITED CONSOLIDATED FINANCIAL STATEMENTS”
Download CSV
| Management’s Report on Internal Control Over Financial Reporting | F-2 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | F-3 |
| Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 | F-5 |
| Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 | F-6 |
| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023 | F-7 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 | F-8 |
| Consolidated Statements of Changes in Owners’ Equity for the Years Ended December 31, 2025, 2024 and 2023 | F-9 |
| Notes to Consolidated Financial Statements | F-11 |
First 8 of 30 rows. The CSV has all of them.
| December 31, 2025 | | December 31, 2024 | |
| (In millions) | | | |
| ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | $166.1 | | $157.3 | |
| Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024 | | 1,474.6 | | 1,618.3 |
| Inventories | | 429.3 | | 334.3 |
| Assets from risk management activities | | 154.7 | | 61.8 |
First 8 of 43 rows. The CSV has all of them.
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| (In millions, except per share amounts) | | | | | |
| Revenues: | | | | | | |
| Sales of commodities | $14,403.5 | | $13,891.8 | | $13,962.1 | |
| Fees from midstream services | | 2,624.8 | | 2,489.7 | | 2,098.2 |
| Total revenues | | 17,028.3 | | 16,381.5 | | 16,060.3 |
| Costs and expenses: | | | | | | |
First 8 of 29 rows. The CSV has all of them.
| Year Ended December 31, | | | | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 | | | | | | | | | | | | | | | | |
| Pre-Tax | | Related Income Tax | | After Tax | | Pre-Tax | | Related Income Tax | | After Tax | | Pre-Tax | | Related Income Tax | | After Tax | | | | |
| (In millions) | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | | | | $1,956.7 | | | | | | $1,553.5 | | | | | | $1,579.3 | | | | |
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | |
| Commodity hedging contracts: | | | | | | | | | | | | | | | | | | | | | |
| Change in fair value | $202.8 | | $(46.4) | | | 156.4 | | $(7.5) | | $1.7 | | (5.8) | | $193.4 | | $(44.3) | | | 149.1 | | |
First 8 of 13 rows. The CSV has all of them.
Table 38 after “CONSOLIDATED STATEMENTS OF CASH FLOWS”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| (In millions) | | | | | |
| Cash flows from operating activities | | | | | | |
| Net income (loss) | $1,956.7 | | $1,553.5 | | $1,579.3 | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | |
| Amortization in interest expense | | 17.3 | | 14.8 | | 13.2 |
| Compensation on equity grants | | 69.5 | | 63.2 | | 62.4 |
First 8 of 51 rows. The CSV has all of them.
| | | | | | | Retained | | Accumulated | | | | | | | | | | |
| | | | | Additional | | Earnings | | Other | | Treasury | | | Total | | | | | |
| Common Stock | | Paid in | | (Accumulated | | Comprehensive | | Shares | | Noncontrolling | Owners’ | | | | | | | |
| Shares | | Amount | | Capital | | Deficit) | | Income (Loss) | | Shares | Amount | | Interests | Equity | | | | |
| (In millions, except shares in thousands) | | | | | | | | | | | | | | | | | | |
| Balance, December 31, 2022 | | 226,042 | | $0.2 | | $3,702.3 | | $(626.8) | | $54.7 | | 11,897 | | $(464.7) | $2,316.5 | $4,982.2 | | | |
| Compensation on equity grants | | — | | | — | | | 62.4 | | | — | | — | | — | | — | — | 62.4 |
| Dividend equivalent rights | | — | | | — | | | (2.3) | | | (1.6) | | — | | — | | — | — | (3.9) |
First 8 of 35 rows. The CSV has all of them.
Table 40 after “CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY”
Download CSV
| | | | | | | Retained | | Accumulated | | | | | | | | | | |
| | | | | Additional | | Earnings | | Other | | Treasury | | | Total | | | | | |
| Common Stock | | Paid in | | (Accumulated | | Comprehensive | | Shares | | Noncontrolling | Owners’ | | | | | | | |
| Shares | | Amount | | Capital | | Deficit) | | Income (Loss) | | Shares | Amount | | Interests | Equity | | | | |
| (In millions, except shares in thousands) | | | | | | | | | | | | | | | | | | |
| Balance, December 31, 2024 | | 217,764 | | $0.2 | | $3,089.1 | | $1,190.0 | | $27.5 | | 24,000 | | $(1,714.4) | $1,825.8 | $4,418.2 | | | |
| Compensation on equity grants | | — | | | — | | | 69.5 | | | — | | — | | — | | — | — | 69.5 |
| Dividend equivalent rights | | — | | | — | | | — | | | (3.5) | | — | | — | | — | — | (3.5) |
First 8 of 19 rows. The CSV has all of them.
Table 41 after “Property, Plant and Equipment and Intangible Assets”
Download CSV
| December 31, 2025 | | December 31, 2024 | | Estimated Useful Lives (In Years) | |
| Gathering systems (1) | $12,431.3 | | $11,575.0 | | 5 to 20 | |
| Processing and fractionation facilities | | 10,477.3 | | 9,543.3 | | 5 to 25 |
| Terminaling and storage facilities | | 1,648.4 | | 1,469.1 | | 5 to 25 |
| Transportation assets | | 4,536.0 | | 4,131.5 | | 10 to 50 |
| Other property, plant and equipment | | 586.5 | | 537.7 | | 3 to 25 |
| Land | | 209.3 | | 198.6 | | — |
| Construction in progress (1) | | 2,804.9 | | 1,702.9 | | — |
First 8 of 15 rows. The CSV has all of them.
Table 42 after “The following table shows the changes in our intangible assets for the periods presented:”
Download CSV
| December 31, 2025 | | December 31, 2024 | |
| Balance at beginning of period | $1,977.4 | | $2,350.6 | |
| Amortization | | (326.0) | | (373.2) |
| Balance at end of period | $1,651.4 | | $1,977.4 | |
Table 43 after “Dovetail Acquisition was attributed to the Permian Delaware reporting unit within our Gathering and Processing segment.”
Download CSV
| December 31, 2025 | | December 31, 2024 | |
| Permian Delaware | $89.1 | | $22.0 | |
| Permian Midland | | 23.2 | | 23.2 |
| Goodwill | $112.3 | | $45.2 | |
Table 44 after “The following table shows the activity related to our investments in unconsolidated affiliates for the periods presented:”
Download CSV
| Balance at December 31, 2022 | | Equity Earnings (Loss) | | Cash Distributions | Contributions | Balance at December 31, 2023 | | |
| Little Missouri 4 | | 90.7 | | 7.7 | | (11.3) | | — | 87.1 |
| GCF (1) | | 27.1 | | (4.1) | | (2.0) | | 24.6 | 45.6 |
| Cayenne | | 13.5 | | 5.4 | | (5.3) | | — | 13.6 |
| Total | $131.3 | | $9.0 | | $(18.6) | $24.6 | $146.3 | | |
| Balance at December 31, 2023 | | Equity Earnings (Loss) | | Cash Distributions | Contributions | Balance at December 31, 2024 | | |
| Little Missouri 4 | $87.1 | | $14.4 | | $(17.2) | $— | $84.3 | | |
| GCF (1) | | 45.6 | | (11.8) | | — | | 32.6 | 66.4 |
First 8 of 17 rows. The CSV has all of them.
| December 31, 2025 | | December 31, 2024 | |
| Current: | | | | |
| Partnership accounts receivable securitization facility, due August 2026 (1) | $— | | $330.0 | |
| Senior unsecured notes issued by the Partnership: (2) | | | | |
| 6.875% fixed rate, due January 2029 (3) | | 679.3 | | — |
| Debt issuance costs, net of amortization (3) | | (2.3) | | — |
| Finance lease liabilities | | 93.1 | | 57.7 |
| Current debt obligations | | 770.1 | | 387.7 |
First 8 of 41 rows. The CSV has all of them.
| Range of Interest Rates Incurred | Weighted Average Interest Rate Incurred |
| TRGP Revolver and Commercial Paper Program | 3.9% - 4.8% | 4.6% |
| Securitization Facility | 4.7% - 5.3% | 5.2% |
Table 47 after “December 31, 2025, for the next five years, and in total thereafter:”
Download CSV
| Scheduled Maturities of Debt | | | | | | | | | | | | |
| Total | | 2026 | | 2027 | 2028 | 2029 | | 2030 | | Thereafter | | |
| TRGP Revolver and Commercial Paper Program | $161.0 | | $— | | $— | $— | $— | | $161.0 | | $— | | |
| TRGP Senior unsecured notes | | 12,750.0 | | — | | 750.0 | | — | | 1,750.0 | | 750.0 | 9,500.0 |
| Partnership’s Senior unsecured notes | | 4,329.2 | | 679.3 | | — | | 700.3 | | — | | 949.6 | 2,000.0 |
| Total | $17,240.2 | | $679.3 | | $750.0 | $700.3 | $1,750.0 | | $1,860.6 | | $11,500.0 | | |
Table 48 after “Other long-term liabilities are comprised of the noncurrent portion of the following obligations as of the periods presented:”
Download CSV
| December 31, 2025 | | December 31, 2024 | |
| Deferred revenue | $115.5 | | $119.9 | |
| Asset retirement obligations | | 185.4 | | 177.7 |
| Operating lease liabilities | | 89.5 | | 90.4 |
| Other liabilities | | 4.6 | | 4.3 |
| Total other long-term liabilities | $395.0 | | $392.3 | |
Table 49 after “The following table shows changes in our ARO liability for the periods presented:”
Download CSV
| 2025 | | 2024 | |
| Balance at beginning of period | $177.7 | | $103.0 | |
| Additions | | 3.4 | | 23.8 |
| Accretion expense | | 6.2 | | 10.6 |
| Retirements | | (2.5) | | — |
| Change in cash flow estimate | | 0.6 | | 40.3 |
| Balance at end of period | $185.4 | | $177.7 | |
Table 50 after “The following table shows balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our”
Download CSV
| | December 31, | | | |
| Balance Sheet Location | 2025 | | 2024 | |
| Operating leases: | | | | | |
| Lease right-of-use assets, net | Other long-term assets | $93.9 | | $103.7 | |
| Current liabilities | Accrued liabilities | | 24.3 | | 25.2 |
| Non-current liabilities | Other long-term liabilities | | 89.5 | | 90.4 |
| Finance leases: | | | | | |
| Lease right-of-use assets, net | Property, plant and equipment, net | $324.9 | | $285.1 | |
First 8 of 10 rows. The CSV has all of them.
Table 51 after “Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidate”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Lease cost | | | | | | |
| Operating lease cost | $28.6 | | $30.6 | | $18.3 | |
| Short-term lease cost | | 36.5 | | 45.2 | | 56.7 |
| Variable lease cost | | 52.5 | | 46.0 | | 26.0 |
| Finance lease cost | | | | | | |
| Amortization of right-of-use assets | | 75.0 | | 55.3 | | 48.2 |
First 8 of 10 rows. The CSV has all of them.
Table 52 after “The following table shows other supplemental information related to our leases for the periods presented:”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities | | | | | | |
| Operating cash flows for operating leases | $32.4 | | $32.4 | | $21.4 | |
| Operating cash flows for finance leases | | 15.9 | | 14.2 | | 13.9 |
| Financing cash flows for finance leases | | 76.5 | | 50.1 | | 42.9 |
| Operating Leases | | Finance Leases | |
| 2026 | $23.1 | | $107.5 | |
| 2027 | | 29.0 | | 100.5 |
| 2028 | | 24.2 | | 75.4 |
| 2029 | | 19.3 | | 59.0 |
| 2030 | | 13.7 | | 37.6 |
| Thereafter | | 20.7 | | 8.0 |
| Total undiscounted cash flows | | 130.0 | | 388.0 |
First 8 of 10 rows. The CSV has all of them.
Table 54 after “years ended December 31, 2025, 2024 and 2023:”
Download CSV
| Three Months Ended | Date Paid or To Be Paid | Total Common Dividends Declared | | Amount of Common Dividends Paid or To Be Paid | | Dividends on Share-Based Awards | Dividends Declared per Share of Common Stock | |
| (In millions, except per share amounts) | | | | | | | | |
| 2025 | | | | | | | | |
| December 31, 2025 | February 13, 2026 | $216.7 | | $215.0 | | $1.7 | $1.00000 | |
| September 30, 2025 | November 17, 2025 | | 216.9 | | 214.7 | | 2.2 | 1.00000 |
| June 30, 2025 | August 15, 2025 | | 217.6 | | 215.2 | | 2.4 | 1.00000 |
| March 31, 2025 | May 15, 2025 | | 219.0 | | 216.9 | | 2.1 | 1.00000 |
| 2024 | | | | | | | | |
First 8 of 17 rows. The CSV has all of them.
Table 55 after “The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted ne”
Download CSV
| | Year Ended December 31, | | | | | |
| | 2025 | | 2024 | | 2023 | |
| (In millions, except per share amounts) | | | | | | |
| Net income (loss) attributable to Targa Resources Corp. | | $1,923.0 | | $1,312.0 | | $1,345.9 | |
| Less: Premium on repurchase of noncontrolling interests, net of tax (1) | | | 70.5 | | 32.9 | | 510.1 |
| Net income (loss) attributable to common shareholders | | | 1,852.5 | | 1,279.1 | | 835.8 |
| Less: Participating share-based earnings (2) | | | 11.1 | | 9.6 | | 7.6 |
| Net income (loss) allocated to common shareholders for basic earnings per share | | $1,841.4 | | $1,269.5 | | $828.2 | |
First 8 of 13 rows. The CSV has all of them.
Table 56 after “The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of ”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Unvested restricted stock awards | | 1.0 | | 1.2 | | 1.5 |
Table 57 after “December 31, 2025, the notional volumes of our commodity derivative contracts were:”
Download CSV
| Commodity | Instrument | Unit | 2026 | | 2027 | 2028 | 2029 | | |
| Natural Gas | Swaps | MMBtu/d | | 93,304 | | 77,778 | | 58,189 | — |
| Natural Gas | Basis Swaps | MMBtu/d | | 490,370 | | 336,829 | | 157,298 | 24,959 |
| NGL | Swaps | Bbl/d | | 37,384 | | 23,956 | | 17,739 | — |
| NGL | Futures | Bbl/d | | 24,099 | | — | | — | — |
| Condensate | Swaps | Bbl/d | | 8,249 | | 3,316 | | 2,452 | — |
Table 58 after “The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the pe”
Download CSV
| | Fair Value as of December 31, 2025 | | Fair Value as of December 31, 2024 | | | | |
| Balance Sheet | Derivative | | Derivative | | Derivative | Derivative | |
| Location | Assets | | Liabilities | | Assets | Liabilities | |
| Derivatives designated as hedging instruments | | | | | | | | |
| Commodity contracts | Current | $137.1 | | $(14.8) | | $50.8 | $(29.0) | |
| Long-term | | 26.1 | | (6.9) | | 20.8 | (11.7) |
| Total derivatives designated as hedging instruments | | $163.2 | | $(21.7) | | $71.6 | $(40.7) | |
| Derivatives not designated as hedging instruments | | | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 59 after “The following tables reflect the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the perio”
Download CSV
| | | Gross Presentation | | | Pro Forma Net Presentation | | | | | | | | |
| December 31, 2025 | | Asset | | | Liability | | Collateral | | Asset | | Liability | | | |
| Current Position | | | | | | | | | | | | | | |
| Counterparties with offsetting positions or collateral | | $133.3 | | | $(234.1) | | $29.6 | | $31.3 | | $(102.5) | | |
| Counterparties without offsetting positions - assets | | | 21.4 | | | — | | | — | | | 21.4 | — |
| Counterparties without offsetting positions - liabilities | | | — | | | — | | | — | | | — | — |
| | | | 154.7 | | | (234.1) | | | 29.6 | | | 52.7 | (102.5) |
| Long-Term Position | | | | | | | | | | | | | | |
First 8 of 34 rows. The CSV has all of them.
Table 60 after “The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods presented:”
Download CSV
| Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | | |
| Derivatives in Cash Flow | Year Ended December 31, | | |
| Hedging Relationships | 2025 | 2024 | 2023 |
| Commodity contracts | $202.8 | $(7.5) | $193.4 |
| Gain (Loss) Reclassified from OCI into Income (Effective Portion) | | |
| Year Ended December 31, | | |
| Location of Gain (Loss) | 2025 | 2024 | 2023 |
| Revenues | $90.9 | $67.8 | $153.4 |
Table 61 after “December 31, 2025, we had unrealized mark-to-market losses primarily driven by unfavorable movement in natural gas forward basis prices.”
Download CSV
| Location of Gain (Loss) | Gain (Loss) Recognized in Income on Derivatives | | |
| Derivatives Not Designated | Recognized in Income on | Year Ended December 31, | | |
| as Hedging Instruments | Derivatives | 2025 | 2024 | 2023 |
| Commodity contracts | Revenue | $(251.2) | $(313.2) | $287.7 |
Table 62 after “The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidat”
Download CSV
| December 31, 2025 | | | | | | | | |
| Carrying | | Fair Value | | | | | | |
| Value | | Total | | Level 1 | Level 2 | Level 3 | | |
| Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | | | | | | | | | |
| Assets from commodity derivative contracts (1) | $189.3 | | $189.3 | | $— | $189.2 | $0.1 | | |
| Liabilities from commodity derivative contracts (1) | | 256.2 | | 256.2 | | — | | 255.2 | 1.0 |
| Contingent consideration (2) | | 0.3 | | 0.3 | | — | | — | 0.3 |
| Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 63 after “The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidat”
Download CSV
| December 31, 2024 | | | | | | | | |
| Carrying | | Fair Value | | | | | | |
| Value | | Total | | Level 1 | Level 2 | Level 3 | | |
| Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | | | | | | | | | |
| Assets from commodity derivative contracts (1) | $87.0 | | $87.0 | | $— | $87.0 | $— | | |
| Liabilities from commodity derivative contracts (1) | | 259.2 | | 259.2 | | — | | 259.2 | — |
| Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | | | | | | | | | |
| Cash and cash equivalents | | 157.3 | | 157.3 | | — | | — | — |
First 8 of 12 rows. The CSV has all of them.
Table 64 after “air value hierarchy for the period presented:”
Download CSV
| Commodity | | | |
| Derivative Contracts | | Contingent | |
| Asset (Liability) | | Consideration | |
| Balance, December 31, 2024 | | — | | — |
| Contingent consideration | | — | | (0.3) |
| Unrealized gain(loss) included in OCI | | (0.9) | | — |
| Balance, December 31, 2025 | $(0.9) | | $(0.3) | |
Table 65 after “The following table summarizes increases (decreases) for the line items presented below in our Consolidated Statements of Operations as a re”
Download CSV
| | GCF | | Cayenne | | Little Missouri 4 | Total | |
| 2025: | | | | | | | | |
| Revenue | $9.8 | | $— | $— | $9.8 | | | |
| Product purchases and fuel | | | 14.7 | | 6.9 | | 12.2 | 33.8 |
| Operating expenses | | | (10.9) | | (1.0) | | (2.0) | (13.9) |
| General and administrative expenses | | | — | | — | | (1.0) | (1.0) |
| 2024: | | | | | | | | |
| Revenue | $— | | $— | $— | $— | | | |
First 8 of 16 rows. The CSV has all of them.
| In Aggregate | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
| Land sites and rights of way (1) | $374.3 | $11.8 | $13.2 | $18.6 | $9.4 | $8.5 | $312.8 |
Table 67 after “The following table shows total operating expenses incurred under the above non-cancelable commitments for the periods presented:”
Download CSV
| Year Ended December 31, | | |
| 2025 | 2024 | 2023 |
| Land sites and rights of way | $6.8 | $7.2 | $9.0 |
| 2026 | 2027 | 2028 and after |
| Fixed consideration to be recognized as of December 31, 2025 | $371.6 | $397.0 | $1,773.8 |
Table 69 after “The following table shows the components of deferred revenue as of the periods presented:”
Download CSV
| December 31, 2025 | | December 31, 2024 | |
| Contributions in aid of construction | $110.9 | | $91.1 | |
| Gas contract amendment | | 24.8 | | 27.3 |
| Other | | — | | 1.5 |
| Total deferred revenue | $135.7 | | $119.9 | |
Table 70 after “The following table shows the changes in deferred revenue for the periods presented:”
Download CSV
| Year Ended December 31, | | | |
| 2025 | | 2024 | |
| Balance at beginning of period | $119.9 | | $248.8 | |
| Additions | | 36.3 | | 19.7 |
| Revenue recognized | | (20.5) | | (19.6) |
| Reclassification to accrued liabilities (1) | | — | | (129.0) |
| Balance at end of period | $135.7 | | $119.9 | |
Table 71 after “The following table shows components of the federal and state income tax provisions for the periods presented:”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Current expense (benefit) | | | | | | |
| Federal | $12.2 | | $(0.1) | | $0.2 | |
| State | | 0.9 | | 17.6 | | 13.4 |
| Total current expense (benefit) | | 13.1 | | 17.5 | | 13.6 |
| Deferred expense (benefit) | | | | | | |
| Federal | | 466.7 | | 339.2 | | 342.4 |
First 8 of 11 rows. The CSV has all of them.
Table 72 after “Our deferred income tax assets and liabilities as of the periods presented consist of recognition differences related to certain types of co”
Download CSV
| December 31, 2025 | | December 31, 2024 | |
| Deferred tax assets: | | | | |
| Net operating loss and tax credit carryforwards | $1,045.0 | | $1,094.9 | |
| Disallowed business interest expense carryforward | | 22.1 | | 113.5 |
| Property, plant and equipment | | 1.5 | | 1.9 |
| Other | | 12.6 | | 10.1 |
| Deferred tax assets before valuation allowance | | 1,081.2 | | 1,220.4 |
| Valuation allowance | | (5.9) | | (5.9) |
First 8 of 17 rows. The CSV has all of them.
Table 73 after “The following table shows our income taxes paid net of refunds received for the periods presented:”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Income taxes paid, net of refunds: | | | | | | |
| Federal | $7.1 | | $— | | $(0.1) | |
| State: | | | | | | |
| Texas | | 14.3 | | 11.6 | | 8.9 |
| New Mexico | | 1.3 | | 1.3 | | — |
| California | | (0.4) | | 1.1 | | — |
First 8 of 12 rows. The CSV has all of them.
Table 74 after “The following table shows the reconciliation between our Income tax provision (benefit) computed at the United States statutory rate on inco”
Download CSV
| Year Ended December 31, | | | | | | | | | | | | |
| Income tax reconciliation: | 2025 | | 2024 | | | 2023 | | | | | | | |
| Income (loss) before income taxes | $2,486.4 | | | | $1,938.0 | | | | $1,942.5 | | | | |
| U.S. federal statutory tax rate | | 522.1 | | 21.0% | | | 407.0 | | | 21.0% | | 407.9 | 21.0% |
| State and local income taxes, net of federal income tax effect (1) | | 40.2 | | 1.6% | | | 35.9 | | | 1.9% | | 16.3 | 0.8% |
| Changes in valuation allowance | | — | | — | | | (1.2) | | | (0.1%) | | — | — |
| Nontaxable or nondeductible items | | | | | | | | | | | | | |
| Income attributable to noncontrolling interest | | (7.1) | | (0.3%) | | | (50.7) | | | (2.6%) | | (49.0) | (2.5%) |
First 8 of 11 rows. The CSV has all of them.
Table 75 after “upplemental Cash Flow Information”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | 2023 | | |
| Cash: | | | | | | |
| Interest paid, net of capitalized interest (1) | $793.3 | | $712.7 | $618.6 | | |
| Non-cash investing activities: | | | | | | |
| Change in deadstock commodity inventory | $(5.5) | | $3.7 | $(13.7) | | |
| Impact of net accruals on capital expenditures | | 108.4 | | | 221.7 | 58.2 |
| Change in ARO liability and property, plant and equipment, net due to revised cash flow estimate and additions | | 4.0 | | | 64.1 | 4.9 |
First 8 of 15 rows. The CSV has all of them.
Table 76 after “The following table shows activity related to the restricted stock awards and RSUs under the 2010 TRGP Plan for the period presented:”
Download CSV
| Number of shares | | Weighted Average Grant-Date Fair Value | | |
| Outstanding at December 31, 2024 | | 1,770,052 | | $79.96 | |
| Granted | | 357,922 | | | 174.19 |
| Forfeited | | (55,365) | | | 104.84 |
| Vested | | (631,162) | | | 65.84 |
| Outstanding at December 31, 2025 | | 1,441,447 | | | 108.67 |
Table 77 after “The following table shows activity related to the PSUs under the 2010 TRGP Plan for the period presented:”
Download CSV
| Number of shares | | Weighted Average Grant-Date Fair Value | | |
| Outstanding at December 31, 2024 | | 413,094 | | $126.99 | |
| Granted | | 77,114 | | | 377.30 |
| Vested | | (155,790) | | | 108.55 |
| Outstanding at December 31, 2025 | | 334,418 | | | 193.30 |
Table 78 after “The following tables show reportable segment information for the periods presented:”
Download CSV
| Year Ended December 31, 2025 | | | | | | | | | | |
| Gathering and Processing | | Logistics and Transportation | | Total Reportable Segments | Other | Corporate and Eliminations | | Total | | |
| Revenues | | | | | | | | | | | |
| Sales of commodities | $873.0 | | $13,535.8 | | $14,408.8 | $(5.3) | $— | | $14,403.5 | | |
| Fees from midstream services | | 1,819.6 | | 805.2 | | 2,624.8 | | — | | — | 2,624.8 |
| | 2,692.6 | | 14,341.0 | | 17,033.6 | | (5.3) | | — | 17,028.3 |
| Intersegment revenues | | | | | | | | | | | |
| Sales of commodities | | 4,722.8 | | 191.6 | | 4,914.4 | | — | | (4,914.4) | — |
First 8 of 18 rows. The CSV has all of them.
Table 79 after “The following tables show reportable segment information for the periods presented:”
Download CSV
| Year Ended December 31, 2024 | | | | | | | | | | |
| Gathering and Processing | | Logistics and Transportation | | Total Reportable Segments | Other | Corporate and Eliminations | | Total | | |
| Revenues | | | | | | | | | | | |
| Sales of commodities | $1,032.8 | | $13,023.6 | | $14,056.4 | $(164.6) | $— | | $13,891.8 | | |
| Fees from midstream services | | 1,656.7 | | 833.0 | | 2,489.7 | | — | | — | 2,489.7 |
| | 2,689.5 | | 13,856.6 | | 16,546.1 | | (164.6) | | — | 16,381.5 |
| Intersegment revenues | | | | | | | | | | | |
| Sales of commodities | | 4,118.5 | | 146.1 | | 4,264.6 | | — | | (4,264.6) | — |
First 8 of 18 rows. The CSV has all of them.
Table 80 after “The following tables show reportable segment information for the periods presented:”
Download CSV
| Year Ended December 31, 2023 | | | | | | | | | | |
| Gathering and Processing | | Logistics and Transportation | | Total Reportable Segments | Other | Corporate and Eliminations | | Total | | |
| Revenues | | | | | | | | | | | |
| Sales of commodities | $1,076.1 | | $12,610.5 | | $13,686.6 | $275.5 | $— | | $13,962.1 | | |
| Fees from midstream services | | 1,366.5 | | 731.7 | | 2,098.2 | | — | | — | 2,098.2 |
| | 2,442.6 | | 13,342.2 | | 15,784.8 | | 275.5 | | — | 16,060.3 |
| Intersegment revenues | | | | | | | | | | | |
| Sales of commodities | | 4,786.3 | | 267.9 | | 5,054.2 | | — | | (5,054.2) | — |
First 8 of 18 rows. The CSV has all of them.
Table 81 after “The following table shows our consolidated revenues disaggregated by product and service for the periods presented:”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Sales of commodities: | | | | | | |
| Revenue recognized from contracts with customers: | | | | | | |
| Natural gas | $2,035.7 | | $1,241.1 | | $2,421.3 | |
| NGL | | 12,079.8 | | 12,372.5 | | 10,580.2 |
| Condensate and crude oil | | 448.3 | | 523.6 | | 519.5 |
| | 14,563.8 | | 14,137.2 | | 13,521.0 |
First 8 of 21 rows. The CSV has all of them.
Table 82 after “The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods prese”
Download CSV
| Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | |
| Reconciliation of reportable segment operating margin to income (loss) before income taxes: | | | | | | |
| Total reportable segments operating margin | $5,227.5 | | $4,667.5 | | $4,030.9 | |
| Other operating margin | | (5.3) | | (164.6) | | 275.5 |
| Depreciation and amortization expense | | (1,515.3) | | (1,423.0) | | (1,329.6) |
| General and administrative expense | | (406.0) | | (384.9) | | (348.7) |
| Other operating income (expense) | | 30.3 | | 0.4 | | (1.5) |
First 8 of 12 rows. The CSV has all of them.