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TRGPTarga Resources

Energy · Pipelines · NYSE

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. 10-K, Item 1

TRGP quote by TradingView
Employees
3,570
Headquarters
Houston, TX
CEO
Matthew J. Meloy
Next results
around Feb 18, 2027
Compare with peers → Embed

10-K 0001193125-26-059296 (2026-02-19) vs 10-K 0000950170-25-023983 (2025-02-20)

SectionCompared textWords nowChanged
Risk FactorsItem 1A17,772 10.1%
MD&AItem 77,972 10.4%
Legal ProceedingsItem 3, via Note 17 – Contingencies664 44.8%
Accounting Policies10-K text, Note 3 – Significant Accounting Policies5,948 13.5%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Accounting Policies 517 words changed in this paragraph; it is 32% similar to last year's version.
commencement date based on the present value of future lease payments over the lease term. The right-of-use asset also includes any lease prepayments and excludes lease incentives. We made an accounting policy election to combine lease and non-lease components for both arrangements in which Targa is the lessee or lessor. As most of the Company’s leases do not provide an implicit interest rate, we use our incremental borrowing rate as the discount rate to compute the present value of our lease liability. The discount rate applied is determined based on information available on the date of adoption for all leases existing as of that date, and on the date of lease commencement for all subsequent leases. Our lease arrangements may include variable lease payments based on an index or market rate, or may be based on performance. For variable lease payments based on an index or market rate, we estimate and apply a rate based on information available at the commencement date. Variable lease payments based on performance are excluded from the calculation of the right-of-use asset and lease liability, and are recognized in our Consolidated Statements of Operations when the contingency underlying such variable lease payments is resolved. Our lease terms may include options to extend or terminate the lease. Such options are included in the measurement of our right-of-use asset and liability at commencement, provided we determine that we are reasonably certain to exercise the option. 45Q Tax Credits We earn tax credits under Internal Revenue Code Section 45Q through our carbon capture and sequestration activities. We recognize 45Q tax credits by analogy to the grant model within International Accounting Standard 20, Accounting for Government Grants and Disclosure Assistance, as other operating income in our Consolidated Statements of Operations based on the volume of captured carbon sequestered and dollar value of the tax credit during the period in which captured carbon is sequestered underground. We recognize realized 45Q tax credits as a reduction to income taxes payable because the tax credits reduce Targa’s future quarterly estimated cash tax payments. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. These amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The disclosures required in the amendments apply retrospectively to all prior periods presented in the financial statements. We adopted this ASU on October 1, 2024, and applied the amendments to all prior periods presented in our consolidated financial statements. See Note 22 - Segment Information. Recently issued accounting pronouncements not yet adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes. These amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are evaluating the effect of the amendments on our consolidated financial statements and expect to disclose the required information beginning in the Annual Report on Form 10-K for the year ended December 31, 2025. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements.

Source: 10-K text, Note 3 – Significant Accounting Policies, 10-K 0001193125-26-059296 vs 10-K text, Note 3 – Significant Accounting Policies, 10-K 0000950170-25-023983

Risk Factors 379 words changed in this paragraph; it is 38% similar to last year's version.
In the United States, no comprehensive climate change legislation has been implemented at the federal level, though laws such as level. Notwithstanding the IRA advance numerous climate-related objectives. However, because EPA’s recent proposal to revoke the U.S. Supreme Court has held that GHG emissions constitute a pollutant under “Endangerment Finding,” which supports the CAA, majority of EPA’s GHG-related regulations, the EPA has under previous presidential administrations adopted a number of rules that, that included, among other things, establish construction and operating permit reviews for GHG emissions from certain large stationary sources, require efforts concerning the reduction, monitoring and annual reporting of GHG emissions from certain petroleum and natural gas system sources, implement New Source Performance Standards directing the reduction of methane from certain new, modified, or reconstructed facilities in the oil and natural gas sector, and together with the DOT, implement GHG emissions limits on vehicles manufactured for operation in the United States. Additionally, in emissions. In August 2022, the IRA was signed into law, which appropriates significant federal funding for renewable energy initiatives and amends amended the CAA to impose a first-time fee on the emission of excess methane above statutory methane emissions thresholds from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories. The In November 2024, the EPA issued a final rule implementing the methane emissions fee began fee, although in calendar year 2024 at $900 per ton of methane, increasing to $1,200 in February 2025, and $1,500 for 2026 and each year after. Calculation of Congress repealed the fee is based on certain thresholds established rule under the Congressional Review Act. Additionally, in the IRA. In order to support OBBBA, Congress delayed the implementation of the methane emission fee until 2034. We cannot predict if the current Presidential administration and/or Congress may take further actions with respect to the IRA or methane emissions fee, including exemptions from the same, future implementation of which is uncertain at this time. However, compliance with this and other air pollution control and permitting requirements has the EPA finalized revisions potential to its Greenhouse Gas Reporting Rule in May 2024. The revisions amend requirements applicable to the petroleum and natural gas systems source category to ensure reporting is based on empirical data and accurately reflects total methane and waste emissions. The methane emissions fee and renewable and low carbon energy funding provisions of the law could increase our and our customers’ operating costs and accelerate the transition away from fossil fuels, delay development of our projects, which could in turn reduce demand for our products and services and adversely affect our business and results of operations. However, at this time, it remains uncertain whether the new Presidential administration will take any action to revise or repeal the methane emissions fee or if Congress may take action to repeal or revise the IRA, including with respect to the methane emissions fee.

Source: Item 1A, 10-K 0001193125-26-059296 vs Item 1A, 10-K 0000950170-25-023983

MD&A 106 words changed in this paragraph; it is 33% similar to last year's version.
The decrease in net cash used in financing activities was due to higher proceeds from debt financings in 2025, lower distributions to noncontrolling interests subsequent to the CBF Acquisition in the fourth quarter of 2024 and the Badlands Transaction in the first quarter of 2025 and lower repurchases of noncontrolling interests primarily due to the Grand Prix Transaction in 2023, common stock, partially offset by higher repurchases of common stock, noncontrolling interests due to the Badlands Transaction and higher dividends paid and lower borrowings of debt in 2024. This decrease in debt borrowing activity was due to lower proceeds from senior unsecured notes, partially offset by higher net borrowings under the Commercial Paper Program, lower repayments under the Term Loan Facility in 2024, and repayments under the Existing TRGP Revolver in 2023. 2025.

Source: Item 7, 10-K 0001193125-26-059296 vs Item 7, 10-K 0000950170-25-023983

Legal Proceedings 73 words changed in this paragraph; it is 79% similar to last year's version.
In April 2024, we received an administrative NOV Notice of Violation (the “EPA NOV”) from the EPA and a request for the production of documents from the United States Attorney’s Office for North Dakota relating to alleged violations of the Clean Air Act (“CAA”), at certain Targa Badlands LLC compressor stations. The EPA NOV and subpoena stem from inspections the EPA conducted at the compressor stations on June 15, 2023, as well as related records reviews. In October 2024, we began negotiations with the U.S. Attorney’s Office with respect to resolution of a single-count information alleging a violation of the CAA related to untimely installation of monitoring equipment at one compressor station, which carries a maximum fine of $500,000, and we entered into a Plea Agreement on December 16, 2024 reflecting these terms. We have also In July 2025, we entered into discussions with the EPA with respect to a proposed Consent Agreement and Final Order with the EPA that would resolve resolves the allegations contained in the EPA NOV by requiring, among other things, payment of an administrative penalty in the amount of approximately $3.2 million. On December 5, 2025, Targa Badlands was sentenced under the Plea Agreement, which, among other things, imposed the maximum fine of $500,000.

Source: Item 3, via Note 17 – Contingencies, 10-K 0001193125-26-059296 vs Item 3, via Note 17 – Contingencies, 10-K 0000950170-25-023983

Every change, by type

Sentences and paragraphs of TRGP's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20. Each links to the text at sec.gov.

All 105 Added 10Removed 16Reworded 78Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
Based on our current interpretation of the IRA, the CAMT and related guidance, the impact from the OBBBA, and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in the near term.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedRisk Factors
Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government has or may consider, including GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedRisk Factors
Our operations are subject to numerous federal, tribal, state and local environmental laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relating to environmental protection. These laws and regulations may impose numerous obligations that are applicable to our operations enforced by various governmental authorities, such as the EPA and BLM, and analogous state agencies. For more information regarding the regulation of our operations, see “Item 1. Business—Regulation of Operations, Environmental and Occupational Health and Safety Matters.”

Read it in 10-K 2026-02-19 at sec.gov ↗

RemovedRisk Factors
•We typically do not obtain independent evaluations of natural gas or crude oil reserves dedicated to our gathering pipeline systems; therefore, volumes on our systems in the future could be less than we anticipate.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
We typically do not obtain independent evaluations of natural gas or crude oil reserves dedicated to our gathering pipeline systems; therefore, volumes on our systems in the future could be less than we anticipate.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
We typically do not obtain independent evaluations of natural gas or crude oil reserves connected to our gathering systems due to the unwillingness of producers to provide reserve information as well as the cost of such evaluations. Accordingly, we do not have independent estimates of total reserves dedicated to our gathering systems or the anticipated life of such reserves. If the total reserves or estimated life of the reserves connected to our gathering systems is less than we anticipate and we are unable to secure additional sources of supply, then the volumes of natural gas or crude oil transported on our gathering systems in the future could be less than we anticipate. A decline in the volumes on our systems could have a material adverse effect on our business, results of operations and financial condition.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Moreover, we could incur significant costs to weatherize or upgrade weatherization of our facility equipment in anticipation of future weather events. For example, following Texas Governor Greg Abbott’s direction to adopt rules related to weather resiliency, in August 2022, the Texas Railroad Commission adopted the Weather Emergency Preparedness Standards rule, which requires critical gas facilities on the state’s Electricity Supply Chain Map (including gas pipelines that directly serve electricity generation) to (i) weatherize to help ensure sustained operations during a weather emergency, (ii) correct known issues that caused weather-related forced stoppages and (iii) contact the Texas Railroad Commission if a facility sustains a weather-related forced stoppage during a weather emergency. If we are required to further weatherize or update weatherization of certain facilities, we may incur significant costs to complete any additional weatherization. Additionally, issues beyond our control, such as grid reliability or the severity of any such weather event, might undermine any winterization or emergency weather preparedness efforts we make. Furthermore, our operations in western Texas and New Mexico may be sensitive to drought and restrictions on water use.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Section 382 generally imposes an annual limitation on the amount of NOLs that may be used to offset taxable income when a corporation has undergone an “ownership change” (as determined under Section 382). An ownership change generally occurs if one or more stockholders (or groups of stockholders) who are each deemed to own at least 5% of our stock change their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. In the event that an ownership change was to occur, utilization of our NOL carryforwards would be subject to an annual limitation under Section 382, determined by multiplying the value of our stock at the time of the ownership change by the applicable long-term tax-exempt rate as defined in Section 382, subject to certain adjustments.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Based on our current interpretation of the IRA, the CAMT and related guidance, and several operational, economic, accounting and regulatory assumptions, we are currently not an “applicable corporation”, but we are likely to become one in a subsequent year, potentially as early as 2026. If we become an applicable corporation and our CAMT liability is greater than our regular U.S. federal income tax liability for any particular tax year, the CAMT liability would effectively accelerate our future U.S. federal income tax obligations, reducing our cash available for distribution in that year, but provide an offsetting credit against our regular U.S. federal income tax liability for a future year. As a result, our current expectation is that the impact of the CAMT is limited to timing differences in future tax years.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government has or may consider, including GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions. At the international level, there exists the United Nations-sponsored “Paris Agreement,” which is an agreement for nations to submit non-binding targets to limit their GHG emissions through individually-determined reduction goals every five years after 2020. President Biden announced in April 2021 a new, more rigorous nationally determined emissions reduction level of 50-52% reduction from 2005 levels in economy-wide net GHG emissions by 2030. However, in January 2025, an executive order withdrew the United States from the Paris Agreement and from any commitments made under the United Nations Framework Convention on Climate Change. Additionally, the executive order revokes any purported financial commitment made by the United States pursuant to the same. It is unclear what participation, if any, the United States will have in future United Nations climate-related efforts, and the full impact of these developments is uncertain at this time.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Governmental, scientific, and public concern from sources in the United States and across the world over the threat of climate change arising from GHG emissions has resulted in political risks that may limit hydraulic fracturing of oil and natural gas wells, restrict flaring and venting during natural gas production on government-owned properties, and ban or restrict new or existing leases for production of minerals on government-owned properties. For instance, in the United States, the prior Presidential administration issued several

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
The potential adoption and implementation of international, federal or state legislation, regulations or other regulatory initiatives in the future that impose more stringent standards for GHG emissions from the oil and natural gas sector or otherwise restrict the areas in which this sector may produce oil and natural gas or generate GHG emissions could result in increased costs of compliance or costs of consuming, and thereby reduce demand for, oil and natural gas, which could reduce demand for our services and products. Additionally, potential political, litigation, and financial risks may result in our oil and natural gas customers restricting or cancelling production activities, incurring potential liability for infrastructure damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce demand for our services and products. One or more of these developments could have a material adverse effect on our business, financial condition and results of operation.

Read it in 10-K 2025-02-20 at sec.gov ↗

RewordedRisk Factors
We may not be able to retain our existing named executive officers or fill new positions or vacancies created by expansion or turnover. turnover, and we have not entered into employment agreements with any of our named executive officers nor do we maintain “key man” life insurance on the lives of any of our named executive officers.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
If our operating results are not sufficient to service our current or future indebtedness, we will be forced to take actions such as reducing or delaying business activities, investments or capital expenditures, acquisitions, selling assets, restructuring or refinancing debt, or seeking additional equity capital, and such results may adversely affect our ability to make cash dividends.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
The implementation of To the final rule, results of the litigation and extent any judicial ruling or administrative rulemaking or other action further expansion of changes the scope of the Clean Water Act’s jurisdiction in areas where we or our customers conduct operations, we could lead to face increased delays, restrictions or cessation of the development of projects, result in longer permitting timelines, or increased compliance expenditures or mitigation costs for our and our oil and natural gas customers’ operations, which may reduce the rate of production of natural gas or crude oil from operators with whom we have a business relationship and, in turn, have a material adverse effect on our business, results of operations and cash flows.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
While implementing rules on certain of these laws are outstanding, both the California laws and the SEC rule, to To the extent implemented, laws such as these or similar laws may result in increased legal, accounting and financial compliance costs for us and our suppliers and customers to comply, including the implementation of significant additional internal controls processes and procedures regarding matters that have not been subject to such controls in the past, and impose increased oversight obligations on our management and board of directors.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Following legal challenges, the implementation of the most recent September 2023 rule currently varies by state, with 27 states interpreting the definition consistent with the pre-2015 regulatory regime and the changes made by the Sackett v. state.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Additionally, in In August 2022, the IRA was signed into law, which appropriates significant federal funding for renewable energy initiatives and amends amended the CAA to impose a first-time fee on the emission of excess methane above statutory methane emissions thresholds from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Separately, In October 2023, the State of California adopted several laws that require similar, or in some situations more extensive, disclosure. disclosure of various climate risks, targets, and metrics.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Attention to climate change, for example, may result in demand shifts for our or our customers’ hydrocarbon products and additional governmental investigations and private litigation against us or those customers.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
With the exception of the Driver Residue Pipeline, TPL SouthTex Transmission Company LP, Midland-Permian Buffalo Run Pipeline LLC, Delaware-Permian Bull Run Pipeline LLC, and Targa SouthTex Mustang Transmission Ltd., which are each subject to FERC regulation under the NGPA or limited FERC regulation under the NGA, and Forza Pipeline LLC which will be subject to FERC jurisdiction under the NGA, our natural gas pipeline operations are generally exempt from FERC regulation, but FERC regulation still affects our non-FERC jurisdictional businesses and the markets for products derived from these businesses, including certain FERC reporting and posting requirements in a given year.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Although the rate of inflation has generally declined since the second half of 2022, inflationary Inflationary pressures remain have been volatile and have resulted in and may result in additional increases to the costs of our goods, services and personnel, which in turn cause our capital expenditures and operating costs to rise.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedRisk Factors
Public Certain public statements with respect to sustainability matters, such as emissions reduction goals, other environmental targets, or other commitments addressing certain social issues, such as diversity initiatives, issues are becoming increasingly subject to heightened scrutiny from public and governmental authorities authorities, as well as other parties, related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential sustainability benefits.

Read it in 10-K 2026-02-19 at sec.gov ↗

Quiet changesRisk Factors
Portions of our pipeline systems may require increased expenditures for maintenance and repair owing to the age of some of our systems, which expenditures or resulting loss of revenue due to pipeline age or condition which could have a material an adverse effect on our business and results of operations.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
The increase in other operating (income) expense was primarily due to recognition of Section 45Q tax credits earned through our carbon capture and sequestration activities.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income and a decrease in income allocated to noncontrolling interest that is not taxable to the Company.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
On January 6, 2026, we used $650.0 million in borrowings from the Commercial Paper Program and $600.0 million from the Securitization Facility to fund the Stakeholder Acquisition.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
In February 2025, we entered into the TRGP Revolver, which provides for a revolving credit facility in an initial aggregate principal amount up to $3.5 billion (with an option to increase such maximum aggregate principal amount by up to $500.0 million in the future, subject to the terms of the TRGP Revolver) and a swing line sub-facility of up to $150.0 million. In connection with our entry into the TRGP Revolver, we terminated the Previous TRGP Revolver.

Read it in 10-K 2026-02-19 at sec.gov ↗

RemovedMD&A
(7)Includes long-term liabilities of which we are certain of the amount and timing, including certain arrangements that resulted in deferred revenue and other liabilities pertaining to accrued dividends. See Note 9 - Other Long-term Liabilities for more information.

Read it in 10-K 2025-02-20 at sec.gov ↗

RewordedMD&A
The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Legacy II plant during the first quarter of 2023, the Midway plant during the second quarter of 2023, the Greenwood I and Wildcat II plants during the fourth quarter of 2023, the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, the Pembrook II plant during the third quarter of 2025, the Bull Moose II plant during the fourth quarter of 2025, and continued strong producer activity.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
Summarized Combined Balance Sheet Information December 31, 2024 2025 December 31, 2023 2024 (In millions) ASSETS Current assets $ 986.9 160.3 $ 966.3 127.8 Current assets - affiliates 1.1 11.2 6.5 22.7 Long-term assets 16,574.0 15,267.6 73.3 76.4 Total assets $ 17,562.0 240.1 $ 16,245.1 226.9 LIABILITIES AND OWNERS’ EQUITY (DEFICIT) Current liabilities $ 2,763.0 928.9 $ 2,107.9 Current liabilities - affiliates 36.7 26.2 262.0 Long-term liabilities 15,120.9 13,278.8 3,749.4 5,121.7 Targa Resources Corp. stockholders’ equity (deficit) (358.6) 832.2 (4,438.2) (5,156.8) Total liabilities and owners’ equity (deficit) $ 17,562.0 240.1 $ 16,245.1 226.9 Summarized Combined Statement of Operations Information Year Ended December 31, 2025 2024 2023 (In millions) Revenues $ 15,939.3 $ 15,737.0 Operating income 2,031.3 2,134.2 (loss) $ (357.1) $ (328.0) Net income 888.7 1,100.1 (loss) (603.6) (583.0)

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 (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 $ 1,345.9 Interest (income) expense, net 852.8 767.2 687.8 Income tax expense (benefit) 529.7 384.5 363.2 Depreciation and amortization expense 1,515.3 1,423.0 1,329.6 (Gain) loss on sale or disposition of assets (6.1) (3.1) (5.3) Write-down of assets 18.8 6.2 6.9 (Gain) loss from financing activities 2.4 0.8 2.1 Equity (earnings) loss (11.8) (9.4) (9.0) Distributions from unconsolidated affiliates 28.5 25.3 18.6 Compensation on equity grants 69.5 63.2 62.4 Risk management activities 5.3 164.6 (275.4) Noncontrolling interests adjustments (1) 11.4 3.9 (3.7) Litigation expense and environmental reserves (2) 18.6 4.1 6.9 Adjusted EBITDA $ 4,957.4 $ 4,142.3 $ 3,530.0 Interest expense on debt obligations (3) (835.4) (752.4) (675.8) Cash taxes tax (expense) benefit (13.1) (17.5) (13.6) Adjusted Cash Flow from Operations $ 4,108.9 $ 3,372.4 $ 2,840.6 Maintenance capital expenditures, net (4) (226.4) (231.9) (223.4) Growth capital expenditures, net (4) (3,343.5) (3,000.4) (2,224.5) Adjusted Free Cash Flow $ 539.0 $ 140.1 $ 392.7

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
The year ended December 31, 2024 includes $55.8 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Splitter Agreement ruling. Company, and Noble Americas Corp (the “Splitter Agreement”).

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
Total Within 12 Months (in millions) Long-term debt obligations (1) $ 13,664.9 17,240.2 $ — 679.3 Interest on debt obligations (2) 7,031.9 758.3 9,790.0 948.1 Operating leases (3) 134.1 22.2 130.0 23.1 Finance leases (4) 335.3 70.3 388.0 107.5 Land site lease and rights of way (5) 333.1 9.3 374.3 11.8 Purchase obligations (6) 2,736.9 1,316.3 4,174.1 1,928.3 Other long-term liabilities (7) 123.2 17.9 6.8 3.2 Total $ 24,359.4 32,103.4 $ 2,194.3 3,701.3

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
The increase in net cash provided by operating activities was primarily due to higher collections from customers resulting from increased revenues during 2024 in 2025 compared to 2023, 2024, partially offset by an increase in payments for product purchases purchases, operating costs and fuel, lower settlements interest on our hedging transactions, an increase in interest payments, and a nonrecurring one-time payment associated with the Splitter Agreement ruling. debt.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
(2)Litigation expense and environmental reserves includes charges related to specific litigation resulting from the major winter storm and environmental compliance matters that are nonrecurring in February 2021 that we consider nature and outside the ordinary course of our business and/or not reflective of our ongoing core operations.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
The increase in interest expense, net, is was primarily due to higher borrowings in 2025, partially offset by the recognition of cumulative interest on a 2024 legal ruling associated with the Splitter Agreement and higher borrowings, partially offset by higher capitalized interest. in 2024.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
The increase in net cash used in investing activities was due to higher outlays for major growth capital projects in 2024 2025 primarily related to construction activities activities, outlays for the acquisitions completed in the Permian region 2025, and Mont Belvieu, Texas. an increase in contributions to unconsolidated affiliates.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
The increase in depreciation and amortization expense is was primarily due to the impact of system expansions on our asset base, partially offset by the shortening of depreciable lives of certain assets that were idled in 2023. base.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
In August 2024, June 2025, we completed an underwritten public offering of the 5.500% Notes, 4.900% Notes due 2030 and the 5.650% Notes due 2036, resulting in net proceeds of approximately $990.1 million. $1.5 billion.

Read it in 10-K 2026-02-19 at sec.gov ↗

RewordedMD&A
In August 2024, November 2025, we completed an underwritten public offering of the 5.500% Notes, 4.350% Notes due 2029 and the 5.400% Notes due 2036, resulting in net proceeds of approximately $990.1 million. $1.7 billion.

Read it in 10-K 2026-02-19 at sec.gov ↗

Work on TRGP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/TRGP/export.csv") into a cell.