Targa Q3 adjusted EBITDA record $768.6M; announces new plant, Daytona NGL pipeline; FY guidance unchanged

Targa Resources Corp.

2022-Q3 EPS reported $2.50 revenue$16,375,000,000

Q3 net income $193.1M vs $182.2M YoY; record adjusted EBITDA $768.6M, +52% YoY, +15% sequentially.
Declared $0.35/share quarterly dividend ($1.40 annualized), paid Nov 15, 2022; repurchased 1.16M shares for $72.9M.
Announced 275 MMcf/d Wildcat II plant (Permian) by Q1 2024 and Daytona NGL Pipeline (~$650M) by end 2024, owned 75% by Targa.
FY 2022 adjusted EBITDA guidance unchanged at $2.85-2.95B; growth capex raised to $1.1-1.2B to include new projects.
Permian natural gas inlet volumes record 4.1 Bcf/d; total liquidity $1.8B as of Sep 30, 2022.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Targa Resources Corp. reported three months ended September 30, 2022 results: net income $193.1 million. Guidance reaffirmed.

Period: three months ended September 30, 2022
Net income: $193.1 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Third quarter 2022 net income attributable to Targa Resources Corp. was $193.1 million compared to $182.2 million for the third quarter of 2021.

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Source: SEC EDGAR

accession 0000950170-22-021492

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