Targa Resources reports record FY2022 adjusted EBITDA $2.9B; Q4 net income $318M; guides 2023 EBITDA $3.5-3.7B

Targa Resources Corp.

2021-FY EPS reported $3.88 revenue$20,929,800,000

Q4 2022 net income $318.0M (vs $(313.6)M in Q4 2021); adjusted EBITDA $840.4M (record, +47% YoY).
Full year 2022 adjusted EBITDA $2,901.1M (record), net income $1,195.5M, vs $2,052.0M and $71.2M in 2021.
Acquired Blackstone's 25% interest in Grand Prix NGL Pipeline for $1.05B cash; now owns 100%.
2023 guidance: adjusted EBITDA $3.5B-$3.7B (midpoint +24% vs 2022); net growth capex $1.8B-$1.9B; Permian inlet volumes +10% vs Q4 2022 avg.
Q4 2022 dividend $0.35/share ($1.40 annualized); repurchased 395,798 shares at $70.75 avg for $28.0M; $143.8M remaining under buyback.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Targa Resources Corp. reported the fourth quarter of 2022 results: net income $318.0 million.

Period: the fourth quarter of 2022
Net income: $318.0 million
Result: reported results

Exact text from the filing

Fourth quarter 2022 net income (loss) attributable to Targa Resources Corp. was $318.0 million compared to $(313.6) million (including a non-cash pre-tax impairment loss of $452.3 million on assets in SouthTX associated with Targa's Central operations) for the fourth quarter of 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Targa Resources Corp. reported the full year 2022 results: net income $1,195.5 million.

Period: the full year 2022
Net income: $1,195.5 million
Result: reported results

Exact text from the filing

For full year 2022, net income attributable to Targa Resources Corp. was a record $1,195.5 million compared to $71.2 million for 2021.

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Targa Resources Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-003561

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