---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-003561"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T04:31:07.308943+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-003561
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2023-02-22T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/0000950170-23-003561-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/trgp-20230222.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-003561
- JSON: https://secwatch.observer/filing/0000950170-23-003561.json
- Plain text: https://secwatch.observer/filing/0000950170-23-003561.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/0000950170-23-003561-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/0000950170-23-003561-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.