secwatch.observer — SEC 8-K summary
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Issuer:     Targa Resources Corp. (TRGP)
CIK:        0001389170
Form:       8-K
Filed at:   2023-02-22T23:59:59+00:00
Accession:  0000950170-23-003561
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/0000950170-23-003561-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389170/000095017023003561/trgp-20230222.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-003561

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