Targa Q3 adjusted EBITDA $840M; plans 50% dividend increase to $3.00 for 2024

Targa Resources Corp.

2023-Q3 EPS reported $2.43 revenue$11,820,800,000

Q3 net income $220M vs $193M YoY; adjusted EBITDA $840.2M (+6% sequentially).
Record NGL transportation volumes; completed 1M bbl/month LPG export expansion at Galena Park and 275 MMcf/d Greenwood plant.
Repurchased $132M of common stock in Q3; $810.7M remaining under $1B program.
2023 adjusted EBITDA guidance $3.5B-$3.7B (trending lower); net growth capex $2.0B-$2.2B (trending higher).
Plans to recommend 50% dividend increase to $3.00 annualized for 2024 (from $2.00).

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Targa Resources Corp. reported third quarter 2023 results: net income $220.0 million. Guidance reaffirmed.

Period: third quarter 2023
Net income: $220.0 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Third quarter 2023 net income attributable to Targa Resources Corp. was $220.0 million compared to $193.1 million for the third quarter of 2022.

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Targa Resources Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-057723

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