Targa Q1 adjusted EBITDA record $966.2M; dividend raised 50%; guides FY $3.7-3.9B

Targa Resources Corp.

2024-Q1 EPS reported $1.22 revenue$4,562,400,000

Net income $275.2M vs $497.0M YoY; record adj. EBITDA $966.2M (up 2.7% YoY).
Quarterly dividend raised 50% to $0.75/share ($3.00 annualized); payable May 15.
Repurchased $123.7M of stock in Q1 at avg $104.26/share; $646.4M remaining.
Announced new 275 MMcf/d Permian Midland plant (Pembrook II) and 150 MBbl/d Train 11 frac.
FY 2024 adjusted EBITDA guidance unchanged $3.7-3.9B; growth capex $2.3-2.5B.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Targa Resources Corp. reported first quarter 2024 results: net income $275.2 million. Guidance reaffirmed.

Period: first quarter 2024
Net income: $275.2 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First quarter 2024 net income attributable to Targa Resources Corp. was $275.2 million compared to $497.0 million for the first quarter of 2023. The Company reported record adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”) (1) of $966.2 million for the first quarter of 2024 compared to $940.6 million for the first quarter of 2023.

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Source: SEC EDGAR

accession 0000950170-24-051550

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