secwatch.observer — SEC 8-K summary
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Issuer:     Targa Resources Corp. (TRGP)
CIK:        0001389170
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0000950170-24-051550
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389170/000095017024051550/0000950170-24-051550-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389170/000095017024051550/trgp-20240502.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-051550

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer