Targa Resources posts record Q2 adjusted EBITDA of $984M, raises 2024 guidance, authorizes new $1B buyback

Targa Resources Corp.

2024-Q2 EPS reported $2.55 revenue$8,124,400,000

Record Q2 adjusted EBITDA $984.3M (up 25% YoY); net income $298.5M vs $329.3M.
2024 adjusted EBITDA guidance raised to $3.95-4.05B (+5%); growth capex increased to ~$2.7B.
New $1.0B share repurchase program approved; Q2 repurchases $355.1M at $118.91 avg price.
Announced two new 275 MMcf/d Permian gas plants (Bull Moose II, East Pembrook) and 17.5% stake in Blackcomb pipeline.
Quarterly dividend $0.75/share ($3.00 annualized) payable Aug 15, 2024.

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