Targa Resources posts record Q4 adjusted EBITDA $1.12B, 2025 guidance $4.65-$4.85B; dividend raised 33%

Targa Resources Corp.

2024-FY EPS reported $5.74 revenue$16,381,500,000

Q4 adjusted EBITDA $1,122M vs $960M YoY (+17%); net income $351M vs $299.6M.
Full-year 2024 adjusted EBITDA $4,142M vs $3,530M (+17%); record volumes across Permian, NGL, fractionation.
Recommends 33% dividend hike to $1.00/quarter ($4 annualized) effective Q1 2025, payable May 2025.
Announced $1.8B cash repurchase of Badlands preferred equity from Blackstone, closing Q1 2025; expects leverage near target.
2025 outlook: adjusted EBITDA $4.65-$4.85B, growth capex $2.6-$2.8B; new projects Delaware Express, Train 12, LPG export expansion.

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