---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-023713"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2025-02-20T23:59:59+00:00"
generated_at: "2026-05-26T08:26:32.626546+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-023713
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2025-02-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389170/000095017025023713/0000950170-25-023713-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000095017025023713/trgp-20250220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-023713
- JSON: https://secwatch.observer/filing/0000950170-25-023713.json
- Plain text: https://secwatch.observer/filing/0000950170-25-023713.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.