Targa Q2 adj. EBITDA $1.16B (+18% YoY); new $1B buyback authorized

Targa Resources Corp.

2025-Q2 EPS reported $3.78 revenue$8,821,600,000

Q2 net income $629.1M (vs $298.5M); adj. EBITDA $1,163M, +18% YoY.
Record Permian and NGL transport volumes; adj. EBITDA flat sequentially despite fractionation turnaround.
New $1.0B share repurchase program authorized (Aug 2025); adds to $566.2M remaining from prior program.
FY2025 adj. EBITDA guidance $4.65B-$4.85B; growth capex estimate raised to ~$3.0B on project accelerations.
Quarterly dividend $1.00/share payable Aug 15; Q2 repurchases $324M at $165.86 avg price.

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