Targa Q3 adjusted EBITDA record $1.27B, up 19% YoY; plans 25% dividend increase for 2026

Targa Resources Corp.

2025-Q3 EPS reported $5.98 revenue$12,972,800,000

Q3 net income $478.4M vs $387.4M YoY; adjusted EBITDA $1,274.8M record (+19% YoY, +10% sequential).
Record Permian natural gas inlet, NGL transport, and fractionation volumes; new Bull Moose II plant (275 MMcf/d) started Oct 2025.
FY2025 adj EBITDA guidance to top end of $4.65-4.85B range; net growth capex ~$3.3B, maintenance ~$250M.
Expects to recommend 25% dividend increase to $5.00 annual in 2026; Q3 dividend $1.00/share payable Nov 17.
New projects: Speedway NGL Pipeline (2027), Yeti plant (3Q27), Copperhead plant (1Q27), Forza pipeline (mid-2028).

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