Targa Resources : Investor Presentation (260505 TRGP May 2026 Investor Presentation vF)
TRGP
Published on 05/07/2026 at 06:23 am EDT
May 2026 | TARGA RESOURCES CORP.
Why Targa?
Best-in-class assets, excellent long-term growth profile, and demonstrated track record of creating shareholder value
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is 3
included at the end of this presentation.
A Compelling Growth Profile Over the Last 5 Years
21%
Permian Volume Growth CAGR
25%
Adjusted EBITDA Growth CAGR
~5.5x
EBITDA Multiple on Invested Capital(1)
$4.5B
Capital Returned to Shareholders(2)
$74B
Enterprise Value(3)
IG
Credit Ratings BBB/Baa2/BBB
Targa's performance and growth outlook provides strong momentum in 2026 and beyond
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is included at the end of this presentation.
(1) Total net investments for 2021 through 2025 (Cumulative Capex + Acquisitions - Divestitures). 2025 growth capital expenditures include significant spending on multiple large 4
downstream projects which will provide EBITDA contributions in 2026 and beyond.
(2) Cumulative common cash dividends paid and common shares repurchased from 2021 through 2025. (3) As of May1, 2026 market close.
Fully Integrated Wellhead to Water NGL Solution
Our assets and operations connect natural gas and NGLs to markets with growing demand for cleaner fuels and feedstocks
Gas Processing
Natural Gas Liquids Pipelines
NGL Fractionation
NGLs to End Markets
Largest Permian Natural Gas
Processor with Significant Footprint in Other Key Basins
NGL Pipeline Transportation
Connects Key Supply to NGL Market Hub in Mont Belvieu
Premier NGL Fractionation
Footprint in Mont Belvieu
Connected to Domestic and
Growing Global Markets
Leading Gulf Coast LPG Export Platform
Targa's System is Integrated Across the Value Chain
Targa's Assets are Positioned for
Long-Term Success
Growing Permian Basin Production
Increasing U.S. Exports of Natural Gas and LPG
Investing in High-Return Projects Across Integrated System
IN V ESTO R PRESEN TA TIO N 5
Increasing Cash Flow, Reducing Share Count
Differentiated cash flow growth and track record of opportunistic common share repurchases
$18.94
$15.24
$12.57
$10.59
$7.32
$5.56
28% CAGR
2020 2021 2022 2023 2024 2025
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is included at the end 6
of this presentation.
Premier Permian Asset Footprint
Largest multi-plant, multi-system G&P footprint, integrated with Targa's NGL business
Scale
10+ Bcf/d gas processing 50 plants
3+ Bcf/d gas treating 9 injection wells
Integrated
G&P footprint integrated with residue gas pipelines, NGL transportation, storage, fractionation, and export
Supply
Operational
Advantaged
Excellence
Millions of dedicated acres
Interconnected plant systems
Thousands of receipt points
High reliability and
Best in class customers
redundancy
Strong operating run-times
IN V ESTO R PRESEN TA TIO N Note: Gross processing and treating capacities include plants under construction. 7
Differentiated Permian Position
6.7 Bcf/d
0.4 Bcf/d
Atlas Acquisition
Lucid Acquisition
Stakeholder Acquisition
Outrigger Acquisition
Remarkable volume growth across a backdrop of much fewer active rigs in the basin
8,000
800
7,000 700
Targa Permian Inlet Volumes (MMcf/d)
6,000 600
Permian Rig Count (1)
5,000 500
4,000 400
3,000 300
2,000 200
1,000 100
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Permian Rig Count Targa Permian Inlet Volumes
IN V ESTO R PRESEN TA TIO N
(1) Source: Baker Hughes, as of March 31, 2026. 8
Permian Basin Growth Points to Strong Outlook for Targa
Associated gas has outperformed crude and Targa has outperformed associated gas
Actual(1)
Forecast(2)
Permian Gas Growth 12%
Gas Growth Forecast: 7% annually
Permian Crude Growth 7%
Crude Growth Forecast: 3% annually
Targa Permian Growth 16%
+4% Outperformance
260
240
220
200
Growth Indexed
180
160
140
120
100
80
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Targa Permian Growth
has outpaced growth in basin-wide associated gas by +4% and crude by +9% on average over the last 6 years
IN V ESTO R PRESEN TA TIO N
(1) Permian production growth per Enverus; Targa's reported Permian inlet volume growth adjusted for the 2022 Delaware Basin acquisition.
9
(2) Source: Enverus - January 2026.
NGL Transportation Expansion ― Permian to Mont Belvieu
Targa NGL Pipeline Transportation System
+400 MBbl/d
NGL production(1)
From Permian plants recently completed and underway Medium-term 3rd party arrangements de-risk Speedway
Speedway
Initial capacity ~500 MBbl/d Expandable to ~1,000 MBbl/d
~500 miles, 30-inch pipe ISD Q3 2027
New NGL pipeline expansion transporting Targa's growing Permian NGL volumes to Mont Belvieu
Increasing volumes on Targa's integrated NGL system
Meaningful baseload volumes +
Continued Permian growth + Commercial success
IN V ESTO R PRESEN TA TIO N (1) Assumes approximately 40 MBbls/d of NGL production per gas plant available for NGL transportation. 10
Targa's Permian Intra-Basin Residue System
Targa Residue Pipeline System(1)
Best in class residue supply connectivity in the Permian
Enhancing Targa's natural gas connectivity across the Permian Delaware and Permian Midland
IN V ESTO R PRESEN TA TIO N
(1) Bull Run Extension in-service by 1Q27; Buffalo Run phased with full completion in early 2028; Forza Pipeline expected online mid-2028, subject to regulatory approvals. Projects connect
Over 5.5 Bcf/d connected through 29 Targa plants
Reliability and redundancy for customers
Bolsters market access to current and future Permian egress outlets as well as in-basin demand
Attractive offering to producer customers
Complementary to Targa's G&P system, further enabling future volume growth
11
>5.5 Bcf/d across 29 Targa plants.
Targa Positioned for Deeper Zone Development
Broader Permian Woodford-Barnett Formation(1)
~200 wells drilled in 2025 across Woodford-Barnett
compared with less than 10 in 2020
Materially expands Targa supply potential
Adds to Targa's long-term growth rate
Adds incremental growth to Targa's already strong growth outlook
>50% higher GORs vs. primary Permian development targets
IN V ESTO R PRESEN TA TIO N (1) Source: USGS and RBC Capital Markets. 12
Increased 2026 Outlook
2026 Outlook
17% Adjusted EBITDA Growth in 2026
Adjusted EBITDA
$5,700 - $5,900MM
Meaningful growth across Targa's Permian G&P footprint
Record volumes through Targa's integrated NGL system
Strength in marketing and optimization opportunities
Strong fee-based cash flow profile
Fee-based(1)
Net Growth Capital
~$4,500MM
Net Maintenance Capital
$250MM
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is included at the end of this presentation. Estimated FY26 adjusted EBITDA is based on a range of commodity price scenarios.
13
YoY expected growth in adjusted EBITDA based on the midpoint of $5.7-$5.9 billion range.
(1) Based on 2026E adjusted operating margin.
Post Speedway, Targa Estimates Billions in Cash Flow Generation
Combination of Adjusted EBITDA growth and lower downstream capital results in meaningful annual free cash flow
Adjusted
Free Cash Flow
Interest & Other(1)
Maint. Capital
Net Growth Capital
~$2.5B
FY26E
~$4.5B
FY20
$1.6B
FY26E
$5.8B
Significantly Higher Adjusted EBITDA
Capital to support ~3 plants per year of Targa Permian volume growth and proportional downstream capital(2)
Minimal spend on NGL transport and LPG export for years
2020 2021 2022 2023 2024 2025 2026E
Illustrative Post Speedway & LPG Export Expansion
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is included at the end of this presentation. 2026 EBITDA estimate represents the midpoint of $5.7B - $5.9B range and approximately $4.5B of net growth capital.
(1) Illustrative interest expense and other of ~$1.15B includes interest costs and minimal cash taxes. 14
(2) Proportional downstream capital includes fracs, pumps and residue spending.
Leading Return of Capital Outlook
Differentiated growth position drives increasing return of capital
40-50%
25%
$55MM
3.6x
Adjusted CFFO expected to be returned across
multi-year horizon
Dividend growth in 2026(1)
Share repurchases in 1Q26
Leverage comfortably within 3.0-4.0x
long-term target range(2)
IN V ESTO R PRESEN TA TIO N
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measure is included at the end of this presentation.
(1) In April 2026, Targa's board of directors declared a quarterly cash dividend of $1.25 per common share for the first quarter of 2026, or $5.00 per common share on an annualized basis. 15
(2) Leverage pro forma for the acquisition of certain assets in the Permian Basin, which had an effective date of January 1, 2026.
Returned $4.7 Billion to Shareholders Since 2020
Returning significant cash to shareholders with meaningful dividend increases and opportunistic share repurchases
($ in Millions)
$1,504
$1,412
$822
52%
CAGR
$543
$184
$189
2020 2021 2022 2023 2024 2025
IN V ESTO R PRESEN TA TIO N 16
Investing in Attractive Projects Driven by Permian Volume Growth
Organic investments across Targa's integrated NGL business expected to drive strong return on invested capital
Processing Plants
Details
Forecasted In-Service
Permian Midland
East Pembrook
275 MMcf/d
1Q26(1)
East Driver
275 MMcf/d
3Q26
Permian Delaware
Falcon II
275 MMcf/d
1Q26(1)
Copperhead
275 MMcf/d
1Q27
Yeti
275 MMcf/d
3Q27
Yeti II
275 MMcf/d
4Q27
Roadrunner III
265 MMcf/d
1Q28
Copperhead II
275 MMcf/d
1Q28
L&T Segment
Details
Forecasted In-Service
NGL Projects
Train 11 Fractionator
150 MBbl/d
2Q26(1)
Delaware Express
~100 miles
2Q26
Train 12 Fractionator
150 MBbl/d
1Q27
GPMT LPG Export Expansion
4 MMBbl/month
3Q27
Speedway
500 MBbl/d
3Q27
Train 13 Fractionator
150 MBbl/d
1Q28
Natural Gas Pipelines
Bull Run Extension
~43 miles
1Q27
Buffalo Run
~90 miles
By early 2028(2)
Forza Pipeline
~36 miles
Mid-2028
Integrated projects support continued growth outlook
17
IN V ESTO R PRESEN TA TIO N (1) Currently In-Service
(2) Buffalo Run is expected to be completed in stages and fully complete in early 2028.
Proven Record of Growth
Increasing volume trajectory through Targa's fee-based integrated NGL infrastructure footprint fuels growth in 2026 and beyond
Permian Natural Gas Inlet Volumes(1) NGL Pipeline Transportation(1)
7,000
6,000
5,000
MMcf/d
4,000
3,000
2,000
1,000
0
1,200
1,000
MBbl/d
800
600
400
200
0
+11%
21%
CAGR
2020 2021 2022 2023 2024 2025
Fractionation Volumes(1)
+13%
12%
CAGR
2020 2021 2022 2023 2024 2025
1,200
1,000
MBbl/d
800
600
400
200
0
15
MMBbl/Month
10
5
0
+21%
27%
CAGR
2020 2021 2022 2023 2024 2025
LPG Export Volumes(1)
+1%
7%
CAGR
2020 2021 2022 2023 2024 2025
IN V ESTO R PRESEN TA TIO N (1) Operational metrics represent average annual volumes. 18
Track Record of Strong Financial Performance
Integrated NGL business and supportive business fundamentals drive increasing cash flow outlook and return of capital
$6.0
Adjusted EBITDA ($ in Billions)
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
Industry Leading Adjusted EBITDA Growth(1)
+17%
23%
CAGR
$6.00
Annual Common Dividend per Share
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Growing Annual Dividends per Share
+25%
YoY
(2)
6.0x
Consolidated Leverage
5.0x
4.0x
3.0x
2.0x
1.0x
2021 2022 2023 2024 2025 2026E
Significant Financial Flexibility
Long-Term Target
Ba2/ BB
Ba2/ BB
BBB-/ BBB-
Ba1/ Baa3/ /Baa3 BB+ BBB- /BBB-
BBB/
Baa2/ BBB
BBBBBB//
BBaaaa22// BBBBBB
Strong Investment Grade Balance Sheet
Common Shares Outstanding (in millions)
230
225
220
215
210
205
2021 2022 2023 2024 2025 2026E
Reducing Share Count(3)
~24mm in
Buybacks(3)
Since 2020, Targa has repurchased ~11% of outstanding shares
0.0x
2019 2020 2021 2022 2023 2024 2025
200
2021 2022 2023 2024 2025 March 31, 2026
Note: This slide contains non-GAAP measures. A reconciliation of all non-GAAP financial measures compared to 2021 adjusted EBITDA.
IN V ESTO R PRESEN TA TIO N
used in this presentation to their nearest comparable GAAP financial measure is included at the end of (2) In April 2026, Targa's board of directors declared a quarterly cash dividend of $1.25 per common 19
this presentation.
(1) Adjusted EBITDA growth based on midpoint of projected 2026E adjusted EBITDA range
share for the first quarter of 2026, or $5.00 per common share on an annualized basis.
(3) Since inception of Share Repurchase Program adopted in October 2020 through March 31, 2026.
Natural Gas Demand Growth Requires Continued Investment in Infrastructure
Incremental production from the Permian and other shale basins will be needed to support increasing natural gas demand
Demand forecasted to increase by
~20% through 2030
Projected Lower 48 Natural Gas Demand Growth (Bcf/d)
115 4
14
Key drivers for increased natural gas demand
Population and economic growth
Coal plant retirements / gas conversions
Re-shoring of industry and manufacturing
Large load demand (AI / data centers, crypto mining)
Backstop intermittent renewables
Substantial LNG export capacity expansions
6 139
Total L48 (2025)
Res/Comm/Industrial Exports Power Total L48 (2030E)
IN V ESTO R PRESEN TA TIO N
Source: Wood Mackenzie Long-Term Outlook (November 2025) and Targa Fundamentals.
Note: LNG feed gas includes an assumed 9% increase to account for LNG plant fuel which would otherwise be included in Industrial. 20
Disclaimer
Targa Resources Corp. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 10:21 UTC.