Business Description
Targa Resources Inc., founded in 2008 and headquartered in Houston, Texas, is a diversified midstream energy company that provides natural gas processing, NGL fractionation, and pipeline transportation services. The firm generates fee‐based revenues through long-term contracts with over 100 producers in regions such as the Permian Basin and Eagle Ford. Under the leadership of CEO Brian Sawyer since 2017, Targa maintains an estimated market share of 10-15% and is focused on strategic asset expansion and technology investments to drive future growth.
Everything on Targa Resources Inc.
Financials
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Revenue (FY2025)
$17.03B
YoY growth
+3.9%
Operating margin
19.6%
Direction
Expanding
Gross margin
30.7%
Net margin
11.5%
Earnings Transcripts
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Matthew J. Meloy — Chief Executive Officer and Director
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Jennifer R. Kneale — President
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Robert M. Muraro — Chief Commercial Officer
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William A. Byers — Chief Financial Officer
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Patrick J. McDonie — President – Gathering and Processing
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Benjamin J. Branstetter — President – Logistics and Transportation
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Gerald R. Shrader — Executive Vice President, General Counsel and Secretary
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J. Christopher Eklof — Senior Vice President and Chief Accounting Officer
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Paul W. Chung — Chairman of the Board of Directors
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Beth A. Bowman — Director
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Lindsey M. Cooksen — Director
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Charles R. Crisp — Director
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Waters S. Davis, IV — Director
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Laura C. Fulton — Director
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Rene R. Joyce — Director
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Caron A. Lawhorn — Director
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Joe Bob Perkins — Director
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R. Keith Teague — Director
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Thomas Mathiasmeier — Class II Director (term expiring at 2027 annual meeting); member of the Audit Committee (effective July 16, 2026)
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Acquisitions
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Targa Resources acquires Atlas Pipeline Partners, L.P. and Atlas Energy, L.P. — Gathering and Processing / Logistics and Transportation · 2015
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Targa Resources acquires Lucid Energy Delaware, LLC ("Lucid Energy") — Gathering and Processing · 2022
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Targa Resources acquires Targa Badlands LLC - Blackstone's 45% interest ("Badlands Transaction") — Gathering and Processing · 2025
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Targa Resources acquires Stakeholder Midstream, LLC — Gathering and Processing · 2026
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Targa Resources acquires Grand Prix NGL Pipeline - Blackstone Energy Partners' 25% interest ("Grand Prix Transaction") — Logistics and Transportation · 2023
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Targa Resources acquires Development company joint venture ("DevCo JV") interests held by Stonepeak Partners LP affiliates — Logistics and Transportation (NGL pipeline, fractionation and GCX equity interest) · 2022
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Targa Resources acquires Outrigger Delaware Operating, LLC, Outrigger Southern Delaware Operating, LLC and Outrigger Midland Operating, LLC ("Outrigger Permian") — Gathering and Processing · 2017
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Targa Resources acquires Delaware Basin sour gathering and compression assets (two bolt-on transactions; sellers not disclosed) — Gathering and Processing · 2025
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Targa Resources acquires Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition") — Gathering and Processing · 2022
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Targa Resources acquires Dovetail Midstream, LLC — Gathering and Processing
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Targa Resources acquires Cedar Bayou Fractionators, L.P. - remaining 12% membership interest ("CBF Acquisition") — Logistics and Transportation · 2024
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Targa Resources acquires Nile Midstream, LLC and Four Winds Midstream, LLC ("Nile Acquisition") — Gathering and Processing
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Share Repurchase Program
Total authorized
$1.0 billion (2024 program) plus $1.0 billion (2025 program)
Remaining (as of March 31, 2026)
$1,318.6 million
Latest FY repurchased
$641.8 million
Customer Concentration
During the years ended December 31, 2025 and 2024, no customer comprised 10% or greater of Targa's consolidated revenues.
Recent SEC Filings
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