Highlights

  • Targa Resources shares were trading at $302.37 on October 23, 2026, up 4.43%.
  • Second-quarter total revenues rose to $4,440.1 million from $4,260.1 million a year earlier.
  • Net income attributable to Targa Resources rose 21.5% to $764.6 million, or $3.54 per diluted share, from $629.1 million a year earlier.
  • The company repurchased $80.1 million of common stock during the quarter, with $1,238.5 million remaining under its share repurchase programs.

Targa Resources (NYSE: TRGP) shares were trading at USD 302.37 on October 23, 2026, up 4.43%. The midstream energy company reported second-quarter results showing higher fee-based earnings tied to increased Permian Basin natural gas processing volumes.

Targa Resources is a Delaware corporation formed in October 2005 and headquartered in Houston, Texas. The company is one of the largest independent midstream infrastructure providers in North America, with a Gathering and Processing segment serving the Permian Basin, the Eagle Ford Shale, the Anadarko and Williston basins, and the Louisiana Gulf Coast, and a Logistics and Transportation segment that includes NGL pipelines and downstream fractionation facilities in Mont Belvieu, Texas.

Fee-Based Earnings Rise on Higher Permian Volumes

Total revenues for the quarter were $4,440.1 million, compared with $4,260.1 million a year earlier, as fees from midstream services rose to $847.2 million from $623.8 million, partially offset by lower sales of commodities. Income from operations rose to $1,234.5 million from $1,033.6 million. Net income attributable to Targa Resources Corp. was $764.6 million, or $3.54 per diluted share, compared with $629.1 million, or $2.87 per share, a year earlier. The company said the increase in operating expenses and depreciation was primarily related to higher natural gas inlet volumes in the Permian, driven by the addition of new processing plants and the acquisition of Permian Basin assets during the first quarter of 2026; realized natural gas prices in the Gathering and Processing segment were negatively affected during the quarter by an extended period of negative Waha-area prices tied to Permian Basin pipeline egress constraints.

Capital Projects and Capital Returns

In January 2026, Targa completed its acquisition of Stakeholder Midstream, LLC for $1.25 billion in cash, adding complementary Permian Basin midstream infrastructure integrated into its Permian Delaware operations. The company continues to expand processing capacity in the Permian with the addition of new plants, including the East Pembrook plant brought online during the second quarter of 2026, and is developing the Speedway NGL pipeline, expected to begin operations in the third quarter of 2027, and the Blackcomb natural gas pipeline joint venture, expected to enter service in the fourth quarter of 2026. During the quarter, Targa repurchased 308,102 shares of common stock for $80.1 million and paid common stock dividends of $1.25 per share; as of June 30, 2026, $1,238.5 million remained available under its share repurchase programs.