Targa Resources Corp. (NYSE: TRGP) raised its full-year 2026 adjusted EBITDA guidance to a range of $5.7 billion to $5.9 billion following a record first quarter, representing a $300 million increase at the midpoint from the outlook provided in February 2026. The updated guidance was disclosed in TRGP's Q1 2026 earnings release dated 30 April 2026.

Q1 2026 adjusted EBITDA for TRGP reached a record $1.4 billion, up 5% sequentially despite the impact of severe winter weather and producer shut-ins across the Permian Basin. TRGP achieved record Permian natural gas inlet volumes during the quarter, recovering from the weather disruption. NGL fractionation volumes averaged a record 1.145 million barrels per day, and NGL pipeline transportation volumes averaged 1.02 million barrels per day. As of the earnings date, current Permian volumes were running more than 250 million cubic feet per day above the Q1 average.

TRGP announced two new Permian Delaware gas processing plants during the quarter: Roadrunner 3 and Copperhead 2, both slated to come online in Q1 2028. TRGP noted that six plants are currently under construction, representing a 25% increase in total plant capacity by early 2028. The East Pembroke plant and Falcon 2 plant recently came online, while the Train 11 fractionator came online early in Q2 2026. The Delaware Express NGL pipeline is currently in startup, and the Speedway expansion remains on track for Q3 2027.

The guidance increase was attributed to robust Q1 results, strong natural gas marketing opportunities linked to Waha basis dynamics, and growing LPG export demand. Management identified persistent Waha shut-ins of 200 to 400 million cubic feet per day as the primary near-term risk, with relief expected once incremental egress capacity arrives in late 2026.

TRGP closed at $272.54 on 10 June 2026, within a 52-week range of $141.77 to $280.00, with a one-year total return of approximately 68.8%.