Targa Resources Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Targa Resources Corp. has submitted its comprehensive 2023 annual report on Form 10-K, detailing financial performance and operational insights.</b>

AI Summary

Targa Resources Corp. (TRGP) filed a Annual Report (10-K) with the SEC on February 15, 2024. Targa Resources Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and operations. Key financial data and disclosures are included in the report. The report details assets, liabilities, and revenues. It provides an overview of the company's business segments and operational status.

Why It Matters

For investors and stakeholders tracking Targa Resources Corp., this filing contains several important signals. This 10-K filing provides investors with a detailed look at Targa Resources' financial health, operational strategies, and risk factors for the fiscal year 2023, enabling informed investment decisions. The report's disclosures on assets, liabilities, revenues, and debt are crucial for understanding the company's financial position and future outlook in the natural gas transmission industry.

Risk Assessment

Risk Level: medium — Targa Resources Corp. shows moderate risk based on this filing. The company operates in the natural gas transmission industry, which is subject to regulatory changes, commodity price volatility, and significant capital expenditures, as detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Targa Resources' financial stability and growth prospects.

Key Numbers

• 12-31 — Fiscal Year End (Reported fiscal year end)
• 20231231 — Conformed Period of Report (The period the report conforms to)
• 20240215 — Filed As Of Date (Date the report was filed)

Key Players & Entities

• Targa Resources Corp. (company) — Filer of the 10-K report
• Targa Resources Partners LP (company) — Business and mailing address
• Houston (location) — Business and mailing address city
• DE (location) — State of Incorporation
• 20231231 (date) — Fiscal year end
• 20240215 (date) — Filing date

FAQ

Risk Factors

• Regulatory Risks [medium — regulatory]: Changes in laws and regulations affecting the natural gas industry could impact Targa Resources' operations and profitability.
• Commodity Price Volatility [high — market]: Fluctuations in the prices of natural gas and natural gas liquids can affect Targa Resources' revenues and margins.
• Operational Interruptions [medium — operational]: The company's operations, including transportation and processing, are subject to risks of equipment failure, accidents, or natural disasters.
• Debt Obligations [medium — financial]: Targa Resources has significant debt obligations, and its ability to service this debt depends on its financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Targa Resources Corp. filed its 10-K report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides investors with detailed financial and operational information about Targa Resources for the fiscal year 2023.)

Natural Gas Transmission

The business of transporting natural gas through a network of pipelines. (This is the primary industry in which Targa Resources operates, making its performance directly tied to this sector.)

Key Financial Figures

• $76.10 — 11.5 million on June 30, 2023, based on $76.10 per share, the closing price of the com
• $0.001 — hares of the registrant's common stock, $0.001 par value, outstanding. DOCUMENTS INC
• $1.05 billion — nd Prix Transaction") for approximately $1.05 billion in cash and a final closing adjustment
• $41.9 million — cash and a final closing adjustment of $41.9 million. Following the closing of the Grand Pri
• $0.50 — d an increase to our common dividend to $0.50 per common share or $2.00 per common sh
• $2.00 — n dividend to $0.50 per common share or $2.00 per common share annualized effective f
• $500.0 million — e Program") for the repurchase of up to $500.0 million of our outstanding common stock. In May
• $1.0 billion — our Board of Directors authorized a new $1.0 billion common share repurchase program (the "2
• $85.52 — t a weighted average per share price of $85.52 and $76.72 for a total net cost of $40.
• $76.72 — d average per share price of $85.52 and $76.72 for a total net cost of $40.6 million a
• $40.6 million — 5.52 and $76.72 for a total net cost of $40.6 million and $373.7 million, respectively. There
• $373.7 m — r a total net cost of $40.6 million and $373.7 million, respectively. There was $770.1 m
• $770.1 million — $373.7 million, respectively. There was $770.1 million remaining under the 2023 Share Repurcha
• $900.0 million — an underwritten public offering of (i) $900.0 million in aggregate principal amount of our 6.
• $850.0 million — due 2033 (the "6.125% Notes") and (ii) $850.0 million in aggregate principal amount of our 6.

Filing Documents

• trgp-20231231.htm (10-K) — 6617KB
• trgp-ex10_12.htm (EX-10.12) — 58KB
• trgp-ex10_13.htm (EX-10.13) — 50KB
• trgp-ex21_1.htm (EX-21.1) — 13KB
• trgp-ex22_1.htm (EX-22.1) — 75KB
• trgp-ex23_1.htm (EX-23.1) — 3KB
• trgp-ex31_1.htm (EX-31.1) — 10KB
• trgp-ex31_2.htm (EX-31.2) — 10KB
• trgp-ex32_1.htm (EX-32.1) — 6KB
• trgp-ex32_2.htm (EX-32.2) — 6KB
• trgp-ex97_1.htm (EX-97.1) — 47KB
• img101017828_0.jpg (GRAPHIC) — 3KB
• img101017828_1.jpg (GRAPHIC) — 120KB
• img101017828_2.jpg (GRAPHIC) — 49KB
• img101017828_3.jpg (GRAPHIC) — 274KB
• 0000950170-24-015841.txt (&nbsp;) — 27329KB
• trgp-20231231.xsd (EX-101.SCH) — 3212KB
• trgp-20231231_htm.xml (XML) — 5677KB

Business

Item 1. Business. 4

Risk Factors

Item 1A. Risk Factors. 26

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 51

Cybersecurity

Item 1C. Cybersecurity. 51

Properties

Item 2. Properties. 52

Legal Proceedings

Item 3. Legal Proceedings. 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 53 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 54

Reserved

Item 6. Reserved 55

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 56

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 72

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 74

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 74

Controls and Procedures

Item 9A. Controls and Procedures. 74

Other Information

Item 9B. Other Information. 75

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 75 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 76

Executive Compensation

Item 11. Executive Compensation. 79

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 79

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 79

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 80 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 81

Form 10-K Summary

Item 16. Form 10-K Summary. 89

Signatures

Signatures 90 1 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Targa Resources Corp.'s (together with its subsidiaries, including Targa Resources Partners LP (the "Partnership"), "we," "us," "our," "Targa," "TRGP," or the "Company") reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements." You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as "may," "could," "project," "believe," "anticipate," "expect," "estimate," "potential," "plan," "forecast" and other similar words. All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties: the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and natural gas liquid supplies to our logistics and transportation facilities and our success in connecting our facilities to transportation services and markets; actions taken by other countr

B usiness

Item 1. B usiness. The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2023. Discussion of prior period business developments that are not included in this Form 10-K can be found in "Part I, Item 1. Business" of our Annual Report on Form 10-K for the year ended December 31, 2022 . Overview Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets. Our Operations We are engaged primarily in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. To provide these services, we operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Ba

View Full Filing

View this 10-K filing on SEC EDGAR