Targa Resources Files Q2 2024 10-Q

TL;DR

**TRGP Q2 10-Q filed. Financials look solid, check the details.**

AI Summary

Targa Resources Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including information on its assets and liabilities. Specific financial figures and dates related to its operations and reporting are provided within the document.

Why It Matters

This filing provides investors and analysts with the latest financial data for Targa Resources, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including derivative assets and liabilities, which can introduce complexity and potential volatility.

Key Numbers

• Q2 2024 — Reporting Period (The second quarter of 2024 financial results are detailed.)
• 20240630 — Period End Date (The specific date through which financial data is reported.)
• 20240801 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Targa Resources Corp. (company) — Filer of the 10-Q
• 0000950170-24-089135 (other) — Accession Number for the filing
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• Targa Resources Partners LP (company) — Business and mailing address entity
• 1000 Louisiana Street, Suite 4300 (location) — Street address for Targa Resources
• Houston, TX (location) — City and State for Targa Resources

FAQ

Key Financial Figures

• $0.001 — hares of the registrant's common stock, $0.001 par value, outstanding. TABLE OF CONT

Filing Documents

• trgp-20240630.htm (10-Q) — 4324KB
• trgp-ex4_3.htm (EX-4.3) — 32KB
• trgp-ex4_4.htm (EX-4.4) — 33KB
• trgp-ex4_5.htm (EX-4.5) — 32KB
• trgp-ex4_6.htm (EX-4.6) — 32KB
• trgp-ex4_7.htm (EX-4.7) — 32KB
• trgp-ex22_1.htm (EX-22.1) — 77KB
• 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
• img101915401_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-089135.txt ( ) — 15901KB
• trgp-20240630.xsd (EX-101.SCH) — 1681KB
• trgp-20240630_htm.xml (XML) — 3585KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Owners' Equity for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023 11

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 12

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 43

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 45

Signatures

Signatures 47 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

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. TARGA RESOURCES CORP. CONSOLIDATED B ALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) (In millions) ASSETS Current assets: Cash and cash equivalents $ 166.4 $ 141.7 Trade receivables, net of allowances of $ 2.5 million and $ 2.5 million at June 30, 2024 and December 31, 2023 1,216.9 1,471.0 Inventories 320.6 371.5 Assets from risk management activities 62.8 111.9 Other current assets 99.9 98.5 Total current assets 1,866.6 2,194.6 Property, plant and equipment, net 16,891.2 15,806.4 Intangible assets, net 2,164.0 2,350.6 Long-term assets from risk management activities 16.9 33.3 Investments in unconsolidated affiliates 159.8 146.3 Other long-term assets 165.7 140.6 Total assets $ 21,264.2 $ 20,671.8 LIABILITIES AND OWNERS' EQUITY Current liabilities: Accounts payable $ 1,686.8 $ 1,574.9 Accrued liabilities 243.0 281.7 Interest payable 247.9 229.6 Liabilities from risk management activities 111.7 54.0 Current debt obligations 601.2 620.7 Total current liabilities 2,890.6 2,760.9 Long-term debt 12,965.8 12,333.2 Long-term liabilities from risk management activities 65.6 16.8 Deferred income taxes, net 684.5 535.8 Other long-term liabilities 308.7 415.1 Contingencies (see Note 12 ) Targa Resources Corp. stockholders' equity: Common Stock ($ 0.001 par value, 450,000,000 shares authorized as of June 30, 2024 and December 31, 2023) 0.2 0.2 Issued Outstanding June 30, 2024 241,267,840 219,170,473 December 31, 2023 240,095,699 222,611,259 Additional paid-in capital 3,088.5 3,058.8 Retained earnings (deficit) 783.9 492.0 Accumulated other comprehensive income (loss) 11.4 85.6 Treasury stock, at cost ( 22,097,367 shares as of June 30, 2024 and 17,484,440 shares as of December 31, 2023) ( 1,416.5 ) ( 896.9 ) Total

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars. Note 1 — Organizati on and Operations Our Organization 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 infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets. In this Quarterly Report, unless the context requires otherwise, references to "we," "us," "our," "the Company," "Targa" or "TRGP" are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the "Partnership". Targa consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. Targa's consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: the inclusion of the TRGP senior revolving credit facility and term loan facility; the inclusion of the TRGP senior notes; the inclusion of the TRGP commercial paper notes; and the impacts of TRGP's treatment as a corporation for U.S. federal income tax purposes. Our Operations The Company is primarily engaged 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

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View this 10-Q filing on SEC EDGAR