Targa Resources Corp. Reports Fourth Quarter Results

Targa Resources Corp. has reported its fourth quarter financial results, which show a 17% increase in net income compared to the same period last year. This growth is attributed to a moderate 4% increase in total revenues from the prior-year quarter.

Key Highlights

• Net income increased by 17% compared to the same period last year
• Total revenues grew by 4% from the prior-year quarter
• Adjusted EBITDA is projected to grow substantially in fiscal 2025, with a range of $4.65 billion to $4.85 billion

Fiscal 2025 Projections

Targa has projected a significant growth in its adjusted EBITDA for fiscal 2025, with a range of $4.65 billion to $4.85 billion.

Dividend Increase and Share Repurchase

The company has announced plans to increase its quarterly common dividend by a third, effective for the first quarter of 2025. Additionally, Targa has entered into a definitive agreement to repurchase preferred equity from Blackstone for approximately $1.8 billion in cash.

Details of Share Repurchase

• Repurchase of preferred equity from Blackstone for approximately $1.8 billion in cash