The company continues to expand its natural gas processing capacity in the Permian Midland and Delaware Basins, with the Greenwood II plant expected to begin operations in Q4 2024 and the Bull Moose plant expected to begin operations in Q2 2025.

Plans to construct Train 9 and Train 10, each 120 MBbl/d fractionation trains, at our Mont Belvieu operated facility, which are expected to begin operations in the second quarter of 2024 and the first quarter of 2025, respectively.

In January 2023, the company completed the acquisition of Blackstone Energy Partners' 25% interest in the entity that owns the Permian to Mont Belvieu segment of Grand Prix, resulting in 100% ownership.

The company's maintenance capital expenditures have averaged approximately $182 million per year over the last three years, indicating a consistent focus on maintaining and optimizing existing assets.

Our current executive management team possesses breadth and depth of experience working in the midstream energy business, including certain members of our executive management team managing our businesses prior to acquisition by Targa.

The company highlights its commitment to safety and health, aiming to operate without injuries, and implements safety programs for continuous improvement. They also emphasize environmental stewardship and compliance.

The 10-K highlights that cash flow is affected by supply and demand for natural gas, NGL products and crude oil, and decreases in commodity prices could adversely affect results of operations and financial condition.

The document emphasizes the risks associated with increasingly stringent regulations for methane and other emissions, as well as potential restrictions on hydraulic fracturing activities, which could impact revenues and operations.

The 10-K acknowledges the potential for cyber incidents to disrupt operations and result in information theft, data corruption, and financial loss. It also highlights the inherent operational risks in the midstream business, including explosions, fires, and mechanical failures.

The company faces strong competition in acquiring new natural gas or crude oil supplies. Competition for natural gas and crude oil supplies is primarily based on the location and available capacity of gathering and processing facilities, pricing arrangements, reputation, efficiency, flexibility, treating capabilities (as applicable), reliability and access to end-use markets or liquid marketing hubs.

Competition for NGL supplies is primarily based on the proximity of gathering and processing facilities in relation to one or more NGL pipelines, their connectivity to NGL pipeline takeaway options, access to end-use markets or liquid marketing hubs, pricing and contractual arrangements, available capacity, reputation, efficiency, flexibility, and reliability.

The fractionators in which we own an interest in the Mont Belvieu region compete for volumes of mixed NGLs with other fractionators also located in the Mont Belvieu region. In addition, certain producers fractionate mixed NGLs for their own account in captive facilities.

Our gathering and processing systems and logistics and transportation assets consist of high-quality, well-maintained facilities, resulting in low-cost, efficient operations.

In addition to routine annual maintenance expenses, our maintenance capital expenditures have averaged approximately $182 million per year over the last three years.

Our gathering systems are connected to crude oil and natural gas wells from which production will naturally decline over time, which means that the cash flows associated with these sources of natural gas and crude oil will likely also decline over time.

Advanced technologies have been implemented for processing plants (primarily cryogenic units utilizing centralized control systems), measurement systems (essentially all electronic and electronically linked to a central data-base) and operations and maintenance management systems to manage work orders and implement preventative maintenance schedules (computerized maintenance management systems).

We continue to make investments in new technologies to protect our facilities, users, and stakeholders, and to protect the personally identifiable information we maintain.

The oil and natural gas industry has become increasingly dependent on digital technologies to conduct business. For example, we depend on digital technologies to operate our facilities, serve our customers and record financial data.

In April 2023, the company declared an increase to its common dividend to $0.50 per common share, or $2.00 per common share annualized, effective for the first quarter of 2023.

In May 2023, the Board of Directors authorized a new $1.0 billion common share repurchase program, in addition to the amount remaining under the 2020 Share Repurchase Program.

The company completed multiple underwritten public offerings of senior notes in 2023, using the proceeds for various corporate purposes including debt reduction and funding acquisitions.

As part of our ongoing effort to enhance our sustainability practices, our Board of Directors has established a Sustainability Committee. Committee members oversee management's implementation of sustainability policies and provide insight to the Board on the effectiveness of integrating sustainability into our various business activities.

We have also appointed a senior vice president of sustainability, who reports directly to our CEO and also regularly provides reports on relevant sustainability matters to our Board of Directors.

We also published our 2022 Sustainability Report, which provides updates on our performance related to certain sustainability topics and sets certain sustainability goals, such as reductions in methane intensity in line with the ONE Future goals.

Our net income and cash flows are subject to volatility stemming from changes in commodity prices and interest rates.

general economic conditions and economic conditions impacting our primary markets, including the impact of continued inflation and rising interest rates and associated changes in monetary policy.

actions taken by major foreign oil and gas producing nations.