Targa Resources Corp. is a leading provider of midstream services in North America. The company's core business involves 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. Targa owns, operates, acquires, and develops a diversified portfolio of complementary domestic midstream infrastructure assets. The company's assets are located in various key basins, including the Permian, Eagle Ford, and Williston Basins. Targa's competitive advantages include its integrated midstream service offerings and its strategically located infrastructure.

• Employees: 3,182 (as of December 31, 2023)
• Geographic Footprint: Primarily North America
• Headquarters: Houston, Texas
• Founded: October 2005
• Number of locations/facilities: 52 owned and operated processing plants, approximately 31,000 miles of natural gas pipelines, and approximately 2,300 miles of company-owned pipelines for NGLs and specification products
• Revenue: $16.1 billion (FY2023)
• Market Capitalization: $16.8 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Targa Resources Partners LP

• CEO: Matthew J. Meloy
• CFO: Jennifer R. Kneale
• Board Chair: Paul W. Chung
• Other Key Executives: Patrick J. McDonie (President - Gathering and Processing), D. Scott Pryor (President - Logistics and Transportation), Robert M. Muraro (Chief Commercial Officer), Gerald R. Shrader (Executive Vice President, General Counsel and Secretary), Julie H. Boushka (Senior Vice President and Chief Accounting Officer)

The executive management team possesses breadth and depth of experience working in the midstream energy business. Certain members of the executive management team managing our businesses prior to acquisition by Targa. Other officers and key employees have significant experience in the industry, including extensive experience in operating our current assets and developing, permitting and constructing new assets.

• Annual Revenue: $16.1 billion (FY2023)
• Net Income: $1.3 billion (FY2023)
• Market Cap: $16.8 billion (as of June 30, 2023)
• Total Assets: $20.7 billion (as of December 31, 2023)
• Employees: 3,182 (as of December 31, 2023)
• Key Financial Highlights: Increased revenue due to higher NGL, natural gas and condensate volumes and favorable impact of hedges, partially offset by lower commodity prices. Increased operating expenses due to increased activity, system expansions, and inflation.

Targa provides a comprehensive package of services to natural gas and crude oil producers.

• Natural Gas Services: Gathering, compressing, treating, processing, transporting, purchasing, and selling natural gas.
• NGL Services: Transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters.
• Crude Oil Services: Gathering, storing, terminaling, and purchasing and selling crude oil.

Targa operates in two primary segments:

• Gathering and Processing: Includes assets used in the gathering and/or purchase and sale of natural gas and crude oil.
• Logistics and Transportation: Includes activities and assets necessary to convert mixed NGLs into NGL products, also includes other assets and value-added services.

Targa's strategy is focused on maintaining and growing its position as a leading midstream service provider. Key strategic initiatives include:

• Expanding infrastructure to meet increasing production.
• Maintaining a strong credit profile.
• Disciplined capital allocation.
• Pursuing strategic acquisitions and organic growth opportunities.
• Focusing on operational efficiencies and cost management.

Targa operates in the midstream energy sector, which is characterized by strong competition and is influenced by commodity prices, production levels, and regulatory changes.

• Primary Industry: Midstream energy
• Key Competitors: Other natural gas gatherers and processors, major interstate and intrastate pipeline companies, master limited partnerships and oil and gas producers.
• Market Trends: Increasing production in key basins, growing demand for NGLs, and increased focus on sustainability.

• Market Risks: Exposure to commodity price volatility, changes in demand for NGL products, and competition for new supplies.
• Operational Risks: Dependence on third-party pipelines and facilities, potential for accidents and operational disruptions, and cybersecurity threats.
• Financial Risks: Exposure to interest rate fluctuations, credit risks of customers, and potential for debt covenant breaches.
• Regulatory Risks: Compliance with environmental laws and regulations, pipeline safety regulations, and potential changes in tax laws.