From GlobeNewswire: 2025-02-20 06:00:00

Targa Resources Corp. reported fourth quarter 2024 net income of $351.0 million, a 17% increase from 2023. Full year 2024 net income was $1,312.0 million, slightly lower than 2023. Adjusted EBITDA for the fourth quarter was $1,122.2 million, up 17% from 2023, totaling $4,142.3 million for the full year, a 17% increase over 2023.

Key highlights include record full-year 2024 adjusted EBITDA of $4.1 billion, a 17% increase over 2023. The company completed several new plants and expansions, including the Greenwood II plant and Train 10 fractionator. They also announced new projects like the Delaware Express pipeline expansion and Train 12 fractionator.

Targa reported a quarterly cash dividend of $0.75 per common share for Q4 2024, totaling approximately $164 million in dividends paid. They repurchased over 610,000 shares at an average price of $176.86 in Q4 2024. As of December 31, 2024, $1.015 billion remained under the Company’s Share Repurchase Programs.

The Company’s total consolidated debt as of December 31, 2024, was $14,174.6 million, with total consolidated liquidity of approximately $2.0 billion. Targa entered into a new $3.5 billion revolving facility to replace an existing credit facility, enhancing liquidity to around $2.8 billion. Targa also announced the refinancing of preferred equity in Targa Badlands LLC for $1.8 billion.

Looking ahead to 2025, Targa estimates net growth capital expenditures between $2.6 billion to $2.8 billion and a record adjusted EBITDA between $4.65 billion and $4.85 billion, representing a 15% increase over 2024. They also plan to increase their quarterly common dividend to $1.00 per share, effective for Q1 2025.



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