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Mar 31
Targa Resources Q1 2025 Earnings Report
Targa Resources Corp. reported record first quarter 2025 financial results.
Key Takeaways
Targa Resources Corp. announced a strong first quarter for 2025, with record adjusted EBITDA of $1.2 billion, a 22% increase year over year. Net income attributable to Targa Resources Corp. was $270.5 million. The company also increased its annual common dividend to $4.00 per share and continued its share repurchase program.
Record first quarter 2025 adjusted EBITDA of $1.2 billion, a 22% increase year over year.
Repurchased $214 million of common shares through April 2025.
Declared an annual common dividend of $4.00 per share for 2025, a 33% increase year over year.
Total consolidated liquidity as of March 31, 2025, was approximately $2.7 billion.
Targa Resources
Targa Resources
Targa Resources Revenue by Segment
Revenue by Segment
Gathering and Processing Revenue
CapyFin.comLogistics and Transportation Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Targa continues to estimate full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion, supported by forecasted growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to records set in 2024. The company's estimate for 2025 net growth capital expenditures remains unchanged in a range of $2.6 billion to $2.8 billion, and its estimate for 2025 net maintenance capital expenditures also remains unchanged at approximately $250 million.
Positive Outlook
- Forecasted growth across Permian G&P footprint expected to drive record volumes in 2025.
- Current and expected producer activity levels continue to support meaningfully increasing volumes across the rest of 2025 and 2026.
- Pembrook II plant expected to begin operations in the third quarter of 2025.
- Other announced expansions remain on-track for completion.
- Full year 2025 adjusted EBITDA expected to be between $4.65 billion and $4.85 billion.
Challenges Ahead
- Growth is weighted to the second half of 2025.
- No specific negative forward guidance was provided beyond the weighting of growth to the second half of the year.
- Potential impacts from weather events, as experienced in Q1 2025, could affect future volumes.
- Commodity price volatility could impact future financial performance.
- Disruptions in bank and capital markets could affect liquidity and financing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income