NYSE$TRGP
Targa Resources Corp · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
Reported record fourth quarter and full year financial results and provided growth outlook for 2025.
Targa Resources Corp. reported a net income attributable to Targa Resources Corp. of $351.0 million for Q4 2024, compared to $299.6 million for Q4 2023. The company's adjusted EBITDA for the fourth quarter of 2024 was $1,122.2 million, compared to $959.9 million for the fourth quarter of 2023. The company announced refinancing of Badlands Preferred Equity.
- Record fourth quarter 2024 adjusted EBITDA of $1.1 billion
- Record fourth quarter 2024 Permian, NGL transportation, fractionation, and LPG export volumes
- Completed its new 275 million cubic feet per day Greenwood II plant in Permian Midland and its new 120 thousand barrels per day Train 10 fractionator in Mont Belvieu
- Announced a new expansion of LPG export capabilities at Targa’s Galena Park Marine Terminal which will increase capacity to approximately 19 million barrels per month
Headline financials
Revenue & EPS history
Targa Resources · Revenue · Quarterly
$4.41B
Revenue by segment
Targa Resources · $4.47B total across 3 segments · Q2 2023
- Logistics and Transportation$2.76B-51.6%61.6%
- Gathering and Processing$1.57B-50.6%35.0%
- Other$152M+3475.6%3.4%
Forward guidance
Targa estimates full year adjusted EBITDA to be between $4.65 billion and $4.85 billion for 2025.
Tailwinds
- Targa expects to continue to benefit from meaningful growth across its Permian G&P footprint
- Expected record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to the records set in 2024.
- Targa intends to recommend an annual common dividend of $4.00 per share for 2025 beginning with the first quarter payment in May of 2025.
- Targa expects to be in position to continue to meaningfully increase the capital returned to shareholders through increasing common dividends per share
- Targa expects to be in position to continue to meaningfully increase the capital returned to shareholders through opportunistic repurchases of its common stock.
Headwinds
- Waha natural gas prices average $1.55 per million British Thermal Units
- Natural gas liquids composite barrel prices average $0.65 per gallon
- Crude oil prices average $70 per barrel
- Net maintenance capital expenditures for 2025 are estimated to be approximately $250 million
- Estimates 2025 net growth capital expenditures of $2.6 billion to $2.8 billion
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+0.7%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.8%
Avg return
30 days after
53%
34 / 64 earnings
Positive
+18.4%
Q1 2020
Best reaction
-13.9%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +0.3% | +5.8% | |
| Q4 2025 | -0.6% | +1.8% | +4.3% | |
| Q3 2025 | +5.2% | +9.6% | +16.9% | |
| Q2 2025 | +2.4% | +3.1% | -0.4% | |
| Q1 2025 | -5.0% | -7.9% | -7.6% | |
| Q4 2024 | -2.7% | -7.3% | -6.1% | |
| Q3 2024 | +10.0% | +13.6% | +17.2% | |
| Q2 2024 | -3.5% | -2.7% | +8.6% | |
| Q1 2024 | -0.1% | +0.4% | +5.2% | |
| Q4 2023 | +9.7% | +9.1% | +20.0% | |
| Q3 2023 | +4.7% | +1.6% | +7.1% | |
| Q2 2023 | +1.6% | +2.0% | +7.8% | |
| Q1 2023 | +0.7% | -0.3% | +0.1% | |
| Q4 2022 | +4.3% | +2.7% | -7.9% | |
| Q3 2022 | +5.0% | +7.7% | +12.2% | |
| Q2 2022 | -5.7% | -0.9% | +3.0% | |
| Q1 2022 | -3.3% | -12.8% | -0.9% | |
| Q4 2021 | +4.3% | +7.2% | +23.7% | |
| Q3 2021 | +3.1% | +4.1% | -6.8% | |
| Q2 2021 | +3.5% | +7.2% | +8.8% | |
| Q1 2021 | +4.9% | +3.1% | +27.0% | |
| Q4 2020 | -3.3% | +1.1% | +4.7% | |
| Q3 2020 | +1.4% | +21.1% | +58.6% | |
| Q2 2020 | -2.7% | -2.7% | -18.9% | |
| Q1 2020 | +18.4% | +23.7% | +100.8% | |
| Q4 2019 | +5.9% | -3.5% | -80.2% | |
| Q3 2019 | +1.1% | -1.7% | -9.2% | |
| Q2 2019 | +5.1% | +4.2% | +9.9% | |
| Q1 2019 | -1.3% | +1.2% | -2.2% | |
| Q4 2018 | -12.2% | -13.6% | -15.0% | |
| Q3 2018 | -4.6% | -9.7% | -15.9% | |
| Q2 2018 | +1.5% | +0.5% | +1.5% | |
| Q1 2018 | -3.0% | -0.1% | +2.9% | |
| Q4 2017 | +0.2% | -0.1% | -0.2% | |
| Q3 2017 | +4.5% | +5.4% | +5.2% | |
| Q2 2017 | -0.4% | -4.8% | -3.2% | |
| Q1 2017 | -8.4% | -10.4% | -17.3% | |
| Q4 2016 | -1.3% | -1.0% | -4.8% | |
| Q3 2016 | +5.4% | +4.2% | +19.8% | |
| Q2 2016 | +8.2% | +12.5% | +17.9% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +15.5% | — | — | |
| Q3 2015 | -13.9% | — | — | |
| Q2 2015 | -7.3% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +6.2% | — | — | |
| Q3 2014 | -6.2% | — | — | |
| Q2 2014 | +4.5% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +3.4% | — | — | |
| Q4 2012 | +2.1% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +1.2% | — | — | |
| Q4 2011 | -0.0% | — | — | |
| Q1 2012 | -0.0% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q2 2010 | -5.0% | — | — | |
| Q1 2010 | — | — | — |
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