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HOUSTON - On Wednesday, Targa Resources Corp. (NYSE:TRGP) reported third quarter 2025 revenue of $4.15 billion, falling short of analyst expectations of $4.7 billion, despite achieving record operational metrics across several business segments.
The company’s shares dipped 0.38% in pre-market trading following the announcement.
The midstream energy company posted net income attributable to Targa of $478.4 million for the third quarter, up 23% from $387.4 million in the same period last year. Adjusted EBITDA reached a record $1.27 billion, representing a 19% increase YoY and a 10% improvement from the second quarter.
The company reported record volumes across its operations, including Permian natural gas inlet, NGL transportation, and fractionation volumes. Targa’s Permian natural gas inlet volumes increased 11% YoY to 6.62 billion cubic feet per day, while NGL production in the region rose 12% to 930,500 barrels per day.
During the quarter, Targa repurchased approximately $156 million of common stock, bringing the total repurchases for the first nine months of 2025 to $605 million. The company declared a quarterly cash dividend of $1.00 per share for the third quarter.
Looking ahead, Targa now expects full-year 2025 adjusted EBITDA to be around the top end of its previously announced $4.65 billion to $4.85 billion range. Management also announced plans to recommend a 25% increase in the annual dividend to $5.00 per share for 2026.
The company continues to expand its infrastructure, having commenced operations at its new 275 million cubic feet per day Bull Moose II plant in the Permian Delaware in October. Targa also announced plans for several new projects, including the Speedway NGL Pipeline, the Yeti plant in Permian Delaware, and the Copperhead plant in New Mexico.
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