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HOUSTON -On Thursday, Targa Resources Corp. (NYSE:TRGP) reported fourth quarter 2024 revenue of $4.41 billion, slightly below analyst estimates of $4.42 billion.
Targa’s stock was unchanged in after-hours trading following the earnings release.
The midstream energy company saw strong volume growth across its Permian operations, driving record adjusted EBITDA for the quarter.
Targa reported fourth quarter net income attributable to shareholders of $351.0 million, up from $299.6 million in the same period last year. Adjusted EBITDA rose 17% year-over-year to a record $1.12 billion.
The company benefited from higher natural gas inlet volumes in its Permian Basin operations, which increased 15% compared to Q4 2023. This drove higher fee-based income in the Gathering and Processing segment. Targa also saw record NGL pipeline transportation, fractionation, and LPG export volumes in its Logistics and Transportation segment.
For full year 2025, Targa estimates adjusted EBITDA will be between $4.65 billion and $4.85 billion, representing 15% growth at the midpoint compared to 2024.
The company plans to recommend increasing its quarterly dividend by 33% to $1.00 per share beginning in Q1 2025.
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