Snapshot
Targa Resources Corp. reported $4.09B of revenue in Q1 2026, up -10.2% year over year, with diluted EPS of $2.21 and an operating margin of 20.7%.
- Revenue
- $4.09B
- YoY growth
- +-10.2%
- Diluted EPS
- $2.21
- Operating margin
- 20.7%
$4.09B
Revenue
+-10.2%
YoY growth
$2.21
Diluted EPS
20.7%
Operating margin
01 Key takeaways
What management said
- •The first quarter earnings release, a supplement pre-presentation, and our latest investor presentation are available in the investor section of our website at targaresources.com.
- •We had record first quarter adjusted EBITDA, Permian volumes, and NGL fractionation volumes despite the impacts of severe winter weather and periodic producer shut-ins from weak Waha gas prices.
- •The efforts by the Targa team supported another record quarter and strong start to the second quarter.
- •The short, medium, and long-term outlook for Targa growth has continued to improve.
- •A track record of constructing Permian gas processing plants on time or early.
- •Our LPG export facilities, which we are expanding our capacity to more than 19 million barrels per month, timed very well for the increase in demand for long-term LPG export contracts.
- •This track record of execution is a credit to our best-in-class engineering and operations teams and to our commercial team for continuing to identify attractive opportunities to grow our footprint.
- •This increase highlights Targa's strength and the durability of our business across environments.
- •While it is difficult to predict with precision how producers are managing egress constraints in the short term, we continue to feel good about our low double-digit Permian volume growth estimate for 2026.
- •We are also continuing to execute on our major projects along our Permian footprint to accommodate the growth from our customers.
- •Additionally, we expect WACOM, a natural gas pipeline in which we have an equity interest, will provide much-needed egress relief for the Permian when in service in the fourth quarter of this year.
- •Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 1.02 million barrels per day, and fractionation volumes averaged a record 1.145 million barrels per day during the first quarter.
SourcesCompany financials · earnings call
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