WS News
20 Feb 2025, 14:41
Targa Resources Corp. reported record financial results for the fourth quarter and full year 2024, reflecting strong operational performance and expansion in key business segments.
For Q4 2024, net income attributable to Targa was $351 million, up from $299.6 million in Q4 2023. Adjusted EBITDA reached $1.12 billion, a 17% increase year-over-year. For the full year 2024, net income totaled $1.31 billion, slightly lower than 2023, while adjusted EBITDA increased to a record $4.14 billion from $3.53 billion in 2023.
The company highlighted record performance in its Permian operations, NGL transportation, fractionation, and LPG exports. Key growth projects included the completion of the Greenwood II processing plant and Train 10 fractionator in Mont Belvieu, as well as the commencement of the Bull Moose plant and a new front-end treater in Permian Delaware.
Targa announced $2.6–$2.8 billion in net growth capital expenditures for 2025 and expects full-year adjusted EBITDA to increase 15% to a range of $4.65–$4.85 billion. The company also declared a quarterly dividend of $0.75 per share, with plans to raise the annual dividend to $4.00 per share in 2025.
In a major financial move, Targa announced the refinancing of $1.8 billion in preferred equity in its Badlands subsidiary, replacing higher-cost capital with lower-cost debt. The company also expanded its revolving credit facility to $3.5 billion, increasing liquidity to $2.8 billion.
Looking ahead, Targa continues to invest in infrastructure growth, including the Delaware Express NGL pipeline expansion, a new Train 12 fractionator, and an expansion of LPG export capacity at its Galena Park Marine Terminal. These projects are expected to support long-term growth and operational efficiency.
For Q4 2024, net income attributable to Targa was $351 million, up from $299.6 million in Q4 2023. Adjusted EBITDA reached $1.12 billion, a 17% increase year-over-year. For the full year 2024, net income totaled $1.31 billion, slightly lower than 2023, while adjusted EBITDA increased to a record $4.14 billion from $3.53 billion in 2023.
The company highlighted record performance in its Permian operations, NGL transportation, fractionation, and LPG exports. Key growth projects included the completion of the Greenwood II processing plant and Train 10 fractionator in Mont Belvieu, as well as the commencement of the Bull Moose plant and a new front-end treater in Permian Delaware.
Targa announced $2.6–$2.8 billion in net growth capital expenditures for 2025 and expects full-year adjusted EBITDA to increase 15% to a range of $4.65–$4.85 billion. The company also declared a quarterly dividend of $0.75 per share, with plans to raise the annual dividend to $4.00 per share in 2025.
In a major financial move, Targa announced the refinancing of $1.8 billion in preferred equity in its Badlands subsidiary, replacing higher-cost capital with lower-cost debt. The company also expanded its revolving credit facility to $3.5 billion, increasing liquidity to $2.8 billion.
Looking ahead, Targa continues to invest in infrastructure growth, including the Delaware Express NGL pipeline expansion, a new Train 12 fractionator, and an expansion of LPG export capacity at its Galena Park Marine Terminal. These projects are expected to support long-term growth and operational efficiency.
