0001193125-26-211698 | 10-Q | XBRL Viewer

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Targa Resources Partners LP [Member] \| Blackcomb [Member]
Schedule Of Equity Method Investments [Line Items]
Capitalized interest	$ 1.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 479.6	$ 270.5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Common stock dividends, per share	$ 1	$ 0.75

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ 341.8
Derivative fair value of net liability if commodity price increases by 10 percent	524.1
Derivative fair value of net liability if commodity price decreases by 10 percent	$ 159.5

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 30.7	$ 13.6

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Current:

Partnership accounts receivable securitization facility, due August 2025

^[1]

$ 600.0

$ 0.0

Finance lease liabilities

96.9

93.1

Current debt obligations

696.9

770.1

Long-term [Abstract]

Long-term debt including Unamortized premium(discount) and Debt issuance costs

18,317.5

16,522.6

Debt issuance costs, net of amortization

(132.2)

(120.6)

Finance lease liabilities

249.6

260.4

Long-term debt

18,434.9

16,662.4

Total debt obligations

19,131.8

17,432.5

Targa Resources Partners LP [Member]

Current:

Debt issuance costs, net of amortization, current

^[2]

(2.3)

Senior Unsecured Notes [Member]

Long-term [Abstract]

Unamortized discount

(39.4)

(38.3)

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% Fixed Rate, due July 2027 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% Fixed Rate, due January 2029 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.900% Fixed Rate, due September 2030 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% fixed rate, due April 2031 [Member]

Long-term [Abstract]

Long-term debt

^[3]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member]

Long-term [Abstract]

Long-term debt

900.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.550% Fixed Rate, due August 2035 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due February 2036 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due July 2036 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

Long-term [Abstract]

Long-term debt

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member]

Long-term [Abstract]

Long-term debt

850.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due May 2055 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.050% Fixed Rate, due May 2056 [Member]

Long-term [Abstract]

Long-term debt

^[3]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

700.3

Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

^[2],[4]

679.3

Senior Unsecured Notes [Member] | Senior Unsecured of 5.500% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

949.6

Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member]

Long-term [Abstract]

Long-term debt

^[5]

457.0

161.0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Letters of credit outstanding

^[5]

$ 17.9

$ 20.0

[1]	As of March 31, 2026, the Partnership had $600.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in no remaining availability.
[2]	On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.
[3]	In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056, resulting in net proceeds of approximately $1,483.2 million. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program.
[4]	We guarantee all of the Partnership’s outstanding senior unsecured notes.
[5]	We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under the $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had approximately $0.5 billion of borrowings outstanding, resulting in approximately $3.0 billion of availability under the TRGP Revolver as of March 31, 2026, after accounting for outstanding letters of credit.

Acquisitions and Joint Ventures

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Joint Ventures

Note 4 — Acquisitions and Joint Ventures

Badlands Acquisition

In March 2025, we completed the acquisition of Blackstone’s 45% interest in Targa Badlands LLC (“Targa Badlands”) for aggregate consideration of $1.8 billion in cash, with an additional $0.4 million of capitalized transaction costs (the “Badlands Transaction”). As a result of the acquisition, we own 100% of the interests in and earnings of Targa Badlands effective January 1, 2025. The change in our ownership interest was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $70.5 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders.

Dovetail Acquisition

In December 2025, we completed the purchase of all of the membership interests in Dovetail Midstream, LLC (“Dovetail”), a wholly-owned subsidiary of Riley Exploration Permian, Inc (“Riley”) and the purchase of certain compressor assets from Riley for aggregate cash consideration of approximately $122.8 million, subject to customary closing adjustments (the “Dovetail Acquisition”). The assets acquired in the Dovetail Acquisition primarily consist of compression and natural gas gathering infrastructure in Eddy County, New Mexico. Subject to certain volume-based performance thresholds, additional cash of up to $60.0 million may be payable to Riley over a five-year period from the acquisition date.

The Dovetail Acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations, which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. The preliminary valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions, including projections of future production volumes, commodity prices, and other cash flows, market-participant assumptions (e.g., discount rate and exit multiple), tangible asset replacement costs, and other management estimates. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in “Note 11 – Fair Value Measurements.” These inputs require judgments and estimates at the time of valuation.

We are in the process of finalizing valuations related to property, plant and equipment, goodwill, and contingent consideration. The final valuation will be completed no later than one year from the acquisition date.

Stakeholder Acquisition

In January 2026, we completed the acquisition of all of the membership interests in Stakeholder Midstream, LLC (“Stakeholder”) for a purchase price of $1.25 billion (the “Stakeholder Acquisition”), subject to customary closing adjustments. We acquired a portfolio of complementary Permian Basin midstream infrastructure assets, including approximately 480 miles of natural gas pipelines, approximately 180 MMcf/d of cryogenic natural gas processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a small crude oil gathering system. The Stakeholder assets have been integrated into our Permian Delaware operations. The acquisition had an effective date of January 1, 2026. We used $650.0 million in borrowings from our Commercial Paper Program and $600.0 million from our Securitization Facility to fund the Stakeholder Acquisition.

The Stakeholder Acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations, which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. The preliminary allocation of the purchase price, which is subject to certain adjustments, was based upon preliminary valuations from estimates and assumptions that management believes are reasonable; however, management’s estimates and assumptions are subject to change upon the completion of the final valuations or as information necessary to complete the fair value analysis is obtained. The valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions, including projections of future production volumes, commodity prices, and other cash flows, market-participant assumptions (e.g., discount rate and exit multiple), expectations regarding customer contracts and relationships, tangible asset replacement costs, and other management estimates. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in “Note 11 – Fair Value Measurements.” These inputs require judgments and estimates at the time of valuation. We are in the process of finalizing valuations related to the Stakeholder Acquisition, including the fair value of the property, plant and equipment and identifiable intangible assets acquired. The final valuation will be completed no later than one year from the acquisition date.

The following table summarizes the preliminary fair values assigned to assets acquired and liabilities assumed:


Cash and cash equivalents	$	24.9
Trade receivables		82.9
Other current assets		2.9
Property, plant and equipment, net		595.1
Intangible assets, net		653.0
Current liabilities		(59.7	)
Other long-term liabilities		(7.9	)
Purchase price	$	1,291.2

The preliminary value of property, plant and equipment is determined using the cost approach and is primarily comprised of Gathering and Processing assets that will be depreciated on a straight-line basis over an estimated weighted-average useful life of 20 years. The associated useful lives of property, plant and equipment were based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows.

The preliminary value of intangible assets is comprised of customer relationships, which represent the estimated value of existing long-term contracts with customers and the expected continuation of those relationships through future renewals, that will be amortized in a manner that closely resembles the expected benefit pattern of the intangible assets over an estimated useful life of 12 years. The associated useful lives of intangible assets were based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows. The preliminary fair value of customer relationships was determined at the date of acquisition based on the present value of estimated future cash flows using the multi-period excess earnings method. The significant assumptions used by management in determining the fair value of customer relationships intangible assets include future revenues, discount rate, and customer attrition rates.

The results of operations attributable to the assets and liabilities acquired in the Stakeholder Acquisition have been included in our consolidated financial statements as part of our Permian Delaware operations in our Gathering and Processing segment since the date of the acquisition. Revenues and Net Income attributable to the assets acquired for the period January 1, 2026 through March 31, 2026 were $59.7 million and $9.8 million, respectively. We expensed $8.9 million of acquisition-related costs.

Unaudited Pro Forma Financial Information

The following unaudited pro forma summary presents the consolidated results of operations for the three months ended March 31, 2026 and 2025 as if the Stakeholder Acquisition had occurred on January 1, 2025. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results.

The summarized unaudited pro forma information reflects certain adjustments directly attributable to the Stakeholder Acquisition, including those due to conforming the acquiree’s presentation of revenue to Targa’s accounting policies, incremental depreciation and amortization related to the stepped-up fair value of assets acquired, recognition of incremental interest expense related to debt issued in connection with the acquisition, and recognition of transaction costs incurred. The pro forma information includes the income tax effects of the adjustments. The unaudited pro forma information does not reflect any anticipated cost savings, synergies or integration costs related to the Stakeholder Acquisition.


	Three Months Ended March 31,
	2026		2025
Revenues	$	4,094.7	$	4,612.6
Net income (loss)		493.4		264.9

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 15 — Supplemental Cash Flow Information


	Three Months Ended March 31,
	2026		2025
Cash:
Interest paid, net of capitalized interest (1)	$	384.0	$	340.9
Income taxes paid, net of refunds		0.7		0.8
Non-cash investing activities:
Impact of net accruals on capital expenditures		48.8		(173.5	)
Change in ARO liability and property, plant and equipment, net due to additions and revised cash flow estimates		11.5		0.9
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	—	$	(13.2	)
Changes in lease liabilities from recognition (derecognition) of right-of-use assets:
Operating lease	$	1.5	$	(9.7	)
Finance lease		17.0		12.7

(1)

Interest capitalized on major projects was $30.7 million and $13.6 million for the three months ended March 31, 2026 and 2025.

Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

The following table shows the activity related to our investments in unconsolidated affiliates:


	Balance at December 31, 2024		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at March 31, 2025
Little Missouri 4	$	84.3	$	3.3		$	(4.9	)	$	4.9	$	87.6
GCF		66.4		1.0			—			—		67.4
Cayenne		12.3		1.5			—			—		13.8
Blackcomb		30.3		(0.3	)		—			18.9		48.9
Total	$	193.3	$	5.5		$	(4.9	)	$	23.8	$	217.7


	Balance at December 31, 2025		Equity Earnings (Loss)		Cash Distributions			Contributions (1)		Balance at March 31, 2026
Little Missouri 4	$	93.7	$	3.5	$	(4.7	)	$	0.3	$	92.8
GCF		69.2		0.1		—			1.9		71.2
Cayenne		12.3		2.2		—			—		14.5
Blackcomb		131.9		2.8		—			1.8		136.5
Total	$	307.1	$	8.6	$	(4.7	)	$	4.0	$	315.0

(1)

Includes capitalized interest of $1.8 million related to our contributions to Blackcomb.

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 322.8	$ 286.1
Amortization	103.2	$ 81.5
Estimated amortization expense for intangible assets [Abstract]
2026	412.9
2027	377.3
2028	327.1
2029	286.2
2030	$ 240.4

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets

The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (ii) supplemental fair value disclosures for other financial instruments:


	March 31, 2026
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	138.3	$	138.3	$	—	$	137.2	$	1.1
Liabilities from commodity derivative contracts (1)		480.1		480.1		—		480.0		0.1
Contingent consideration liability		7.6		7.6		—		—		7.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		100.1		100.1		—		—		—
TRGP Revolver and Commercial Paper Program		457.0		457.0		—		457.0		—
TRGP Senior unsecured notes		14,210.6		14,226.7		—		14,226.7		—
Partnership’s Senior unsecured notes		3,649.9		3,606.8		—		3,606.8		—
Securitization Facility		600.0		600.0		—		600.0		—


	December 31, 2025
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	189.3	$	189.3	$	—	$	189.2	$	0.1
Liabilities from commodity derivative contracts (1)		256.2		256.2		—		255.2		1.0
Contingent consideration liability		0.3		0.3		—		—		0.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.1		166.1		—		—		—
TRGP Revolver and Commercial Paper Program		161.0		161.0		—		161.0		—
TRGP Senior unsecured notes		12,711.7		12,928.6		—		12,928.6		—
Partnership’s Senior unsecured notes		4,329.2		4,316.2		—		4,316.2		—

(1)

The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in “Note 10 – Derivative Instruments and Hedging Activities.” The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.

Acquisitions and Joint Ventures - Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed (Details) - Stakeholder Midstream, LLC [Member] $ in Millions	Jan. 01, 2026 USD ($)
Business Combination [Line Items]
Cash and cash equivalents	$ 24.9
Trade receivables	82.9
Other current assets	2.9
Property, plant and equipment, net	595.1
Intangible assets, net	653.0
Current liabilities	(59.7)
Other long-term liabilities	(7.9)
Purchase price	$ 1,291.2

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Three Months Ended March 31,
	2026		2025
Cash:
Interest paid, net of capitalized interest (1)	$	384.0	$	340.9
Income taxes paid, net of refunds		0.7		0.8
Non-cash investing activities:
Impact of net accruals on capital expenditures		48.8		(173.5	)
Change in ARO liability and property, plant and equipment, net due to additions and revised cash flow estimates		11.5		0.9
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	—	$	(13.2	)
Changes in lease liabilities from recognition (derecognition) of right-of-use assets:
Operating lease	$	1.5	$	(9.7	)
Finance lease		17.0		12.7

(1)

Interest capitalized on major projects was $30.7 million and $13.6 million for the three months ended March 31, 2026 and 2025.

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 16 years.


	2026		2027		2028 and after
Fixed consideration to be recognized as of March 31, 2026	$	301.3	$	436.3	$	1,975.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Common Stock and Related Matters (Tables)

3 Months Ended

Mar. 31, 2026

Class of Stock Disclosures [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2026:


Three Months Ended	Date Paid or To Be Paid	Total Common Dividends Declared		Amount of Common Dividends Paid or To Be Paid		Dividends on Share-Based Awards		Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2026	May 15, 2026	$	270.4	$	268.3	$	2.1	$	1.25
December 31, 2025	February 13, 2026		217.1		215.0		2.1		1.00

Acquisitions and Joint Ventures - Schedule of Unaudited Pro Forma Financial Information (Details) - Stakeholder Midstream, LLC [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Combination, Pro Forma Information [Line Items]
Revenues	$ 4,094.7	$ 4,612.6
Net income (loss)	$ 493.4	$ 264.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

$ 307.1

Equity earnings (loss)

8.6

$ 5.5

Balance at end of period

315.0

Targa Resources Partners LP [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

307.1

193.3

Equity earnings (loss)

8.6

5.5

Cash Distributions

(4.7)

(4.9)

Contributions

4.0

^[1]

23.8

Balance at end of period

315.0

217.7

Targa Resources Partners LP [Member] | Little Missouri 4 [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

93.7

84.3

Equity earnings (loss)

3.5

3.3

Cash Distributions

(4.7)

(4.9)

Contributions

0.3

^[1]

4.9

Balance at end of period

92.8

87.6

Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

69.2

66.4

Equity earnings (loss)

0.1

1.0

Contributions

^[1]

1.9

Balance at end of period

71.2

67.4

Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

12.3

Equity earnings (loss)

2.2

1.5

Balance at end of period

14.5

13.8

Targa Resources Partners LP [Member] | Blackcomb [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

131.9

30.3

Equity earnings (loss)

2.8

(0.3)

Contributions

1.8

^[1]

18.9

Balance at end of period

$ 136.5

$ 48.9

[1]	Includes capitalized interest of $1.8 million related to our contributions to Blackcomb.

Property, Plant and Equipment and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets


	March 31, 2026			December 31, 2025			Estimated Useful Lives (In Years)
Gathering systems	$	12,815.9		$	12,431.3		5 to 20
Processing and fractionation facilities		11,672.4			10,477.3		5 to 25
Terminaling and storage facilities		1,668.5			1,648.4		5 to 25
Transportation assets		4,774.8			4,536.0		10 to 50
Other property, plant and equipment		621.8			586.5		3 to 25
Land		215.2			209.3		—
Construction in progress		2,461.7			2,804.9		—
Finance lease right-of-use assets		520.7			507.4		5 to 14
Property, plant and equipment		34,751.0			33,201.1
Accumulated depreciation, amortization and impairment		(12,980.1	)		(12,666.3	)
Property, plant and equipment, net	$	21,770.9		$	20,534.8

Intangible assets		5,031.0			4,378.0		10 to 20
Accumulated amortization and impairment		(2,829.8	)		(2,726.6	)
Intangible assets, net	$	2,201.2		$	1,651.4

Schedule of Changes in Intangible Assets

The following table shows the changes in our intangible assets for the period presented:


	Three Months Ended March 31, 2026
Balance at beginning of period	$	1,651.4
Additions from Stakeholder Acquisition		653.0
Amortization		(103.2	)
Balance at end of period	$	2,201.2

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ (0.2)	$ (6.1)
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	0.2	6.1
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(243.5)	(285.2)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (166.9)	$ (33.8)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, before tax and adjustments, of gain (loss) from increase (decrease) in value of excluded component of derivative designated and qualifying as hedge. Adjustments include, but are not limited to, reclassifications for sale and settlement, and amounts recognized under systematic and rational method.

+ References + Details

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 142.8		$ 135.7
Interest Payable, Current	149.8		$ 311.0
Deferred revenue recognized related to gas gathering and processing agreement	5.3	$ 5.1
Accrued Liabilities [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	22.0
Other Long-Term Liabilities [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 120.8
Minimum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining duration of contracts	16 years

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 — Income Taxes

We record income taxes using an estimated annual effective tax rate and recognize specific events discretely as they occur. Our effective tax rate for the three months ended March 31, 2026 is lower than the U.S. corporate statutory rate of 21% primarily due to excess tax-deductible stock compensation. Our effective tax rate for the three months ended March 31, 2025 was lower than the U.S. corporate statutory rate of 21% primarily due to excess tax-deductible stock compensation, partially offset by state income taxes.

We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. As of March 31, 2026 and December 31, 2025, our valuation allowance was $5.9 million.

We are subject to tax in the U.S. and various state jurisdictions, and we are subject to periodic audits and reviews by taxing authorities. As of March 31, 2026, examinations by the Internal Revenue Service (“IRS”) are currently in process for the 2022 taxable year of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We do not expect there to be any audit adjustments that would materially change our taxable income.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Among other things, the OBBBA indefinitely extends the 100% first-year depreciation allowance on qualified property placed in service after January 19, 2025, includes favorable modifications to the business interest expense limitation, and otherwise extends and enhances certain key provisions of the Tax Cuts & Jobs Act. The OBBBA has multiple effective dates with respect to its various provisions, with certain provisions effective in 2025. While the OBBBA has not materially impacted our effective tax rate, it has substantially reduced our current cash taxes.

The U.S. Department of the Treasury and the IRS have issued guidance on the application of the corporate alternative minimum tax (the “CAMT”), which is a 15% minimum tax imposed on certain financial income of “applicable corporations,” including proposed regulations issued in September 2024, which may be relied upon until final regulations are released. Based on our interpretation of the Inflation Reduction Act of 2022 (the “IRA”), the CAMT and related guidance, the impact from the OBBBA, and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in the near term.

- Definition

The entire disclosure for income tax.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisitions and Joint Ventures - Additional Information (Details)

1 Months Ended

3 Months Ended

Jan. 01, 2026

USD ($)

Jan. 31, 2026

USD ($)

Miles

MMcf

Dec. 31, 2025

USD ($)

Mar. 31, 2025

USD ($)

Mar. 31, 2026

USD ($)

Mar. 31, 2025

USD ($)

Acquisitions and Joint Ventures [Line Items]

Premium on repurchase of noncontrolling interests, net of tax

^[1]

$ 70,500,000

Goodwill

$ 45,200,000

$ 118,900,000

$ 45,200,000

Dovetail Acquisition [Member]

Acquisitions and Joint Ventures [Line Items]

Business acquisition, purchase price

$ 122,800,000

Stakeholder Midstream, LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Business acquisition, purchase price

$ 1,250,000,000

Natural gas processing capacity in service or under construction | MMcf

180

Distance of natural gas pipelines | Miles

480

Acquisition-related costs

$ 8,900,000

Revenues

59,700,000

Net Income

$ 9,800,000

Property, plant and equipment, net

$ 595,100,000

Stakeholder Midstream, LLC [Member] | Gathering and Processing [Member]

Acquisitions and Joint Ventures [Line Items]

Estimated weighted-average useful life

20 years

Commercial Paper Program [Member] | Stakeholder Midstream, LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Borrowings

$ 650,000,000

Securitization Facility [Member] | Stakeholder Midstream, LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Borrowings

$ 600,000,000

Maximum [Member]

Acquisitions and Joint Ventures [Line Items]

Estimated useful life

20 years

Maximum [Member] | Dovetail Acquisition [Member]

Acquisitions and Joint Ventures [Line Items]

Additional cash payment

$ 60,000,000

Customer Relationships [Member] | Stakeholder Midstream, LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Estimated useful life

12 years

Targa Badlands LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest in assets

100.00%

Ownership interest

45.00%

Business acquisition, purchase price

$ 1,800,000,000

Premium on repurchase of noncontrolling interests, net of tax

70,500,000

Capitalized transaction costs

$ 400,000

[1]	Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

$ 17.8

$ 69.6

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

Assets

Liabilities from commodity derivative contracts

$ 243.2

$ 109.6

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Liabilities, Current

Carrying Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

$ 138.3

$ 189.3

Liabilities from commodity derivative contracts

^[1]

480.1

256.2

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

100.1

166.1

Carrying Value [Member] | TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

457.0

161.0

Carrying Value [Member] | TRGP Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

14,210.6

12,711.7

Carrying Value [Member] | Securitization Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent consideration liability

7.6

0.3

Fair Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

138.3

189.3

Liabilities from commodity derivative contracts

^[1]

480.1

256.2

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

100.1

166.1

Fair Value [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

0.0

Liabilities from commodity derivative contracts

^[1]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

137.2

189.2

Liabilities from commodity derivative contracts

^[1]

480.0

255.2

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

1.1

0.1

Liabilities from commodity derivative contracts

^[1]

0.1

1.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

457.0

161.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

457.0

161.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

14,226.7

12,928.6

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

14,226.7

12,928.6

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | Securitization Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent consideration liability

7.6

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

600.0

Fair Value [Member] | Securitization Facility [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent consideration liability

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

Fair Value [Member] | Securitization Facility [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent consideration liability

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

600.0

Fair Value [Member] | Securitization Facility [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent consideration liability

7.6

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

Senior Unsecured Notes [Member] | Carrying Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

3,649.9

4,329.2

Senior Unsecured Notes [Member] | Fair Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

3,606.8

4,316.2

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

3,606.8

4,316.2

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

$ 0.0

[1]

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Mar. 31, 2026
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	3.90%
Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	4.50%
Minimum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.90%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.40%
Maximum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.00%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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-Topic 835
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Obligations

Note 7 — Debt Obligations


	March 31, 2026			December 31, 2025
Current:
Partnership accounts receivable securitization facility, due August 2026 (1)	$	600.0		$	—
Senior unsecured notes issued by the Partnership: (2)
6.875% fixed rate, due January 2029 (3)		—			679.3
Debt issuance costs, net of amortization (3)		—			(2.3	)
Finance lease liabilities		96.9			93.1
Current debt obligations		696.9			770.1

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (4)		457.0			161.0
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.350% fixed rate, due January 2029		750.0			750.0
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.900% fixed rate, due September 2030		750.0			750.0
4.350% fixed rate, due April 2031 (5)		750.0			—
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035		1,000.0			1,000.0
5.650% fixed rate, due February 2036		750.0			750.0
5.400% fixed rate, due July 2036		1,000.0			1,000.0
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
6.125% fixed rate, due May 2055		1,000.0			1,000.0
6.050% fixed rate, due May 2056 (5)		750.0			—
Unamortized discount		(39.4	)		(38.3	)
Senior unsecured notes issued by the Partnership: (2)
5.000% fixed rate, due January 2028		700.3			700.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		18,317.5			16,522.6
Debt issuance costs, net of amortization		(132.2	)		(120.6	)
Finance lease liabilities		249.6			260.4
Long-term debt		18,434.9			16,662.4
Total debt obligations	$	19,131.8		$	17,432.5
Irrevocable standby letters of credit: (4)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	17.9		$	20.0

(1)

As of March 31, 2026, the Partnership had $600.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in no remaining availability.

(2)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

(3)

On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.

(4)

We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under the $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had approximately $0.5 billion of borrowings outstanding, resulting in approximately $3.0 billion of availability under the TRGP Revolver as of March 31, 2026, after accounting for outstanding letters of credit.

(5)

In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056, resulting in net proceeds of approximately $1,483.2 million. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program.

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2026:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	3.9% - 4.0%	3.9%
Securitization Facility	4.4% - 4.5%	4.5%

Compliance with Debt Covenants

As of March 31, 2026, we were in compliance with the covenants contained in our various debt agreements.

Senior Unsecured Notes Issuance

In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 (the “4.350% Notes due 2031”) and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056 (the “6.050% Notes due 2056”) (collectively, the “March 2026 Senior Unsecured Notes”), resulting in net proceeds of approximately $1,483.2 million. The March 2026 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The March 2026 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Thirteenth Supplemental Indenture, dated as of March 2, 2026, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $15.2 million and discount of $1.6 million as reductions to the carrying value of the March 2026 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used the net proceeds from the debt issuance for general corporate purposes, including to reduce borrowings under the Commercial Paper Program.

Debt Repurchases & Extinguishments

In January 2026, we completed the redemption of all of the $679.3 million aggregate principal amount of the Partnership’s 6.875% Senior Unsecured Notes due 2029 for a total cash payment of $687.1 million inclusive of redemption premium. We recognized a debt extinguishment loss of $10.1 million, comprised of $7.8 million related to the redemption premium paid and $2.3 million from the write-off of debt issuance costs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 1,651.4
Additions from Stakeholder Acquisition	653.0
Amortization	(103.2)	$ (81.5)
Balance at end of period	$ 2,201.2

- Definition

+ References

+ Details

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivative Liability [Abstract]
Gross liability	$ (480.9)	$ (256.6)
Pro forma net presentation, liability, current	$ (186.3)	$ (102.5)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Current	Derivative Liability Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, liability, noncurrent	$ (56.9)	$ (7.1)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, liability, total	$ (243.2)	$ (109.6)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(464.6)	(256.6)
Pro forma net presentation, liability, current	(186.3)	(102.5)
Pro forma net presentation, liability, noncurrent	(40.6)	(7.1)
Pro forma net presentation, liability, total	(226.9)	(109.6)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(16.3)	0.0
Pro forma net presentation, liability, current	0.0	0.0
Pro forma net presentation, liability, noncurrent	(16.3)	0.0
Pro forma net presentation, liability, total	(16.3)	0.0
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(368.1)	(234.1)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(368.1)	(234.1)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		0.0
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(112.8)	(22.5)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	$ (96.5)	(22.5)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		$ 0.0

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Dividends Payable [Line Items]
Dividends Declared per Share of Common Stock	$ 1		$ 0.75
Quarterly Cash Dividend Q1 2026 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid	May 15, 2026
Total Common Dividends Declared	$ 270.4
Amount of Common Dividends Paid or To Be Paid	268.3
Dividends on Share-Based Awards	$ 2.1
Dividends Declared per Share of Common Stock	$ 1.25
Quarterly Cash Dividend Q4 2025 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid		Feb. 13, 2026
Total Common Dividends Declared		$ 217.1
Amount of Common Dividends Paid or To Be Paid		215.0
Dividends on Share-Based Awards		$ 2.1
Dividends Declared per Share of Common Stock		$ 1

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative assets	$ 139.1	$ 189.7
Derivative assets	100.6	154.7
Derivative assets	38.5	35.0
Derivative liabilities	(480.9)	(256.6)
Derivative liabilities	(368.1)	(234.1)
Derivative liabilities	(112.8)	(22.5)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	118.2	163.2
Derivative liabilities	(141.2)	(21.7)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	17.2	17.6
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	3.7	8.9
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(253.1)	(219.3)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(86.6)	(15.6)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	20.9	26.5
Derivative liabilities	(339.7)	(234.9)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	83.4	137.1
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	34.8	26.1
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(115.0)	(14.8)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (26.2)	$ (6.9)

Debt Obligations - Debt Repurchases & Extinguishments - Additional Information (Details) - 6.875% Senior Unsecured Notes due 2029 $ in Millions	1 Months Ended
	Jan. 31, 2026 USD ($)
Debt Instrument [Line Items]
Redemption amount	$ 679.3
Cash payment inclusive of redemption premium	687.1
Gain (loss) due to debt extinguishments	(10.1)
Gain (loss) due to debt extinguishments related to redemption premium	(7.8)
Write-off of debt issuance costs	$ (2.3)
Unsecured Debt [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.875%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 6 — Investments in Unconsolidated Affiliates

Our investments in unconsolidated affiliates consist of the following:

Gathering and Processing Segment

•

50% operated ownership interest in Little Missouri 4 LLC (“Little Missouri 4”).

Logistics and Transportation Segment

•

38.8% operated ownership interest in Gulf Coast Fractionators (“GCF”);

•

50% operated ownership interest in Cayenne Pipeline, LLC (“Cayenne”); and

•

17.5% non-operated ownership interest in Blackcomb and Traverse pipelines, which are currently under construction, held by the Blackcomb joint venture.

The terms of these joint venture agreements do not afford us the degree of control required for consolidating the entities in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting.

The following table shows the activity related to our investments in unconsolidated affiliates:


	Balance at December 31, 2024		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at March 31, 2025
Little Missouri 4	$	84.3	$	3.3		$	(4.9	)	$	4.9	$	87.6
GCF		66.4		1.0			—			—		67.4
Cayenne		12.3		1.5			—			—		13.8
Blackcomb		30.3		(0.3	)		—			18.9		48.9
Total	$	193.3	$	5.5		$	(4.9	)	$	23.8	$	217.7


	Balance at December 31, 2025		Equity Earnings (Loss)		Cash Distributions			Contributions (1)		Balance at March 31, 2026
Little Missouri 4	$	93.7	$	3.5	$	(4.7	)	$	0.3	$	92.8
GCF		69.2		0.1		—			1.9		71.2
Cayenne		12.3		2.2		—			—		14.5
Blackcomb		131.9		2.8		—			1.8		136.5
Total	$	307.1	$	8.6	$	(4.7	)	$	4.0	$	315.0

(1)

Includes capitalized interest of $1.8 million related to our contributions to Blackcomb.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		214,643,903
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Jan. 15, 2026

Debt Instrument [Line Items]

Proceeds from borrowings under accounts receivable securitization facility

$ 1,200,000,000

$ 870,000,000

Partnership accounts receivable securitization facility, due August 2025

^[1]

$ 600,000,000

$ 0

Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.15%

Accounts Receivable Securitization Facility [Member]

Debt Instrument [Line Items]

Proceeds from borrowings under accounts receivable securitization facility

$ 600,000,000

Partnership accounts receivable securitization facility, due August 2025

$ 600,000,000

600,000,000

Remaining liquidity needs

$ 0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2027

Borrowings outstanding

$ 0

Line of credit facility, current borrowing capacity

3,500,000,000

Revolving Credit Facility [Member] | Commercial Paper Program [Member]

Debt Instrument [Line Items]

Borrowings outstanding

500,000,000

Aggregate principal amount issued

3,500,000,000

Revolving Credit Facility [Member] | Letter of Credit [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member]

Debt Instrument [Line Items]

Remaining liquidity needs

$ 3,000,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% Fixed Rate, due July 2027 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2027

Interest rate on fixed rate debt

5.20%

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% Fixed Rate, due January 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 29, 2029

Interest rate on fixed rate debt

4.35%

Senior Unsecured Notes [Member] | Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2029

Senior Unsecured Notes [Member] | Senior Unsecured 4.900% Fixed Rate, due September 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Sep. 30, 2030

Interest rate on fixed rate debt

4.90%

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% fixed rate, due April 2031 [Member]

Debt Instrument [Line Items]

Maturity date

Apr. 30, 2031

Interest rate on fixed rate debt

4.35%

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2033

Feb. 28, 2023

Interest rate on fixed rate debt

4.20%

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2033

Interest rate on fixed rate debt

6.125%

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2034

Interest rate on fixed rate debt

6.50%

Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2035

Interest rate on fixed rate debt

5.50%

Senior Unsecured Notes [Member] | Senior Unsecured 5.550% Fixed Rate, due August 2035 [Member]

Debt Instrument [Line Items]

Maturity date

Aug. 31, 2035

Interest rate on fixed rate debt

5.55%

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due February 2036 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 29, 2036

Interest rate on fixed rate debt

5.65%

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due July 2036 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2036

Interest rate on fixed rate debt

5.40%

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

Debt Instrument [Line Items]

Maturity date

Apr. 30, 2052

Interest rate on fixed rate debt

4.95%

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2052

Interest rate on fixed rate debt

6.25%

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2053

Interest rate on fixed rate debt

6.50%

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due May 2055 [Member]

Debt Instrument [Line Items]

Maturity date

May 31, 2055

Interest rate on fixed rate debt

6.125%

Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.875%

Senior Unsecured Notes [Member] | Senior Unsecured of 4.350% Senior Notes due 2031 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

4.35%

Aggregate principal amount issued

$ 750,000,000

Senior Unsecured Notes [Member] | Senior Unsecured of 6.050% Senior Notes due 2056 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.05%

Aggregate principal amount issued

$ 750,000,000

Net proceeds from private placement of notes

$ 1,483,200,000

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility, due August 2025 [Member]

Debt Instrument [Line Items]

Maturity date

Aug. 31, 2025

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.050% Fixed Rate, due May 2056 [Member]

Debt Instrument [Line Items]

Maturity date

May 31, 2056

Interest rate on fixed rate debt

6.05%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2028

Interest rate on fixed rate debt

5.00%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2029

Interest rate on fixed rate debt

6.875%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 5.500% Senior Notes due March 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2030

Interest rate on fixed rate debt

5.50%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2031

Interest rate on fixed rate debt

4.875%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2032

Interest rate on fixed rate debt

4.00%

[1]	As of March 31, 2026, the Partnership had $600.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in no remaining availability.

Earnings per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Common Share

Note 9 — Earnings per Common Share

Restricted Stock Unit awards (“RSUs”) that vest no later than three years following the RSUs’ grant date participate in quarterly cash dividend payments. As these RSUs and certain four-year retention awards participate in nonforfeitable dividends with the common equity owners of the Company, they are considered participating securities.

We calculate earnings per share using the two-class method. Earnings are allocated to common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings to the extent that each security participates in earnings.

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:


		Three Months Ended March 31,
		2026		2025
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	479.6	$	270.5
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			—		70.5
Net income (loss) attributable to common shareholders			479.6		200.0
Less: Participating share-based earnings (2)			2.5		1.2
Net income (loss) allocated to common shareholders for basic earnings per share		$	477.1	$	198.8

Weighted average shares outstanding - basic			214.8		217.9
Dilutive effect of unvested restricted stock awards			0.7		0.8
Weighted average shares outstanding - diluted			215.5		218.7

Net income (loss) available per common share - basic		$	2.22	$	0.91
Net income (loss) available per common share - diluted		$	2.21	$	0.91

(1)

Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

(2)

Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):


	Three Months Ended March 31,
	2026		2025
Unvested restricted stock awards		0.8		1.1

Debt Obligations - Senior Unsecured Notes Issuance - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Discount as reductions of senior unsecured notes	$ 39,400,000	$ 39,400,000	$ 38,300,000
Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.50%	5.50%	5.50%
Maturity date		Feb. 28, 2035	Feb. 28, 2035
Senior Unsecured of 4.350% Senior Notes due 2031 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750,000,000	$ 750,000,000
Interest rate on fixed rate debt	4.35%	4.35%
Senior Unsecured of 6.050% Senior Notes due 2056 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750,000,000	$ 750,000,000
Interest rate on fixed rate debt	6.05%	6.05%
Net proceeds from private placement of notes	$ 1,483,200,000
March 2026 Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Net proceeds from private placement of notes	1,483,200,000
Debt issuance costs	15,200,000	$ 15,200,000
Discount as reductions of senior unsecured notes	$ 1,600,000	$ 1,600,000

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 13 — Revenue

Fixed consideration allocated to remaining performance obligations


	2026		2027		2028 and after
Fixed consideration to be recognized as of March 31, 2026	$	301.3	$	436.3	$	1,975.3

Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less.

Deferred Revenue

Deferred revenue as of March 31, 2026 and December 31, 2025 was $142.8 million and $135.7 million, respectively. As of March 31, 2026, $22.0 million of deferred revenue is included in Accrued liabilities and $120.8 million is included in Other long-term liabilities on our Consolidated Balance Sheets. Deferred revenue includes contributions in aid of construction received from customers related to owned property, plant, and equipment for which revenue is recognized over the expected contract term. Deferred revenue also includes consideration received in 2015 and 2017 amendments to a gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized through the end of the agreement’s term in 2035.

For the three months ended March 31, 2026 and 2025, we recognized revenue of $5.3 million and $5.1 million, respectively, from prior period deferral.

For disclosures related to disaggregated revenue, see “Note 16 – Segment Information.”

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment and Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 34,751.0	$ 33,201.1
Accumulated depreciation, amortization and impairment	(12,980.1)	(12,666.3)
Property, plant and equipment, net	21,770.9	20,534.8
Intangible assets	5,031.0	4,378.0
Accumulated amortization and impairment	(2,829.8)	(2,726.6)
Intangible assets, net	$ 2,201.2	1,651.4
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 12,815.9	12,431.3
Gathering Systems [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 11,672.4	10,477.3
Processing and Fractionation Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,668.5	1,648.4
Terminaling and Storage Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 4,774.8	4,536.0
Transportation Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 621.8	586.5
Other Property, Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 215.2	209.3
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,461.7	2,804.9
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 520.7	$ 507.4
Finance Lease Right-of-Use Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Finance Lease Right-of-Use Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	14 years

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member]	Mar. 31, 2026
Logistics and Transportation [Member] \| Blackcomb Joint Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	17.50%
Gulf Coast Fractionators LP [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	38.80%
Cayenne Joint Venture [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Little Missouri 4 [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 10 — Derivative Instruments and Hedging Activities

The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are primarily designated as cash flow hedges for accounting purposes.

The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations.

We hedge a portion of our condensate equity volumes using crude oil hedges that are based on NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes.

We also enter into derivative instruments to help manage other short-term commodity-related business risks and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues in current earnings.

At March 31, 2026, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2026		2027		2028		2029
Natural Gas	Swaps	MMBtu/d		93,313		77,778		77,230		—
Natural Gas	Basis Swaps	MMBtu/d		483,282		356,829		279,798		24,959
NGL	Swaps	Bbl/d		32,377		24,258		23,669		—
NGL	Futures	Bbl/d		15,247		271		—		—
Condensate	Swaps	Bbl/d		8,263		3,316		3,244		—

Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. The master netting provisions reduced our maximum loss due to counterparty credit risk by $22.1 million as of March 31, 2026. The maximum loss attributable to any individual counterparty would be up to $4.7 million, depending on the counterparty in default. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements.

The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the periods presented:


		Fair Value as of March 31, 2026					Fair Value as of December 31, 2025
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	83.4	$	(115.0	)	$	137.1	$	(14.8	)
	Long-term		34.8		(26.2	)		26.1		(6.9	)
Total derivatives designated as hedging instruments		$	118.2	$	(141.2	)	$	163.2	$	(21.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	17.2	$	(253.1	)	$	17.6	$	(219.3	)
	Long-term		3.7		(86.6	)		8.9		(15.6	)
Total derivatives not designated as hedging instruments		$	20.9	$	(339.7	)	$	26.5	$	(234.9	)
Total current position		$	100.6	$	(368.1	)	$	154.7	$	(234.1	)
Total long-term position			38.5		(112.8	)		35.0		(22.5	)
Total derivatives		$	139.1	$	(480.9	)	$	189.7	$	(256.6	)

The following tables reflect the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the periods presented:


		Gross Presentation								Pro Forma Net Presentation
March 31, 2026		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	100.1	$	(368.1	)	$	90.9		$	9.2	$	(186.3	)
	Counterparties without offsetting positions - assets		0.5		—			—			0.5		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			100.6		(368.1	)		90.9			9.7		(186.3	)
Long-Term Position
	Counterparties with offsetting positions or collateral		38.5		(96.5	)		25.5			8.1		(40.6	)
	Counterparties without offsetting positions - assets		—		—			—			—		—
	Counterparties without offsetting positions - liabilities		—		(16.3	)		—			—		(16.3	)
			38.5		(112.8	)		25.5			8.1		(56.9	)
Total Derivatives
	Counterparties with offsetting positions or collateral		138.6		(464.6	)		116.4			17.3		(226.9	)
	Counterparties without offsetting positions - assets		0.5		—			—			0.5		—
	Counterparties without offsetting positions - liabilities		—		(16.3	)		—			—		(16.3	)
		$	139.1	$	(480.9	)	$	116.4		$	17.8	$	(243.2	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2025		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	133.3	$	(234.1	)	$	29.6		$	31.3	$	(102.5	)
	Counterparties without offsetting positions - assets		21.4		—			—			21.4		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			154.7		(234.1	)		29.6			52.7		(102.5	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(22.5	)		(2.7	)		15.3		(7.1	)
	Counterparties without offsetting positions - assets		1.6		—			—			1.6		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			35.0		(22.5	)		(2.7	)		16.9		(7.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		166.7		(256.6	)		26.9			46.6		(109.6	)
	Counterparties without offsetting positions - assets		23.0		—			—			23.0		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
		$	189.7	$	(256.6	)	$	26.9		$	69.6	$	(109.6	)

Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is included within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association agreements (“ISDAs”), which govern the key terms with our counterparties. Our ISDAs contain credit-risk related contingent features and are not secured. As of March 31, 2026, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of $236.4 million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s and S&P, as defined in our ISDAs, we estimate that as of March 31, 2026, we would not be required to post collateral to any counterparty and that no counterparty could request immediate, full settlement per the terms of our ISDAs.

The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of $341.8 million as of March 31, 2026. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for our counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment.

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods presented:


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2026			2025
Commodity contracts	$	(166.9	)	$	(33.8	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2026			2025
Revenues	$	(0.2	)	$	(6.1	)

As of March 31, 2026, we expect to reclassify commodity hedge related net deferred losses of $35.1 million included in Accumulated OCI into earnings before income taxes over the next twelve months. However, actual amounts reclassified into earnings could be greater or less than the net amount reported in Accumulated OCI. As of March 31, 2026, the maximum length of time over which we have hedged our exposure to the variability in future cash flows is through 2028.

Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on our Consolidated Balance Sheets and through earnings in our Consolidated Statements of Operations rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2026, we had unrealized mark-to-market losses primarily driven by unfavorable movement in natural gas forward basis prices.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2026			2025
Commodity contracts	Revenue	$	(243.5	)	$	(285.2	)

See “Note 11 – Fair Value Measurements” and “Note 16 – Segment Information” for additional disclosures related to derivative instruments and hedging activities.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Outstanding Debt


	March 31, 2026			December 31, 2025
Current:
Partnership accounts receivable securitization facility, due August 2026 (1)	$	600.0		$	—
Senior unsecured notes issued by the Partnership: (2)
6.875% fixed rate, due January 2029 (3)		—			679.3
Debt issuance costs, net of amortization (3)		—			(2.3	)
Finance lease liabilities		96.9			93.1
Current debt obligations		696.9			770.1

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (4)		457.0			161.0
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.350% fixed rate, due January 2029		750.0			750.0
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.900% fixed rate, due September 2030		750.0			750.0
4.350% fixed rate, due April 2031 (5)		750.0			—
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035		1,000.0			1,000.0
5.650% fixed rate, due February 2036		750.0			750.0
5.400% fixed rate, due July 2036		1,000.0			1,000.0
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
6.125% fixed rate, due May 2055		1,000.0			1,000.0
6.050% fixed rate, due May 2056 (5)		750.0			—
Unamortized discount		(39.4	)		(38.3	)
Senior unsecured notes issued by the Partnership: (2)
5.000% fixed rate, due January 2028		700.3			700.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		18,317.5			16,522.6
Debt issuance costs, net of amortization		(132.2	)		(120.6	)
Finance lease liabilities		249.6			260.4
Long-term debt		18,434.9			16,662.4
Total debt obligations	$	19,131.8		$	17,432.5
Irrevocable standby letters of credit: (4)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	17.9		$	20.0

(1)

(2)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

(3)

On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.

(4)

(5)

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2026:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	3.9% - 4.0%	3.9%
Securitization Facility	4.4% - 4.5%	4.5%

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Contingencies - Additional Information (Details) - USD ($) $ in Millions				12 Months Ended
	Dec. 09, 2025	Oct. 26, 2023	Jul. 24, 2023	Dec. 31, 2024
New Mexico Environment Department [Member]
Loss Contingencies [Line Items]
Loss contingency proposed civil penalty			$ 47.8
Capital improvements				$ 140.0
Major Winter Storm [Member]
Loss Contingencies [Line Items]
Award date		Oct. 26, 2023
Damages awarded	$ 6.9	$ 6.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Common Stock and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Aug. 31, 2025	Jul. 31, 2024
Securities Financing Transaction [Line Items]
Stock repurchase program, authorized amount				$ 1,000.0	$ 1,000.0
Repurchases of common stock (in shares)		227,801	651,163
Weighted average per share price		$ 241.43	$ 191.86
Repurchase of common shares, Value		$ 55.0	$ 124.9
Remaining share repurchase amount		$ 1,318.6
Common stock dividends, per share		$ 1	$ 0.75
Subsequent Event [Member]
Securities Financing Transaction [Line Items]
Common stock dividends, per share	$ 1.25
Common stock annualized dividends, per share	$ 5

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed-Price Contract [Member] $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 301.3
Remaining duration of contracts	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 436.3
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 1,975.3
Remaining duration of contracts	0 years

Earnings per Common Share - Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Common Share [Line Items]

Net income (loss) attributable to Targa Resources Corp.

$ 479.6

$ 270.5

Less: Premium on repurchase of noncontrolling interests, net of tax

^[1]

70.5

Net income (loss) attributable to common shareholders

479.6

200.0

Less: Participating share-based earnings

^[2]

2.5

1.2

Net income (loss) allocated to common shareholders for basic earnings per share

$ 477.1

$ 198.8

Weighted average shares outstanding - basic

214.8

217.9

Weighted average shares outstanding - diluted (in shares)

215.5

218.7

Net income (loss) per common share - basic

$ 2.22

$ 0.91

Net income (loss) per common share - diluted

$ 2.21

$ 0.91

Unvested Restricted Stock Awards [Member]

Earnings Per Common Share [Line Items]

Dilutive effect of unvested restricted stock awards

0.7

0.8

[1]	Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”
[2]	Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	0.8	1.1

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 100.1

$ 166.1

Trade receivables, net of allowances of [$0.7] million and $0.7 million as of March 31, 2026 and December 31, 2025

1,691.7

1,474.6

Inventories

334.4

429.3

Assets from risk management activities

100.6

154.7

Other current assets

211.4

138.0

Total current assets

2,438.2

2,362.7

Property, plant and equipment, net

21,770.9

20,534.8

Intangible assets, net

2,201.2

1,651.4

Long-term assets from risk management activities

38.5

35.0

Investments in unconsolidated affiliates

315.0

307.1

Other long-term assets

343.5

327.4

Total assets

27,107.3

^[1]

25,218.4

Current liabilities:

Accounts payable

1,987.9

1,873.0

Accrued liabilities

193.2

358.6

Interest payable

149.8

311.0

Liabilities from risk management activities

368.1

234.1

Current debt obligations

696.9

770.1

Total current liabilities

3,395.9

3,546.8

Long-term debt

18,434.9

16,662.4

Long-term liabilities from risk management activities

112.8

22.5

Deferred income taxes, net

1,479.2

1,393.5

Other long-term liabilities

415.5

395.0

Contingencies (see Note 12)

0.0

Targa Resources Corp. stockholders' equity:

Common Stock ($0.001 par value, 450,000,000 shares authorized as of March 31, 2026 and December 31, 2025)

0.2

Additional paid-in capital

3,111.3

3,088.1

Retained earnings (deficit)

2,556.9

2,294.4

Accumulated other comprehensive income (loss)

(14.7)

113.8

Treasury stock, at cost (28,516,011 shares and 28,108,057 shares as of March 31, 2026 and December 31, 2025)

(2,517.2)

(2,428.6)

Total Targa Resources Corp. stockholders' equity

3,136.5

3,067.9

Noncontrolling interests

132.5

130.3

Total owners' equity

3,269.0

3,198.2

Total liabilities and owners' equity

$ 27,107.3

$ 25,218.4

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivative Asset [Abstract]
Derivative assets	$ 139.1	$ 189.7
Pro forma net presentation, asset, current	$ 9.7	$ 52.7
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets from risk management activities	Assets from risk management activities
Pro forma net presentation, asset, noncurrent	$ 8.1	$ 16.9
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term assets from risk management activities	Long-term assets from risk management activities
Pro forma net presentation, asset, total	$ 17.8	$ 69.6
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	138.6	166.7
Pro forma net presentation, asset, total	17.3	46.6
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	0.5	23.0
Pro forma net presentation, asset, current	0.0	21.4
Pro forma net presentation, asset, noncurrent	0.5	1.6
Pro forma net presentation, asset, total	0.5	23.0
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Derivative assets	100.6	154.7
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	100.1	133.3
Pro forma net presentation, asset	9.2	31.3
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	0.0	21.4
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Derivative assets	38.5	35.0
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	38.5	33.4
Pro forma net presentation, asset	8.1	15.3
Other Long-term Assets [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	$ 0.5	$ 1.6

Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash:

Interest paid, net of capitalized interest

^[1]

$ 384.0

$ 340.9

Income taxes paid, net of refunds

0.7

0.8

Non-cash investing activities:

Impact of net accruals on capital expenditures

48.8

(173.5)

Non-cash financing activities:

Changes in accrued distributions to noncontrolling interests

0.0

(13.2)

Change in ARO liability and property, plant and equipment, net due to additions and revised cash flow estimates

11.5

0.9

Changes in lease liabilities from recognition (derecognition) of right-of-use assets:

Operating lease

1.5

(9.7)

Finance lease

$ 17.0

$ 12.7

[1]	Interest capitalized on major projects was $30.7 million and $13.6 million for the three months ended March 31, 2026 and 2025.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues:

Total revenues

$ 4,094.7

$ 4,561.5

Costs and expenses:

Product purchases and fuel

2,394.5

3,257.8

Operating expenses

333.7

303.6

Depreciation and amortization expense

426.0

367.6

General and administrative expense

107.8

94.5

Other operating (income) expense

(14.2)

(5.3)

Income (loss) from operations

846.9

543.3

Other income (expense):

Interest expense, net

(227.6)

(197.1)

Equity earnings (loss)

8.6

5.5

Other, net

(16.6)

0.3

Income (loss) before income taxes

611.3

352.0

Income tax (expense) benefit

(123.9)

(72.2)

Net income (loss)

487.4

279.8

Less: Net income (loss) attributable to noncontrolling interests

7.8

9.3

Net income (loss) attributable to Targa Resources Corp.

479.6

270.5

Premium on repurchase of noncontrolling interests, net of tax

^[1]

70.5

Net income (loss) attributable to common shareholders

$ 479.6

$ 200.0

Net income (loss) per common share - basic

$ 2.22

$ 0.91

Net income (loss) per common share - diluted

$ 2.21

$ 0.91

Weighted average shares outstanding - basic

214.8

217.9

Weighted average shares outstanding - diluted

215.5

218.7

Sales of Commodities [Member]

Revenues:

Total revenues

$ 3,344.6

$ 3,884.4

Fees from Midstream Services [Member]

Revenues:

Total revenues

$ 750.1

$ 677.1

[1]	Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

Property, Plant and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2026

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets


	March 31, 2026			December 31, 2025			Estimated Useful Lives (In Years)
Gathering systems	$	12,815.9		$	12,431.3		5 to 20
Processing and fractionation facilities		11,672.4			10,477.3		5 to 25
Terminaling and storage facilities		1,668.5			1,648.4		5 to 25
Transportation assets		4,774.8			4,536.0		10 to 50
Other property, plant and equipment		621.8			586.5		3 to 25
Land		215.2			209.3		—
Construction in progress		2,461.7			2,804.9		—
Finance lease right-of-use assets		520.7			507.4		5 to 14
Property, plant and equipment		34,751.0			33,201.1
Accumulated depreciation, amortization and impairment		(12,980.1	)		(12,666.3	)
Property, plant and equipment, net	$	21,770.9		$	20,534.8

Intangible assets		5,031.0			4,378.0		10 to 20
Accumulated amortization and impairment		(2,829.8	)		(2,726.6	)
Intangible assets, net	$	2,201.2		$	1,651.4

During the three months ended March 31, 2026 and 2025 depreciation expense was $322.8 million and $286.1 million, respectively.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in our business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

During the three months ended March 31, 2026 and 2025, amortization expense was $103.2 million and $81.5 million, respectively.

The estimated annual amortization expense for intangible assets is approximately $412.9 million, $377.3 million, $327.1 million, $286.2 million and $240.4 million for each of the years 2026 through 2030, respectively.

The following table shows the changes in our intangible assets for the period presented:


	Three Months Ended March 31, 2026
Balance at beginning of period	$	1,651.4
Additions from Stakeholder Acquisition		653.0
Amortization		(103.2	)
Balance at end of period	$	2,201.2

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue from External Customer [Line Items]

Total revenues

$ 4,094.7

$ 4,561.5

Derivative Activities - Hedge [Member]

Revenue from External Customer [Line Items]

Non-customer revenue

(0.2)

(6.1)

Derivative Activities - Non-hedge [Member]

Revenue from External Customer [Line Items]

Non-customer revenue

^[1]

(243.5)

(285.2)

Natural Gas [Member]

Revenue from External Customer [Line Items]

Revenue recognized

473.7

681.9

NGL [Member]

Revenue from External Customer [Line Items]

Revenue recognized

2,982.8

3,376.8

Condensate and Crude Oil [Member]

Revenue from External Customer [Line Items]

Revenue recognized

131.8

117.0

Gathering and Processing [Member]

Revenue from External Customer [Line Items]

Revenue recognized

559.7

469.0

Sales of Commodities [Member]

Revenue from External Customer [Line Items]

Revenue recognized

3,588.3

4,175.7

Non-customer revenue

(243.7)

(291.3)

Total revenues

3,344.6

3,884.4

NGL Transportation, Fractionation and Services [Member]

Revenue from External Customer [Line Items]

Revenue recognized

68.5

73.2

Storage Terminaling and Export [Member]

Revenue from External Customer [Line Items]

Revenue recognized

123.1

135.4

Other [Member]

Revenue from External Customer [Line Items]

Revenue recognized

(1.2)

(0.5)

Fees from Midstream Services [Member]

Revenue from External Customer [Line Items]

Revenue recognized

750.1

677.1

Total revenues

$ 750.1

$ 677.1

[1]	Represents derivative activities that are not designated as hedging instruments under ASC 815.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

The accounting policies that we follow are set forth in “Note 3 – Significant Accounting Policies” of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the three months ended March 31, 2026.

Recently issued accounting pronouncements not yet adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement Expenses. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, in tabular format in the footnotes to the financial statements, disaggregated information about specific categories underlying certain income statement expense line items that contain any of the following expense categories (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depletion. Additionally, the amendments require disclosure of the total amount of selling expenses and an annual disclosure of the definition of selling expenses.

These amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2027 and for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2028. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update, among other items, remove all references to prescriptive and sequential software development stages and require entities to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.

These amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027, with early adoption permitted. The amendments permit the use of prospective, modified retrospective, or full retrospective transition approaches. We are evaluating the effect of the amendments on our consolidated financial statements and related disclosures. We expect to apply the amendments for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2028 and for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2028.

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The amendments in this update, among other items, establish guidance on the recognition, measurement and presentation of government grants received by a business entity.

These amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2028, with early adoption permitted. The amendments permit the use of modified prospective, modified retrospective, or retrospective approaches. We are evaluating the effect of the amendments on our consolidated financial statements and related disclosures. We expect to apply the amendments for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2029 and for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2029.

Contingencies

3 Months Ended

Mar. 31, 2026

Loss Contingency [Abstract]

Contingencies

Note 12 — Contingencies

Legal Proceedings

We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including, but not limited to the U.S. Environmental Protection Agency (the “EPA”), Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department (the “NMED”), Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business.

On July 24, 2023, we received a Notice of Violation (the “New Mexico NOV”) from the NMED, Air Quality Bureau, relating to alleged air permit violations at the Red Hills gas processing facility. The alleged air permit violations occurred primarily between August 1, 2021 and June 30, 2022, while the facility was owned by Lucid Energy Delaware, LLC (“Lucid”), a subsidiary we acquired in July 2022 and renamed Targa Northern Delaware LLC. On December 5, 2024, we received a proposed Administrative Compliance Order (the “ACO”) from the NMED relating to the violations identified in the New Mexico NOV and certain other alleged violations. The ACO includes a proposed civil penalty of approximately $47.8 million and requires certain capital improvements to address the operations and excess air emissions at the Red Hills processing facility. These capital improvements, totaling approximately $140 million, were substantially completed by December 31, 2024.

On January 3, 2025, we filed a Request for Hearing with the NMED with respect to the ACO. We have cooperated with the NMED in identifying and correcting legacy environmental issues since our acquisition of Lucid, and we expect to continue to engage with the NMED to resolve this matter and certain additional matters identified during our negotiations with the NMED. Although this matter is ongoing and we cannot predict its ultimate outcome, we believe we have valid defenses to many of the NMED allegations and intend to vigorously defend this matter.

On October 26, 2023, we received a final judgment in a lawsuit alleging a breach of contract related to the major winter storm in February 2021. The damages awarded against us are approximately $6.9 million, not including pre-judgment interest. Both parties appealed the judgment. On December 9, 2025, the Fifth Circuit Court of Appeals (i) reversed the trial court’s summary judgment in favor of Targa and remanded the case to trial court for further proceedings and (ii) upheld the $6.9 million jury verdict in favor of MIECO. Targa has filed a motion for reconsideration, and the appeal remains pending at the Fifth Circuit Court of Appeals.

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ 341,800,000
Amount expected to reclassify commodity hedge related net deferred losses to earnings before income taxes	(35,100,000)
Loss contigency reduction of maximum loss due to counterparty credit risk by master netting provision	22,100,000
Derivative liability	243,200,000	$ 109,600,000
Credit Risk [Member]
Derivative [Line Items]
Derivative liability	236,400,000
Derivative collateral amount	0
Maximum [Member]
Derivative [Line Items]
Loss contigency estimate of possible loss	$ 4,700,000

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Reportable Segment Information

The following tables show reportable segment information for the periods presented:


	Three Months Ended March 31, 2026
	Gathering and Processing			Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	285.6		$	3,169.3	$	3,454.9	$	(110.3	)	$	—		$	3,344.6
Fees from midstream services		574.5			175.6		750.1		—			—			750.1
		860.1			3,344.9		4,205.0		(110.3	)		—			4,094.7
Intersegment revenues
Sales of commodities		918.3			57.1		975.4		—			(975.4	)		—
Fees from midstream services		(0.9	)		9.2		8.3		—			(8.3	)		—
		917.4			66.3		983.7		—			(983.7	)		—
Revenues	$	1,777.5		$	3,411.2	$	5,188.7	$	(110.3	)	$	(983.7	)	$	4,094.7
Operating expenses	$	233.6		$	100.2	$	333.8	$	—
Other segment items (1)		840.4			2,537.7		3,378.1		—
Operating margin		703.5			773.3		1,476.8		(110.3	)
Other financial information:
Total assets (2)	$	16,468.3		$	10,381.3	$	26,849.6	$	0.1		$	257.6		$	27,107.3
Goodwill		118.9			—		118.9		—			—			118.9
Capital expenditures		581.8			358.7		940.5		—			7.8			948.3


	Three Months Ended March 31, 2025
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	200.7	$	3,932.5	$	4,133.2	$	(248.8	)	$	—		$	3,884.4
Fees from midstream services		475.1		202.0		677.1		—			—			677.1
		675.8		4,134.5		4,810.3		(248.8	)		—			4,561.5
Intersegment revenues
Sales of commodities		1,517.0		59.4		1,576.4		—			(1,576.4	)		—
Fees from midstream services		0.2		7.1		7.3		—			(7.3	)		—
		1,517.2		66.5		1,583.7		—			(1,583.7	)		—
Revenues	$	2,193.0	$	4,201.0	$	6,394.0	$	(248.8	)	$	(1,583.7	)	$	4,561.5
Operating expenses	$	208.2	$	95.5	$	303.7	$	—
Other segment items (1)		1,382.6		3,458.8		4,841.4		—
Operating margin		602.2		646.7		1,248.9		(248.8	)
Other financial information:
Total assets (2)	$	13,727.9	$	8,821.1	$	22,549.0	$	—		$	251.3		$	22,800.3
Goodwill		45.2		—		45.2		—			—			45.2
Capital expenditures		433.2		174.7		607.9		—			10.4			618.3

(1)

“Other segment items” represents Product purchases and fuel.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:


	Three Months Ended March 31,
	2026			2025
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	473.7		$	681.9
NGL		2,982.8			3,376.8
Condensate and crude oil		131.8			117.0
		3,588.3			4,175.7
Non-customer revenue:
Derivative activities - Hedge		(0.2	)		(6.1	)
Derivative activities - Non-hedge (1)		(243.5	)		(285.2	)
		(243.7	)		(291.3	)
Total sales of commodities		3,344.6			3,884.4

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		559.7			469.0
NGL transportation, fractionation and services	68.5				73.2
Storage, terminaling and export		123.1			135.4
Other		(1.2	)		(0.5	)
Total fees from midstream services		750.1			677.1

Total revenues	$	4,094.7		$	4,561.5

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.

Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:


	Three Months Ended March 31,
	2026			2025
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Total reportable segments operating margin	$	1,476.8		$	1,248.9
Other operating margin		(110.3	)		(248.8	)
Depreciation and amortization expense		(426.0	)		(367.6	)
General and administrative expense		(107.8	)		(94.5	)
Other operating income (expense)		14.2			5.3
Interest expense, net		(227.6	)		(197.1	)
Equity earnings (loss)		8.6			5.5
Other, net		(16.6	)		0.3
Income (loss) before income taxes	$	611.3		$	352.0

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At March 31, 2026, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2026		2027		2028		2029
Natural Gas	Swaps	MMBtu/d		93,313		77,778		77,230		—
Natural Gas	Basis Swaps	MMBtu/d		483,282		356,829		279,798		24,959
NGL	Swaps	Bbl/d		32,377		24,258		23,669		—
NGL	Futures	Bbl/d		15,247		271		—		—
Condensate	Swaps	Bbl/d		8,263		3,316		3,244		—

Fair Values of Derivative Instruments

The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the periods presented:


		Fair Value as of March 31, 2026					Fair Value as of December 31, 2025
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	83.4	$	(115.0	)	$	137.1	$	(14.8	)
	Long-term		34.8		(26.2	)		26.1		(6.9	)
Total derivatives designated as hedging instruments		$	118.2	$	(141.2	)	$	163.2	$	(21.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	17.2	$	(253.1	)	$	17.6	$	(219.3	)
	Long-term		3.7		(86.6	)		8.9		(15.6	)
Total derivatives not designated as hedging instruments		$	20.9	$	(339.7	)	$	26.5	$	(234.9	)
Total current position		$	100.6	$	(368.1	)	$	154.7	$	(234.1	)
Total long-term position			38.5		(112.8	)		35.0		(22.5	)
Total derivatives		$	139.1	$	(480.9	)	$	189.7	$	(256.6	)

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The following tables reflect the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the periods presented:


		Gross Presentation								Pro Forma Net Presentation
March 31, 2026		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	100.1	$	(368.1	)	$	90.9		$	9.2	$	(186.3	)
	Counterparties without offsetting positions - assets		0.5		—			—			0.5		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			100.6		(368.1	)		90.9			9.7		(186.3	)
Long-Term Position
	Counterparties with offsetting positions or collateral		38.5		(96.5	)		25.5			8.1		(40.6	)
	Counterparties without offsetting positions - assets		—		—			—			—		—
	Counterparties without offsetting positions - liabilities		—		(16.3	)		—			—		(16.3	)
			38.5		(112.8	)		25.5			8.1		(56.9	)
Total Derivatives
	Counterparties with offsetting positions or collateral		138.6		(464.6	)		116.4			17.3		(226.9	)
	Counterparties without offsetting positions - assets		0.5		—			—			0.5		—
	Counterparties without offsetting positions - liabilities		—		(16.3	)		—			—		(16.3	)
		$	139.1	$	(480.9	)	$	116.4		$	17.8	$	(243.2	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2025		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	133.3	$	(234.1	)	$	29.6		$	31.3	$	(102.5	)
	Counterparties without offsetting positions - assets		21.4		—			—			21.4		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			154.7		(234.1	)		29.6			52.7		(102.5	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(22.5	)		(2.7	)		15.3		(7.1	)
	Counterparties without offsetting positions - assets		1.6		—			—			1.6		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			35.0		(22.5	)		(2.7	)		16.9		(7.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		166.7		(256.6	)		26.9			46.6		(109.6	)
	Counterparties without offsetting positions - assets		23.0		—			—			23.0		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
		$	189.7	$	(256.6	)	$	26.9		$	69.6	$	(109.6	)

Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods presented:


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2026			2025
Commodity contracts	$	(166.9	)	$	(33.8	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2026			2025
Revenues	$	(0.2	)	$	(6.1	)

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2026, we had unrealized mark-to-market losses primarily driven by unfavorable movement in natural gas forward basis prices.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2026			2025
Commodity contracts	Revenue	$	(243.5	)	$	(285.2	)

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense	$ (426.0)	$ (367.6)
General and administrative expense	(107.8)	(94.5)
Other operating income (expense)	14.2	5.3
Interest expense, net	(227.6)	(197.1)
Equity earnings (loss)	8.6	5.5
Other, net	(16.6)	0.3
Income (loss) before income taxes	611.3	352.0
Total Reportable Segments Operating Margin [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	1,476.8	1,248.9
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	703.5	602.2
Logistics and Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	773.3	646.7
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	$ (110.3)	$ (248.8)

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivative Asset [Abstract]
Gross collateral	$ 116.4	$ 26.9
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	116.4	26.9
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	90.9	29.6
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	90.9	29.6
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Gross collateral	25.5	(2.7)
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 25.5	$ (2.7)

Organization and Operations

3 Months Ended

Mar. 31, 2026

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets.

In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership.” Targa consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are:

•

the inclusion of the TRGP senior revolving credit facility;

•

the inclusion of the TRGP senior unsecured notes;

•

the inclusion of the TRGP commercial paper notes; and

•

the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.

Our Operations

The Company is primarily engaged in the business of:

•

gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;

•

transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and

•

gathering, storing, terminaling, and purchasing and selling crude oil.

See “Note 16 – Segment Information” for certain financial information regarding our business segments.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2024	$ 4,418.2	$ 0.2	$ 3,089.1	$ 1,190.0	$ 27.5	$ (1,714.4)	$ 1,825.8
Balance (in shares) at Dec. 31, 2024		217,764,000
Balance (in shares) at Dec. 31, 2024						24,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	17.6		17.6
Dividend equivalent rights	(0.7)			(0.7)
Shares issued under compensation program (in shares)		564,000
Shares tendered for tax withholding obligations	(46.5)					$ (46.5)
Shares tendered for tax withholding obligations (in shares)		(216,000)				216,000
Repurchases of common stock	$ (124.9)					$ (124.9)
Repurchases of common stock (in shares)	(651,163)	(651,000)				651,000
Excise tax on repurchases of common stock	$ (0.5)					$ (0.5)
Common stock dividends
Common stock dividends	(164.5)			(164.5)
Distributions to noncontrolling interests	(4.7)						(4.7)
Repurchase of noncontrolling interests, net of tax	(1,779.7)		(70.5)				(1,709.2)
Other comprehensive income (loss)	(21.4)				(21.4)
Net income (loss)	279.8			270.5			9.3
Balance at Mar. 31, 2025	2,572.7	$ 0.2	3,036.2	1,295.3	6.1	$ (1,886.3)	121.2
Balance (in shares) at Mar. 31, 2025		217,461,000
Balance (in shares) at Mar. 31, 2025						24,867,000
Balance at Dec. 31, 2025	$ 3,198.2	$ 0.2	3,088.1	2,294.4	113.8	$ (2,428.6)	130.3
Balance (in shares) at Dec. 31, 2025		214,662,000
Balance (in shares) at Dec. 31, 2025	28,108,057					28,108,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 23.2		23.2
Dividend equivalent rights	(1.1)			(1.1)
Shares issued under compensation program (in shares)		476,000
Shares tendered for tax withholding obligations	(33.6)					$ (33.6)
Shares tendered for tax withholding obligations (in shares)		(180,000)				180,000
Repurchases of common stock	$ (55.0)					$ (55.0)
Repurchases of common stock (in shares)	(227,801)	(228,000)				228,000
Common stock dividends
Common stock dividends	$ (216.0)			(216.0)
Distributions to noncontrolling interests	(5.6)						(5.6)
Other comprehensive income (loss)	(128.5)				(128.5)
Net income (loss)	487.4			479.6			7.8
Balance at Mar. 31, 2026	$ 3,269.0	$ 0.2	$ 3,111.3	$ 2,556.9	$ (14.7)	$ (2,517.2)	$ 132.5
Balance (in shares) at Mar. 31, 2026		214,730,000
Balance (in shares) at Mar. 31, 2026	28,516,011					28,516,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net income (loss)	$ 487.4	$ 279.8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization in interest expense	4.9	3.9
Compensation on equity grants	23.2	17.6
Depreciation and amortization expense	426.0	367.6
Deferred income tax expense (benefit)	123.9	56.9
Equity (earnings) loss of unconsolidated affiliates	(8.6)	(5.5)
Distributions of earnings received from unconsolidated affiliates	1.7	2.4
Risk management activities	110.3	248.8
Other, net	15.8	3.9
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	(198.0)	217.1
Inventories	96.0	78.8
Accounts payable, accrued liabilities and other liabilities	(181.9)	(169.3)
Interest payable	(161.2)	(147.6)
Net cash provided by (used in) operating activities	739.5	954.4
Cash flows from investing activities
Outlays for property, plant and equipment	(899.5)	(792.2)
Outlays for business acquisition, net of cash acquired	(1,261.3)
Investments in unconsolidated affiliates	(4.0)	(23.8)
Return of capital from unconsolidated affiliates	3.0	2.5
Other, net	0.9	0.2
Net cash provided by (used in) investing activities	(2,160.9)	(813.3)
Debt obligations:
Proceeds from borrowings of commercial paper notes	31,824.0	25,432.0
Repayments of commercial paper notes	(31,528.0)	(25,642.5)
Proceeds from borrowings under accounts receivable securitization facility	1,200.0	870.0
Repayments of accounts receivable securitization facility	(600.0)	(600.0)
Proceeds from issuance of senior unsecured notes	1,498.4	1,993.9
Redemption of senior unsecured notes	(687.1)
Principal payments of finance leases	(23.8)	(14.6)
Costs incurred in connection with financing arrangements	(15.0)	(29.3)
Repurchases of common stock	(55.0)	(124.9)
Shares tendered for tax withholding obligations	(33.6)	(46.5)
Distributions to noncontrolling interests	(5.6)	(17.9)
Repurchase of noncontrolling interests		(1,800.0)
Dividends paid to common shareholders	(218.9)	(167.2)
Net cash provided by (used in) financing activities	1,355.4	(147.0)
Net change in cash and cash equivalents	(66.0)	(5.9)
Cash and cash equivalents, beginning of period	166.1	157.3
Cash and cash equivalents, end of period	$ 100.1	$ 151.4

Segment Information - Revenues and Operating Margin (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues:

Revenues

$ 4,094.7

$ 4,561.5

Sales of Commodities [Member]

Revenues:

Revenues

3,344.6

3,884.4

Fees from Midstream Services [Member]

Revenues:

Revenues

750.1

677.1

Gathering and Processing [Member]

Revenues:

Operating expenses

233.6

208.2

Other segment items

^[1]

840.4

1,382.6

Operating margin

703.5

602.2

Logistics and Transportation [Member]

Revenues:

Operating expenses

100.2

95.5

Other segment items

^[1]

2,537.7

3,458.8

Operating margin

773.3

646.7

Other [Member]

Revenues:

Revenues

(110.3)

(248.8)

Operating margin

(110.3)

(248.8)

Other [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(110.3)

Corporate and Eliminations [Member]

Revenues:

Revenues

(983.7)

(1,583.7)

Operating Segments [Member]

Revenues:

Revenues

4,205.0

4,810.3

Operating expenses

333.8

303.7

Other segment items

^[1]

3,378.1

4,841.4

Operating margin

1,476.8

1,248.9

Operating Segments [Member] | Sales of Commodities [Member]

Revenues:

Revenues

3,454.9

4,133.2

Operating Segments [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

750.1

677.1

Operating Segments [Member] | Gathering and Processing [Member]

Revenues:

Revenues

860.1

675.8

Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

Revenues:

Revenues

285.6

200.7

Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

574.5

475.1

Operating Segments [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

3,344.9

4,134.5

Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

Revenues:

Revenues

3,169.3

3,932.5

Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

175.6

202.0

Operating Segments [Member] | Other [Member]

Revenues:

Revenues

(110.3)

(248.8)

Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(248.8)

Operating Segments [Member] | Corporate and Eliminations [Member]

Revenues:

Revenues

0.0

Operating Segments [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(0.0)

Operating Segments [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

0.0

Intersegment Eliminations [Member]

Revenues:

Revenues

983.7

1,583.7

Intersegment Eliminations [Member] | Sales of Commodities [Member]

Revenues:

Revenues

975.4

1,576.4

Intersegment Eliminations [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

8.3

7.3

Intersegment Eliminations [Member] | Gathering and Processing [Member]

Revenues:

Revenues

917.4

1,517.2

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

Revenues:

Revenues

918.3

1,517.0

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

(0.9)

0.2

Intersegment Eliminations [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

66.3

66.5

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

Revenues:

Revenues

57.1

59.4

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

9.2

7.1

Intersegment Eliminations [Member] | Corporate and Eliminations [Member]

Revenues:

Revenues

(983.7)

(1,583.7)

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(975.4)

(1,576.4)

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

(8.3)

(7.3)

Consolidated Revenue [Member]

Revenues:

Revenues

5,188.7

6,394.0

Consolidated Revenue [Member] | Gathering and Processing [Member]

Revenues:

Revenues

1,777.5

2,193.0

Consolidated Revenue [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

$ 3,411.2

$ 4,201.0

[1]	“Other segment items” represents Product purchases and fuel.

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Trade receivables, allowances	$ 0.7	$ 0.7
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	243,245,513	242,770,213
Common stock, shares outstanding (in shares)	214,729,502	214,662,156
Treasury stock, shares (in shares)	28,516,011	28,108,057

Acquisitions and Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values assigned to assets acquired and liabilities assumed:


Cash and cash equivalents	$	24.9
Trade receivables		82.9
Other current assets		2.9
Property, plant and equipment, net		595.1
Intangible assets, net		653.0
Current liabilities		(59.7	)
Other long-term liabilities		(7.9	)
Purchase price	$	1,291.2

Schedule of Unaudited Pro Forma Financial Information


	Three Months Ended March 31,
	2026		2025
Revenues	$	4,094.7	$	4,612.6
Net income (loss)		493.4		264.9

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 16 — Segment Information

We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided.

Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. Our Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column.

The following tables show reportable segment information for the periods presented:


	Three Months Ended March 31, 2026
	Gathering and Processing			Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	285.6		$	3,169.3	$	3,454.9	$	(110.3	)	$	—		$	3,344.6
Fees from midstream services		574.5			175.6		750.1		—			—			750.1
		860.1			3,344.9		4,205.0		(110.3	)		—			4,094.7
Intersegment revenues
Sales of commodities		918.3			57.1		975.4		—			(975.4	)		—
Fees from midstream services		(0.9	)		9.2		8.3		—			(8.3	)		—
		917.4			66.3		983.7		—			(983.7	)		—
Revenues	$	1,777.5		$	3,411.2	$	5,188.7	$	(110.3	)	$	(983.7	)	$	4,094.7
Operating expenses	$	233.6		$	100.2	$	333.8	$	—
Other segment items (1)		840.4			2,537.7		3,378.1		—
Operating margin		703.5			773.3		1,476.8		(110.3	)
Other financial information:
Total assets (2)	$	16,468.3		$	10,381.3	$	26,849.6	$	0.1		$	257.6		$	27,107.3
Goodwill		118.9			—		118.9		—			—			118.9
Capital expenditures		581.8			358.7		940.5		—			7.8			948.3


	Three Months Ended March 31, 2025
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	200.7	$	3,932.5	$	4,133.2	$	(248.8	)	$	—		$	3,884.4
Fees from midstream services		475.1		202.0		677.1		—			—			677.1
		675.8		4,134.5		4,810.3		(248.8	)		—			4,561.5
Intersegment revenues
Sales of commodities		1,517.0		59.4		1,576.4		—			(1,576.4	)		—
Fees from midstream services		0.2		7.1		7.3		—			(7.3	)		—
		1,517.2		66.5		1,583.7		—			(1,583.7	)		—
Revenues	$	2,193.0	$	4,201.0	$	6,394.0	$	(248.8	)	$	(1,583.7	)	$	4,561.5
Operating expenses	$	208.2	$	95.5	$	303.7	$	—
Other segment items (1)		1,382.6		3,458.8		4,841.4		—
Operating margin		602.2		646.7		1,248.9		(248.8	)
Other financial information:
Total assets (2)	$	13,727.9	$	8,821.1	$	22,549.0	$	—		$	251.3		$	22,800.3
Goodwill		45.2		—		45.2		—			—			45.2
Capital expenditures		433.2		174.7		607.9		—			10.4			618.3

(1)

“Other segment items” represents Product purchases and fuel.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:


	Three Months Ended March 31,
	2026			2025
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	473.7		$	681.9
NGL		2,982.8			3,376.8
Condensate and crude oil		131.8			117.0
		3,588.3			4,175.7
Non-customer revenue:
Derivative activities - Hedge		(0.2	)		(6.1	)
Derivative activities - Non-hedge (1)		(243.5	)		(285.2	)
		(243.7	)		(291.3	)
Total sales of commodities		3,344.6			3,884.4

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		559.7			469.0
NGL transportation, fractionation and services	68.5				73.2
Storage, terminaling and export		123.1			135.4
Other		(1.2	)		(0.5	)
Total fees from midstream services		750.1			677.1

Total revenues	$	4,094.7		$	4,561.5

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:


	Three Months Ended March 31,
	2026			2025
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Total reportable segments operating margin	$	1,476.8		$	1,248.9
Other operating margin		(110.3	)		(248.8	)
Depreciation and amortization expense		(426.0	)		(367.6	)
General and administrative expense		(107.8	)		(94.5	)
Other operating income (expense)		14.2			5.3
Interest expense, net		(227.6	)		(197.1	)
Equity earnings (loss)		8.6			5.5
Other, net		(16.6	)		0.3
Income (loss) before income taxes	$	611.3		$	352.0

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Common Stock and Related Matters

3 Months Ended

Mar. 31, 2026

Class of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 8 — Common Stock and Related Matters

Common Share Repurchase Program

In July 2024, our Board of Directors approved a share repurchase program (the “2024 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. In addition, in August 2025, our Board of Directors approved a new share repurchase program (the “2025 Share Repurchase Program” and, together with the 2024 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. We are not obligated to repurchase any specific dollar amount or number of shares under the Share Repurchase Programs and may discontinue these programs at any time.

For the three months ended March 31, 2026, we repurchased 227,801 shares of our common stock at a weighted average per share price of $241.43 for a total net cost of $55.0 million. For the three months ended March 31, 2025, we repurchased 651,163 shares of our common stock at a weighted average per share price of $191.86 for a total net cost of $124.9 million. As of March 31, 2026, there was $1,318.6 million remaining under the Share Repurchase Programs.

Common Stock Dividends

In April 2026, we declared an increase to our common dividend to $1.25 per common share, or $5.00 per common share annualized, effective for the first quarter of 2026.

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2026:


Three Months Ended	Date Paid or To Be Paid	Total Common Dividends Declared		Amount of Common Dividends Paid or To Be Paid		Dividends on Share-Based Awards		Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2026	May 15, 2026	$	270.4	$	268.3	$	2.1	$	1.25
December 31, 2025	February 13, 2026		217.1		215.0		2.1		1.00

- Definition

The entire disclosure for equity.

+ References

+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Recently issued accounting pronouncements not yet adopted

Disaggregation of Income Statement Expenses

Targeted Improvements to the Accounting for Internal-Use Software

Accounting for Government Grants Received by Business Entities

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net income (loss)	$ 487.4	$ 279.8
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(166.7)	(27.7)
Other comprehensive income (loss), related income tax	38.2	6.3
Other comprehensive income (loss), after tax	(128.5)	(21.4)
Comprehensive income (loss)	358.9	258.4
Less: Comprehensive income (loss) attributable to noncontrolling interests	7.8	9.3
Comprehensive income (loss) attributable to Targa Resources Corp.	351.1	249.1
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(166.9)	(33.8)
Change in fair value, related income tax	38.2	7.7
Change in fair value, after tax	(128.7)	(26.1)
Settlements reclassified to revenues, pre-tax	0.2	6.1
Settlements reclassified to revenues, related income tax	0.0	(1.4)
Settlements reclassified to revenues, after tax	$ 0.2	$ 4.7

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:


		Three Months Ended March 31,
		2026		2025
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	479.6	$	270.5
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			—		70.5
Net income (loss) attributable to common shareholders			479.6		200.0
Less: Participating share-based earnings (2)			2.5		1.2
Net income (loss) allocated to common shareholders for basic earnings per share		$	477.1	$	198.8

Weighted average shares outstanding - basic			214.8		217.9
Dilutive effect of unvested restricted stock awards			0.7		0.8
Weighted average shares outstanding - diluted			215.5		218.7

Net income (loss) available per common share - basic		$	2.22	$	0.91
Net income (loss) available per common share - diluted		$	2.21	$	0.91

(1)

Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

(2)

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share


	Three Months Ended March 31,
	2026		2025
Unvested restricted stock awards		0.8		1.1

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	3 Months Ended
	Mar. 31, 2026 MMBTU bbl
Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	93,313
Swaps [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	32,377
Swaps [Member] \| Year 2026 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	8,263
Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	77,778
Swaps [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	24,258
Swaps [Member] \| Year 2027 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	3,316
Swaps [Member] \| Year 2028 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	77,230
Swaps [Member] \| Year 2028 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	23,669
Swaps [Member] \| Year 2028 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	3,244
Swaps [Member] \| Year 2029 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Basis Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	483,282
Basis Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	356,829
Basis Swaps [Member] \| Year 2028 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	279,798
Basis Swaps [Member] \| Year 2029 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	24,959
Future [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	15,247
Future [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	271
Future [Member] \| Year 2028 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day) \| bbl	0
Future [Member] \| Year 2029 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 30, 2024
Operating Loss Carryforwards [Line Items]
U.S. statutory rate	21.00%	21.00%
Tax-effected valuation allowance	$ 5.9		$ 5.9
Percentage of the first-year depreciation allowance on qualified property placed	100.00%
Inflation Reduction Act [Member]
Operating Loss Carryforwards [Line Items]
Corporate alternative minimum tax percentage				15.00%

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 — Fair Value Measurements

Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial instruments. Derivative financial instruments are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of our financial instruments.

Fair Value of Derivative Financial Instruments

Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative instruments using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative instruments we hold.

The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The derivatives at March 31, 2026 represent a net liability position of $341.8 million which reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative instruments. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $524.1 million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net liability of $159.5 million.

Fair Value of Other Financial Instruments

Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our current and long-term debt as follows:

•

the TRGP Revolver, Commercial Paper Program and Securitization Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and

•

the TRGP senior unsecured notes and the Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt.

Contingent consideration liabilities related to business acquisitions are carried at fair value.

Fair Value Hierarchy

We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value:

•

Level 1 – observable inputs such as quoted prices in active markets;

•

Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and

•

Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions.


	March 31, 2026
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	138.3	$	138.3	$	—	$	137.2	$	1.1
Liabilities from commodity derivative contracts (1)		480.1		480.1		—		480.0		0.1
Contingent consideration liability		7.6		7.6		—		—		7.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		100.1		100.1		—		—		—
TRGP Revolver and Commercial Paper Program		457.0		457.0		—		457.0		—
TRGP Senior unsecured notes		14,210.6		14,226.7		—		14,226.7		—
Partnership’s Senior unsecured notes		3,649.9		3,606.8		—		3,606.8		—
Securitization Facility		600.0		600.0		—		600.0		—


	December 31, 2025
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	189.3	$	189.3	$	—	$	189.2	$	0.1
Liabilities from commodity derivative contracts (1)		256.2		256.2		—		255.2		1.0
Contingent consideration liability		0.3		0.3		—		—		0.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.1		166.1		—		—		—
TRGP Revolver and Commercial Paper Program		161.0		161.0		—		161.0		—
TRGP Senior unsecured notes		12,711.7		12,928.6		—		12,928.6		—
Partnership’s Senior unsecured notes		4,329.2		4,316.2		—		4,316.2		—

(1)

Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets

We report certain of our swaps at fair value using Level 3 inputs due to such derivative instruments not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivative instruments valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps was determined using a discounted cash flow valuation technique based on a commodity forward curve, which is based on observable or public data sources and extrapolated when observable prices are not available. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were the forward natural gas pricing inputs, for which a significant portion of the derivative instruments’ term is beyond available forward pricing.

The fair value of the contingent consideration was determined using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include forecasted volumes, term of the earn-out period, risk-adjusted discount rate, and volatility associated with the underlying assets. The inputs are not observable; therefore, the entire valuation of the contingent consideration is categorized in Level 3. The fair value of the contingent consideration is recorded within Other long-term liabilities on our Consolidated Balance Sheets. Subsequent changes in the fair value of this liability are included in Other income (expense) in our Consolidated Statements of Operations.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Nonfinancial assets and liabilities, such as long-lived assets, are measured at fair value on a nonrecurring basis at acquisition or whenever impairment indicators are present. For disclosures related to valuation techniques used in the Stakeholder Acquisition, see “Note 4 – Acquisitions and Joint Ventures.”

The techniques used to fair value assets and liabilities on a nonrecurring basis may produce a fair value calculation that may not be indicative or reflective of future fair values. Furthermore, while we believe our valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details