Targa Resources (TRGP) FY2025 results: revenue $17.0 billion, up 3.9% on the year

Targa is a midstream company: it gathers, compresses, treats, processes, transports and buys and sells natural gas; transports, stores, fractionates, treats and buys and sells natural gas liquids and the products made from them, including services to liquefied petroleum gas exporters; and gathers, stores, terminals and buys and sells crude oil. It is a Delaware corporation formed in October 2005 and describes itself as one of the largest independent infrastructure companies in North America. There are two segments: Gathering and Processing, and Logistics and Transportation, which the company also calls its Downstream Business.

Gathering and Processing

This segment gathers or buys gas from wells, brings it through gathering lines of varying diameter to processing plants, and there extracts the embedded liquids and removes water vapour and other contaminants. What comes out is two streams: marketable residue gas, which moves on through residue pipelines to large commercial and industrial users and to gas and electric utilities, and a stream of mixed natural gas liquids. The same segment gathers, stores, terminals and buys and sells crude oil. Its assets sit in the Permian Basin of West Texas and south-eastern New Mexico, covering 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; and the onshore and near offshore Louisiana Gulf Coast.

Logistics and Transportation

The downstream half takes the mixed liquids and splits them into their components. It holds fractionation and treating plants, and 35 owned storage wells with gross liquids storage capacity of approximately 81 MMBbl, alongside seven wells it operates but does not own; how much of that storage can be used may be limited by brine handling capacity, since brine is what displaces the liquids out of storage. It also holds storage and terminaling facilities. The company markets its own liquids production and buys component products from other producers and marketers to resell.

What is being built

Train 13, a fractionation train at Mont Belvieu, Texas, is expected to start up in the first quarter of 2028. In September 2025 the company announced the Speedway NGL Pipeline, approximately 500 miles of 30-inch pipe with associated infrastructure, to carry liquids from existing Permian assets and future plants to the Mont Belvieu fractionation and storage complex, with initial capacity of approximately 500 MBbl/d expandable to 1,000 MBbl/d, expected to begin operating in the third quarter of 2027. In February 2025 it announced an expansion of liquefied petroleum gas exports at the Galena Park Marine Terminal, adding a pipeline from Mont Belvieu to Galena Park and more refrigeration, which it says would raise effective export capacity to as much as 19 MMBbl a month depending on the propane and butane mix, vessel size and supply, and is expected to be finished in the third quarter of 2027. In August 2025 it announced a 43-mile extension of the Bull Run intrastate gas pipeline.

From Targa Resources' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.