Targa Resources Corp (MEX:TRGP)

Q4 2024 Targa Resources Corp Earnings Call Transcript

Feb 20, 2025 / 04:00PM GMT

Release Date Price: MXN4236

Transcript 10-K8-K

Key Points

Positve

Targa Resources Corp (TRGP) reported record adjusted EBITDA of $4.1 billion for 2024, a 17% increase over 2023.
The company announced three new projects, including the Delaware Express pipeline, Train 12 fractionator, and LPG export expansion, to accommodate growing NGL volumes.
TRGP achieved a 14% year-over-year growth in Permian G&P volumes, surpassing initial expectations.
The company plans a 33% year-over-year increase in its annualized 2025 common dividend per share, following a 50% increase in 2024.
TRGP successfully repurchased $755 million of common shares in 2024, reflecting strong capital return to shareholders.

Negative

The company experienced weather-related headwinds in Q1 2025, impacting Permian volumes and NGL volumes downstream.
Higher steel prices due to tariff discussions could increase capital costs for new projects.
Despite strong growth, TRGP's leverage ratio increased slightly due to the Badlands repurchase, though it remains within the target range.
The company anticipates being subject to the federal minimum tax in 2026 and becoming a full cash taxpayer in 2027.
TRGP's growth capital spending for 2025 is expected to be higher than previously estimated, driven by accelerated project timelines.

Operator

Thank you for standing by, and welcome to Targa Resource Corp's fourth quarter 2024 Earnings Conference Call. (Operator Instructions).

I would now like to hand the call over to Tristan Richardson, Vice President, Investor Relations and fundamentals. Please go ahead.

Tristan Richardson

Targa Resources Corp - Vice President, Investor Relations and fundamentals

Thanks, Latif. Good morning, and welcome to the Fourth Quarter 2024 Earnings Call for Targa Resources Corp. The fourth quarter earnings release, along with the fourth quarter earnings supplement presentation for Targa Resources that accompany our call are available on our website at targaresources.com in the Investors section.

In addition, an updated investor presentation has also been posted to our website. Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward

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