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Targa Resources Partners LP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Feb 18, 2021. Its latest SEC filing is a 424B5 from Feb 26, 2026.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Gathers and processes natural gas and crude oil, and transports, stores and fractionates natural gas liquids for producers, petrochemical and industrial markets, and LPG exporters.

How Did They Make Money?

It sells commodities unit by unit as they are delivered and provides services billed monthly (or earlier after a final commodity delivery); customers typically pay within 10 to 30 days.

FY2020 revenue

Who Were Their Customers?

Provides gathering and processing for natural gas and crude oil producers, and NGL products and logistics for petrochemical, industrial and export markets.

Did Revenues Turn Into Profits?

Not on paper. It lost $1.8B in FY2020, but brought in more cash than it spent: $751.3M of free cash flow.

Operating income, FY2020
−16% of revenue
▼ Now a loss vs FY2019 ($206.1M, 2%)
Net income, FY2020
−21% of revenue
▲ +591% (Loss) vs FY2019 (−$254.7M, −3%)
Free cash flow, FY2020
9% of revenue
▲ Now profitable vs FY2019 (−$1.5B, −17%)

How Were They Changing?

Grew. Revenue grew 48% in 4 years, from $5.6B in FY2016 to $8.3B in FY2020, about 10% a year.

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