$TRGP
Targa Resources Corp.

2023 Q2 Form 10-Q Financial Statement

#000095017023017657 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $3.404B $4.521B $4.959B
YoY Change -43.79% -8.84% 36.51%
Cost Of Revenue $2.069B $3.019B $4.204B
YoY Change -59.01% -28.19% 48.22%
Gross Profit $1.335B $1.502B $755.0M
YoY Change 32.35% 98.87% -5.2%
Gross Profit Margin 39.22% 33.22% 15.22%
Selling, General & Admin $81.00M $82.40M $67.10M
YoY Change 14.08% 22.8% 9.28%
% of Gross Profit 6.07% 5.49% 8.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $332.1M $324.8M $209.1M
YoY Change 23.05% 55.33% -3.28%
% of Gross Profit 24.88% 21.63% 27.7%
Operating Expenses $685.7M $664.8M $459.2M
YoY Change 23.19% 44.77% 1.53%
Operating Profit $649.1M $836.7M $295.8M
YoY Change 43.64% 182.86% -14.04%
Interest Expense -$163.2M -$168.0M -$93.60M
YoY Change 100.99% 79.49% -4.88%
% of Operating Profit -25.14% -20.08% -31.64%
Other Income/Expense, Net -$2.000M -$3.000M -$500.0K
YoY Change -500.0% 500.0% -600.0%
Pretax Income $483.9M $665.5M $191.5M
YoY Change -37.54% 247.52% -21.16%
Income Tax $96.40M $110.3M $22.90M
% Of Pretax Income 19.92% 16.57% 11.96%
Net Earnings $329.3M $497.0M $88.00M
YoY Change -44.79% 464.77% -39.89%
Net Earnings / Revenue 9.67% 10.99% 1.77%
Basic Earnings Per Share $1.44 $0.03 $0.06
Diluted Earnings Per Share $1.45 $0.03 $0.06
COMMON SHARES
Basic Shares Outstanding 226.0M 226.6M 228.5M
Diluted Shares Outstanding 226.8M 229.3M 232.4M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.4M $211.8M $135.9M
YoY Change 10.0% 55.85% -45.42%
Cash & Equivalents $169.4M $211.8M $135.9M
Short-Term Investments
Other Short-Term Assets $259.0M $100.9M $99.90M
YoY Change 126.2% 1.0% -10.8%
Inventory $312.3M $156.2M $97.50M
Prepaid Expenses
Receivables $988.1M $1.023B $1.567B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.729B $1.639B $1.901B
YoY Change -20.11% -13.77% 34.88%
LONG-TERM ASSETS
Property, Plant & Equipment $14.89B $14.47B $11.65B
YoY Change 25.36% 24.17% -3.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $131.8M $134.7M $579.8M
YoY Change -3.87% -76.77% -16.7%
Other Assets $168.2M $107.2M $95.30M
YoY Change 76.13% 12.49% -28.88%
Total Long-Term Assets $17.73B $17.39B $13.39B
YoY Change 34.64% 29.8% -5.93%
TOTAL ASSETS
Total Short-Term Assets $1.729B $1.639B $1.901B
Total Long-Term Assets $17.73B $17.39B $13.39B
Total Assets $19.46B $19.03B $15.30B
YoY Change 26.92% 24.39% -2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.173B $1.255B $1.804B
YoY Change -38.28% -30.4% 90.24%
Accrued Expenses $510.2M $188.6M $277.0M
YoY Change 99.92% -31.91% -4.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $586.0M $739.0M $283.8M
YoY Change 41.34% 160.39% 0.64%
Total Short-Term Liabilities $2.321B $2.467B $2.910B
YoY Change -26.41% -15.25% 64.9%
LONG-TERM LIABILITIES
Long-Term Debt $11.81B $11.44B $6.965B
YoY Change 67.18% 64.25% -1.78%
Other Long-Term Liabilities $383.1M $346.4M $565.1M
YoY Change 32.97% -38.7% 57.41%
Total Long-Term Liabilities $12.20B $346.4M $7.530B
YoY Change 4133.22% -95.4% 1.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.321B $2.467B $2.910B
Total Long-Term Liabilities $12.20B $346.4M $7.530B
Total Liabilities $16.79B $2.813B $12.85B
YoY Change 387.77% -78.11% 1.96%
SHAREHOLDERS EQUITY
Retained Earnings $199.5M -$129.8M
YoY Change -117.53%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $701.1M $550.5M
YoY Change 100.09%
Treasury Stock Shares $13.07M
Shareholders Equity $2.675B $2.551B $2.447B
YoY Change
Total Liabilities & Shareholders Equity $19.46B $19.03B $15.30B
YoY Change 26.92% 24.39% -2.25%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $329.3M $497.0M $88.00M
YoY Change -44.79% 464.77% -39.89%
Depreciation, Depletion And Amortization $332.1M $324.8M $209.1M
YoY Change 23.05% 55.33% -3.28%
Cash From Operating Activities $676.8M $1.170B $748.2M
YoY Change 6.5% 56.35% 10.06%
INVESTING ACTIVITIES
Capital Expenditures $598.0M $475.7M $204.4M
YoY Change -378.01% 132.73% 112.47%
Acquisitions
YoY Change
Other Investing Activities $4.200M $300.0K $7.400M
YoY Change -99.36% -95.95% -2566.67%
Cash From Investing Activities -$593.8M -$480.8M -$197.0M
YoY Change -233.32% 144.06% 118.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -125.4M -696.2M -573.8M
YoY Change -88.2% 21.33% -1.76%
NET CHANGE
Cash From Operating Activities 676.8M 1.170B 748.2M
Cash From Investing Activities -593.8M -480.8M -197.0M
Cash From Financing Activities -125.4M -696.2M -573.8M
Net Change In Cash -42.40M -7.200M -22.60M
YoY Change -334.25% -68.14% -496.49%
FREE CASH FLOW
Cash From Operating Activities $676.8M $1.170B $748.2M
Capital Expenditures $598.0M $475.7M $204.4M
Free Cash Flow $78.80M $694.1M $543.8M
YoY Change -90.74% 27.64% -6.82%

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<p id="note_1_organization_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1 — Organizati</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">on and Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Our Organization</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 midstream infrastructure assets.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 consolidated the Partnership and its subsidiaries under GAAP, and prepared the accompanying consolidated financial statements 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:</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP senior revolving credit facility and term loan facility;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP senior notes;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP commercial paper notes;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of Series A Preferred Stock (“Series A Preferred”) prior to full redemption in May 2022; and</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Our Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is primarily engaged in the business of:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">gathering, storing, terminaling, and purchasing and selling crude oil.</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">See Note 16 – Segment Information for certain financial information regarding our business segments.</span></p>
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24382400000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23913200000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9912400000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9698600000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14470000000.0
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14214600000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4379700000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4379700000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1741100000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1645100000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2638600000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2734600000
CY2023Q1 us-gaap Depreciation
Depreciation
228800000
CY2022Q1 us-gaap Depreciation
Depreciation
181100000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
384000000.0
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
373200000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
326000000.0
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
279800000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
252200000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2734600000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
96000000.0
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2638600000
CY2023Q1 us-gaap Collateralized Financings
CollateralizedFinancings
704000000.0
CY2022Q4 us-gaap Collateralized Financings
CollateralizedFinancings
800000000.0
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
35000000.0
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
34300000
CY2023Q1 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
739000000.0
CY2022Q4 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
834300000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11298400000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10574700000
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
67700000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
65600000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
208900000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
193000000.0
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
11439600000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
10702100000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
12178600000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
11536400000
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
33200000
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
33200000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
204500000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
198800000
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
99700000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
97900000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
27200000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28600000
CY2023Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
15000000.0
CY2022Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
15900000
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
346400000
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
341200000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
204500000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
198800000
CY2020Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000.0
CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000.0
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
724140
CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
71.82
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
52000000.0
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
737799
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
67.37
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
49700000
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
91800000
CY2023Q1 trgp Common Stock Annualized Dividends Per Share Declared
CommonStockAnnualizedDividendsPerShareDeclared
2.00
CY2023Q1 us-gaap Revenues
Revenues
4520500000
CY2022Q1 us-gaap Revenues
Revenues
4959100000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
497000000.0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
88000000.0
CY2023Q1 trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
490700000
CY2022Q1 trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
53100000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6300000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13100000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
226400000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228500000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2900000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3900000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229300000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232400000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2023Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
45200000
CY2022Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-145700000
CY2023Q1 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
146500000
CY2023Q1 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
156600000
CY2022Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
179900000
CY2022Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
320100000
CY2023Q1 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
36200000
CY2023Q1 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
62400000
CY2022Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
24500000
CY2022Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
140100000
CY2023Q1 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
182700000
CY2023Q1 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-219000000.0
CY2022Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
204400000
CY2022Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-460200000
CY2023Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
70000000.0
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
78300000
CY2023Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
13400000
CY2023Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
28700000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
182700000
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
219000000.0
CY2023Q1 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
12700000
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
83400000
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
107000000.0
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
44900000
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
172900000
CY2022Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
7300000
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
100500000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
204400000
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
460200000
CY2022Q4 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
34600000
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
52200000
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
273400000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
36300000
CY2023Q1 trgp Price Risk Cash Flow Hedge Gain Loss Expected To Reclassify Into Earnings
PriceRiskCashFlowHedgeGainLossExpectedToReclassifyIntoEarnings
102000000.0
CY2023Q1 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
75200000
CY2023Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
298300000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
211600000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
151300000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
100000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-200000
CY2023Q1 trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
8800000
CY2022Q1 trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
-18200000
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
6700000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
36300000
CY2023Q1 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Increases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceIncreasesBy10Percent
-184400000
CY2023Q1 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Decreases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceDecreasesBy10Percent
-112000000.0
CY2023Q1 trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
CY2022 trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
CY2023Q1 trgp Cumulative Interest On Award
CumulativeInterestOnAward
45800000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
110300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22900000
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13400000
CY2023Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
23500000
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2400000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3801800000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4888900000
CY2023Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
223200000
CY2022Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-322700000
CY2023Q1 us-gaap Revenues
Revenues
4520500000
CY2022Q1 us-gaap Revenues
Revenues
4959100000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
324800000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
209100000
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
82400000
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
67100000
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
600000
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
500000
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-168000000.0
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-93600000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-200000
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5600000
CY2022Q1 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-15800000
CY2023Q1 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-3000000.0
CY2022Q1 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-400000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
665500000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
191500000

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