$TRGP
Targa Resources Corp.

2023 Q4 Form 10-Q Financial Statement

#000095017023058137 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $4.240B $3.897B $5.360B
YoY Change -6.92% -27.3% 20.19%
Cost Of Revenue $2.899B $2.690B $4.306B
YoY Change -12.81% -37.53% 19.13%
Gross Profit $1.341B $1.207B $1.054B
YoY Change 8.98% 14.5% 24.71%
Gross Profit Margin 31.63% 30.97% 19.66%
Selling, General & Admin $95.30M $90.00M $79.10M
YoY Change 3.03% 13.78% 17.53%
% of Gross Profit 7.11% 7.46% 7.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $341.4M $331.3M $287.2M
YoY Change 3.52% 15.36% 28.9%
% of Gross Profit 25.46% 27.46% 27.25%
Operating Expenses $705.7M $701.5M $623.8M
YoY Change 3.92% 12.46% 30.37%
Operating Profit $635.3M $505.1M $430.0M
YoY Change 15.22% 17.47% 17.33%
Interest Expense -$175.2M -$175.1M -$125.8M
YoY Change 20.66% 39.19% 38.24%
% of Operating Profit -27.58% -34.67% -29.26%
Other Income/Expense, Net $2.100M -$100.0K -$14.60M
YoY Change -520.0% -99.32% -7400.0%
Pretax Income $460.1M $332.9M $291.3M
YoY Change 13.41% 14.28% 0.45%
Income Tax $102.5M $53.90M $12.00M
% Of Pretax Income 22.28% 16.19% 4.12%
Net Earnings $277.7M $220.0M $193.1M
YoY Change -12.65% 13.93% 5.98%
Net Earnings / Revenue 6.55% 5.65% 3.6%
Basic Earnings Per Share $0.97 $0.85
Diluted Earnings Per Share $1.24 $0.97 $0.84
COMMON SHARES
Basic Shares Outstanding 223.0M 223.7M 226.6M
Diluted Shares Outstanding 225.1M 230.3M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.7M $140.0M $192.9M
YoY Change -35.3% -27.42% -15.62%
Cash & Equivalents $141.7M $139.5M $192.9M
Short-Term Investments
Other Short-Term Assets $98.50M $138.3M $112.4M
YoY Change -36.66% 23.04% -28.36%
Inventory $371.5M $536.2M $471.3M
Prepaid Expenses
Receivables $1.471B $1.241B $1.535B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.195B $2.139B $2.497B
YoY Change -6.87% -14.34% 25.28%
LONG-TERM ASSETS
Property, Plant & Equipment $15.81B $15.33B $13.72B
YoY Change 11.2% 11.79% 15.05%
Goodwill $45.20M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $146.3M $138.3M $136.4M
YoY Change 11.42% 1.39% -79.78%
Other Assets $140.6M $114.2M $149.9M
YoY Change 42.89% -23.82% 52.65%
Total Long-Term Assets $18.48B $18.05B $16.89B
YoY Change 7.4% 6.85% 20.84%
TOTAL ASSETS
Total Short-Term Assets $2.195B $2.139B $2.497B
Total Long-Term Assets $18.48B $18.05B $16.89B
Total Assets $20.67B $20.19B $19.39B
YoY Change 5.68% 4.12% 21.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.575B $1.581B $1.806B
YoY Change 8.7% -12.46% 9.33%
Accrued Expenses $281.7M $292.0M $293.7M
YoY Change 3.07% -0.58% -8.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $620.7M $602.0M $766.5M
YoY Change -25.6% -21.46% 117.39%
Total Short-Term Liabilities $2.761B $2.682B $3.394B
YoY Change -9.97% -20.97% 18.32%
LONG-TERM LIABILITIES
Long-Term Debt $12.33B $12.32B $10.60B
YoY Change 15.24% 16.25% 64.69%
Other Long-Term Liabilities $415.1M $358.2M $367.0M
YoY Change 21.66% -2.4% -16.97%
Total Long-Term Liabilities $415.1M $358.2M $367.0M
YoY Change 21.66% -2.4% -94.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.761B $2.682B $3.394B
Total Long-Term Liabilities $415.1M $358.2M $367.0M
Total Liabilities $3.176B $3.040B $3.761B
YoY Change -6.8% -19.16% -71.16%
SHAREHOLDERS EQUITY
Retained Earnings $492.0M $305.5M -$944.8M
YoY Change -178.49% -132.33%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $896.9M $855.8M $432.0M
YoY Change 93.01% 98.1%
Treasury Stock Shares $11.43M
Shareholders Equity $2.740B $2.506B $2.385B
YoY Change
Total Liabilities & Shareholders Equity $20.67B $20.19B $19.39B
YoY Change 5.68% 4.12% 21.39%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $277.7M $220.0M $193.1M
YoY Change -12.65% 13.93% 5.98%
Depreciation, Depletion And Amortization $341.4M $331.3M $287.2M
YoY Change 3.52% 15.36% 28.9%
Cash From Operating Activities $957.7M $407.3M $459.6M
YoY Change 78.18% -11.38% -7.19%
INVESTING ACTIVITIES
Capital Expenditures $720.0M $591.7M -$395.9M
YoY Change 38.36% -249.46% 222.66%
Acquisitions
YoY Change
Other Investing Activities -$7.000M -$7.500M -$3.500B
YoY Change -138.25% -99.79% -38990.0%
Cash From Investing Activities -$727.0M -$599.2M -$3.896B
YoY Change 44.79% -84.62% 3326.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -228.5M 162.0M 3.475B
YoY Change 2356.99% -95.34% -1060.29%
NET CHANGE
Cash From Operating Activities 957.7M 407.3M 459.6M
Cash From Investing Activities -727.0M -599.2M -3.896B
Cash From Financing Activities -228.5M 162.0M 3.475B
Net Change In Cash 2.200M -29.90M 38.90M
YoY Change -91.57% -176.86% 98.47%
FREE CASH FLOW
Cash From Operating Activities $957.7M $407.3M $459.6M
Capital Expenditures $720.0M $591.7M -$395.9M
Free Cash Flow $237.7M -$184.4M $855.5M
YoY Change 1290.06% -121.55% 38.45%

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<p id="note_1_organization_operations" style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 — Organizati</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">on and Operations</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Our Organization</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="margin-left:3.333%;text-indent:0;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the inclusion of the TRGP senior notes;</span></div></div><div style="margin-left:3.333%;text-indent:0;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the inclusion of the TRGP commercial paper notes;</span></div></div><div style="margin-left:3.333%;text-indent:0;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Our Operations</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is primarily engaged in the business of:</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="margin-left:3.333%;text-indent:0;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">gathering, storing, terminaling, and purchasing and selling crude oil.</span></div></div><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">See Note 16 – Segment Information for certain financial information regarding our business segments.</span></p>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Derivative Liabilities Noncurrent
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CY2023Q3 us-gaap Derivative Assets
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CY2022Q4 us-gaap Derivative Liabilities Current
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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