$TRGP
Targa Resources Corp.

2024 Q2 Form 10-Q Financial Statement

#000095017024051853 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $3.562B $4.562B
YoY Change 4.65% 0.93%
Cost Of Revenue $2.197B $3.218B
YoY Change 6.21% 6.59%
Gross Profit $1.365B $1.344B
YoY Change 2.23% -10.46%
Gross Profit Margin 38.31% 29.47%
Selling, General & Admin $98.30M $86.50M
YoY Change 21.36% 4.98%
% of Gross Profit 7.2% 6.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $348.6M $340.5M
YoY Change 4.97% 4.83%
% of Gross Profit 25.55% 25.33%
Operating Expenses $737.4M $705.0M
YoY Change 7.54% 6.05%
Operating Profit $627.2M $639.4M
YoY Change -3.37% -23.58%
Interest Expense -$176.0M -$228.6M
YoY Change 7.84% 36.07%
% of Operating Profit -28.06% -35.75%
Other Income/Expense, Net -$100.0K $1.700M
YoY Change -95.0% -156.67%
Pretax Income $453.2M $415.3M
YoY Change -6.34% -37.6%
Income Tax $94.30M $82.70M
% Of Pretax Income 20.81% 19.91%
Net Earnings $298.5M $275.2M
YoY Change -9.35% -44.63%
Net Earnings / Revenue 8.38% 6.03%
Basic Earnings Per Share $1.34 $1.23
Diluted Earnings Per Share $1.33 $1.22
COMMON SHARES
Basic Shares Outstanding 221.7M 223.2M
Diluted Shares Outstanding 221.9M 223.7M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.4M $109.9M
YoY Change -1.77% -48.11%
Cash & Equivalents $166.4M $109.9M
Short-Term Investments
Other Short-Term Assets $99.90M $82.30M
YoY Change -61.43% -18.43%
Inventory $320.6M $224.5M
Prepaid Expenses
Receivables $1.217B $1.484B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.867B $1.973B
YoY Change 7.97% 20.39%
LONG-TERM ASSETS
Property, Plant & Equipment $16.89B $16.28B
YoY Change 13.44% 12.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $159.8M $152.2M
YoY Change 21.24% 12.99%
Other Assets $165.7M $163.7M
YoY Change -1.49% 52.71%
Total Long-Term Assets $19.40B $18.87B
YoY Change 9.39% 8.55%
TOTAL ASSETS
Total Short-Term Assets $1.867B $1.973B
Total Long-Term Assets $19.40B $18.87B
Total Assets $21.26B $20.85B
YoY Change 9.26% 9.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.687B $1.710B
YoY Change 43.77% 36.18%
Accrued Expenses $243.0M $295.9M
YoY Change -52.37% 56.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $601.2M $546.1M
YoY Change 2.59% -26.1%
Total Short-Term Liabilities $2.891B $2.815B
YoY Change 24.56% 14.1%
LONG-TERM LIABILITIES
Long-Term Debt $12.97B $12.51B
YoY Change 9.76% 9.36%
Other Long-Term Liabilities $308.7M $304.1M
YoY Change -19.42% -12.21%
Total Long-Term Liabilities $308.7M $304.1M
YoY Change -97.47% -12.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.891B $2.815B
Total Long-Term Liabilities $308.7M $304.1M
Total Liabilities $3.199B $3.119B
YoY Change -80.94% 10.86%
SHAREHOLDERS EQUITY
Retained Earnings $783.9M $654.1M
YoY Change 292.93% -603.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.417B $1.058B
YoY Change 102.04% 92.13%
Treasury Stock Shares
Shareholders Equity $2.468B $2.704B
YoY Change
Total Liabilities & Shareholders Equity $21.26B $20.85B
YoY Change 9.26% 9.57%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $298.5M $275.2M
YoY Change -9.35% -44.63%
Depreciation, Depletion And Amortization $348.6M $340.5M
YoY Change 4.97% 4.83%
Cash From Operating Activities $904.5M $876.4M
YoY Change 33.64% -25.08%
INVESTING ACTIVITIES
Capital Expenditures $740.3M $669.8M
YoY Change 23.8% 40.8%
Acquisitions
YoY Change
Other Investing Activities -$9.500M $300.0K
YoY Change -326.19% 0.0%
Cash From Investing Activities -$749.8M -$677.9M
YoY Change 26.27% 40.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -98.20M -230.3M
YoY Change -21.69% -66.92%
NET CHANGE
Cash From Operating Activities 904.5M 876.4M
Cash From Investing Activities -749.8M -677.9M
Cash From Financing Activities -98.20M -230.3M
Net Change In Cash 56.50M -31.80M
YoY Change -233.25% 341.67%
FREE CASH FLOW
Cash From Operating Activities $904.5M $876.4M
Capital Expenditures $740.3M $669.8M
Free Cash Flow $164.2M $206.6M
YoY Change 108.38% -70.23%

Facts In Submission

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<p id="note_1_organization_operations" style="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="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="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="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="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-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="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="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-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 consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared 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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the inclusion of the TRGP commercial paper notes; and</span></div></div><div style="margin-left:3.333%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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="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="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="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="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is primarily engaged in the business of:</span></p><p style="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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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%;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-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;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="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="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-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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