$TRGP
Targa Resources Corp.

2024 Q4 Form 10-Q Financial Statement

#000095017024121370 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $3.852B
YoY Change -1.15%
Cost Of Revenue $2.365B
YoY Change -12.08%
Gross Profit $1.487B
YoY Change 23.22%
Gross Profit Margin 38.6%
Selling, General & Admin $102.6M
YoY Change 14.0%
% of Gross Profit 6.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $355.4M
YoY Change 7.27%
% of Gross Profit 23.9%
Operating Expenses $758.6M
YoY Change 8.14%
Operating Profit $728.2M
YoY Change 44.17%
Interest Expense -$184.9M
YoY Change 5.6%
% of Operating Profit -25.39%
Other Income/Expense, Net -$400.0K
YoY Change 300.0%
Pretax Income $545.1M
YoY Change 63.74%
Income Tax $97.00M
% Of Pretax Income 17.79%
Net Earnings $387.4M
YoY Change 76.09%
Net Earnings / Revenue 10.06%
Basic Earnings Per Share $1.76
Diluted Earnings Per Share $1.75
COMMON SHARES
Basic Shares Outstanding 218.1M 219.1M
Diluted Shares Outstanding 220.0M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.2M
YoY Change -9.14%
Cash & Equivalents $127.2M
Short-Term Investments
Other Short-Term Assets $109.9M
YoY Change -20.54%
Inventory $414.9M
Prepaid Expenses
Receivables $1.301B
Other Receivables $0.00
Total Short-Term Assets $2.028B
YoY Change -5.19%
LONG-TERM ASSETS
Property, Plant & Equipment $17.43B
YoY Change 13.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $177.3M
YoY Change 28.2%
Other Assets $167.1M
YoY Change 46.32%
Total Long-Term Assets $19.88B
YoY Change 10.11%
TOTAL ASSETS
Total Short-Term Assets $2.028B
Total Long-Term Assets $19.88B
Total Assets $21.90B
YoY Change 8.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.468B
YoY Change -7.17%
Accrued Expenses $320.7M
YoY Change 9.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $653.3M
YoY Change 8.52%
Total Short-Term Liabilities $2.627B
YoY Change -2.04%
LONG-TERM LIABILITIES
Long-Term Debt $13.60B
YoY Change 10.42%
Other Long-Term Liabilities $340.0M
YoY Change -5.08%
Total Long-Term Liabilities $340.0M
YoY Change -5.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.627B
Total Long-Term Liabilities $340.0M
Total Liabilities $2.967B
YoY Change -2.4%
SHAREHOLDERS EQUITY
Retained Earnings $1.005B
YoY Change 228.87%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.602B
YoY Change 87.23%
Treasury Stock Shares
Shareholders Equity $2.574B
YoY Change
Total Liabilities & Shareholders Equity $21.90B
YoY Change 8.49%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $387.4M
YoY Change 76.09%
Depreciation, Depletion And Amortization $355.4M
YoY Change 7.27%
Cash From Operating Activities $540.9M
YoY Change 32.8%
INVESTING ACTIVITIES
Capital Expenditures $828.8M
YoY Change 40.07%
Acquisitions
YoY Change
Other Investing Activities -$18.50M
YoY Change 146.67%
Cash From Investing Activities -$847.3M
YoY Change 41.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 267.2M
YoY Change 64.94%
NET CHANGE
Cash From Operating Activities 540.9M
Cash From Investing Activities -847.3M
Cash From Financing Activities 267.2M
Net Change In Cash -39.20M
YoY Change 31.1%
FREE CASH FLOW
Cash From Operating Activities $540.9M
Capital Expenditures $828.8M
Free Cash Flow -$287.9M
YoY Change 56.13%

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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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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 class="item-list-element-wrapper" 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%;word-break:keep-all;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>
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28632400000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26265200000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11207200000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10458800000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17425200000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15806400000
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4378000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4378000000
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2307300000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2027400000
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2070700000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2350600000
CY2024Q3 us-gaap Depreciation
Depreciation
262100000
us-gaap Depreciation
Depreciation
764600000
CY2023Q3 us-gaap Depreciation
Depreciation
235300000
us-gaap Depreciation
Depreciation
700200000
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
93300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
279900000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
96000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
288000000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
373200000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
326000000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
279800000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
252200000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
234000000
CY2024Q3 us-gaap Collateralized Financings
CollateralizedFinancings
600000000
CY2023Q4 us-gaap Collateralized Financings
CollateralizedFinancings
575000000
CY2024Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
53300000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
45700000
CY2024Q3 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
653300000
CY2023Q4 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
620700000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
13455700000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
12179900000
CY2024Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
91600000
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
90800000
CY2024Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
237300000
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
244100000
CY2024Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
13601400000
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
12333200000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
14254700000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
12953900000
CY2024Q2 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
1500000000
CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-800000
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
119300000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
248800000
CY2024Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
135500000
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
103000000.0
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
80900000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
56500000
CY2024Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
4300000
CY2023Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
6800000
CY2024Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
340000000
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
415100000
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
119300000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
248800000
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
119300000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
248800000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
248800000
trgp Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
13900000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14400000
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
119300000
CY2020Q4 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000
CY2024Q3 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000
CY2024Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1150107
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
5322367
CY2024Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
146.02
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
121.5
CY2024Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
167900000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
646700000
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1583317
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4395519
CY2023Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
83.38
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
75.77
CY2023Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
132000000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
333100000
CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1100000000
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.75
CY2024Q1 trgp Common Stock Annualized Dividends Per Share Declared
CommonStockAnnualizedDividendsPerShareDeclared
3
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
387400000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
220000000
us-gaap Net Income Loss
NetIncomeLoss
961000000
us-gaap Net Income Loss
NetIncomeLoss
1046300000
trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
490700000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
387400000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
220000000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
961000000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
555600000
CY2024Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2900000
CY2023Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2200000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7400000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
5100000
CY2024Q3 trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
384500000
CY2023Q3 trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
217800000
trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
953600000
trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
550500000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219000000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
223800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
221000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225200000
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1300000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1300000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
220000000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
225100000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226500000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.76
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.44
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.75
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.43
CY2024Q3 trgp Loss Contingency Reduction Of Maximum Lossdue To Counterparty Credit Risk By Master Netting Provision
LossContingencyReductionOfMaximumLossdueToCounterpartyCreditRiskByMasterNettingProvision
9700000
CY2024Q3 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
75000000
CY2024Q3 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
72200000
CY2023Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
111900000
CY2023Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
54000000
CY2024Q3 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
35300000
CY2024Q3 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
82900000
CY2023Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
33300000
CY2023Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
16800000
CY2024Q3 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
110300000
CY2024Q3 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-155100000
CY2023Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
145200000
CY2023Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-70800000
CY2024Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
27300000
CY2024Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
17000000
CY2024Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
12700000
CY2024Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
49500000
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
110300000
CY2024Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
155100000
CY2024Q3 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
18300000
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
40000000
CY2024Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
66500000
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
69400000
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
7900000
CY2023Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
18600000
CY2023Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
2200000
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
145200000
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
70800000
CY2023Q4 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
3500000
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
88000000
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
10100000
CY2024Q3 trgp Derivative Collateral Amount
DerivativeCollateralAmount
0
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
44800000
CY2024Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
30200000
CY2023Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
22200000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
59300000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
117200000
CY2024Q3 trgp Price Risk Cash Flow Hedge Gain Loss Expected To Reclassify Into Earnings
PriceRiskCashFlowHedgeGainLossExpectedToReclassifyIntoEarnings
76800000
CY2024Q3 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
50700000
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
44800000
CY2024Q3 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Increases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceIncreasesBy10Percent
197600000
CY2024Q3 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Decreases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceDecreasesBy10Percent
-108100000
trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
CY2023 trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
trgp Cumulative Interest On Award
CumulativeInterestOnAward
55800000
CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7100000
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7100000
us-gaap Interest Paid Net
InterestPaidNet
694900000
us-gaap Interest Paid Net
InterestPaidNet
574100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9700000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9500000
trgp Impact Of Capital Expenditure Accruals On Plant And Equipment
ImpactOfCapitalExpenditureAccrualsOnPlantAndEquipment
79400000
trgp Impact Of Capital Expenditure Accruals On Plant And Equipment
ImpactOfCapitalExpenditureAccrualsOnPlantAndEquipment
76800000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
500000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
6500000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
50100000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
29200000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q3 us-gaap Revenues
Revenues
3851800000
CY2023Q3 us-gaap Revenues
Revenues
3896600000
us-gaap Revenues
Revenues
11976200000
us-gaap Revenues
Revenues
11820800000
CY2024Q3 us-gaap Revenues
Revenues
3851800000
CY2023Q3 us-gaap Revenues
Revenues
3896600000
us-gaap Revenues
Revenues
11976200000
us-gaap Revenues
Revenues
11820800000
CY2024Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
355400000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
331300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1044500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
988200000
CY2024Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
102600000
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
90000000.0
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
287400000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
253400000
CY2024Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
400000
CY2023Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2500000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
700000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2000000
CY2024Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-184900000
CY2023Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-175100000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-589500000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-509800000
CY2024Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2200000
CY2023Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7900000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6200000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-800000
CY2024Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-400000
CY2023Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-100000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
1100000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-5000000
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
545100000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
332900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1413600000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1482400000

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