$TRGP
Targa Resources Corp.

2015 Q3 Form 10-Q Financial Statement

#000156459016027687 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q3
Revenue $1.632B
YoY Change -28.68%
Cost Of Revenue $1.172B
YoY Change -37.65%
Gross Profit $468.8M
YoY Change 14.96%
Gross Profit Margin 28.72%
Selling, General & Admin $44.90M
YoY Change 4.42%
% of Gross Profit 9.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $165.8M
YoY Change 89.05%
% of Gross Profit 35.37%
Operating Expenses $344.4M
YoY Change 44.04%
Operating Profit $115.3M
YoY Change -31.65%
Interest Expense -$72.00M
YoY Change 123.6%
% of Operating Profit -62.45%
Other Income/Expense, Net $2.000M
YoY Change
Pretax Income $44.80M
YoY Change -67.03%
Income Tax $24.00M
% Of Pretax Income 53.57%
Net Earnings $20.80M
YoY Change -32.25%
Net Earnings / Revenue 1.27%
Basic Earnings Per Share $0.23
Diluted Earnings Per Share $0.23
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 56.10M

Balance Sheet

Concept 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.0M
YoY Change 30.38%
Cash & Equivalents $102.9M
Short-Term Investments
Other Short-Term Assets $126.0M
YoY Change 404.0%
Inventory $151.0M
Prepaid Expenses
Receivables $621.0M
Other Receivables $0.00
Total Short-Term Assets $1.001B
YoY Change -4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $9.750B
YoY Change 107.71%
Goodwill $551.4M
YoY Change
Intangibles
YoY Change
Long-Term Investments $264.0M
YoY Change 407.69%
Other Assets $156.0M
YoY Change 81.4%
Total Long-Term Assets $12.37B
YoY Change 127.48%
TOTAL ASSETS
Total Short-Term Assets $1.001B
Total Long-Term Assets $12.37B
Total Assets $13.37B
YoY Change 106.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $417.0M
YoY Change -27.35%
Accrued Expenses $99.00M
YoY Change 11.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $136.0M
YoY Change
Total Short-Term Liabilities $862.0M
YoY Change 7.35%
LONG-TERM LIABILITIES
Long-Term Debt $5.939B
YoY Change 89.32%
Other Long-Term Liabilities $81.00M
YoY Change 20.9%
Total Long-Term Liabilities $6.020B
YoY Change 87.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $862.0M
Total Long-Term Liabilities $6.020B
Total Liabilities $11.94B
YoY Change 88.5%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.482B
YoY Change
Total Liabilities & Shareholders Equity $13.42B
YoY Change 106.69%

Cashflow Statement

Concept 2015 Q3
OPERATING ACTIVITIES
Net Income $20.80M
YoY Change -32.25%
Depreciation, Depletion And Amortization $165.8M
YoY Change 89.05%
Cash From Operating Activities $211.3M
YoY Change 123.36%
INVESTING ACTIVITIES
Capital Expenditures -$189.1M
YoY Change 24.33%
Acquisitions
YoY Change
Other Investing Activities -$7.300M
YoY Change -258.7%
Cash From Investing Activities -$196.4M
YoY Change 33.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.70M
YoY Change -131.72%
NET CHANGE
Cash From Operating Activities 211.3M
Cash From Investing Activities -196.4M
Cash From Financing Activities -17.70M
Net Change In Cash -2.800M
YoY Change -196.55%
FREE CASH FLOW
Cash From Operating Activities $211.3M
Capital Expenditures -$189.1M
Free Cash Flow $400.4M
YoY Change 62.3%

Facts In Submission

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<div> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1 &#8212; Organization and Operations</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our Organization</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Targa Resources Corp. (&#8220;TRC&#8221;) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol &#8220;TRGP.&#8221; In this Quarterly Report, unless the context requires otherwise, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company&#8221; or &#8220;Targa&#8221; are intended to mean our consolidated business and operations.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our Operations</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is engaged in the business of: </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">gathering, compressing, treating, processing and selling natural gas;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">storing, fractionating, treating, transporting and selling NGLs and NGL products, including services to LPG exporters;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">gathering, storing and terminaling crude oil; and </p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">storing, terminaling and selling refined petroleum products.</p></td></tr></table></div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Areas of gathering and processing operations include the Permian Basin in West Texas and Southeast New Mexico; the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma and South Central Kansas; the Williston Basin in North Dakota and in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. The Company&#8217;s logistics and marketing assets are predominately located in Mont Belvieu and Galena Park, TX, Lake Charles, LA, and Tacoma, WA. See Note 20 &#8211; Segment Information for certain financial information for our business segments.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:4.5pt;">&nbsp;</p></div>
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trgp Non Cash Adjustment To Line Fill
NonCashAdjustmentToLineFill
16900000
trgp Non Cash Adjustment To Line Fill
NonCashAdjustmentToLineFill
1200000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
400000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
57200000
trgp Transfers From Materials And Supplies To Property Plant And Equipment
TransfersFromMaterialsAndSuppliesToPropertyPlantAndEquipment
1900000
trgp Transfers From Materials And Supplies To Property Plant And Equipment
TransfersFromMaterialsAndSuppliesToPropertyPlantAndEquipment
2900000
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
3800000
CY2016Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
6800000
CY2015Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
300000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
342100000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
53200000
trgp Prepaid Transaction Costs Reclassified In Additional Paid In Capital
PrepaidTransactionCostsReclassifiedInAdditionalPaidInCapital
4500000
us-gaap Stock Issued1
StockIssued1
100000
CY2016Q3 trgp Noncash Additional Paid In Capital
NoncashAdditionalPaidInCapital
3120000000
CY2016Q3 trgp Noncash Accumulated Other Comprehensive Income Loss Net Of Tax
NoncashAccumulatedOtherComprehensiveIncomeLossNetOfTax
55700000
trgp Noncash Noncontrolling Interest Increase From Business Combination
NoncashNoncontrollingInterestIncreaseFromBusinessCombination
4119700000
CY2016Q3 trgp Noncash Deferred Tax Liabilities Noncurrent
NoncashDeferredTaxLiabilitiesNoncurrent
943900000
trgp Non Cash Merger Consideration Common Units And Replacement Equity Awards
NonCashMergerConsiderationCommonUnitsAndReplacementEquityAwards
-2436100000
trgp Non Cash Merger Consideration Common Shares And Replacement Equity Awards
NonCashMergerConsiderationCommonSharesAndReplacementEquityAwards
-1013700000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
-3449800000
trgp Business Combination Consideration Transferred Excluding Liabilities Assumed
BusinessCombinationConsiderationTransferredExcludingLiabilitiesAssumed
5024200000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7200000
CY2015Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
186200000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2016Q3 trgp Operating Margin
OperatingMargin
286600000
CY2016Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
134600000
CY2015Q3 trgp Operating Margin
OperatingMargin
326100000
CY2015Q3 us-gaap Assets
Assets
13373400000
CY2015Q3 us-gaap Goodwill
Goodwill
551400000
trgp Operating Margin
OperatingMargin
885500000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
426500000
trgp Operating Margin
OperatingMargin
951600000
CY2015Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
5024200000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
571000000
CY2015Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-5700000
CY2015Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-2800000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
5100000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-42600000

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