$TRGP
Targa Resources Corp.

2019 Q2 Form 10-Q Financial Statement

#000156459019030955 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.995B $2.444B
YoY Change -18.37% 30.88%
Cost Of Revenue $1.362B $1.905B
YoY Change -28.54% 34.12%
Gross Profit $633.7M $539.1M
YoY Change 17.55% 20.58%
Gross Profit Margin 31.76% 22.05%
Selling, General & Admin $75.10M $57.00M
YoY Change 31.75% 11.76%
% of Gross Profit 11.85% 10.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $237.2M $202.6M
YoY Change 17.08% -0.44%
% of Gross Profit 37.43% 37.58%
Operating Expenses $520.0M $383.7M
YoY Change 35.52% -6.39%
Operating Profit $113.7M $155.4M
YoY Change -26.83% 317.74%
Interest Expense -$72.10M -$62.00M
YoY Change 16.29% -6.49%
% of Operating Profit -63.41% -39.9%
Other Income/Expense, Net $800.0K $60.60M
YoY Change -98.68% 1277.27%
Pretax Income $45.60M $153.9M
YoY Change -70.37% -534.75%
Income Tax -$3.300M $32.80M
% Of Pretax Income -7.24% 21.31%
Net Earnings -$10.20M $109.1M
YoY Change -109.35% 89.41%
Net Earnings / Revenue -0.51% 4.46%
Basic Earnings Per Share -$0.18 $0.36
Diluted Earnings Per Share -$0.18 $0.35
COMMON SHARES
Basic Shares Outstanding 232.4M 221.1M
Diluted Shares Outstanding 232.4M 222.8M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $227.0M $282.0M
YoY Change -19.5% 184.85%
Cash & Equivalents $226.5M $281.6M
Short-Term Investments
Other Short-Term Assets $39.20M $101.0M
YoY Change -61.19% 53.03%
Inventory $205.1M $181.0M
Prepaid Expenses
Receivables $637.2M $867.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.212B $1.432B
YoY Change -15.37% 56.52%
LONG-TERM ASSETS
Property, Plant & Equipment $14.37B $11.42B
YoY Change 25.81% 11.68%
Goodwill $46.60M
YoY Change
Intangibles
YoY Change
Long-Term Investments $677.0M $364.0M
YoY Change 85.99% 66.67%
Other Assets $75.00M $49.00M
YoY Change 53.06% 148.73%
Total Long-Term Assets $17.11B $14.16B
YoY Change 20.77% 8.92%
TOTAL ASSETS
Total Short-Term Assets $1.212B $1.432B
Total Long-Term Assets $17.11B $14.16B
Total Assets $18.32B $15.60B
YoY Change 17.45% 12.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $499.0M $730.0M
YoY Change -31.64% 51.14%
Accrued Expenses $151.0M $129.0M
YoY Change 17.05% 53.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $309.0M $180.0M
YoY Change 71.67% -64.0%
Total Short-Term Liabilities $1.658B $1.953B
YoY Change -15.1% 39.94%
LONG-TERM LIABILITIES
Long-Term Debt $6.639B $5.394B
YoY Change 23.08% 36.99%
Other Long-Term Liabilities $305.0M $249.0M
YoY Change 22.49% -57.68%
Total Long-Term Liabilities $6.944B $5.643B
YoY Change 23.06% 24.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.658B $1.953B
Total Long-Term Liabilities $6.944B $5.643B
Total Liabilities $8.602B $9.148B
YoY Change -5.97% 54.49%
SHAREHOLDERS EQUITY
Retained Earnings -$179.5M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.20M
YoY Change
Treasury Stock Shares $895.8K $640.0K
Shareholders Equity $5.542B $6.448B
YoY Change
Total Liabilities & Shareholders Equity $18.32B $15.60B
YoY Change 17.45% 12.05%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$10.20M $109.1M
YoY Change -109.35% 89.41%
Depreciation, Depletion And Amortization $237.2M $202.6M
YoY Change 17.08% -0.44%
Cash From Operating Activities $244.7M $189.3M
YoY Change 29.27% 29.84%
INVESTING ACTIVITIES
Capital Expenditures -$807.7M -$566.6M
YoY Change 42.55% 47.78%
Acquisitions
YoY Change
Other Investing Activities -$85.50M $7.000M
YoY Change -1321.43% -107.02%
Cash From Investing Activities -$893.2M -$559.6M
YoY Change 59.61% 15.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 750.1M 432.1M
YoY Change 73.59% 21.38%
NET CHANGE
Cash From Operating Activities 244.7M 189.3M
Cash From Investing Activities -893.2M -559.6M
Cash From Financing Activities 750.1M 432.1M
Net Change In Cash 101.6M 61.80M
YoY Change 64.4% 230.48%
FREE CASH FLOW
Cash From Operating Activities $244.7M $189.3M
Capital Expenditures -$807.7M -$566.6M
Free Cash Flow $1.052B $755.9M
YoY Change 39.22% 42.84%

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trgp Noncontrolling Interest Increase Decrease From Business Combination
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us-gaap Profit Loss
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us-gaap Gain Loss On Repurchase Of Debt Instrument
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us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Proceeds From Minority Shareholders
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us-gaap Payments Of Dividends Minority Interest
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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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us-gaap Payments Of Ordinary Dividends
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us-gaap Payments Of Ordinary Dividends
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us-gaap Nature Of Operations
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<p id="NOTE_1_ORGANIZATION_OPERATIONS" 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 — Organization and Operations</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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. (“TRC”) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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 primarily engaged in the business of:</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">gathering, compressing, treating, processing, transporting and selling natural gas;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">transporting, storing, fractionating, treating and selling NGLs and NGL products, including services to LPG exporters; and</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">gathering, storing, terminaling and selling crude oil.</span></p></td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 22 – Segment Information for certain financial information regarding our business segments.</p>
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4679900000
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us-gaap Depreciation
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CY2018Q2 us-gaap Depreciation
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136000000.0
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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us-gaap Dividend Payable Date To Be Paid Day Month And Year
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CY2019Q2 us-gaap Derivative Assets
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CY2019Q2 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Increases By10 Percent
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trgp Deemed Preferred Stock Dividend
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trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
1200000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
47500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18000000.0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
201600000

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