$TRGP
Targa Resources Corp.

2020 Q3 Form 10-Q Financial Statement

#000156459020051164 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $2.115B $1.903B
YoY Change 11.17% -36.29%
Cost Of Revenue $1.303B $1.328B
YoY Change -1.87% -44.28%
Gross Profit $811.9M $574.4M
YoY Change 41.35% -4.73%
Gross Profit Margin 38.39% 30.19%
Selling, General & Admin $58.60M $72.60M
YoY Change -19.28% 14.87%
% of Gross Profit 7.22% 12.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $203.7M $244.3M
YoY Change -16.62% 18.42%
% of Gross Profit 25.09% 42.53%
Operating Expenses $516.4M $532.8M
YoY Change -3.08% 1.25%
Operating Profit $295.5M $41.60M
YoY Change 610.34% -45.76%
Interest Expense -$97.70M -$89.10M
YoY Change 9.65% 13.94%
% of Operating Profit -33.06% -214.18%
Other Income/Expense, Net $700.0K $0.00
YoY Change -100.0%
Pretax Income $204.1M $28.30M
YoY Change 621.2% -287.42%
Income Tax $31.90M -$3.800M
% Of Pretax Income 15.63% -13.43%
Net Earnings $69.30M -$47.30M
YoY Change -246.51% 99.58%
Net Earnings / Revenue 3.28% -2.49%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share $0.16 -$0.34
COMMON SHARES
Basic Shares Outstanding 233.4M 232.7M
Diluted Shares Outstanding 233.8M 232.7M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.0M $326.0M
YoY Change -15.64% 60.59%
Cash & Equivalents $275.0M $326.3M
Short-Term Investments
Other Short-Term Assets $298.0M $195.0M
YoY Change 52.82% 135.51%
Inventory $262.0M $210.9M
Prepaid Expenses
Receivables $610.0M $744.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.444B $1.476B
YoY Change -2.17% -14.5%
LONG-TERM ASSETS
Property, Plant & Equipment $12.29B $14.70B
YoY Change -16.36% 21.65%
Goodwill $46.60M
YoY Change -81.84%
Intangibles
YoY Change
Long-Term Investments $719.0M $719.0M
YoY Change 0.0% 62.85%
Other Assets $179.0M $84.00M
YoY Change 113.1% 226.85%
Total Long-Term Assets $14.61B $17.44B
YoY Change -16.25% 17.52%
TOTAL ASSETS
Total Short-Term Assets $1.444B $1.476B
Total Long-Term Assets $14.61B $17.44B
Total Assets $16.05B $18.92B
YoY Change -15.15% 14.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $618.0M $612.0M
YoY Change 0.98% -37.3%
Accrued Expenses $165.0M $157.0M
YoY Change 5.1% 18.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $262.0M $258.0M
YoY Change 1.55% -11.03%
Total Short-Term Liabilities $1.381B $1.669B
YoY Change -17.26% -34.71%
LONG-TERM LIABILITIES
Long-Term Debt $7.652B $7.280B
YoY Change 5.11% 28.19%
Other Long-Term Liabilities $370.0M $352.0M
YoY Change 5.11% 30.08%
Total Long-Term Liabilities $8.022B $7.280B
YoY Change 10.2% 22.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.381B $1.669B
Total Long-Term Liabilities $8.022B $7.280B
Total Liabilities $12.91B $13.33B
YoY Change -3.14% 56.71%
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 $3.142B $5.589B
YoY Change
Total Liabilities & Shareholders Equity $16.05B $18.92B
YoY Change -15.15% 14.18%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $69.30M -$47.30M
YoY Change -246.51% 99.58%
Depreciation, Depletion And Amortization $203.7M $244.3M
YoY Change -16.62% 18.42%
Cash From Operating Activities $356.8M $366.7M
YoY Change -2.7% -1.13%
INVESTING ACTIVITIES
Capital Expenditures -$187.2M -$683.1M
YoY Change -72.6% -21.58%
Acquisitions
YoY Change
Other Investing Activities $5.300M $25.50M
YoY Change -79.22% -130.07%
Cash From Investing Activities -$181.9M -$657.6M
YoY Change -72.34% -31.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.10M 390.7M
YoY Change -124.6% -22.88%
NET CHANGE
Cash From Operating Activities 356.8M 366.7M
Cash From Investing Activities -181.9M -657.6M
Cash From Financing Activities -96.10M 390.7M
Net Change In Cash 78.80M 99.80M
YoY Change -21.04% -227.3%
FREE CASH FLOW
Cash From Operating Activities $356.8M $366.7M
Capital Expenditures -$187.2M -$683.1M
Free Cash Flow $544.0M $1.050B
YoY Change -48.18% -15.48%

Facts In Submission

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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. TRC 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” or “TRP.”</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 purchasing 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 purchasing 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 purchasing 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 18 – Segment Information for certain financial information regarding our business segments.</p>
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-21700000
us-gaap Interest Paid Net
InterestPaidNet
315900000
us-gaap Interest Paid Net
InterestPaidNet
228400000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-44400000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000
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
21700000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
3900000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
73800000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
31100000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
50500000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Revenues
Revenues
2115100000
CY2020Q3 trgp Operating Margin
OperatingMargin
630000000.0
CY2019Q3 us-gaap Revenues
Revenues
1902500000
CY2019Q3 trgp Operating Margin
OperatingMargin
374200000
trgp Operating Margin
OperatingMargin
1775600000
us-gaap Revenues
Revenues
6197200000
trgp Operating Margin
OperatingMargin
1180700000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1731600000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1656000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4563500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5262500000
CY2020Q3 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
109200000
CY2019Q3 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-61800000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
337300000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-7700000
CY2020Q3 us-gaap Revenues
Revenues
2115100000
CY2019Q3 us-gaap Revenues
Revenues
1902500000
us-gaap Revenues
Revenues
5687500000
us-gaap Revenues
Revenues
6197200000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
203700000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
244300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
647300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
718900000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58600000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
69900000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
180600000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
223500000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
2442800000
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-97700000
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-89100000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-292400000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-241800000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
18600000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10000000.0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
54100000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15900000
CY2020Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-58000000.0
CY2019Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-500000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-58000000.0
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-3600000
CY2020Q3 trgp Write Downs Of Asset
WriteDownsOfAsset
13500000
CY2019Q3 trgp Write Downs Of Asset
WriteDownsOfAsset
17900000
trgp Write Downs Of Asset
WriteDownsOfAsset
13500000
trgp Write Downs Of Asset
WriteDownsOfAsset
17900000
CY2020Q3 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-13700000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
47400000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-1400000
CY2019Q3 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
65800000
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
65800000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
8800000
CY2020Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
700000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-100000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-200000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
204100000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
28300000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1757600000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
46300000

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