$TRGP
Targa Resources Corp.

2022 Q3 Form 10-Q Financial Statement

#000156459022027962 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $5.360B $6.056B $4.959B
YoY Change 20.19% 77.28% 36.51%
Cost Of Revenue $4.306B $5.047B $4.204B
YoY Change 19.13% 86.32% 48.22%
Gross Profit $1.054B $1.009B $755.0M
YoY Change 24.71% 42.67% -5.2%
Gross Profit Margin 19.66% 16.65% 15.22%
Selling, General & Admin $79.10M $71.00M $67.10M
YoY Change 17.53% 11.46% 9.28%
% of Gross Profit 7.51% 7.04% 8.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $287.2M $269.9M $209.1M
YoY Change 28.9% 27.37% -3.28%
% of Gross Profit 27.25% 26.76% 27.7%
Operating Expenses $623.8M $556.6M $459.2M
YoY Change 30.37% 20.71% 1.53%
Operating Profit $430.0M $451.9M $295.8M
YoY Change 17.33% 83.85% -14.04%
Interest Expense -$125.8M -$81.20M -$93.60M
YoY Change 38.24% -14.35% -4.88%
% of Operating Profit -29.26% -17.97% -31.64%
Other Income/Expense, Net -$14.60M $500.0K -$500.0K
YoY Change -7400.0% 400.0% -600.0%
Pretax Income $291.3M $774.7M $191.5M
YoY Change 0.45% 378.21% -21.16%
Income Tax $12.00M $87.10M $22.90M
% Of Pretax Income 4.12% 11.24% 11.96%
Net Earnings $193.1M $596.4M $88.00M
YoY Change 5.98% 961.21% -39.89%
Net Earnings / Revenue 3.6% 9.85% 1.77%
Basic Earnings Per Share $0.85 $1.64 $0.06
Diluted Earnings Per Share $0.84 $1.61 $0.06
COMMON SHARES
Basic Shares Outstanding 226.6M 227.8M 228.5M
Diluted Shares Outstanding 230.3M 231.7M 232.4M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.9M $154.0M $135.9M
YoY Change -15.62% -26.32% -45.42%
Cash & Equivalents $192.9M $154.0M $135.9M
Short-Term Investments
Other Short-Term Assets $112.4M $114.5M $99.90M
YoY Change -28.36% -19.08% -10.8%
Inventory $471.3M $202.2M $97.50M
Prepaid Expenses
Receivables $1.535B $1.613B $1.567B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.497B $2.164B $1.901B
YoY Change 25.28% 64.21% 34.88%
LONG-TERM ASSETS
Property, Plant & Equipment $13.72B $11.88B $11.65B
YoY Change 15.05% -0.99% -3.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $136.4M $137.1M $579.8M
YoY Change -79.78% -79.99% -16.7%
Other Assets $149.9M $95.50M $95.30M
YoY Change 52.65% 0.32% -28.88%
Total Long-Term Assets $16.89B $13.17B $13.39B
YoY Change 20.84% -6.55% -5.93%
TOTAL ASSETS
Total Short-Term Assets $2.497B $2.164B $1.901B
Total Long-Term Assets $16.89B $13.17B $13.39B
Total Assets $19.39B $15.33B $15.30B
YoY Change 21.39% -0.5% -2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.806B $1.901B $1.804B
YoY Change 9.33% 83.76% 90.24%
Accrued Expenses $293.7M $255.2M $277.0M
YoY Change -8.25% -19.24% -4.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $766.5M $414.6M $283.8M
YoY Change 117.39% 11.54% 0.64%
Total Short-Term Liabilities $3.394B $3.153B $2.910B
YoY Change 18.32% 50.01% 64.9%
LONG-TERM LIABILITIES
Long-Term Debt $10.60B $7.066B $6.965B
YoY Change 64.69% 7.0% -1.78%
Other Long-Term Liabilities $367.0M $288.1M $565.1M
YoY Change -16.97% -33.86% 57.41%
Total Long-Term Liabilities $367.0M $288.1M $7.530B
YoY Change -94.66% -95.91% 1.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.394B $3.153B $2.910B
Total Long-Term Liabilities $367.0M $288.1M $7.530B
Total Liabilities $3.761B $3.442B $12.85B
YoY Change -71.16% -72.41% 1.96%
SHAREHOLDERS EQUITY
Retained Earnings -$944.8M -$1.138B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $432.0M $350.4M
YoY Change
Treasury Stock Shares $11.43M $10.14M
Shareholders Equity $2.385B $2.070B $2.447B
YoY Change
Total Liabilities & Shareholders Equity $19.39B $15.33B $15.30B
YoY Change 21.39% -0.5% -2.25%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $193.1M $596.4M $88.00M
YoY Change 5.98% 961.21% -39.89%
Depreciation, Depletion And Amortization $287.2M $269.9M $209.1M
YoY Change 28.9% 27.37% -3.28%
Cash From Operating Activities $459.6M $635.5M $748.2M
YoY Change -7.19% 1.88% 10.06%
INVESTING ACTIVITIES
Capital Expenditures -$395.9M -$215.1M $204.4M
YoY Change 222.66% 109.44% 112.47%
Acquisitions
YoY Change
Other Investing Activities -$3.500B $660.5M $7.400M
YoY Change -38990.0% 9613.24% -2566.67%
Cash From Investing Activities -$3.896B $445.4M -$197.0M
YoY Change 3326.56% -564.44% 118.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.475B -1.063B -573.8M
YoY Change -1060.29% 87.31% -1.76%
NET CHANGE
Cash From Operating Activities 459.6M 635.5M 748.2M
Cash From Investing Activities -3.896B 445.4M -197.0M
Cash From Financing Activities 3.475B -1.063B -573.8M
Net Change In Cash 38.90M 18.10M -22.60M
YoY Change 98.47% -145.82% -496.49%
FREE CASH FLOW
Cash From Operating Activities $459.6M $635.5M $748.2M
Capital Expenditures -$395.9M -$215.1M $204.4M
Free Cash Flow $855.5M $850.6M $543.8M
YoY Change 38.45% 17.08% -6.82%

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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-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</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-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 accounting principles generally accepted in the United States of America (“GAAP”). Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: </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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">the inclusion of the TRGP revolving credit facility;</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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">the inclusion of the TRGP senior unsecured notes;</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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">the inclusion of Series A Preferred Stock (“Series A Preferred”); 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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.</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-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;"/><span style="color:#000000;">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-size:10pt;font-family:Times New Roman;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>
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2400000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
99900000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231700000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231300000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232000000.0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230900000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
97600000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
7460800000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
6597200000
CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
44800000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20596100000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9342000000.0
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8928400000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11878300000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11667700000
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
71300000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2497600000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
101300000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2642900000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1458800000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1548100000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1038800000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1094800000
CY2022Q2 us-gaap Depreciation
Depreciation
241900000
us-gaap Depreciation
Depreciation
423000000.0
CY2021Q2 us-gaap Depreciation
Depreciation
179100000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
112000000.0
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21220300000
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
19600000
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
13700000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7046200000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6434400000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34400000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1094800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000000.0
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1038800000
CY2022Q2 us-gaap Collateralized Financings
CollateralizedFinancings
400000000.0
CY2021Q4 us-gaap Collateralized Financings
CollateralizedFinancings
150000000.0
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
14600000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12800000
CY2022Q2 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
414600000
CY2021Q4 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
162800000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
7078000000.0
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6465700000
CY2022Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
51400000
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
45000000.0
CY2022Q2 us-gaap Contractual Obligation
ContractualObligation
9021200000
CY2022Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
268500000
CY2022Q2 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
537100000
CY2022Q2 us-gaap Contractual Obligation Due In Fourth And Fifth Year
ContractualObligationDueInFourthAndFifthYear
1087100000
CY2022Q2 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
7128500000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
385800000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
158900000
CY2022Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
657800000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
227800000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228500000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3900000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
169400000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
171800000
CY2022Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
30000000.0
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
51800000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.35
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.40
CY2022Q2 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
9100000
CY2022Q2 us-gaap Derivative Assets
DerivativeAssets
8100000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
596400000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
56200000
us-gaap Net Income Loss
NetIncomeLoss
684400000
us-gaap Net Income Loss
NetIncomeLoss
202600000
trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
53100000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
372700000
CY2021Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-367500000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.69
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q2 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
80800000
CY2022Q2 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
425500000
CY2021Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Current
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsCurrent
43100000
CY2021Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Current
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsCurrent
258200000
CY2022Q2 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
20500000
CY2022Q2 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
232300000
CY2021Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
DerivativeAssetBeforeEffectsOfMasterNettingArrangementsNoncurrent
7700000
CY2021Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangementsNoncurrent
109300000
CY2022Q2 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
101300000
CY2022Q2 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-657800000
CY2021Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
50800000
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
555500000
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
50800000
CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
367500000
CY2021Q4 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
8100000
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
4500000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
313100000
CY2022Q2 trgp Derivative Collateral Amount
DerivativeCollateralAmount
69600000
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
556500000
CY2022Q2 trgp Price Risk Cash Flow Hedge Gain Loss Expected To Reclassify Into Earnings
PriceRiskCashFlowHedgeGainLossExpectedToReclassifyIntoEarnings
-362600000
CY2022Q2 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
-263300000
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
130800000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-79800000
CY2022Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
213400000
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
On October 6, 2021 and April 7, 2022, we received notice from the IRS that it intends to audit three direct and indirectly wholly-owned subsidiaries of the Company (Targa Resources Partners LP, Targa Downstream LLC and Targa Midstream Services LLC) treated as partnerships for federal tax purposes for the 2019 and 2020 tax years.
CY2022Q2 us-gaap Revenues
Revenues
6055800000
CY2021Q2 us-gaap Revenues
Revenues
3415900000
us-gaap Revenues
Revenues
11014900000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-174700000
us-gaap Interest Paid Net
InterestPaidNet
180500000
us-gaap Interest Paid Net
InterestPaidNet
182600000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000000.0
us-gaap Revenues
Revenues
7048700000
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
556500000
CY2022Q2 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Increases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceIncreasesBy10Percent
-791300000
CY2022Q2 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Decreases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceDecreasesBy10Percent
-321700000
trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
CY2021 trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
435900000
trgp Transfers From Materials And Supplies To Property Plant And Equipment
TransfersFromMaterialsAndSuppliesToPropertyPlantAndEquipment
400000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
-17900000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
-27700000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5500000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1700000
CY2022Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-81200000
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-94800000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5800900000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10689900000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6704300000
CY2022Q2 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-176700000
CY2021Q2 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-110200000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-499600000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-245000000.0
CY2022Q2 us-gaap Revenues
Revenues
6055800000
CY2021Q2 us-gaap Revenues
Revenues
3415900000
us-gaap Revenues
Revenues
11014900000
us-gaap Revenues
Revenues
7048700000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
269900000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
211900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
479000000.0
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
428000000.0
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
71000000.0
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
63700000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
138000000.0
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
125100000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-193200000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1400000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
12800000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7000000.0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
24600000
CY2022Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
600000
CY2021Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
400000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1600000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
200000
CY2022Q2 trgp Write Downs Of Asset
WriteDownsOfAsset
500000
CY2021Q2 trgp Write Downs Of Asset
WriteDownsOfAsset
1100000
trgp Write Downs Of Asset
WriteDownsOfAsset
1000000.0
trgp Write Downs Of Asset
WriteDownsOfAsset
4700000
CY2022Q2 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-33800000
CY2021Q2 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-1900000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-49600000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-16600000
CY2022Q2 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
435900000
CY2022Q2 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
700000
CY2021Q2 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
100000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
100000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
774700000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
162000000.0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
966300000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
404900000

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