Targa Res Corp Stock Price, News & Analysis

Targa Resources Corp. (NYSE: TRGP) has successfully acquired Lucid Energy Delaware, LLC for $3.55 billion, enhancing its presence in the Delaware Basin. The acquisition, funded through loans and a public note offering, adds over 1,050 miles of natural gas pipelines and significant cryogenic processing capacity. Lucid's assets are secured by long-term contracts from diverse clients on over 600,000 dedicated acres, tapping into lucrative crude oil and natural gas production areas.

Targa Resources Corp. (NYSE: TRGP) declared a quarterly cash dividend of $0.35 per common share for Q2 2022, amounting to $1.40 annually. This dividend will be paid on August 15, 2022, to shareholders on record by July 29, 2022. The company's financial results for the second quarter will be available on August 4, 2022, followed by a live webcast at 11:00 a.m. ET. Targa, a leading provider of midstream services and a FORTUNE 500 company, operates critical infrastructure for energy delivery across the U.S.

Targa Resources Corp. (NYSE: TRGP) has announced a public offering of $750 million in 5.200% senior notes due 2027 and $500 million in 6.250% senior notes due 2052. The offering is scheduled to close on July 7, 2022. Proceeds will partially fund Targa's acquisition of Lucid Energy Delaware for approximately $3.55 billion, expected to close in Q3 2022. If the acquisition does not proceed, the funds will be used for general corporate purposes, including debt repayment and capital expenditures.

Targa Resources Corp. announced a $3.55 billion acquisition of Lucid Energy Delaware, enhancing its presence in the Delaware Basin. This strategic acquisition is anticipated to elevate Targa's fee-based margin through long-term fixed-fee contracts, with estimated 2023 adjusted EBITDA at 7.5 times the acquisition price. Targa's standalone 2022 EBITDA is projected between $2.675 billion and $2.775 billion, with a year-end leverage ratio expected at 3.5 times post-transaction. The deal is set to close in Q3 2022, subject to regulatory approvals.

Targa Resources Corp. (NYSE: TRGP) announced participation in the Bank of America Energy Credit Conference on June 8, 2022, in New York City. The company's investor presentations will be accessible on their website. As a leading midstream service provider, Targa operates a diversified portfolio of assets vital for energy delivery across the U.S. The company is a FORTUNE 500 entity and listed in the S&P 400. For further information, visit www.targaresources.com.

ArcLight Capital Partners has successfully acquired a 25% equity interest in Gulf Coast Express Pipeline from Targa Resources for $857 million. The GCX pipeline, with a capacity of 2.02 Bcf/d, is essential for transporting natural gas from the Permian Basin to the Gulf Coast, fueling demand in emerging LNG markets. ArcLight's Managing Director, Lucius Taylor, expressed confidence in GCX’s role in meeting growing global gas demand responsibly as the energy sector transitions. Macquarie Capital served as the financial advisor for this transaction.

Targa Resources Corp. (NYSE: TRGP) will participate in several upcoming investor conferences, including the Citi Global Energy, Utilities and Climate Technology Conference on May 11, 2022, in Boston, the Energy Infrastructure Council Investor Conference on May 16-17, 2022, in West Palm Beach, and the Tudor, Pickering, Holt & Co. Energy Conference on May 19, 2022, in Houston. Presentation materials will be accessible on their website. Targa is a leading midstream infrastructure provider in North America, focusing on the delivery of energy resources across various markets.

Targa Resources Corp. (NYSE: TRGP) reported a net income of $88 million for Q1 2022, down from $146.4 million in Q1 2021. Adjusted EBITDA rose to $625.8 million, a 21% increase year-over-year. The company declared a quarterly dividend of $0.35 per share, amounting to $80 million, and reported distributable cash flow of $494.6 million. Targa's total debt stood at $7.25 billion with consolidated liquidity of approximately $2 billion. Guidance for 2022 expects adjusted EBITDA between $2.3 billion and $2.5 billion, bolstered by higher Permian natural gas volumes.

Targa Resources Corp. (NYSE: TRGP) has successfully completed its acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas. This acquisition strengthens Targa's position in the midstream energy sector, enhancing its capabilities in the gathering, processing, and transportation of natural gas and NGLs. The deal is expected to contribute to Targa's overall growth and expand its operational footprint in the region, leveraging Southcross's existing infrastructure for improved service delivery.