Targa Resources (NYSE: TRGP) director Paul W. Chung reports new stock grant

Rhea-AI Filing Summary

Targa Resources Corp. director Paul W. Chung reported the grant of 1,559 shares of common stock on January 15, 2026, at a stated price of $0 per share, increasing his directly held stake to 37,479 common shares. In addition to these direct holdings, he reports indirect ownership of 232,827 shares through the Paul Chung 2008 Family Trust, where he serves as trustee, 200,500 shares through the Helen Chung 2007 Family Trust, where his spouse and sister-in-law are co-trustees, and 45,816 shares held in an IRA.

Insights

Insider transactions analyst

Director receives small stock grant; overall structure largely unchanged.

Paul W. Chung, a director of Targa Resources Corp., reported an award of 1,559 common shares on January 15, 2026 at a stated price of $0 per share. This appears consistent with equity-based director compensation, increasing his directly held position to 37,479 shares.

The filing also details substantial indirect holdings: 232,827 shares through the Paul Chung 2008 Family Trust, where he is trustee, and 200,500 shares through the Helen Chung 2007 Family Trust, overseen by his spouse and sister-in-law as co-trustees, plus 45,816 shares in an IRA. These positions reflect how his economic exposure is spread across personal, trust, and retirement accounts.

The reported grant size is modest relative to the total indirect holdings, so the filing mainly updates governance-related ownership records rather than signaling a major change in insider sentiment. Future Form 4 filings will continue to show how equity awards and any sales or transfers affect this ownership mix over time.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chung Paul W

(Last) (First) (Middle)

811 LOUISIANA, SUITE 2100

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Targa Resources Corp. [ TRGP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/15/2026		A		1,559	A	$0	37,479	D
Common Stock								232,827	I	See Footnote(1)
Common Stock								200,500	I	See Footnote(2)
Common Stock								45,816	I	By IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are held by the Paul Chung 2008 Family Trust, of which Mr. Chung serves as trustee.

2. These shares are held by the Helen Chung 2007 Family Trust, of which Mr. Chung's spouse and Mr. Chung's sister-in-law serve as co-trustees.

	/s/ Paul W. Chung	01/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did TRGP director Paul W. Chung report?

On January 15, 2026, Targa Resources Corp. director Paul W. Chung reported acquiring 1,559 shares of common stock at a stated price of $0 per share, likely reflecting an equity award.

How many Targa Resources (TRGP) shares does Paul W. Chung now hold directly?

After the reported transaction, Paul W. Chung directly holds 37,479 shares of Targa Resources Corp. common stock.

What indirect TRGP shareholdings are associated with Paul W. Chung?

The filing reports 232,827 shares held by the Paul Chung 2008 Family Trust, 200,500 shares held by the Helen Chung 2007 Family Trust, and 45,816 shares held through an IRA as indirect holdings.

Who controls the trusts holding TRGP shares related to Paul W. Chung?

The Paul Chung 2008 Family Trust holds 232,827 shares and lists Mr. Chung as trustee. The Helen Chung 2007 Family Trust holds 200,500 shares and lists Mr. Chung's spouse and sister-in-law as co-trustees.

Does the Form 4 indicate any sale of Targa Resources (TRGP) shares by Paul W. Chung?

No. The Form 4 reports an acquisition of 1,559 common shares at $0 per share and updates direct and indirect holdings; it does not report any sales.