[Form 4] Targa Resources Corp. Insider Trading Activity

Rhea-AI Filing Summary

D. Scott Pryor, a director and officer of Targa Resources Corp. (TRGP) and President - Logistics and Transportation, reported insider transactions on a Form 4 filed following trades dated 08/15/2025. The filing shows two dispositions totaling 53,420 common shares sold: 20,000 shares sold at a weighted-average price of $165.3522 (individual trade prices ranged from $165.0177 to $165.6433) and 33,420 shares also disposed (no price shown on the form). After these transactions the reporting person beneficially owns 42,139 shares indirectly through the Pryor Trust, for which D. Scott Pryor and Marcy Gaye Pryor are co-trustees. The Form 4 is signed by D. Scott Pryor on 08/19/2025.

Insights

Securities Analyst

TL;DR: Insider sold 53,420 shares on 08/15/2025; remaining indirect ownership is 42,139 shares via a family trust.

The Form 4 discloses two dispositions totaling 53,420 common shares, including a 20,000-share sale at a weighted-average price of $165.3522 and a 33,420-share disposition with no price reported on the face of the table. Reporting ownership after the transactions is 42,139 shares held indirectly through the Pryor Trust. These are routine Section 16 disclosures showing liquidity action by an officer/director rather than any newly issued or derivative-based transactions. The weighted-average price range is explicitly provided, and the filer offers to supply per-trade pricing details upon request, which supports transparency in the disclosure.

Corporate Governance Expert

TL;DR: Disclosure is complete for the weighted-average trade and indicates trust-based indirect ownership; transactions appear procedural.

The filing identifies Pryor as both an officer and director and specifies indirect beneficial ownership via a trust where he serves as co-trustee. The form includes an explicit explanation that the $165.3522 price is a weighted average across multiple sales and pledges additional breakdowns on request, which aligns with good disclosures practice. No options, grants, or derivative positions are reported. As presented, the Form 4 reflects compliance with Section 16 reporting obligations and provides sufficient transparency on the key cash sale, while the absence of a price for the 33,420-share disposition is a notable data gap contained in the filing itself.

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

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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^*

Pryor D. Scott

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		S		20,000	D	$165.3522(1)	42,139	I	See Footnote(2)
Common Stock								33,420	D

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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.0177 to $165.6433, inclusive. The reporting person undertakes to provide to Targa Resources Corp., any security holder of Targa Resources Corp., or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. These shares are owned by the Pryor Trust, of which D. Scott Pryor and Marcy Gaye Pryor serve as co-trustees.

Remarks:

President - Logistics and Transportation

	/s/ D. Scott Pryor	08/19/2025
	** 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.
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FAQ

What did TRGP insider D. Scott Pryor report on Form 4?

The Form 4 reports two dispositions on 08/15/2025 totaling 53,420 common shares, with a 20,000-share sale at a weighted-average price of $165.3522 and a 33,420-share disposition with no price shown.

How many TRGP shares does Pryor beneficially own after the transactions?

After the reported transactions the filing shows Pryor beneficially owns 42,139 shares indirectly through the Pryor Trust.

Who holds the Pryor Trust shares and what is the reporting person’s role?

The Pryor Trust shares are owned by the Pryor Trust, for which D. Scott Pryor and Marcy Gaye Pryor serve as co-trustees; Pryor is identified as a director and officer (President - Logistics and Transportation).

When were the trades executed and when was the Form 4 signed?

The transactions are dated 08/15/2025 and the Form 4 is signed by D. Scott Pryor on 08/19/2025.

Is full per-trade pricing available for the sales?

The filing states the reported price is a weighted average across multiple transactions and the reporting person will provide full per-trade pricing details upon request.