Targa Resources (TRGP) Q2 FY26 earnings call

Earnings call· Jun 2026 (Q2 FY26)· Energy· Aug 6, 2026

Source: earnings call transcript

Targa delivered record Q2 FY26 results, driven by robust Permian activity and strong operational execution across its integrated wellhead-to-water system. Despite earlier weather challenges and Permian gas pricing volatility, the company is positioned for continued growth, with full-year adjusted EBITDA expected at the high end of guidance, supported by ongoing organic growth projects and strategic investments in critical infrastructure. The company continues to focus on capital discipline and increasing shareholder returns.

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TRGP operating KPIs by quarter

TRGP operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Pipeline transportation volumes NGL Pipeline	872K bbl/d Targa's NGL Pipeline transportation volumes averaged a record 872,000 barrels per day and fractionation volumes averaged a record 1.1 million barrels per day during the fourth quarter as we benefited from our Daytona NGL Pipeline coming into service in late August and our Train 10 fractionator coming into service in late October. Source: earnings call transcript	844K bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 844,000 barrels per day and fractionation volumes averaged 980,000 barrels per day during the first quarter, impacted by winter weather events that reduced volumes from our G&P assets. Source: earnings call transcript	961K bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 961,000 barrels per day and fractionation volumes averaged 969,000 barrels per day during the second quarter. Source: earnings call transcript	1.02M bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 1.02 million barrels per day. Source: earnings call transcript	1.05M bbl/d NGL transportation volumes in the fourth quarter averaged a record 1.05 million barrels per day, and our NGL transportation system continues to run full. Source: earnings call transcript	1.02M bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 1.02 million barrels per day and fractionation volumes averaged a record 1.145 million barrels per day during the first quarter. Source: earnings call transcript	1.1M bbl/d Shifting to logistics and transportation, the growth we are experiencing in the Permian is flowing through our integrated footprint, contributing to record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day. Source: earnings call transcript	+7.8%
Fractionation volumes	1.1M bbl/d Targa's NGL Pipeline transportation volumes averaged a record 872,000 barrels per day and fractionation volumes averaged a record 1.1 million barrels per day during the fourth quarter as we benefited from our Daytona NGL Pipeline coming into service in late August and our Train 10 fractionator coming into service in late October. Source: earnings call transcript	980K bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 844,000 barrels per day and fractionation volumes averaged 980,000 barrels per day during the first quarter, impacted by winter weather events that reduced volumes from our G&P assets. Source: earnings call transcript	969K bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 961,000 barrels per day and fractionation volumes averaged 969,000 barrels per day during the second quarter. Source: earnings call transcript	1.13M bbl/d Our fractionation volumes ramped sharply in the third quarter, averaging a record 1.13 million barrels per day following the completion of planned maintenance at a portion of our fractionation facilities during part of the first and second quarters of the year. Source: earnings call transcript	1.14M bbl/d Fractionation volumes averaged a record 1.14 million barrels per day, and our LPG export volumes averaged 13.5 million barrels per month. Source: earnings call transcript	1.145M bbl/d Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 1.02 million barrels per day and fractionation volumes averaged a record 1.145 million barrels per day during the first quarter. Source: earnings call transcript	1.2M bbl/d Shifting to logistics and transportation, the growth we are experiencing in the Permian is flowing through our integrated footprint, contributing to record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day. Source: earnings call transcript	+4.8%
Export loadings Galena Park	14M bbl/month In our LPG export business at Galena Park, our loadings averaged a record 14 million barrels per month during the fourth quarter, and we remain on track to complete our 650,000 barrel per month expansion in the fourth quarter of 2025. Source: earnings call transcript	13.4M bbl/month Turning to our LPG export business at Galena Park, our loadings averaged 13.4 million barrels per month during the first quarter. Source: earnings call transcript	12.8M bbl/month Turning to our LPG export business at Galena Park, our loadings averaged 12.8 million barrels per month during the second quarter. Source: earnings call transcript	—	—	13.1M bbl/month Our loadings averaged 13.1 million barrels per month during the first quarter despite the unplanned outage at a portion of our facility that reduced our loadings towards the end of the first quarter and early in the second quarter. Source: earnings call transcript	—	—
Natural gas inlet volumes Permian	—	—	6.3B cf/d Starting in the Permian, our natural gas inlet volumes averaged a record 6.3 billion cubic feet per day in the second quarter, an increase of 11% versus a year ago and a strong rebound from the first quarter, which was impacted by severe weather events. Source: earnings call transcript	6.6B cf/d Starting in the Permian, our natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in the third quarter, representing an increase of 11% versus a year ago and strong sequential growth. Source: earnings call transcript	6.65B cf/d In the fourth quarter, our Permian volumes averaged a record 6.65 billion cubic feet per day. Source: earnings call transcript	—	7.2B cf/d Second quarter Permian volumes were a record 7.2 billion cubic feet per day, up approximately 7% from the first quarter and 14% from a year ago. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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