Q1 2024 Targa Resources Corp Earnings Call Transcript
Key Points
- Record adjusted EBITDA, Permian volumes, and LPG export volumes achieved in the first quarter.
- Announced major growth capital projects including Pembrook II and Train 11 to support increasing Permian volumes and infrastructure needs.
- 50% increase in common dividend per share and $124 million of common share repurchases, reflecting strong financial performance and shareholder returns.
- Continued strong activity in Permian operations with new plants and compression expected to support volume growth throughout the year.
- Record LPG export loadings of 13.3 million barrels per month during the first quarter, benefiting from strong market conditions and operational expansions.
- January operations were impacted by operational upsets due to harsh weather, affecting volumes.
- Current weakness in Waha natural gas and NGL prices, although mitigated by fee floors in G&P business.
- Fire at Greenwood I plant in Permian Midland, expected repair costs around $10 million, although no significant impact on Midland volumes anticipated for Q2.
- Tight Permian residue gas market and pipeline maintenance could pose challenges to volume handling and impact Waha gas prices.
- Second quarter EBITDA may be weaker than Q1 due to seasonality, the impacts of the Greenwood plant fire, and ongoing operational constraints.
Thank you for standing by, and welcome to the Targa Resources First Quarter 2021 Earnings Webcast and Presentation. (Operator Instructions) As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Sanjay Lad, Vice President of Finance and Investor Relations. Please go ahead, sir.
Thanks, Jonathan. Good morning, and welcome to the First Quarter 2024 Earnings Call for Targa Resources Corp. The first quarter earnings release, along with the first quarter earnings supplement presentation for Targa that accompany our call are available on our website at targaresources.com in the Investors section. In addition, an updated investor presentation has also been posted to our website.
Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those
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