Targa Resources Corp (NYSE:TRGP)
$ 164.41 -0.31 (-0.19%) Market Cap: 36.02 Bil Enterprise Value: 49.57 Bil PE Ratio: 34.61 PB Ratio: 14.60 GF Score: 75/100
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Q2 2024 Targa Resources Corp Earnings Call Transcript

Aug 01, 2024 / 03:00PM GMT
Release Date Price: $136.1 (+0.61%)

Key Points

Positve
  • Record quarterly adjusted EBITDA of $984 million, a 2% increase over the first quarter.
  • Record volumes in the Permian Basin, driving significant growth in NGL transportation and fractionation volumes.
  • Successful execution of $355 million in common share repurchases, reflecting strong performance and outlook.
  • Participation in a joint venture for the Blackcomb pipeline, enhancing natural gas transportation from the Permian Basin.
  • Strong balance sheet with $1.6 billion of available liquidity and a consolidated net leverage ratio of 3.6x.
Negative
  • Hurricane Beryl impacted volumes temporarily, though the effect on the third quarter is expected to be minimal.
  • Increased growth capital spending estimate for 2024 to approximately $2.7 billion, up from previous forecasts.
  • Operational challenges due to a tight gas market in the Permian, impacting recoveries and efficiencies.
  • Required 10-year inspection at Galena Park reduced LPG export loading capacity in the second half of June through late July.
  • Higher-than-anticipated Permian volumes necessitate additional growth capital investment, impacting free cash flow.
Operator

Good day and welcome to the Targa Resources Corporation Second Quarter 2024 Earnings Webcast and Presentation. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Sanjay Lad, Vice President, Finance and Investor Relations. The floor is yours, sir.

Sanjay Lad
Targa Resources Corp - Vice President - Investor Relations

Thanks, Shari. Good morning, and welcome to the Second Quarter 2024 Earnings Call for Targa Resources Corp. The second quarter earnings release, along with the second 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 forward -- 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

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