Commodity price and activity sensitivity
Lower natural gas, NGL, crude oil, or condensate prices can reduce drilling and volumes moving through the system.
- Scope
- Gathering, processing, and commodity sales
- Materiality
- high
Targa Resources Corp.
Targa Resources Corp. owns and operates a domestic midstream infrastructure network in the United States. Its assets gather, process, transport, store, fractionate, treat, and terminal natural gas, natural gas liquids, crude oil, and related products through an integrated system of pipelines and facilities.
28,5 %
38,3 %
11,3 %
+3,9 %
0.67
0.55
| % | |
|---|---|
| Gathering and Processing | 55% Natural gas gathering, compression, treating, and processing services and related commodity handling. |
| Logistics and Transportation | 35% Downstream NGL and crude logistics, including transportation, storage, fractionation, and terminaling. |
| Commodity Sales | 10% Sales of natural gas, NGLs, condensate, and crude oil tied to operating assets. |
Targa serves producers and shippers that need takeaway, processing, and market access for natural gas, NGLs, and crude...
- Upstream natural gas producersprimary
Buy gathering, compression, treating, and processing capacity to move gas from the wellhead to market.
- NGL producers and shippersprimary
Use fractionation, storage, transportation, and terminaling to separate and move NGLs and NGL products.
- LPG exporterssecondary
Use export-related logistics and terminal services to load and move LPG products to overseas markets.
- Refinery and petrochemical customerssecondary
Buy NGL products and related logistics services for fuel, feedstock, and processing needs.
- Crude oil shippers and marketerssecondary
Use crude gathering, storage, and terminaling assets to aggregate and move crude oil.
Targa’s business is concentrated in the United States, where it owns and operates domestic infrastructure assets...
- •Operations are concentrated in the United States
- •Asset footprint spans producing basins and Gulf Coast logistics
- •Permian-related assets are an important operating area
- •Badlands assets are another named operating region
- •Domestic location links supply basins to export and demand centers
Targa’s strategy centers on owning integrated midstream assets that connect production basins to downstream demand and...
01
Grow the domestic infrastructure networkmedium-term
More connected assets can increase throughput, utilization, and customer reach.
02
Preserve basin and market connectivitymedium-term
Integrated gathering-to-export infrastructure strengthens customer retention and pricing power.
03
Manage commodity and counterparty exposureshort-term
Commodity-linked sales and supply contracts can create earnings volatility without hedging and credit controls.
Targa’s results depend on commodity prices, producer activity, and demand for NGL products, crude oil, and natural gas...
NGL demand and supply imbalance
Weak demand from petrochemical, refinery, fuel, or export markets, or excess NGL supply, can pressure utilization and margins.
- Scope
- NGL fractionation, storage, and terminaling
- Materiality
- high
Regulatory, safety, and environmental exposure
Pipelines and processing facilities face permitting, safety, integrity-testing, and environmental compliance obligations.
- Scope
- Pipelines, plants, and terminal assets
- Materiality
- high
Cybersecurity and operational disruption
A cyber incident could interrupt operations, compromise data, or affect financial transfers and customer service.
- Scope
- Enterprise systems and operating technology
- Materiality
- medium
Reserve and basin decline risk
Natural production decline in source basins can reduce the feedstock available to Targa’s systems over time.
- Scope
- Permian, Badlands, and other sourcing areas
- Materiality
- high
Capital access and project execution
Growth projects and acquisitions require financing and disciplined execution in a competitive capital market.
- Scope
- Growth capital and M&A
- Materiality
- medium
Revenue recognition for commodity and service contracts
Gross revenue and product purchases
Derivative and hedge accounting
Net income, comprehensive income, and adjusted EBITDA
Deferred revenue and contributions in aid of construction
Revenue timing and liabilities
Goodwill impairment
Balance sheet goodwill and operating income
Fair value estimates for long-lived assets and reporting units
Asset carrying values and impairment risk
NGL Energy Partners LP
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MPLX LP
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MPLX LP is a U.S.
United States Gasoline Fund, LP
UGA · Commodity Contracts Brokers & Dealers
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Norris Industries, Inc.
NRIS · Crude Petroleum & Natural Gas
: 11/08/2026