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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2026
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____ to _____
Commission File Number: 001-34991
TARGA RESOURCES CORP.
(Exact name of registrant as specified in its charter)
| Delaware | 20-3701075 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 811 Louisiana Street**,** Suite 2100**,** Houston**,** Texas | 77002 | |
| (Address of principal executive offices) | (Zip Code) |
(713) 584-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock | TRGP | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☑ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of July 31, 2026, there were 214,431,021 shares of the registrant’s common stock, $0.001 par value, outstanding.
Total number of pages (excluding Exhibits): 51
TABLE OF CONTENTS
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (the “Partnership”), “we,” “us,” “our,” “Targa,” “TRGP,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.
All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.
These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:
the level and success of crude oil and natural gas drilling around our assets;
actions taken by other countries with significant hydrocarbon production;
the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services;
our ability to grow through internal growth capital projects or acquisitions and the successful integration and future performance of such assets;
the timing and success of business development efforts;
our ability to timely obtain and maintain necessary licenses, permits and other approvals;
industry changes, including the impact of consolidation, changes in competition and any increase in the use of alternative forms of energy for oil, natural gas and NGLs;
downside commodity price volatility from a variety of potential factors that can result in lower activity in our areas of operation;
our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;
general economic, market and business conditions;
the potential impact of significant public health crises and their impact on demand for oil, natural gas and NGLs;
weather and other natural phenomena, and related impacts;
our ability to access the capital markets on favorable terms, or at all, which depends on general market conditions;
the level of creditworthiness of our counterparties;
changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, safety and the protection of the environment; and
the risks described in our annual report on Form 10-K for the year ended December 31, 2025 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this quarterly report on Form 10-Q for the quarter ended June 30, 2026 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.
As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:
| Bbl | Barrels (equal to 42 U.S. gallons) | |
| BBtu | Billion British thermal units | |
| Bcf | Billion cubic feet | |
| Btu | British thermal units, a measure of heating value | |
| /d | Per day | |
| FERC | Federal Energy Regulatory Commission | |
| GAAP | Accounting principles generally accepted in the United States of America | |
| gal | U.S. gallons | |
| LPG | Liquefied petroleum gas | |
| MBbl | Thousand barrels | |
| MMBbl | Million barrels | |
| MMBtu | Million British thermal units | |
| MMcf | Million cubic feet | |
| MMgal | Million U.S. gallons | |
| NGL(s) | Natural gas liquid(s) | |
| NYMEX | New York Mercantile Exchange | |
| NYSE | New York Stock Exchange | |
| SCOOP | South Central Oklahoma Oil Province | |
| STACK | Sooner Trend, Anadarko, Canadian and Kingfisher |
PART I – FINANCI****AL INFORMATION
Next: Item 1. Financial Statements.