Overview
Targa Resources Corp. is a Houston-based U.S. midstream energy company that connects natural gas, natural gas liquids (NGLs) and crude oil production with end markets. It gathers and processes natural gas, transports and fractionates NGLs, and provides storage, terminaling and marketing services. Its stated business aim is to provide integrated, cost-effective services that move these products from the wellhead to market.[1][2][3][4]
Targa’s operations are concentrated in U.S. producing regions, notably the Permian Basin, with downstream infrastructure centered on Mont Belvieu and other Gulf Coast locations. It reported approximately $17.0 billion in revenue for 2025 and about 3,570 employees at year-end.[5][3][6][7] [1][2][3][4][5][6][7]
Products & services
Targa Resources gathers, compresses, treats and processes natural gas, separating it into marketable residue gas and mixed natural gas liquids (NGLs). It also gathers and terminals crude oil. Its NGL products include ethane, propane, normal butane, isobutane and natural gasoline; the company also sells condensate. Its reported natural-gas processing capacity was 11,129 million cubic feet per day at year-end 2025.[1][8][9][10]
Targa transports mixed NGLs to fractionation facilities that separate them into individual products. It offers NGL transportation, fractionation, storage, terminaling and marketing services, using pipelines, underground storage and loading facilities. Its reported fractionation capacity was 1.138 million barrels per day in 2025. Its LPG export facilities can load propane, butanes and international-grade low-ethane propane onto very large gas carriers and smaller vessels; effective export capacity was approximately 14 million barrels per month.[2][11][12][13][14]
Commodity sales, rather than service fees, account for most reported revenue: in 2025, commodity sales were $14.4 billion, or about 85% of Targa’s $17.0 billion in consolidated revenue; midstream-service fees supplied the remainder. This is a revenue split between commodities and services, not a breakdown by individual NGL product.[6][6][6] [1][8][9][10][2][11][12][13][14][6][6][6]
Geographic presence
Targa Resources’ operating footprint is concentrated in the United States. Its gathering and processing assets span the Permian Basin in West Texas and southeastern New Mexico; the Eagle Ford and Barnett regions of Texas; the Anadarko, Ardmore and Arkoma basins of Oklahoma and south-central Kansas; the Williston Basin in North Dakota; and the Louisiana Gulf Coast. Its downstream facilities are concentrated around Mont Belvieu and Galena Park, Texas, and Lake Charles, Louisiana.[15][12]
The company’s Grand Prix pipeline connects production regions including the Permian, southern Oklahoma and North Texas with downstream facilities at Mont Belvieu. From export facilities at Mont Belvieu and the Galena Park Marine Terminal near Houston, Targa delivers natural gas liquids to customers serving international markets; it does not identify destination countries or report a geographic revenue breakdown. Its principal executive office is in Houston, Texas.[16][14][17][6][18] [15][12][16][14][17][6][18]
Business segments
Targa Resources reports two business segments: Gathering and Processing (G&P) and Logistics and Transportation (L&T). G&P gathers, compresses, treats and processes natural gas, transports residue gas, and gathers crude oil. Its operations include the Permian Midland and Delaware basins and other producing areas.[2][3]
L&T transports and fractionates mixed natural gas liquids (NGLs) into products, and provides NGL storage, terminaling and export services.[19][14] In 2025, L&T generated approximately 84% of the two segments’ combined external revenue, versus 16% for G&P. Operating margin was more evenly divided: approximately 53% from L&T and 47% from G&P. These percentages use reported segment figures, rather than consolidated adjusted EBITDA.[6] [2][3][19][14][6][6][6][6]
Company history
Targa Resources Corp. was formed in October 2005. It completed its initial public offering in 2010 and subsequently expanded its midstream energy business through acquisitions and infrastructure development.[20][21]
In February 2015, Targa completed mergers involving Atlas Energy and Atlas Pipeline Partners. In February 2016, it simplified its ownership structure by acquiring the remaining publicly held common units of Targa Resources Partners LP. A later major expansion came in July 2022, when Targa acquired Lucid Energy Delaware, adding natural gas gathering and processing assets in the Delaware Basin.[22][23][24] [20][21][22][23][24]
Sources
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