Targa Resources Corp

Record operating performance + big Permian growth - Q2’26 adjusted EBITDA was $1.603B (+38% YoY; +14% QoQ), driven by record volumes and stronger optimization/marketing. - Permian gas volumes: 7.2 Bcf/d in Q2 (+14% YoY; +~7% vs Q1). - Despite 200–400 MMcf/d of price-driven shut-ins during Q2, volumes still grew QoQ—management frames this as evidence of robust producer activity and ability for volumes to return.

Guidance raised to top end; implies strong 2H but with moderation - Full-year 2026 adjusted EBITDA guidance raised/positioned toward the top end: $5.7B–$5.9B. - Management suggests 2026 adjusted EBITDA growth vs 2025 could be ~$1B while also reducing share count and increasing dividend. - Key reason 2H may be conservative: less marketing/optimization tailwind than 1H, plus management explicitly does not forecast material marketing optimization margin in guidance.

Capex outlook + capital structure discipline - Net growth capital (2026): ~ $4.5B; net maintenance: ~ $250M. - Liquidity: $3.2B available at end of Q2. - Leverage: pro forma consolidated leverage ratio ~3.4x, within long-term target 3x–4x. - Financing update: extended and expanded A/R securitization maturity to July 30, 2027, expanding capacity by $200M.