Targa Resources
38 named things its latest annual report says its results depend on, each in the company's own words. 25 of them are also named by other companies we've read.
Customers
Petrochemical industry
earns fromnamed as a riskA reduction in demand for NGL products by the petrochemical, refinery or other industries or by the fuel or export markets, or a significant increase in NGL product supply relative to this demand, could materially adversely affect our business, results of operations and financial condition.Risk factors (Item 1A)
Also named by POWL
NGL export markets
earns fromnamed as a riskThe volume of propane sold is increasingly driven by international exports supplying a growing global demand for the product.Risk factors (Item 1A)
Suppliers
Third-party interconnecting pipelines
depends onnamed as a riskIf any of these third-party facilities become partially or fully unavailable, or if the quality specifications for their facilities change so as to restrict our ability to utilize them, our revenues could be adversely affected.Risk factors (Item 1A)
Partners and platforms
Exxon Mobil Corporation
approximate 72.8% ownership in WestTXWe have an approximate 72.8% ownership in WestTX with Exxon Mobil Corporation (“ExxonMobil”) owning the remaining interest.Business (Item 1)
MPLX LP
60% ownership interest in CentrahomaWe have a 60% ownership interest in Centrahoma with the remaining 40% interest owned by MPLX, LP.Business (Item 1)
Blackcomb Joint Venture (WhiteWater Midstream)
17.5% by TargaThe Blackcomb Joint Venture is owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX LP.Business (Item 1)
Hess Midstream Partners LP
50% interestAdditionally, Targa operates the 200 MMcf/d Little Missouri 4 plant (“LM4 plant”), in which Targa Badlands and Hess Midstream Partners LP each own a 50% interest.Business (Item 1)
The Williams Companies, Inc.
80% equity interestAt our Mont Belvieu operated facility, we have nine wholly-owned fractionation trains, representing an aggregate capacity of 963.0 MBbl/d and Train 7, a 120 MBbl/d fractionation train, which is a joint venture between Targa and The Williams Companies, Inc., where Targa owns an 80% equity interest.Business (Item 1)
Other companies
Stakeholder Midstream, LLC
$1.25 billion in cashOn January 6, 2026, we completed the acquisition of Stakeholder Midstream, LLC for $1.25 billion in cash (the “Stakeholder Acquisition”).Business (Item 1)
Targa Badlands LLC (Blackstone interest)
$1.8 billion in cashIn March 2025, we completed the acquisition of Blackstone’s 45% interest in Targa Badlands LLC (“Targa Badlands”) for aggregate consideration of $1.8 billion in cash (the “Badlands Transaction”).Business (Item 1)
Places
Fort Berthold Indian Reservation
concentrated in · a significant portion of our Badlands gathering and processing assetsnamed as a riskOne or more of these factors may increase our costs of doing business on the Fort Berthold Indian Reservation and may have an adverse impact on our ability to effectively transport products within the Fort Berthold Indian Reservation or to conduct our operations on such lands.Risk factors (Item 1A)
Also named by CHRD
Mont Belvieu, Texas
concentrated in · 963.0 MBbl/dAt our Mont Belvieu operated facility, we have nine wholly-owned fractionation trains, representing an aggregate capacity of 963.0 MBbl/d and Train 7, a 120 MBbl/d fractionation train, which is a joint venture between Targa and The Williams Companies, Inc., where Targa owns an 80% equity interest.Business (Item 1)
Galena Park Marine Terminal
operates in · approximately 14.0 MMBbl per monthThe export facilities have an effective export capacity of approximately 14.0 MMBbl per month, subject to a mix of propane and butane demand, vessel size and availability of supply, and a variety of other factors.Business (Item 1)
Louisiana Gulf Coast
operates in · 930 MMcf/dThe Coastal system has an aggregate processing capacity of 930 MMcf/d and 11 MBbl/d of integrated fractionation capacity.Business (Item 1)
Texas
operates innamed as a riskFurther, due to the impacts of recent weather events, certain major insurance companies are either reducing, or no longer offering, certain coverages in Texas, among other states.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Permian Basin
concentrated inProducers continue to focus drilling activity on their most attractive acreage, especially in the Permian Basin where we have a large, well-positioned and interconnected footprint, benefiting from rig activity in and around our systems.Business (Item 1)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Hazards
Gulf Coast hurricanes
operates innamed as a riskFor example, following the occurrence of severe hurricanes along the U.S. Gulf Coast, insurance premiums, deductibles and co-insurance requirements increased substantially, and terms were generally less favorable than terms that could be obtained prior to such hurricanes, with some coverage unavailable at any cost.Risk factors (Item 1A)
Gulf Coast sea level rise and subsidence
operates innamed as a riskOur operations along the Gulf Coast, in offshore waters and at major river crossings in particular could be adversely impacted by changing climatic conditions, as rising sea levels, subsidence and erosion are potential causes for serious damage to our pipelines and other facilities, which could affect our ability to provide services.Risk factors (Item 1A)
Commodities and inputs
Natural gas basis differentials
exposed to its price · net liability position of $66.9 millionnamed as a riskThe net liability position on our derivative contracts is primarily attributable to unfavorable movement in natural gas forward basis prices.Market risk (Item 7A)
Also named by NFG
Natural gas
exposed to its pricenamed as a riskOur principal market risks are our exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, changes in interest rates, as well as nonperformance by our risk management counterparties and customers.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids (NGLs)
exposed to its pricenamed as a riskUnder these types of arrangements, our revenues and cash flows increase or decrease, whichever is applicable, as the prices of natural gas, NGLs and crude oil fluctuate, to the extent our exposure to these prices is unhedged.Risk factors (Item 1A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Propane
earns fromnamed as a riskThe wholesale domestic propane marketing business is significantly impacted by seasonal and weather-driven demand, particularly in the winter, which can impact the price and volume of propane sold in the markets we serve.Business (Item 1)
West Texas Intermediate crude oil
exposed to its pricenamed as a riskA portion of our condensate sales are hedged using crude oil hedges that are based on NYMEX futures contracts for West Texas Intermediate light, sweet crude.Market risk (Item 7A)
Also named by MUR
Steel pipe
exposed to its pricenamed as a riskFor example, the construction of additional systems may be delayed or require greater capital investment if the commodity prices of certain supplies, such as steel pipe, increase due to imposed tariffs.Risk factors (Item 1A)
Regulators
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject to · approximately $12.5 millionnamed as a riskWe currently estimate an average annual cost of approximately $12.5 million between 2026 and 2028 to continue our pipeline integrity management program inspections along certain segments of our natural gas and hazardous liquids pipelines.Business (Item 1)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskFERC affirmed the administrative law judge’s initial decision on August 7, 2025, and required Targa Badlands to file a tariff setting the rates as well as the rules and regulations governing transportation service on these assets.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Three Affiliated Tribes
subject tonamed as a riskThe Three Affiliated Tribes is a sovereign nation having the right to enforce certain laws and regulations independent from federal, state and local statutes and regulations.Risk factors (Item 1A)
Industrial Commission of the State of North Dakota
subject tonamed as a riskCurrently, Targa is contesting a discrimination complaint filed as Cause No. 28550 by Enerplus Resources (USA) Corporation with the Industrial Commission of the State of North Dakota.Business (Item 1)
Laws and programs
Inflation Reduction Act corporate alternative minimum tax
subject to · 15% minimum taxnamed as a riskUnder the CAMT, a 15% minimum tax will be imposed on certain financial statement income of “applicable corporations.”Risk factors (Item 1A)
Also named by EXE, HESM, JXN, KLAC, NRG, Q, RRC, SO and 2 more
U.S. federal NOL carryforwards
$4.4 billionnamed as a riskAs of December 31, 2025, we have U.S. federal NOL carryforwards of $4.4 billion, which do not expire under current tax laws.Risk factors (Item 1A)
FERC oil pipeline index (PPI-FG+0.78%)
subject to · PPI-FG+0.78%On November 20, 2025, FERC withdrew the October 17, 2024, supplemental notice of proposed rulemaking and confirmed that the PPI-FG+0.78% index established in December 2020 will remain in place through June 30, 2026.Business (Item 1)
Nationwide Permit 12
subject tonamed as a riskAlthough we cannot predict what actions the new Presidential administration may take to revise NWP 12, any disruption in our ability to obtain coverage under NWP 12 or other general permits may result in increased costs and project delays if we are forced to seek individual permits from the Corps.Risk factors (Item 1A)
Natural Gas Act
subject tonamed as a riskConstruction and operation of Forza is subject to approval by FERC in response to our certificate application.Business (Item 1)
Interstate Commerce Act
subject tonamed as a riskVarious shippers are challenging the rates contained in such tariff asserting they are not just and reasonable under the ICA, and settlement discussions in this proceeding are currently ongoing.Business (Item 1)
EPA OOOOb/OOOOc methane rules
subject tonamed as a riskIn response to President Biden’s executive order calling on the EPA to revisit federal regulations regarding methane, the EPA finalized more stringent methane rules for new, modified, and reconstructed facilities, known as OOOOb, as well as standards for existing sources known as OOOOc, in December 2023.Risk factors (Item 1A)
Section 45Q carbon capture tax credit
We acquired a portfolio of complementary Permian Basin midstream infrastructure assets, including approximately 480 miles of natural gas pipelines, approximately 180 MMcf/d of cryogenic natural gas processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a small crude oil gathering system.Business (Item 1)
Also named by GPRE