Targa Resources Q1: Record EBITDA, Permian Growth

Targa Resources Q1 2023 report showcases a record-breaking performance, with adjusted EBITDA reaching $1.4 billion, a 5% increase from the previous quarter. Despite harsh winter storms and producer shut-ins, Permian natural gas inlet volumes and NGL fractionation volumes set new records. The company announced two new gas processing plants in the Permian Delaware, set to start operations in Q1 2028. Targas LPG exports rebounded after resolving an outage, and they raised their 2026 adjusted EBITDA outlook by $300 million. The company also increased their dividend by 25% and initiated a $55 million share buyback program, all while maintaining a comfortable leverage ratio of 3.6x. With improved Permian egress and global demand, Targa is poised for continued volume growth and shareholder value. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/047be096a6e88f2a