Targa Resources Corp.
Houston-based midstream energy company and one of the largest natural gas and NGL infrastructure operators in the Permian Basin.
Company Type
public
Founded
2005
Headquarters
Houston, Texas, USA
Stock
NYSE: TRGP
Revenue
$16.4 billion (FY2024)
Employees
approximately 3,400
Primary Market
United States
About Targa Resources Corp.
What does Targa Resources do?
Midstream energy: it gathers and processes natural gas, then transports and fractionates NGLs, chiefly in the Permian Basin and at the Mont Belvieu complex near Houston.
Is Targa Resources publicly traded?
Yes, on the NYSE under ticker TRGP. It is an S&P 500 member.
Who is Targa's CEO?
Matthew Meloy has been President and CEO since early 2023, succeeding longtime leader Joe Bob Perkins.
Where is Targa headquartered?
Houston, Texas.
What was the ExxonMobil deal?
In August 2026 Targa signed 20-year integrated midstream agreements with ExxonMobil for Permian gas gathering, processing, and downstream services, backed by three new processing plants.
History of Targa Resources Corp.
The modern Targa dates to 2005, when Warburg Pincus backed a management team that combined Targa Resources Inc. with an MLP, Targa Resources Partners. The company built its position through the 2000s and 2010s with gathering systems in the Permian and the strategic anchor of Mont Belvieu fractionation.
The transformative decade came with the shale boom. As Permian oil production exploded, associated gas volumes outgrew processing capacity across the basin, and Targa invested billions in new plants, pipelines, and fractionators to capture it. In 2015 the company completed the full takeover of its MLP, and it went public on the NYSE the same year.
Joe Bob Perkins, CEO from 2012, handed leadership to Matthew Meloy in early 2023. Under Meloy, growth accelerated: the company guided to $6 billion-plus in 2026 adjusted EBITDA, up more than 21% from 2025, funded a $5 billion annual growth capex program, and in August 2026 signed 20-year integrated midstream agreements with ExxonMobil covering Permian gas gathering, processing, and downstream services, supported by three new Delaware Basin plants named Wrangler, Ranger, and Ranger II.
Targa Resources Corp. Sustainability & Ethics
As a midstream operator, Targa's sustainability work centers on methane reduction in its gas systems, flaring minimization, and safety. It publishes an annual sustainability report with Scope 1 and 2 emissions data and reduction targets.
Brands Owned by Targa Resources Corp.
Targa Resources Corp. owns 1 brand in our database. Explore the ownership tree below — click categories to expand and see individual brands.
Targa Resources Corp.
public · Founded 2005 · Houston, Texas, USA
1
brands
Stock Information
Targa Resources Corp. Ownership: Pros & Cons
Advantages
- +Largest NGL fractionation position at Mont Belvieu
- +Record Permian volumes with decades of growth headroom
- +ExxonMobil 20-year fee-based agreements de-risk growth
- +21% EBITDA growth with a 20% dividend increase planned
Considerations
- -Commodity exposure in marketing margins
- -Concentrated Permian Basin dependence
- -$19.8 billion debt load at 3.4x leverage
- -$5 billion annual capex is a heavy funding burden
Frequently Asked Questions About Targa Resources Corp.
What does Targa Resources do?
Midstream energy: it gathers and processes natural gas, then transports and fractionates NGLs, chiefly in the Permian Basin and at the Mont Belvieu complex near Houston.
Is Targa Resources publicly traded?
Yes, on the NYSE under ticker TRGP. It is an S&P 500 member.
Who is Targa's CEO?
Matthew Meloy has been President and CEO since early 2023, succeeding longtime leader Joe Bob Perkins.
Where is Targa headquartered?
Houston, Texas.
What was the ExxonMobil deal?
In August 2026 Targa signed 20-year integrated midstream agreements with ExxonMobil for Permian gas gathering, processing, and downstream services, backed by three new processing plants.
Jobs at Targa Resources Corp.
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