Targa Resources (TRGP) official guidance

Given the strength of Targa’s performance through the first two quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to be towards the top end of our $5.7 billion to $5.9 billion range.

We are increasing our estimate for full year 2026 adjusted EBITDA to be in a range of $5.7 billion-$5.9 billion.

Targa now estimates full year 2026 adjusted EBITDA to be between $5.7 billion and $5.9 billion, a 17 percent increase year-over-year, based on the midpoint of the range.

Turning to 2026, we estimate full year Adjusted EBITDA to be between $5.4-$5.6 billion, an 11% increase over 2025, based on the midpoint of our range.

For 2026, Targa estimates full year adjusted EBITDA to be between $5.4 billion and $5.6 billion, with the midpoint of the range representing an 11 percent increase over full year 2025 adjusted EBITDA.

We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

We continue to estimate net growth capital for 2026 of approximately $4.5 billion, with no change despite announcing two new Permian gas plants today.

We continue to estimate net growth capital expenditures to be approximately $4.5 billion which includes capital spending for announced infrastructure projects underway including our new Roadrunner III and Copperhead II processing plants in the Permian announced today.

We expect approximately $4.5 billion of growth capital spending in 2026, supporting our major projects and continued volume growth.

The company estimates net growth capital expenditures to be approximately $4.5 billion which includes capital spending for our announced infrastructure projects underway including six new Permian plants, three fractionators in Mont Belvieu, our Speedway NGL Pipeline, our GPMT LPG Export Expansion, our intra-basin residue gas projects in the Permian, and spending on long-lead items for two additional processing plants in the Permian.

We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

We also continue to estimate 2026 net maintenance capital spending of $250 million.

Our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

Net maintenance capital expenditures for 2026 are estimated to be approximately $250 million.

The Blackcomb and Traverse pipelines, where we have a 17.5% equity interest, are currently under construction, and Blackcomb is expected to be in service in the fourth quarter of 2026 and Traverse in 2027.

We expect our large LPG export expansion will be much needed when it comes online in the third quarter of 2027.

Speedway, our large expansion of our NGL pipeline transportation system, remains on track for the third quarter of 2027, and Train 12 and Train 13 remain on track for the first quarter of 2027 and the first quarter of 2028.

Speedway, which will transport NGLs from the Permian to Mont Belvieu with an initial capacity of 500,000 bbl per day, is expected to begin operations in the third quarter of 2027.

Both plants will be located in the Permian Delaware and are expected to begin operations in the first quarter of 2028.