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Companies · TRGP

TRGP Reported this cycle

Targa Resources

Houston, TX Oil & Gas

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Latest analysis

Updated Aug 25, 2026

Targa appoints Enterprise Products veteran Brent Secrest as President–Logistics; promotes Ben Branstetter to CFO.

Targa Resources executed a planned leadership transition in its finance and logistics functions on August 20, 2026. Benjamin Branstetter, who served as President–Logistics and Transportation, was promoted to Chief Financial Officer with an annual base salary of $600,000 and a 400% long-term incentive award, effective September 1, 2026. Brent B. Secrest, a 13-year veteran of Enterprise Products with extensive commercial and marketing experience, was appointed to Branstetter's former role. William A. Byers, the outgoing CFO, announced his retirement effective September 1 with a transition period through December 31, 2026, during which he retains base salary and vesting of 2024–2025 RSU/PSU awards.

Tone: neutral

Revenue

$17B

TRGP 10-K · FY 2025

Revenue FY2024

$16.4B

Headquarters

Houston, TX

Profile

TRGP 10-K Item 1 · Feb 19, 2026

Targa Resources Corp. is a Houston-based midstream energy company that gathers, compresses, treats, processes, transports, and sells natural gas; transports, stores, fractionates, and sells NGLs and NGL products, including LPG export services; and gathers, stores, terminals, and sells crude oil. The company operates through two segments — Gathering and Processing, and Logistics and Transportation — with assets concentrated in the Permian Basin, Williston Basin, and Gulf Coast. Targa owns and controls the general partner of Targa Resources Partners LP, which holds the operating assets.

Read filing description ↓

Targa Resources Corp. (NYSE: TRGP) owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. The Company operates in two primary segments: Gathering and Processing, and Logistics and Transportation (also referred to as the Downstream Business). The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP.

Primary products

  • Natural gas gathering, compressing, treating and processing
  • NGL transportation, fractionation and services
  • Storage, terminaling and export services
  • Crude oil gathering, storing and terminaling
  • LPG export services
  • Natural gas supply and marketing

Business segments

Gathering and Processing Logistics and Transportation

End markets

Oil and gas producers LPG exporters Petrochemical industry Refinery industry Fuel markets Export markets

Geographies

Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins) Eagle Ford Shale in South Texas Barnett Shale in North Texas Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas Williston Basin in North Dakota (including the Bakken and Three Forks plays) Onshore and near offshore regions of the Louisiana Gulf Coast Mont Belvieu and Galena Park, Texas Lake Charles, Louisiana

Named competitors

Enterprise Products Holdings LLC

Revenue commentary · FY 2025

Total revenues increased from $16.38 billion in 2024 to $17.03 billion in 2025, driven by higher fees from midstream services, partially offset by fluctuations in commodity sales revenues.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

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