Targa Resources

In April 2003, former Tejas Gas executives and Warburg Pincus formed Targa.⁠[1]

Warburg Pincus invested in Targa in 2003 and helped recruit several members of its board of directors.⁠[2]

In April 2004, Targa acquired certain midstream natural gas operations from ConocoPhillipsConocoPhillipsConocoPhillips is an American independent oil and gas exploration and production company, formed by the 2002 merger of Conoco and Phillips Petroleum and headquartered in Houston, Texas.Open the full entry.⁠[3]

In July 2005, Targa agreed to buy Dynegy’s midstream natural gas operations for $2.35 billion in cash and other considerations.⁠[1]

On October 31, 2005, Targa Resources, Inc. completed its purchase of Dynegy Inc.’s midstream natural gas business, including gathering and processing assets and NGL fractionation, storage, transportation and marketing operations. The combined company operates as Targa Resources from Houston.⁠[4]

In October 2005, Targa Resources Investments Inc. was formed as a Delaware corporation to become the top-tier holding company for Targa Resources, Inc.⁠[5]

In February 2007, Targa Resources Partners, a master limited partnership (MLP) set up by Targa, completed an initial public offering under the symbol “NGLS.”⁠[2]

On October 15, 2010, Targa Resources Investments Inc. filed Amendment No. 1 to its Form S-1 with the U.S. Securities and Exchange Commission, planning to list its common stock on the New York Stock Exchange under the symbol “TRGP.”⁠[5]

In December 2010, Targa Resources Corp. completed an initial public offering on the New York Stock Exchange under the symbol “TRGP.” Warburg Pincus exited its investment between 2010 and 2013.⁠[2]

Rene R. Joyce served as chief executive officer from October 27, 2005, to December 31, 2011, and became executive chairman of the board. Joe Bob Perkins, president since the company’s formation on October 27, 2005, became chief executive officer effective January 1, 2012.⁠[6]

On October 13, 2014, Targa Resources Partners agreed to buy Atlas Pipeline Partners for 0.5846 NGLS units plus $1.26 in cash per unit, valuing it at $7.7 billion including debt. Targa Resources Corp. would buy Atlas Energy, after a spin-off of its other assets, for 10.35 million TRGP shares and $610 million in cash.⁠[7]

On February 27, 2015, Targa Resources Partners and Targa Resources Corp. completed their acquisitions of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P. Chief executive Joe Bob Perkins said, “The strategic fit of the businesses and the fit of the people are extraordinary.”⁠[8]

On February 17, 2016, Targa Resources Corp. completed its acquisition of all outstanding common units of Targa Resources Partners LP, issuing 104,525,775 shares of common stock; TRP common units are no longer publicly traded.⁠[9]

In March 2017, Targa acquired three Outrigger operating entities with assets in the Delaware and Midland basins.⁠[3]

In February 2019, Targa sold a 45% preferred equity interest in Targa Badlands LLC, holder of its North Dakota assets, to BlackstoneBlackstoneBlackstone is an alternative asset manager serving institutional and individual investors. Its official website states that its assets under management exceeded $1.3 trillion as of June 30, 2026.Open the full entry-managed funds.⁠[3]

On July 25, 2019, Targa announced that president Matthew J. Meloy would become chief executive officer and join the board effective March 1, 2020, with chief executive Joe Bob Perkins becoming executive chairman. Meloy joined Targa in 2006, was chief financial officer from October 2010 to March 2018 and president from March 2018.⁠[10]

Before the open on June 9, 2021, Targa Resources Corp. replaced CoreLogic Inc. in the S&P MidCap 400.⁠[11]

In May 2022, Targa sold Targa GCX Pipeline LLC, which held a 25% equity interest in the Gulf Coast Express (GCX) pipeline, to a third party for $857.0 million.⁠[12]

On July 29, 2022, Targa announced that a wholly owned subsidiary had completed the $3.55 billion acquisition of Lucid Energy Delaware, LLC, extending its position in the core of the Delaware Basin.⁠[13]

On October 6, 2022, S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry announced that S&P MidCap 400 constituent Targa Resources Corp. would replace Nielsen Holdings plc in the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry before the open on October 12, in the GICS Energy sector. Nielsen was being acquired in a deal expected to close on October 11.⁠[14]

In January 2023, Targa acquired Blackstone Energy Partners’ 25% interest in the Grand Prix Joint Venture for approximately $1.05 billion in cash.⁠[12]

In July 2024, Targa formed the Blackcomb Joint Venture with WPC and MPLX, holding 17.5%, to build a pipeline for up to 2.5 Bcf/d of natural gas from the Permian Basin to South Texas.⁠[15]

On December 6, 2024, the New Mexico Environment Department (NMED) began an enforcement action against Targa subsidiary Targa Northern Delaware, LLC, alleging nearly 2 million pounds of excess air emissions and late reporting at its Red Hills gas plant, and sought a $47.8 million civil penalty.⁠[16]

Targa contested the action, filing seven motions to dismiss in March 2025, and said in a mid-February 2026 SEC filing that it would “vigorously defend” itself. NMED had been in closed-door discussions with Targa since late January 2026, with no agreement reached.⁠[17]

On February 18, 2025, Targa agreed to acquire the 45% interest in Targa Badlands LLC held by Blackstone-managed funds for approximately $1.8 billion.⁠[15]

The acquisition was completed in March 2025.⁠[18]

Targa has two segments, Gathering and Processing and Logistics and Transportation. It owns nine fractionation trains at Mont Belvieu with 963.0 MBbl/d of capacity, and its LPG export facilities can ship about 14.0 MMBbl per month. It employed about 3,570 people as of December 31, 2025.⁠[18]

On January 6, 2026, Targa completed its $1.25 billion cash acquisition of Stakeholder Midstream.⁠[19]

For 2025, Targa had total revenues of $17,028.3 million (2024: $16,381.5 million), net income attributable to Targa Resources Corp. of $1,923 million (2024: $1,312 million) and adjusted EBITDA of $4.96 billion.⁠[19]