Targa Resources (TRGP) Reports Q3 Revenues Miss

Targa Resources (NYSE: TRGP) reported Q3 EPS of $. Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $2.17 billion.

“Our Gathering and Processing and Downstream systems continued to perform very well, bolstered by the partial quarter contribution of our recently completed Grand Prix NGL Pipeline,” said Joe Bob Perkins, Chief Executive Officer of the Company. “With the recent completion of Grand Prix and other important growth projects, we are beginning to demonstrate the strategic benefits of our premier integrated midstream position and our cash flow profile is expected to strengthen meaningfully, positioning Targa well over the long-term.”

2019 Financial and Operational Expectations and 2020 Preliminary Growth Capital Outlook

Targa affirms its previously disclosed full year financial and operational outlook for 2019, despite generally lower year-to-date commodity prices versus original assumptions. Through September 30, 2019, the Company spent $1,946.2 million on net growth capital expenditures, including net contributions to investments in unconsolidated affiliates. Targa’s estimated 2019 net growth capital expenditures continues to be approximately $2.4 billion. Based on current assumptions, Targa’s preliminary outlook for 2020 net growth capital expenditures is approximately $1.2 to $1.3 billion. The timing of moving forward with new Permian gas processing plants and fractionation Train 9 in Mont Belvieu is predicated on the Company’s outlook for estimated volume growth and activity levels, which would impact whether the Company is at the lower or higher end of its estimated net growth capital range as a result of the timing of capital spend.

For earnings history and earnings-related data on Targa Resources (TRGP) click here.

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