Targa Resources (TRGP) Q2 Net Income $56.2M, Raises Outlook

Targa Resources (NYSE: TRGP) reported Q2 revenue of $3.42 billion versus the consensus estimate of $2.77 billion.

Second quarter 2021 net income attributable to Targa Resources Corp. was $56.2 million compared to net income of $81.0 million for the second quarter of 2020.

GUIDANCE:

Targa now estimates 2021 average Permian natural gas inlet volumes will increase around the high end of its previously disclosed 5 percent to 10 percent range over its 2020 average Permian natural gas inlet volumes, which will also result in incremental volumes through Targa’s L&T systems.

For full year 2021, Targa is increasing its estimated Adjusted EBITDA range to between $1.9 billion and $2.0 billion. Targa now estimates its year end 2021 consolidated leverage ratio to be around 3.5 times. Targa’s updated full year 2021 Adjusted EBITDA outlook assumes 2021 NGL composite barrel prices average $0.70 per gallon, crude oil prices average $65 per barrel, and Henry Hub and Waha natural gas prices to average $3.20 and $3.10 per million British Thermal Units (“MMBtu”). Targa’s estimate for 2021 net growth capital expenditures remains unchanged between $350 million and $450 million, based on announced projects and other identified spending inclusive of estimated 2021 spending on the Legacy Plant. Targa now estimates its full year 2021 net maintenance capital expenditures to be approximately $120 million.

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

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