Targa Resources (NYSE: TRGP) reported Q4 Revenue for the quarter at $4.06 billion versus the consensus estimate of $4.07 billion.

2026 Outlook and Capital Return Expectations

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 expect to continue to benefit from meaningful growth across our Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2026 relative to the records set in 2025.

Our 2026 operational and financial expectations assume Waha natural gas prices average $1.00 per million British Thermal Units (“MMbtu”), natural gas liquids (“NGL”) composite barrel prices average $0.60 per gallon, and crude oil prices average $63.00 per barrel.

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. Spending also includes gathering and compression related to strong commercial success and growing volumes. Net maintenance capital expenditures for 2026 are estimated to be approximately $250 million.

For the first quarter of 2026, we intend to recommend to our Board of Directors an increase to our quarterly common dividend to $1.25 per common share or $5.00 per common share annualized. The recommended 25 percent increase in common dividend per share, if approved, would be effective for the first quarter of 2026 and payable in May 2026. Going forward, we expect to be in position to continue to meaningfully increase the capital returned to shareholders through increasing common dividends per share and opportunistic repurchases of our common stock.

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