Q4 2025 Targa Resources Corp Earnings Call

February 19, 2026

Speaker #1: Participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star, one, one on your telephone.

Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, one again. Please be advised that today's conference is being recorded.

Speaker #1: I'd now like to hand the conference over to Tristan Richardson, Vice President of Investor Relations and Fundamentals. Please go ahead.

Speaker #2: Thanks, Liz. Good morning, and welcome to the fourth quarter 2025 earnings call for Targa Resources Corp. The fourth quarter earnings release, along with the fourth quarter earnings supplement presentation for Targa Resources that accompany our call, are available on our website, at targaresources.com, in the investor section.

Speaker #2: An updated investor presentation is also been posted to our website. Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934.

Speaker #2: Actual results could differ materially from those projected and forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our latest SEC filings.

Speaker #2: Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Jen Kneale, President; Will Byers, Chief Financial Officer; additionally, the following senior management team members will be available for Q&A.

Speaker #2: Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; Bobby Muraro, Chief Commercial Officer; and Ben Branstetter, Senior Vice President, Downstream Commercial.

Speaker #2: I'll now turn the call over to Matt.

Speaker #3: Thanks, Tristan, and good morning. Before we discuss our results, given this is Scott's last earning call before his retirement in a couple of weeks, we wanted to thank Scott for his 35 years of service to Targa and our predecessor companies.

Speaker #3: Scott will leave a lasting legacy at Targa and while we are going to miss him, we are excited about this next phase for Scott Marcy and the rest of his family.

Speaker #3: On behalf of the whole Targa team, thank you, Scott. You leave the team in great hands with Ben taking over for you and Ben, we're really excited to have you on the executive team.

Speaker #4: Matt, thank you for your comments about my retirement. It's been an extreme pleasure to work alongside the Targa management team for the past many years.

Speaker #4: I look forward to watching our continued success while in retirement, knowing that our employees and this management team will continue to focus on safety, customer service, and reliability, and do so with a high level of integrity.

Matthew Meloy: at Targa, and while we are going to miss him, we are excited about this next phase for Scott, Marcy, and the rest of his family. On behalf of the whole Targa team, thank you, Scott. You leave the team in great hands with Ben taking over for you, and Ben, we're really excited to have you on the executive team.

Speaker #4: Thank you to my friends and colleagues in our offices and field operations; I've been a part of a great team here at Targa, and it's been my pleasure to stand on your shoulders.

Pays for Scott Marci and the rest of his family.

On behalf of the whole target team. Thank you Scott you leave the team in great hands with Ben taking over for you and then we're really excited to have you on the executive team.

Speaker #4: Thank you.

Speaker #2: Thank you, Scotty. And now turning to our results, 2025 was another exceptional year for Targa with record volumes across our integrated footprint, which drove record financial performance.

Matt. Thank you for your comments about my retirement, it's been an extreme pleasure to work alongside the target management team for the past many years I look forward to watching our continued success while in retirement, knowing that our employees and this management team will continue to focus on safety customer service and reliability.

Scott Pryor: Matt, thank you for your comments about my retirement. It's been an extreme pleasure to work alongside the Targa management team for the past many years. I look forward to watching our continued success while in retirement, knowing that our employees and this management team will continue to focus on safety, customer service, and reliability, and do so with a high level of integrity. Thank you to my friends and colleagues in our offices and field operations. I've been a part of a great team here at Targa, and it's been my pleasure to stand on your shoulders. Thank you.

Speaker #2: Permian volumes grew 11% for the year and increased of more than $600 million cubic feet per day, NGL transport volumes increased by almost 170,000 barrels per day, frack volumes increased more than 120,000 barrels per day, and we also had record LPG export volumes.

<unk> and do so with a high level of integrity.

My friends and colleagues in our offices and build operations I've been a part of a great team here at target and it's been my pleasure to stand on your shoulders. Thank you.

Speaker #2: Our operational performance translated into a record $4.96 billion of adjusted EBITDA, more than $800 million higher year over year. We are almost two months into 2026 and our momentum continues, as we estimate another year of low double-digit Permian volume growth.

Matthew Meloy: Thank you, Scotty. Now turning to our results. 2025 was another exceptional year for Targa, with record volumes across our integrated footprint, which drove record financial performance. Permian volumes grew 11% for the year, an increase of more than 600 million cubic feet per day. NGL transport volumes increased by almost 170,000 barrels per day. Frac volumes increased more than 120,000 barrels per day, and we also had record LPG export volumes. Our operational performance translated into a record $4.96 billion of adjusted EBITDA, more than $800 million higher year-over-year. We are almost two months into 2026, and our momentum continues as we estimate another year of low double-digit Permian volume growth.

Thank you Scott.

And now turning to our results 2025 was another exceptional year for Targa with record volumes across our integrated footprint, which drove record financial performance Permian volumes grew 11% for the year, an increase of more than 600 million cubic feet per day NGL transport volumes increased by almost 170.

Speaker #2: Our expectations for 2026 are consistent with our previous commentary, and our outlook for '27 and beyond has only improved. We had strong commercial success in the Permian in 2024 and 2025, adding several billion cubic feet per day of gas volumes.

<unk> thousand barrels per day, Frac volumes increased more than 120000 barrels per day, and we also had record LPG export volumes, our operational performance translated into a record $4 $96 billion of adjusted EBITDA more than 800 million higher year over year.

Speaker #2: Over and above our existing volume growth from long-term acreage dedications. Our best-in-class footprint generates significant growth opportunities as we continue to expand our system, and bolt-on growth projects.

Speaker #2: This commercial success further adds to our long-term growth rate and gives us confidence in our capital program. Our returns on investment over the last several years have been best-in-class and we're investing in the same types of projects that generated those attractive rates of return.

We're almost two months into 2026 and our momentum continues as we estimate another year of low double digit Permian volume growth.

Matthew Meloy: Our expectations for 2026 are consistent with our previous commentary, and our outlook for 2027 and beyond has only improved. We had strong commercial success in the Permian in 2024 and 2025, adding several Bcf/d of gas volumes, over and above our existing volume growth from long-term acreage dedications. Our best-in-class footprint generates significant growth opportunities as we continue to expand our system and bolt-on growth projects. This commercial success further adds to our long-term growth rate and gives us confidence in our capital program. Our returns on investment over the last several years have been best-in-class, and we're investing in the same types of projects that generated those attractive rates of return. So with this outlook for strong volume growth, we are announcing two new projects today: Our next Delaware processing plant, Yeti Two, and our 13th fractionator in Mont Belvieu.

Our expectations for 2026 are consistent with our previous commentary and our outlook for 2007 and beyond has only improved we have strong commercial success in the Permian in 2024, and 2025, adding several billion cubic feet per day of gas volumes.

Speaker #2: So, with this outlook for strong volume growth, we are announcing two new projects today. Our next Delaware processing plant, Yeti 2, and our 13th fractionator in Montbellevue.

Speaker #2: We are also ordering long lead items for two additional plants in the Permian plant for early 2028. That is eight plants over the next two years.

Over and above our existing volume growth from long term acreage dedications.

Our best in class footprint generate significant growth opportunities as we continue to expand our system and bolt on growth projects. This commercial success further adds to our long term growth rate and gives us confidence in our capital program.

Speaker #2: Giving us line of sight to an incremental $2.2 billion cubic feet per day of additional processing capacity and growth NGL production of approximately 320,000 barrels per day.

Our returns on investment over the last several years have been best in class and we're investing in the same types of projects that generated those attractive rates of return.

Speaker #2: For perspective, this incremental plant infrastructure alone would amount to the fifth largest processor in the basin. This type of volume growth and commercial success we're experiencing is driving more plant and field capital in the Delaware than in previous years.

So with this outlook for strong volume growth, we are announcing two new projects today, our next Delaware processing plant yeti too and our 13th fractionator in Mont Belvieu. We're also ordering long lead items for two additional plants in the Permian and the Permian planned for early 2028.

Speaker #2: These projects represent more of the same from Targa, attractive investments across our integrated system. As we have talked about throughout 2025, we are in an elevated growth capital environment as we invest in GMP and downstream infrastructure.

Matthew Meloy: We are also ordering long lead items for 2 additional plants in the Permian, in the Permian, planned for early 2028. That is 8 plants over the next 2 years, giving us line of sight to an incremental 2.2 billion cubic feet per day of additional processing capacity and gross NGL production of approximately 320,000 barrels per day. For perspective, this incremental plant infrastructure alone would amount to the fifth largest processor in the basin. This type of volume growth and commercial success we're experiencing is driving more plant and field capital in the Delaware than in previous years. These projects represent more of the same from Targa, attractive investments across our integrated system. As we have talked about throughout 2025, we are in an elevated growth capital environment as we invest in G&P and downstream infrastructure.

That is eight plants over the next two years, giving us line of sight to an incremental $2 2 billion cubic feet per day of additional processing capacity and gross NGL production of approximately 320000 barrels per day.

Speaker #2: Our larger downstream projects, including Speedway and our LPG export expansion, are set to come online in the second half of 2027. Following the completion of these projects, we expect to have lower downstream capital spending per year to come, sorry, for years to come while our EBITDA is expected to be meaningfully higher, which results in a strong free cash flow profile.

For perspective, this incremental plant infrastructure alone would amount to the fifth largest processor in the basin.

This type of volume growth and commercial success, we're experiencing is driving more plant and field capital in the Delaware than in previous years. These.

Speaker #2: In a high single-digit to low double-digit Perman Targa Permian volume growth environment, or about three plants per year, we would expect multi-year growth capital spending to average around $2.5 billion annually post-Speedway.

These projects represent more of the same from target attractive investments across our integrated system. As we have talked about throughout 2025, we are in an elevated growth capital environment as we invest in GMP and downstream infrastructure.

Speaker #2: This compares to approximately $1.7 billion in the illustrative case we shared in 2024. Our updated illustrative case is higher because we assume around three plants per year versus two plants previously.

Matthew Meloy: Our larger downstream projects, including Speedway and our LPG export expansion, are set to come online in the second half of 2027. Following the completion of these projects, we expect to have lower downstream capital spending for years to come, while our EBITDA is expected to be meaningfully higher, which results in a strong free cash flow profile. In a high single-digit to low double-digit Permian-Targa Permian volume growth environment, or about 3 plants per year, we would expect multiyear growth capital spending to average around $2.5 billion annually post Speedway. This compares to approximately $1.7 billion in the illustrative case we shared in 2024. Our updated illustrative case is higher because we assume around 3 plants per year versus 2 plants previously.

Our larger downstream projects, including Speedway and our LPG export expansion are set to come online in the second half of 2027.

Following the completion of these projects, we expect to have lower downstream capital spending for years to come sorry for years to come while our EBITDA is expected to be meaningfully higher which results in a strong free cash flow profile.

Speaker #2: We also assume proportional GMP field capital and downstream spending, including fracs, residue projects, and some carbon capture investments. We would note our post-Speedway multi-year growth capital assumes minimal NGL transport and LPG export capital for years.

And a high single digit to low double digit Permian Targa Permian volume growth environment or about three plants per year, we would expect multi year growth capital spending to average around $2 $5 billion annually of speedway.

Speaker #2: And based on our current visibility, we expect Targa reaching run-rate adjusted EBITDA of over $6 billion following the completion of Speedway. This combination puts us in position to continue to invest in growth while generating significant free cash flow for years to come.

This compares to approximately $1 7 billion and the illustrative case, we shared in 2024, our updated illustrative case is higher because we assume around three plants per year versus two plants previously.

Speaker #2: This continues to align with our focus at Targa. Grow adjusted EBITDA, grow our common dividend per share, reduce our common shares outstanding, all with an investment-grade balance sheet, and once Speedway is complete, also generate significant and growing free cash flow.

Matthew Meloy: We also assume proportional GMP field capital and downstream spending, including fracs, residue projects, and some carbon capture investment. We would note our post-Speedway multiyear growth capital assumes minimal NGL transport and LPG export capital for years. Based on our current visibility, we expect Targa reaching run-rate Adjusted EBITDA of over $6 billion following the completion of Speedway. This combination puts us in position to continue to invest in growth while generating significant free cash flow for years to come. This continues to align with our focus at Targa: grow Adjusted EBITDA, grow our common dividend per share, reduce our common shares outstanding, all with an investment-grade balance sheet, and once Speedway is complete, also generate significant and growing free cash flow.

We also assumed proportional GMP field capital and downstream spending, including Fracs residue projects and some carbon capture investment we would note our post speedway multiyear growth capital assumes minimal NGL transport and LPG export capital for years.

Speaker #2: Before I turn the call over to Jen, I want to thank our employees for their ongoing commitment to safety, reliability, and delivering best-in-class service to our customers.

And based on our current visibility, we expect targa, reaching run rate adjusted EBITDA of over $6 billion.

Speaker #2: Your efforts were essential to another record year for Targa in 2025, and we have already seen you rise to the challenges of managing successfully through the cold winter weather in January.

Following the completion of Speedway.

This combination puts us in position to continue to invest in growth, while generating significant free cash flow for years to come.

Speaker #2: With that, I'll turn the call over to Jen.

Speaker #3: Thanks, Matt. Good morning, everyone. In the fourth quarter, our Permian volumes averaged a record $6.65 billion cubic feet per day. Up 10% from last year, a strong producer activity continued across our systems.

This continues to align with our focus at target.

<unk> adjusted EBITDA grow our common dividend per share reduced our common shares outstanding all with an investment grade balance sheet and one speedway is complete also generate significant and growing free cash flow.

Speaker #3: We indicated on our November earnings call that we had seen some producer shut-ins from sharply negative Wahoo pricing in the fourth quarter, but those volumes came back on our system, so we ended up with slightly higher fourth-quarter volumes.

Matthew Meloy: Before I turn the call over to Jen, I want to thank our employees for their ongoing commitment to safety, reliability, and delivering best-in-class service to our customers. Your efforts were essential to another record year for Targa in 2025, and we have already seen you rise to the challenges of managing successfully through the cold winter weather in January. With that, I'll turn the call over to Jen.

Before I turn the call over to Jan I want to thank our employees for their ongoing commitment to safety reliability and delivering best in class service to our customers. Your efforts were essential to another record year for Targa in 2025, and we have already seen you rise to the challenges of managing successfully through the cold winter weather in January.

Speaker #3: In January, the impacts of winter storm Fern reduced volumes across our operations, but thanks to the hard work of our employees, our assets proved resilient, remaining online and ready to receive volumes once temperatures improved.

With that I'll turn the call over to Jim.

Speaker #3: Our volume outlook is a result of the continued strong activity we are seeing from our customers across our GMP footprint. And as Matt mentioned, we had strong commercial success in 2025, adding approximately $350,000 dedicated acres.

Jennifer Kneale: Thanks, Matt. Good morning, everyone. In Q4, our Permian volumes averaged a record 6.65 Bcf/d, up 10% from last year, as strong producer activity continued across our systems. We indicated on our November earnings call that we had seen some producer shut-ins from sharply negative Waha pricing in Q4, but those volumes came back on our system, so we ended up with slightly higher Q4 volumes.... In January, the impacts of Winter Storm Fern reduced volumes across our operations. But thanks to the hard work of our employees, our assets proved resilient, remaining online and ready to receive volumes once temperatures improved. Our volume outlook is a result of the continued strong activity we are seeing from our customers across our GMP footprint.

Thanks, Matt and good morning.

Everyone in the fourth quarter, our Permian volumes averaged a record $6 65 billion cubic feet per day.

Up 10% from last year as strong producer activity continued across our systems. We indicated on our November earnings call that we had seen some producers shut ins from sharply negative wahhab pricing in the fourth quarter, but those volumes came back on our system. So we ended up with slightly higher fourth quarter volumes in.

Speaker #3: Also, we completed the acquisition of stakeholder and two bolt-on producer transactions, adding approximately $2 million acres in areas of mutual interest and nearly $500,000 dedicated acres, adding to our long-term growth rate.

In January of the impacts of winter storm churn reduced volumes across our operations, but thanks to the hard work of our employees our assets proved resilient remaining online and ready to receive volumes once temperatures improved R.

Speaker #3: In 2026, we look forward to placing our next three processing plants in service including Falcon 2 in the Permian Delaware and East Pembroke and East Driver in the Permian Midland.

Our volume outlook is a result of the continued strong activity, we are seeing from our customers across our G&P footprint and as Matt mentioned, we had strong commercial success in 2025, adding approximately 350000 dedicated acres also we completed the acquisition of stakeholder into bolt on producer transactions at.

Speaker #3: We continue to expect our new plants will be much needed at startup. Our Falcon 2 plant is expected to come online ahead of schedule and is currently in startup, and our remaining announced plants underway for 2026 and 2027 remain on track.

Jennifer Kneale: As Matt mentioned, we had strong commercial success in 2025, adding approximately 350,000 dedicated acres. Also, we completed the acquisition of Stakeholder and two bolt-on producer transactions, adding approximately 2 million acres in areas of mutual interest and nearly 500,000 dedicated acres, adding to our long-term growth rate. In 2026, we look forward to placing our next 3 processing plants in service, including Falcon Two in the Permian-Delaware, East Pembroke, and East Driver in the Permian Midland. We continue to expect our new plants will be much needed at startup. Our Falcon Two plant is expected to come online ahead of schedule and is currently in startup, and our remaining announced plants underway for 2026 and 2027 remain on track.

Speaker #3: Also, we announced a new plant in the Delaware to accommodate the activity that we are seeing from our customers. Our Yeti 2 plant is scheduled to be in service in the fourth quarter of 2027, and as Matt mentioned, we are ordering long lead items associated with our next two Permian plants for early 2028.

Approximately 2 million acres in areas of mutual interest and nearly 500000 dedicated acres, adding to our long term growth rate.

In 2026, we look forward to placing our next three processing plants in service, including Falcon too in the Permian, Delaware and East <unk> and east driver in the Permian Midland We continue to expect our new plants will be much needed at startup.

Speaker #3: Additionally, we continue to add connectivity and redundancy to our Permian residue capabilities. With our announced in-base and natural gas projects, including the Bull Run Extension, Buffalo Run, and Forza, which all remain on track subject to the receipt of the necessary regulatory approvals.

We'll continue plant is expected to come online ahead of schedule and is currently in startup and our remaining announced plans underway for 2026 and 2027 remain on track.

Speaker #3: As demonstrated over the last number of years, we've taken a deliberate approach towards enhancing flow assurance for our customers and have a portfolio of gas takeaway to access multiple premium markets.

Jennifer Kneale: Also, we announced a new plant in the Delaware to accommodate the activity that we are seeing from our customers. Our Yeti Two plant is scheduled to be in service in Q4 2027. And as Matt mentioned, we are ordering long lead items associated with our next two Permian plants for early 2028. Additionally, we continue to add connectivity and redundancy to our Permian residue capabilities with our announced in-basin natural gas projects, including the Bull Run Extension, Buffalo Run, and Forza, which all remain on track, subject to the receipt of the necessary regulatory approvals. As demonstrated over the last number of years, we've taken a deliberate approach towards enhancing flow assurance for our customers and have a portfolio of gas takeaway to access multiple premium markets.

Also we announced a new plant in the Delaware to accommodate the activity that we're seeing from our customers. Our yeti two plant is scheduled to be in service in the fourth quarter of 2027 and as Matt mentioned, we are ordering long lead items associated with our next two Permian plans for early 2028.

Speaker #3: The Blackcomb and Traverse pipelines where we have a 17.5% equity interest are currently under construction, and Blackcomb is expected to be in service in the fourth quarter of 2026, and Traverse in 2027.

Additionally, we continue to add connectivity and redundancy to our Permian residue capabilities with our announced in basin natural gas projects, including the bowler and extension Buffalo run in Florida, which all remain on track subject to the receipt of the necessary regulatory approvals.

Speaker #3: While we do see the Permian natural gas egress environment improving as we exit 2026, we expect natural gas prices at Wahoo to remain volatile throughout much of the year.

Speaker #3: Importantly, the prospects for sustained higher Wahoo prices with improved egress are a long-term positive for Targa and our Permian producers. Turning to our logistics and transportation segment, NGL transportation volumes in the fourth quarter averaged a record $1.05 million barrels per day, and our NGL transportation system continues to run full.

As demonstrated over the last number of years, we've taken a deliberate approach towards enhancing flow assurance for our customers and have a portfolio of gas takeaway to access multiple premium markets and.

Jennifer Kneale: The Blackcomb and Traverse pipelines, where we have a 17.5% equity interest, are currently under construction, and Blackcomb is expected to be in service in Q4 2026 and Traverse in 2027. While we do see the Permian natural gas egress environment improving as we exit 2026, we expect natural gas prices at Waha to remain volatile throughout much of the year. Importantly, the prospects for sustained higher Waha prices with improved egress are a long-term positive for Targa and our Permian producers. Turning to our logistics and transportation segment, NGL transportation volumes in the fourth quarter averaged a record 1.05 million barrels per day, and our NGL transportation system continues to run full.

Black home and traverse pipelines, where we have a 17, 5% equity interest are currently under construction and black home is expected to be in service in the fourth quarter of 2026 and to reverse in 2027, while we do see the Permian natural gas egress environment, improving as we exit 2026, we expect natural gas prices at <unk>.

Speaker #3: Fractionation volumes averaged a record $1.14 million barrels per day, and our LPG export volumes averaged $13.5 million barrels per month. Our Delaware express project fract trains 11 and 12, Speedway, and our LPG export expansion all remain on track and will be much needed at startup.

Uh-huh remained volatile throughout much of the year importantly, the prospects for sustained higher wallboard prices with improved egress for a long term positive for Targa and our Permian producers.

Speaker #3: Train 13, which we announced today, will support continued NGL supply growth from our Permian systems as we look to 2028 and beyond. We are well-positioned operationally for the near-medium and long term, and believe that our leading customer service-driven, well-head-to-water strategy puts us in excellent position to continue to execute for our shareholders.

Turning to our logistics and transportation segment NGL transportation volumes in the fourth quarter averaged a record 1.05 million barrels per day, and our NGL transportation system continues to run full.

Jennifer Kneale: Fractionation volumes averaged a record 1.14 million barrels per day, and our LPG export volumes averaged 13.5 million barrels per month. Our Delaware Express project, Frac Trains 11 and 12, Speedway, and our LPG export expansion all remain on track and will be much needed at startup. Train 13, which we announced today, will support continued NGL supply growth from our Permian systems as we look to 2028 and beyond. We are well-positioned operationally for the near, medium, and long term and believe that our leading customer service-driven wellhead-to-water strategy puts us in excellent position to continue to execute for our shareholders. Our strategy is unchanged as we execute the same core projects with strong returns along our integrated value chain in the same core areas where we have been building Targa for years.

Fractionation volumes averaged a record $1, one 4 million barrels per day, and our LPG export volumes averaged $13 5 million barrels per month.

Speaker #3: Our strategy is unchanged as we execute the same core projects with strong returns, along our integrated value chain, in the same core areas where we have been building Targa for years.

Our Delaware Express project track trains 11, and 12 Speedway and our LPG export expansion all remain on track and will be much needed at startup training 13, which we announced today will support continued NGL supply growth from our Permian systems, as we look to 2028 and beyond.

Speaker #3: I will now turn the call over to Will to discuss our fourth-quarter results, outlook, and capital allocation. Will?

Speaker #4: Thanks, Jen. Targa's reported quarterly adjusted EBITDA for the fourth quarter was $1.34 billion. A 5% increase over the third quarter. The sequential increase was attributable to higher system volumes and greater optimization opportunities in our marketing business.

We are well positioned operationally for the near medium and long term and believe that our leading customer service driven wellhead to water strategy puts us in excellent position to continue to execute for our shareholders.

Speaker #4: Full year 2025 adjusted EBITDA was a record $4.96 billion, a 20% increase over 2024. Supported by record financial and operational performance across the company.

Our strategy is unchanged as we execute the same four projects with strong returns along our integrated value chain in the same core areas, where we have been building target for years.

Speaker #4: We also benefited from stronger marketing with approximately $150 million of higher-than-expected optimization opportunities across 2025. We invested approximately $3.3 billion in growth capital projects in 2025 as we executed on our Permian and downstream expansions.

I will now turn the call over to will to discuss our fourth quarter results outlook and capital allocation.

Jennifer Kneale: I will now turn the call over to Will to discuss our Q4 results, outlook, and capital allocation. Will?

Well.

William Byers: Thanks, Jen. Targa's reported quarterly Adjusted EBITDA for Q4 was $1.34 billion, a 5% increase over Q3. The sequential increase was attributable to higher system volumes and greater optimization opportunities in our marketing business. Full year 2025 Adjusted EBITDA was a record $4.96 billion, a 20% increase over 2024, supported by record financial and operational performance across the company. We also benefited from stronger marketing, with approximately $150 million of higher-than-expected optimization opportunities across 2025. We invested approximately $3.3 billion in growth capital projects in 2025 as we executed on our Permian and downstream expansions. Net maintenance capital was $226 million.

Thanks, Jen <unk> reported quarterly adjusted EBITDA for the fourth quarter was 134 billion.

A 5% increase over the third quarter the sequential.

The increase was attributable to higher system volumes and greater optimization opportunities in our marketing business.

Speaker #4: Net maintenance capital was $226 million. We continue to return meaningful capital to our shareholders opportunistically repurchasing $642 million of common shares at a weighted average price of $170.45 during 2025.

Full year 2025, adjusted EBITDA was a record $4 96 billion.

A 20% increase over 2024 supported by record financial and operational performance across the company.

Speaker #4: Over the past few months, we have been focusing on completing and integrating our recent bolt-on transactions and our long-term capital allocation strategy is unchanged.

We also benefited from stronger marketing with approximately $150 million of higher than expected optimization opportunities across 2025.

Speaker #4: We continue to expect opportunistic repurchases to remain part of our all-of-the-above framework in 2026 and beyond. At year-end, our net consolidated leverage ratio was approximately 3.5 times.

We invested approximately $3 3 billion in growth capital projects in 2025, as we executed on our Permian and downstream expansions net.

Net maintenance capital was $226 million.

Speaker #4: Well within our long-term target range of 3 to 4 times. Our available liquidity, as of January 31, 2026, which includes funding the stakeholder acquisition and redeeming the $6.875% notes due January 2029, was approximately $1.9 billion.

William Byers: We continued to return meaningful capital to our shareholders, opportunistically repurchasing $642 million of common shares at a weighted average price of $170.45 during 2025. Over the past few months, we have been focusing on completing and integrating our recent bolt-on transactions, and our long-term capital allocation strategy is unchanged. We continue to expect opportunistic repurchases to remain part of our all-of-the-above framework in 2026 and beyond. At year-end, our net consolidated leverage ratio was approximately 3.5 times, well within our long-term target range of 3 to 4 times. Our available liquidity as of 31 January 2026, which includes funding the stakeholder acquisition and redeeming the 6.875% notes due January 2029, was approximately $1.9 billion.

We continue to return meaningful capital to our shareholders Opportunistically repurchasing $642 million of common shares at a weighted average price of $170 45.

During 2025.

Over the past few months, we have been focusing on completing and integrating our recent bolt on transactions and our long term capital allocation strategy is unchanged.

Speaker #4: Turning to 2026, we estimate full-year adjusted EBITDA to be between $5.4 and $5.6 billion. An 11% increase over 2025. Based on the midpoint of our range.

We continue to expect opportunistic repurchases to remain part of our all of the above framework in 2026 and beyond.

Speaker #4: We expect approximately 4.5 billion dollars of growth capital spending in 2026, supporting our major projects and continued volume growth. Our cash flows are greater than 90% fee-based, and we have hedged the majority of our non-fee margin for the next three years.

At year end, our net consolidated leverage ratio was approximately three five times.

Well within our long term target range of 3% to four times.

Our available liquidity as of January 31, 2026, which includes funding the stakeholder acquisition and redeeming the six 875% notes due January 2029 was approximately $1 9 billion.

Speaker #4: The increasing fee-based margin and fee floors in our GMP business continue to provide cash flow stability and preserve the upside when commodity prices increase.

Turning to 2026.

William Byers: Turning to 2026, we estimate full-year adjusted EBITDA to be between $5.4 and 5.6 billion, an 11% increase over 2025, based on the midpoint of our range. We expect approximately $4.5 billion of growth capital spending in 2026, supporting our major projects and continued volume growth. Our cash flows are greater than 90% fee-based, and we have hedged the majority of our non-fee margin for the next three years. The increasing fee-based margin and fee floors in our G&P business continue to provide cash flow stability and preserve the upside when commodity prices increase. To highlight the fee-based nature of our business, a 30% move higher or lower in commodity prices based on recent strip pricing would represent less than a 2% change relative to the midpoint of our 2026 adjusted EBITDA guidance.

Speaker #4: To highlight the fee-based nature of our business, a 30% move higher or lower in commodity prices based on recent strip pricing would represent less than a 2% change relative to the midpoint of our 2026 adjusted EBITDA guidance.

We estimate full year adjusted EBITDA to be between five four and $5 6 billion.

An 11% increase over 2025.

Based on the midpoint of our range we expect.

Approximately $4 5 billion of growth capital spending in 2026.

Speaker #4: We expect to end 2026 with our leverage ratio comfortably within our long-term target range even with our recent acquisitions and a strong growth environment driving higher growth capital spending highlighting the continued flexibility and strength of our balance sheet.

Supporting our major projects and continued volume growth.

Our cash flows are greater than 90% fee based and.

And we have hedged the majority of our non fee margin for the next three years.

The increasing fee based margin and <unk> in our G&P business continued to provide cash flow stability and preserve the upside when commodity prices increase.

Speaker #4: Additionally, as a result of the return of bonus depreciation and based on our current assumptions, we do not expect Targa to pay meaningful cash taxes for the next five years.

To highlight the fee based nature of our business, a 30% move higher or lower in commodity prices based on recent strip pricing would represent less than 2% change relative to the midpoint of our 2026 adjusted EBITDA guidance.

Speaker #4: We are in excellent financial shape with a strong and flexible balance sheet and we are well-positioned to continue to create value for our shareholders.

Speaker #4: And with that, I will turn the call back to Tristan.

Speaker #5: Thanks, Will. For the Q&A session, we ask that you limit to one question and one follow-up. And re-enter the queue if you have additional questions.

We expect it in 2026 with our leverage ratio ratio comfortably within our long term target range.

William Byers: We expect to end 2026 with our leverage ratio comfortably within our long-term target range, even with our recent acquisitions and a strong growth environment driving higher growth capital spending, highlighting the continued flexibility and strength of our balance sheet. Additionally, as a result of the return of bonus depreciation and based on our current assumptions, we do not expect Targa to pay meaningful cash taxes for the next five years. We are in excellent financial shape with a strong and flexible balance sheet, and we are well positioned to continue to create value for our shareholders. With that, I will turn the call back to Tristan.

Even with our recent acquisitions and a strong growth environment driving higher growth capital spending highlighting the continued flexibility and strength of our balance sheet.

Speaker #5: Operator, please open the line for Q&A.

Speaker #6: As a reminder, if you'd like to ask a question at this time, please press star 11 on your telephone. And wait for your name to be announced.

Additionally, as a result of the return of bonus depreciation and based on our current assumptions, we do not expect targeted pay meaningful cash taxes for the next five years.

Speaker #6: To withdraw your question, please press star 11 again. Our first question will come from Jeremy Tonet with JP Morgan. Your line is now open.

We are in excellent financial shape with a strong and flexible balance sheet and we are well positioned to continue to create value for our shareholders.

Speaker #7: Hi. Good morning.

Speaker #8: Morning, Jeremy.

Speaker #4: Good morning.

Speaker #7: Just want to kind of start off with the outlook ahead for 2026. You've seen steady growth there. Double digits. Whereas others in the industry, we've seen kind of some retrenchment in forward expectations.

And with that I will turn the call back to trusted.

Thanks will for.

Matthew Meloy: Thanks, Will. For the Q&A session, we ask that you limit to one question and one follow-up, and reenter the queue if you have additional questions. Operator, please open the line for Q&A.

For the Q&A session. We ask that you limit to one question and one follow up and reenter the queue. If you have additional questions.

Operator, please open the line for Q&A.

Speaker #7: And just wondering if you could walk us through a bit more what's driving Targa resiliency and the growth outlook in '26 and versus others.

As a reminder, if you'd like to ask a question at this time. Please press star one on your telephone and wait for your name to be announced to withdraw your question. Please press star one again.

Operator: As a reminder, if you'd like to ask a question at this time, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Our first question will come from Jeremy Tonet with JP Morgan. Your line is now open.

Speaker #7: And I guess, what do you see post-'26? That gives you confidence in future above-average growth.

Our first question will come from Jeremy Tonet with J P. Morgan Your line is now open.

Speaker #4: Yeah. Hey, thanks, Jeremy. I'll start and then if Jen or Pat want to jump in. For us, it kind of starts with our largest footprint across both the Delaware and the Midland.

Hi, good morning, good morning.

Jeremy Tonet: Hi, good morning.

William Byers: Morning, Jeremy.

Good morning.

Matthew Meloy: Good morning.

Jeremy Tonet: Just want to kind of start off with the outlook ahead for 2026. You've seen steady growth there, you know, double digits, whereas others in the industry, we've seen kind of some retrenchment in forward expectations. And just wondering if you could walk us through a bit more, what's, you know, driving Targa resiliency in the growth outlook in 2026 and versus others, and I guess, what do you see post 2026, you know, that gives you confidence in, in future, you know, above average growth?

Just wanted to kind of start off with the outlook ahead for 2026.

Speaker #4: Our strong producer relationships and just our existing customers that we have that have just continued to drill. Across our footprint, we've had a lot of commercial success as well.

<unk> seen steady growth there.

Double digits.

Whereas others in the industry, we've seen kind of some retrenchment in forward expectations and just wondering if you could walk us through a bit more what's driving targa resiliency in the growth outlook in 'twenty six.

Speaker #4: In 2024 and 2025, which is kind of continuing to add to our already existing strong growth rate on existing dedicated acreage. So I think it's a combination of just existing customers continuing to drill and continuing to add to our footprint.

Versus others and I guess, what do you see post 26 that gives you confidence in future.

Speaker #4: You saw that with kind of our two bolt-on acquisitions and some of the larger projects we talked about in 2024 just continuing to add volumes for us.

Above average growth.

Matthew Meloy: Yeah. Hey, thanks, Jeremy. I'll start, and then if Jen or Pat want to, want to jump in. You know, for us, it kind of starts with our largest footprint across both the Delaware and the Midland, our strong producer relationships, and just our existing customers that we have that have just continued to drill, you know, across our footprint. We've had a lot of commercial success as well in 2024 and 2025, which is kind of continuing to add to our already existing strong growth rate on existing dedicated acreage. So I think it's a combination of just existing customers continuing to drill and continuing to add to our footprint. You saw that with kind of our two bolt-on acquisitions and some of the larger projects we talked about in 2024, just continuing to add volumes for us. So 2026 looks very strong.

Yeah, Hey, Thanks, Jeremy I'll start and then Jan or pad want to want to jump in for US It kind of starts with our largest footprint across both the Delaware and the Midland are strong producer relationships and just our existing customers that we have that are just continue to drill.

Speaker #4: So 2026 looks very strong. We're pointing to low double digits, and that's really pretty similar to what we saw this time last year when we kind of guided to that growth rate for 2026.

Speaker #4: But all the commercial success we're having and just the activity we're seeing from our bottoms-up forecast from our producers is giving us even I'd say we're more positive on '27 and beyond from what we see today.

Across our footprint.

<unk> had a lot of commercial success as well in 2024, and 2025, which is kind of continuing to add to our already existing strong growth rate on existing dedicated acreage. So I think it's a combination of just existing customers continuing to drill and continuing to add to our footprint and you saw that with kind of our two bolt on acquisitions and some of the larger projects we.

Speaker #7: More positive. That's great to hear. I think that might tie into my next question. When you talk about the 2.5 billion of CapEx kind of like that mid-cycle, if you will, it's higher than before and has another plant I think than where you were before.

About in 2024, just continuing to add volumes for us. So 2026 looks very strong we're pointing to low double digits, and that's really pretty similar to what.

Matthew Meloy: You know, we're pointing to low double digits, and that's really pretty similar to what you know, we saw at this time last year when we kind of guided to that, to that growth rate for 2026. But all the commercial success we're having and just the activity we're seeing from our bottoms-up forecast from our producers is giving us even you know, I'd say we're more positive on 2027 and beyond from what we see today.

Speaker #7: And just wondering if you could bridge us through what the drivers are there, and is this an expectation of even better growth in versus what you thought before, which is what it sounds like?

We saw this time last year, when we kind of guided to that to that growth rate for 2026, but all the commercial success. We're having in just the activity we're seeing from our bottoms up forecast from our producers is giving us.

Speaker #8: Good morning, Jeremy. This is Jen. I think that what we wanted to do with that slide was really put on one page what we've been spending a lot of time talking to investors and potential investors about, which is really that next transformation for Targa.

Even.

I'd say, we're more positive on 2007 and beyond.

What we see today.

More positive.

Jeremy Tonet: More positive. That's great to hear. I think that might tie into my next question. When you talk about the $2.5 billion of CapEx, kind of like that mid-cycle, if you will, it's higher than before, and it has another plant, I think, than where you were before. And just wondering if you could, you know, bridge us through, you know, what the drivers are there, and is this an expectation of even better growth in versus what you thought before, which is what it sounds like?

Speaker #8: When our EBITDA is, as Matt said in his scripted remarks, over $6 billion, once Speedway is online on an annualized basis. And as we think about growth from there, just the amount of free cash flow that we would be able to generate across the scenarios that we would consider to be reasonable for us thinking about the future in terms of, call it high to low, high single digit to low double digit growth across our footprint.

Great to hear I think that might tie into my next question. When you talk about the $2 5 billion of Capex kind of like that mid cycle. If you will.

It's higher than before and it hasn't in another plant I think than where you were before and just wondering if you could bridge us through what the drivers are there.

And is this an expectation of even better growth.

Versus what you thought before which is what it sounds like.

Speaker #8: So I think we're supported by all the growth that we have seen from our existing contracts over the last couple of years and then as we talked about on our February call last year and then on this call, we've just had a ton of commercial success.

Good morning, Jeremy This is Jen I think that what we wanted to deal with that slide was really put on one page what we've been spending a lot of time talking to investors and potential investors about which is really that next transformation for targa. When our EBITDA is as Matt said in his scripted remarks over $6 billion went speedway is online.

Jennifer Kneale: Good morning, Jeremy. This is Jen. I think that what we wanted to do with that slide was really put on one page what we've been spending a lot of time talking to investors and potential investors about, which is really that next transformation for Targa. When our EBITDA is, as Matt said in his scripted remarks, over $6 billion once Speedway is online on an annualized basis, and as we think about growth from there, just the amount of free cash flow that we would be able to generate across the scenarios that we would consider to be reasonable for us, thinking about the, the future in terms of, call it, high single-digit to low double-digit growth across our footprint.

Speaker #8: So hats off to our commercial team who, of course, are supported by our operations, but are just doing a really good job of identifying incremental opportunities for us to grow our already very large footprint.

Annualized basis, and as we think about growth from there just the amount of free cash flow that we would be able to generate across the scenarios that we would consider to be reasonable for us thinking about the future in terms of call. It high to low double high single digit to low double digit growth across our footprint. So I think were supported by all of the <unk>.

Speaker #8: And as we think about the what I'd call sort of multi-year average growth capital spend post-Speedway and post our LPG export project coming online, what we wanted to demonstrate is that, one, we're growing off a bigger base.

Speaker #8: So when we previously put that information out, we've now grown for the last two years at a pretty good clip. So one, it's just off a larger base.

Jennifer Kneale: So I think we're supported by all the growth that we have seen from our existing contracts over the last couple of years. And then, as we talked about on our February call last year, and then on this call, we've just had a ton of commercial success. So hats off to our commercial team, who, of course, are supported by our operations, but are just doing a really good job of identifying incremental opportunities for us to grow our already very large footprint. And as we think about the, what I'd call sort of multiyear average growth, capital spend, post Speedway and post our LPG export project coming online, what we wanted to demonstrate is that, one, we're growing off a bigger base. So when we previously put that information out, we've now grown for the last two years at a pretty good clip.

<unk> that we have seen from our existing contracts over the last couple of years and then as we've talked about on our February call last year and then on this call. We've just had a ton of commercial success. So hats off to our commercial team who of course are supported by our operations, but are just doing a really good job of identifying incremental opportunities for us to grow our already.

Speaker #8: And that's why we're now saying it could be, call it 2.5 to 3 plants, of spending in there. And that requires incremental field and compression spending as well.

Speaker #8: And then there's also incremental spending for residue, which has become a bigger part of our business versus where we were two years ago. And also, there's some carbon capture and other things.

Gary a large footprint and as we think about the what I'd call sort of multiyear average growth capital spend post speedway and post our LPG export projects coming online what we wanted to demonstrate is that one we're growing off a bigger base. So when we previously put that information out we've now grown for the last two years had a pretty good clip.

Speaker #8: But I do think it's a really good indicator of just the amount of free cash flow we are going to be in position to generate as we get Speedway and our LPG export expansion completed as those are really the two chunkiest projects that we have in our purview.

Speaker #7: Got it. That's helpful. I'll leave it there.

Speaker #4: Okay. Thanks, Jeremy.

So one it's just off a larger base and that's why we're now saying it could be call. It two 5% to three plants of spending in there and that requires incremental field and compression spending as well and then there is also an incremental spending for residue, which has become a bigger part of our business versus where we were two years ago and also there's some carbon capture and other things.

Jennifer Kneale: So one, it's just off a larger base, and that's why we're now saying it could be, call it, 2.5 to 3 plants of spending in there, and that requires incremental field and compression spending as well. And then there's also incremental spending for residue, which has become a bigger part of our business versus where we were 2 years ago. And also, there's some carbon capture and other things. But I do think it's a really good indicator of just the amount of free cash flow we are going to be in position to generate as we get Speedway and our LPG export expansion completed, as those are really the two chunkiest projects that we have in our purview.

Speaker #6: Our next question comes from Theresa Chen with Barclays.

Speaker #9: Good morning. I'd like to unpack that 2027-plus inlet growth assumption that high single digit to low double digit rate. How much of this growth is a result of growing with your producers per their plans?

But I do think it's a really good indicator of just the amount of free cash flow, we are going to be in position to generate as we get speedway and our LPG export expansion completed as those are related to chunky as projects that we have in our purview.

Speaker #9: Are there key commodity price assumptions here that underlie this range? Is it contingent on additional commercial wins or further tuck in M&A? Any color here would be great.

Speaker #4: Yeah, sure. And as we kind of look at our multi-year forecast, we'll get bottoms-up individual forecasts from our producers. And our larger independents and majors will typically get several years of forecast.

Got it that's helpful I'll leave it there.

Jeremy Tonet: Got it. That's helpful. I'll leave it there.

Matthew Meloy: Okay. Thanks, Jeremy.

Okay. Thanks, Jeremy.

Our next question comes from Theresa Chen with Barclays.

Operator: Our next question comes from Theresa Chen with Barclays.

Okay.

Good morning.

Theresa Chen: Good morning. I'd like to unpack that 2027+ inlet growth assumption, that high single digit to low double digit rate. How much of this growth is a result of growing with your producers per their plans? Are there key commodity price assumptions here that underlie this range? Is it contingent upon additional commercial wins or further tuck-in M&A? Any color here would be great.

Yeah unpack that.

Speaker #4: Really, over the last 90, 180 days, we've continued to get revisions higher. And it's not just from one producer. It's from several producers. And I'd say that is more in the Delaware side than it is in the Midland.

2027, plus growth assumption that high single digit to low double digit rate.

How much of this growth is the result of growing with your producer as per their plans.

Speaker #4: There's just kind of more activity and a more diverse customer set over there. So we're becoming the outlook is becoming stronger and stronger in the Delaware.

Are there key commodity price assumptions that underlie this range and is it contingent on additional.

Speaker #4: We announced another Delaware plant today and two long lead additional infrastructure for two long lead plants both of those are likely to be in the Delaware.

Additional commercial wins are further tuck in M&A any color here would be great yes sure.

Matthew Meloy: Yeah, sure. You know, and as we, you know, kind of look at our multi-year forecast, you know, we'll get bottoms up, you know, individual forecasts from our producers. And our larger independents and majors will typically get several years of forecast. Really, over the last 90 to 180 days, we've continued to get revisions higher. And it's not just from one producer, it's from several producers. And I'd say that is more in the Delaware side than it is in the Midland. There's just kind of more activity and a more diverse customer set over there. So we're becoming, the outlook is becoming stronger and stronger in the Delaware. You know, we announced another Delaware plant today and two long lead, you know, additional infrastructure for two long lead plants.

And as we kind of look at our multiyear forecast, we will get bottoms up individual forecasts from our producers and our larger independents and majors will typically get several years of forecast.

Speaker #4: So that would make just a lot of infrastructure going in over there. And so that gives us just more confidence as we look to '27, '28, and even further out in our longer-term growth outlook.

Really over the last 90 180 days, we've continued to get revisions higher and it's not just from one producers from several producers and I'd say that is more in the Delaware.

Speaker #4: And when I said I think 2027 is going to be stronger, it's I would say it's going to be stronger than what we previously had expected at this time last year.

Speaker #4: We're not commenting relative to '26 or '25 growth. It's just as we look out for multiple years, we see a stronger growth rate than where we sat at this time last year.

<unk> than it is in the Midland Theyre, just kind of more activity and a more diverse customer set over there. So we're becoming the outlook is becoming stronger and stronger in the Delaware, We announced another Delaware plant today in two long lead.

Speaker #6: Understood. Thank you. And just looking at the results to date, so much of the momentum recently has been a result of commercial success executed a while ago and now coming to fruition.

Additional infrastructure for too long lead our plants both of those are likely to be in the Delaware. So that would make a lot of infrastructure.

Matthew Meloy: Both of those are likely to be in the Delaware, so that would make just a lot of infrastructure going in over there. And so that gives us just more confidence as we look to 2027, 2028, and even further out in our longer term growth outlook. And when I said, I think 2027 is gonna be stronger, I would say it's gonna be stronger than what we previously had expected at this time last year. We're not commenting relative to 2026 or 2025 growth. It's just as we look out for multiple years, we see a stronger growth rate than where we sat at this time last year.

In over there and so that gives us more confidence as we look to 2728 and even further out in our longer term growth outlook and when I said I think 2027 is going to be stronger.

Speaker #6: And it's a loaded term, given the competitive environment in which you operate. On a go-forward basis, how should we think about the durability of your commercial success and your ability to replicate it over time?

I would say, it's going to be stronger than what we previously had expected at this time last year, we're not commenting relative to 26 or 25 growth. It's just as we look out for multiple years, we see a stronger growth rate than where we sat at this time last year.

Speaker #4: Well, I mean, I'd say what's great is even if we don't have a significant amount more commercial success, we're going to have really strong growth for years to come.

Speaker #4: If you just look at the millions of acres we have dedicated. So what we've done is we've just added to our existing really robust growth profile from our existing customers.

Understood. Thank you.

Theresa Chen: Understood. Thank you. Just looking at the results to date, so much of the momentum recently has been a result of, of commercial success executed a while ago and now coming to fruition. It's a loaded term, given the competitive environment in which you operate. On a go-forward basis, how should we think about the durability of your commercial success and your ability to replicate it over time?

And just looking at the results to date so much about the momentum recently has been result of commercial success executed a while ago and now coming to fruition and it's a loaded term given the competitive environment in which you operate.

Speaker #4: And we have a really good commercial team. And so if we can find a creative either bolt-on acquisitions or step-out projects, we'll continue to add to that.

Speaker #4: But I would say we don't need it to fill the plants up that we've announced. And we don't need it to continue to grow in the Permian.

On a go forward basis, how should we think about the durability of your commercial success and your ability to replicate it overtime.

Speaker #4: I think further commercial success would just be additive to the growth rate that we're looking on now.

Matthew Meloy: Well, I mean, I'd say what's great is, even if we don't have a significant amount more commercial success, we're gonna have really strong growth for years to come. If you just look at the millions of acres we have dedicated. What we've done is we've just added to our existing really robust growth profile from our existing customers, and we have a really good commercial team. If we can find a creative, either bolt-on acquisitions or step-out projects, we'll continue to add to that. I would say we don't need it to fill the plants up that we've announced, and we don't need it to continue to grow in the Permian. I think further commercial success would just be additive to the growth rate that we're looking on now.

I'd say, what's great is even if we don't have a significant amount more commercial success, we're going to have really strong growth for years to come. If you just look at the millions of acres. We have dedicated so what we've done is we've just added to our existing really robust growth profile from our existing.

Speaker #8: I'd just add, Theresa, we reach final investment decision on the projects that we move forward with based on the contracts that we have in hand.

Speaker #8: There isn't an assumption of future growth from contracts to be identified in the future or anything else. It's based on what is already executed and how we best position ourselves to service those already executed contracts as we move forward through time.

<unk> and we have a really good commercial team and so if we can find accretive either bolt on acquisitions or step out projects will continue to add to that but I would say, we don't need it to fill the plants up that we've announced and we don't need it to continue to grow in the Permian I think further commercial success will just be added.

Speaker #6: That's very clear. Thank you.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from John McKay with Goldman Sachs.

Speaker #10: Hey, guys. Thank you for the time. I think I'll pick up on this thread a little bit more. You are it looks like you're pointing to continuing to effectively take share in the basin.

<unk> to the growth rate that we're looking on now.

Jennifer Kneale: I'd just add, Theresa, we reach final investment decision on the projects that we move forward with, based on the contracts that we have in hand. There isn't an assumption of future growth from contracts to be identified in the future or anything else. It's based on what is already executed and how we best position ourselves to service those already executed contracts as we move forward through time.

I would just add Theresa we reached final investment decision on the projects that we move forward with based on the contracts that we have in hand, there isn't an assumption of future growth from contracts to be identified in the future or anything else. It's based on what is already executed and how we best position ourselves to service those already executed.

Speaker #10: And I think Theresa kind of asked on this, but maybe I'll follow up. Are you guys still seeing the same level of margins you've seen historically?

Speaker #10: Are maybe more broadly, you can kind of talk about that margin per M trajectory you've been seeing? Thanks.

Contracts as we move forward through time.

Speaker #9: This is Jen. I think that, yes, you should expect that we will continue to be able to execute consistent with our track record as it relates to our returns.

That's very clear thank you.

Theresa Chen: That's very clear. Thank you.

Matthew Meloy: Okay, thank you.

Okay. Thank you.

Our next question comes from John Mckay with Goldman Sachs.

Operator: Our next question comes from John McKay with Goldman Sachs.

Speaker #9: We've got excellent producers already under contract with long-term contracts. And I think we're doing a really good job of hopefully executing at a very high level for them.

Hey, guys. Thank you for the time I think I'll I'll pick up on this thread a little bit more.

[Analyst] (Goldman Sachs): Hey, guys. Thank you for the time. I think I'll pick up on this thread a little bit more. You know, you are, you know, it looks like you're pointing to continuing to effectively take share in the basin. I think Theresa kind of asked on this, but maybe I'll follow up. You know, are you guys still seeing the same level of margins you've seen historically? Or maybe more broadly, you can kind of talk about that, you know, margin per m trajectory you've been seeing. Thanks.

John Mackay: Hey, guys. Thank you for the time. I think I'll pick up on this thread a little bit more. You know, you are, you know, it looks like you're pointing to continuing to effectively take share in the basin. I think Theresa kind of asked on this, but maybe I'll follow up. You know, are you guys still seeing the same level of margins you've seen historically? Or maybe more broadly, you can kind of talk about that, you know, margin per m trajectory you've been seeing. Thanks.

You are.

Speaker #9: So it really all starts with our operations team, our engineering team, supply chain, getting all the assets that we need in hand that we can build so that we're in position to execute for our producers.

It looks like Youre, pointing to continuing to effectively take share in the basin I think Theresa kind of asked on this but maybe I'll follow up are you guys still seeing the same level of margins you've seen historically or maybe more broadly you can kind of talk about that.

Speaker #9: And I really think it's some of our advantages around having the largest sour system in the Delaware. Having the largest footprint across the entire Permian, that puts us in position, as Matt said, to be able to do step-outs from a very economic perspective from a capital perspective and continue to generate returns, again, commiserate with the track record that we've been able to demonstrate?

Margin per trajectory you have <unk>.

Been seeing thanks.

Jennifer Kneale: This is Jen. I think that, yes, you should expect that we will continue to be able to execute consistent with our track record as it relates to our returns. We've got excellent producers already under contract with long-term contracts, and I think we're doing a really good job of hopefully executing at a very high level for them. So it really all starts with our operations team, our engineering team, supply chain, getting all the assets that we need in hand that we can build so that we're in position to execute for our producers. And I really think it's some of our advantages around having the largest sour system in the Delaware, having the largest footprint across the entire Permian.

This is Jen I think that yes, you should expect that we will continue to be able to execute consistent with our track record as it relates to our returns we've got excellent producers already under contract with long term contracts and I think we're doing a really good job of hopefully executing at a very high level for them. So it really all starts with our operations team.

Speaker #9: So this isn't us taking lower returns to continue to execute. I think it's really working very well with our producers to continue to show a track record of being in position with the assets they need to ensure that their volumes flow and doing a really good job for them is what continues to put us in a really strong position.

Our engineering team supply chain getting all of the assets that we need in hand that we can build so that we're in position to execute for our producers and I really think it's some of our advantages around having the largest sour system in the Delaware.

Speaker #9: And that's operations all the way from the wellhead down to the water. And we're really proud of how well our team is continuing to execute.

The largest footprint across the entire Permian that puts us in position as Matt said to be able to do step outs from a very economic perspective from a capital perspective and continue to generate returns again commensurate with the track record that we've been able to demonstrate so this isn't us taking lower returns to continue to execute.

Jennifer Kneale: That puts us in position, as Matt said, to be able to do step outs from a very economic perspective, from a capital perspective, and continue to generate returns, again, commensurate with the track record that we've been able to demonstrate. So this isn't us taking lower returns to continue to execute. I think it's really working very well with our producers to continue to show a track record of being in position with the assets they need to ensure that their volumes flow. And doing a really good job for them is what continues to put us in a really strong position, and that's operations all the way from the wellhead down to the water, and we're really proud of how well our team is continuing to execute.

Speaker #10: That's absolutely clear. Thank you. Maybe just follow up as you guys are talking about a lot of gas here. Maybe just share your kind of medium and longer-term view on Waha at this point.

Speaker #10: Thanks.

Speaker #4: All right. This is Bobby. Yeah. I think we are excited. There's been a lot of public commentary about the pipes that are coming online later this year.

I think it's really working very well with our producers to continue to show a track record of being in position with the assets they need to ensure that their volumes flow and doing a really good job for them is what continues to put us in a really strong position and thats operations all the way from the wellhead down to the water and we're really proud of.

Speaker #4: We'll be excited to see those pipes come online, as well as others. Further out the calendar and '28. I think it's going to be what it's been in the last 10 years, which is going to be a bumpy ride as assets come online.

Speaker #4: We'll be in good shape on differentials. And then we'll fill those pipes up. And new ones will come online. So when you think about the medium and longer term, I think we see in our view more pipes coming after the ones that have already been announced.

How well our team is continuing to execute.

That's absolutely clear. Thank you maybe just follow up is you guys are talking to them about a lot of gas here, maybe just share your kind of medium and longer term view on <unk> at this point. Thanks.

[Analyst] (Goldman Sachs): That's absolutely clear. Thank you. Maybe just to follow up is, you know, you guys are talking about a lot of gas here. Maybe just share your kind of medium and longer term view on Waha at this point. Thanks.

John Mackay: That's absolutely clear. Thank you. Maybe just to follow up is, you know, you guys are talking about a lot of gas here. Maybe just share your kind of medium and longer term view on Waha at this point. Thanks.

Speaker #4: But it'll be kind of the same oscillating mechanic where we fill up the pipes, basis gets rough, and then new pipes come online and fix it.

Matthew Meloy: This is Bobby. Yeah, I think we'll-- we are excited. There's been a lot of public commentary about the pipes that are coming online later this year. We'll be excited to see those pipes come online, as well as others, further out the calendar in 2028. I think it's gonna be, you know, what it's been the last 10 years, which is gonna be, you know, a bumpy ride. As assets come online, we'll be in good shape on differentials, and then we'll fill those pipes up, and new ones will come online. So when you think about the medium and longer term, I think we see in our view more pipes coming, after the ones that have already been announced.

This is Bobby.

Yes.

We are excited theres been a lot of public commentary about the pipes that are coming online later this year, we'll be excited to see those pipes come online as well as others further out.

Speaker #4: And more people will have to underwrite more pipes going forward after the ones that have already been announced.

Speaker #10: Sorry, just to make sure we're hearing you right. I guess your view right now is the current set of pipes coming should be mostly filled kind of as they come online.

Calendar.

28.

I think it is going to be what it's been in the last 10 years, which is going to be a bumpy ride as as assets come online we'll be in good shape on differentials and then we'll fill those pipes up and new ones will come online. So when you think about the medium and longer term I think we see in our in our view more pipes coming after the ones that have already been.

Speaker #10: Thanks.

Speaker #4: I don't think that's right. I think they will fill up over time. I think they'll fill up probably I'll say faster than people expect at the end of the day.

Speaker #4: With the results we're seeing in the Permian from our customers, but it is a ramp over time. At the end of the day, the day you turn on a 2 or 2 and a half BCF pipe, there isn't all of a sudden 2 BCF or 2 and a half BCF of new residue that day.

Announced but it'll it'll be kind of the same.

Matthew Meloy: But it'll be kind of the same oscillating mechanic where, you know, we fill up the pipes, basis gets rough, and then new pipes come online and fix it, and more people will have to underwrite more pipes going forward after the ones that have already been announced.

Relating mechanic, where we felt the pipes basis gets routes and then new pipes come online and fix it and more people will have to underwrite more pipes going forward. After the ones that have already been announced.

Speaker #4: So they do take a little bit of time to ramp up. Maybe you see a little bit more this time with shut-ins that we've heard about in the Permian.

Sorry, just to make sure. We're hearing you right I guess year over year right. Now is the current set of pipes coming should be mostly filled kind of as they come online.

Manav Gupta: Sorry, just to make sure we're hearing you right. I guess your view right now is the current set of pipes coming should be mostly filled kind of as they come online? Thanks.

John Mackay: Sorry, just to make sure we're hearing you right. I guess your view right now is the current set of pipes coming should be mostly filled kind of as they come online? Thanks.

Speaker #4: On other systems. But at the end of the day, they will take time to ramp up. But it's the same thing every time. It's the same story, just a different year.

Matthew Meloy: I don't think that's right. I think they will fill up over time. I think they'll fill up probably up, you know, I'll say, faster than people expect at the end of the day, with the results we're seeing in the Permian from our customers. But it is a ramp over time. At the end of the day, the day you turn on a 2 or 2.5 Bcf pipe, there isn't all of a sudden 2 Bcf or 2.5 Bcf of new residue that day. So they do take a little bit of time to ramp up. Maybe you see a little bit more this time with shut-ins that we've heard about in the Permian, on other systems.

I don't think Thats right.

Speaker #10: All right. That's clear. Appreciate the time. Thank you.

I think they will.

Speaker #4: Okay. Thank you.

They will fill up over time, I think they will fill up probably up I'll say faster than people expect at the end of the day.

Speaker #6: Our next question comes from Keith Stanley with Wolf Research.

With the results, we're seeing in the Permian from our customers.

Speaker #11: Hi. Good morning. First, just wanted to clarify. I think you said 150 million of upside from marketing last year. What are you assuming on marketing for this year relative to 2025?

But it is a ramp over time.

At the end of the day to day to day, you turn on a two or two and a half Bcf pipe there isn't all of a sudden two bcf or two bcf of new residue that day. So they do take a little bit of time to wrap up.

Speaker #11: And what potential opportunities do you think there could be to capture this year?

Maybe you see a little bit more of this time was shut ins that we've heard about the Permian.

Speaker #8: Morning, Keith. This is Jen. That's right. In our scripted comments, Will said that for 2025, we had about an extra 150 million dollars of marketing benefits.

On other systems, but.

Matthew Meloy: But at the end of the day, they will take time to ramp up, but it's just, it's the same thing every time. It's the same story, just a different year.

At the end they will take time to ramp up but it's the same thing every time, it's the same story just a different year.

Speaker #8: I'd say that consistent with what Bobby just answered, we believe that this is going to be a little bit of a bumpy ride as we move through 2026 around Waha pricing, particularly to the extent we have planned and/or unplanned maintenance from pipes that are taking Permian gas volumes out of the basin.

Alright, Thats clear I appreciate the time. Thank you okay. Thank you.

Manav Gupta: All right, that's clear. Appreciate the time. Thank you.

John Mackay: All right, that's clear. Appreciate the time. Thank you.

Matthew Meloy: Okay. Thank you.

Our next question comes from Keith Stanley with Wolfe Research.

Operator: Our next question comes from Keith Stanley with Wolfe Research.

Hi, Good morning, first first just wanted to clarify I think you said $150 million of upside from marketing last year. What are you assuming on marketing for this year relative to 2025 and what potential opportunities do you think there could be to capture this year.

Keith Stanley: Hi, good morning. First, just wanted to clarify. I think you said $150 million of upside from marketing last year. What are you assuming on marketing for this year relative to 2025? And what potential opportunities do you think there could be to capture this year?

Speaker #8: To the extent that that occurs, that will create additional marketing opportunities for us. We're largely focused on making sure that our producer volumes move.

Speaker #8: We're in an excellent position to do that. And so as you think about our 2026 guidance, I think consistent with our past practice, we're very conservative about how we forecast marketing gains.

Jennifer Kneale: Morning, Keith, this is Jen. That's right. In our scripted comments, Will said that for 2025, we had about an extra $150 million of marketing benefits. I'd say that consistent with what Bobby just answered, we believe that this is going to be a little bit of a bumpy ride as we move through 2026 around Waha pricing, particularly to the extent we have planned and/or unplanned maintenance from pipes that are taking Permian gas volumes out of the basin. To the extent that that occurs, that will create additional marketing opportunities for us. We're largely focused on making sure that our producer volumes move. We're in an excellent position to do that. And so as you think about our 2026 guidance, I think consistent with our past practice, we're very conservative about how we forecast marketing gains.

Morning Heath. This is Jan that's right in our scripted comments will said that for 2025, we had about an extra $150 million of marketing benefits.

Speaker #8: We've got call it a month and a half here of the year where we have really good visibility. And then we've got the balance of the year where I think there could be some incremental opportunities.

Say that consistent with what Bobby just answered we believe that this is going to be a little bit of a bumpy ride as we move through 2026 around wahhab pricing, particularly to the extent we have planned <unk> unplanned maintenance from pipes that are taking Permian gas volumes out of the basin to the extent that that occurs that.

Speaker #8: But we haven't factored that in in a material way.

Speaker #11: Got it. Thanks for that. And second one, kind of following up on some of the earlier ones, but just taking the Delaware by itself, for example, you're building four plants now.

We will create additional marketing opportunities for us were largely focused on making sure that our producer volumes news, we're in an excellent position to do that.

Speaker #11: You just said the long lead items for the next two plants are also in the Delaware. So that's six plants in the Delaware. How much of the growth outlook there would you attribute to the Delaware just booming versus target is taking market share or getting a disproportional amount of the market, given a competitive advantage?

And so as you think about our 2026 guidance I think consistent with our past practice, we are very conservative about how we forecast marketing gains we've got call it a month and a half here.

Jennifer Kneale: We've got, you know, call it a month and a half here of the year where we have really good visibility, and then we've got the balance of the year where I think there could be some incremental opportunities, but we haven't factored that in in a material way.

Of the year, where we have really good visibility and then we've got the balance of the year, where I think there could be some incremental opportunities, but we haven't we haven't factored that in in a material way.

Speaker #4: Yeah. I mean, it's hard for us to really know how much is market share gains. I don't know what's happening on other systems as we look out several years.

Speaker #4: I'd say what we've seen from several of our producers where we've had some underlying acreage dedications come back to us with revisions to the upside.

Got it thanks for that.

Keith Stanley: Got it. Thanks for that. Second one, kind of following up on some of the earlier ones, but just taking the Delaware by itself, for example, you're building four plants now. You just said the long lead items for the next two plants are also in the Delaware, so that's six plants in the Delaware. How much of the growth outlook there would you attribute to the Delaware just booming versus Targa is taking market share or getting a disproportional amount of the market, given a competitive advantage?

The second one kind of following up on some of the earlier ones, but just taking the Delaware by itself. For example, Youre building for plants now you just did the long lead items for the next two plants are also in the Delaware So that six plants in the Delaware.

Speaker #4: In one producer, it might be 50 million a day. It could be 40 million a day. It could be 150 million a day. We've had several of those over the last six months, which is just adding to our outlook.

How much of the growth outlook. There would you attribute to the Delaware just booming versus target is taking market share or getting a disproportional amount of the market given our competitive advantage.

Speaker #4: I would suspect others are having that on other systems as well. So it's a little hard for us to know how much is just total growth from the Delaware versus share gains.

Speaker #4: We kind of learn a little bit about that in hindsight. I'd say we're pretty aware of all the opportunities out there. We don't win everything.

Yes, I mean, it's hard for us to really know how much is market share gains I don't know what's happening on other systems as we look out several years I'd say, what we've seen from several of our producers where we've had some underlying acreage dedications come back to us come back to us with revisions to the upside.

Matthew Meloy: Yeah, I mean, you know, it's hard for us to really know how much is market share gains. I don't know what's happening, you know, on other systems as we look out several years. I'd say what we've seen from several of our producers, where we've had some underlying acreage dedications, come back to us, come back to us with revisions to the upside. In one producer, it might be 50 million a day, it could be 40 million a day, it could be 150 million a day. We've had several of those over the last six months, which is just adding to our, our outlook. I would suspect others are having that on other systems as well. So it's a little hard for us to know how much is just total growth from the Delaware versus share gains.

Speaker #4: I think we win our fair share. And we have really strong and active producers and just a lot of acreage already dedicated to us.

Speaker #4: And there's just a lot more activity on it.

Speaker #8: I would just add that I think that the acreage that we have dedicated to us has shown a resiliency as well. As you've seen, rig counts drop in the Delaware.

One producer might be 50 million a day it could be 40 million a day it could be 150 million a day, we've had several of those over the last six months, which is just adding to our outlook I would suspect others are having that on other systems as well. So it's a little hard for us to know how much is just total growth from the Delaware versus share gains, we kind of learn a little bit about that in <unk>.

Speaker #8: I think we've had really good consistency as we've moved forward through the last couple of years, which we would expect to continue going forward.

Speaker #8: So some of it is also that we've gained market shares, rigs have dropped from other areas. But it's not necessarily that we've had a lot of adds to our acreage that is already existing.

Matthew Meloy: We kind of learn a little bit about that in hindsight. I'd say we're pretty aware of all the opportunities out there. We, we don't win everything. You know, I think we win our fair share, and we have really strong and active producers and just a lot of acreage already dedicated to us, and there's just a lot more activity on.

Side, I'd say, we're pretty aware of all the opportunities out there we don't win everything.

Speaker #8: It's more that I think we've had just consistency and then just better results in that consistent activity on our acreage.

I think we win our fair share and we have really strong and active producers and just a lot of acreage already dedicated to us and Theres just a lot more activity on I would just add that I think that the acreage that we have dedicated test has shown a resiliency as well as <unk> seen rig counts dropped in the Delaware and I think we've had really good consistency as we move forward through the <unk>.

Speaker #11: Thank you.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from Manav Gupta with UBS.

Jennifer Kneale: I would just add that I think that the acreage that we have dedicated to us has shown a resiliency as well. As you've seen rig counts drop in the Delaware, I think we've had really good consistency as we've moved forward through the last couple of years, which we would expect to continue going forward. So some of it is also that we've gained market shares, rigs have dropped from other areas, but it's not necessarily that we've had a lot of adds to our acreage that is already existing. It's more that I think we've had just consistency and then just better results in that consistent activity on our acreage.

Speaker #12: Good morning. I wanted to ask you something because more of an upstream question. But two of your biggest customers are very actively talking about it.

Last couple of years, which we would expect to continue going forward. So some of it is also that we have gained market share as rigs have dropped from other areas, but it's not necessarily that we have had a lot of adds to our acreage that is already existing it's more than I think we've had just consistency and then just better results in that consist of.

Speaker #12: They're basically saying, "Look, our Permian recoveries are improving as we put more science into it, whether it's AI, whether it's lightweight properties, whether it's surfactants." And so they're basically saying, "The Permian rates of returns are improving because our wells are performing better as more science is going into that." And I'm just trying to understand based on what you're saying out there, are you also seeing that as more of these newer technologies are going into Permian, the well recoveries improving, which is obviously very positive for Targa?

Activity on our acreage.

Thank you.

Keith Stanley: Thank you.

Matthew Meloy: Okay, thank you.

Okay. Thank you.

Our next question comes from Manav Gupta with UBS.

Operator: Our next question comes from Manav Gupta with UBS.

Speaker #8: Good morning, Manav. I would just say that I think it's a combination of factors. I think really exciting for all of us to hear about the technological developments that our producer customers are making.

Good morning, I wanted to ask you something because more of an upstream question, but two of your biggest customers.

Manav Gupta: Good morning. I wanted to ask you something which is more of an upstream question, but two of your biggest customers are very actively talking about it. They're basically saying, "Look, our Permian recoveries are improving as we put more science into it, whether it's AI, whether it's lightweight proppants, whether it's surfactants." And so they're basically saying, "The Permian rates of returns are improving because our wells are performing better as more science is going into that." I'm just trying to understand, based on what you're seeing out there, are you also seeing that, that as you know, more of these newer technologies are going into Permian, the well recovery is improving, which is obviously very positive for Targa?

The activity is talking about it <unk> look on Permian recoveries are improving as we put more science into it whether it's <unk>.

Speaker #8: And their excitement about the implications for their improved efficiencies going forward and improved rates of return. Because of the success that they're having, I think that's part of what we're seeing.

It's lightweight properly so that it surfactants and so the <unk> the Permian rates of returns are improving because of the wells are performing better as more science is going into that and I'm just trying to understand based on what Youre seeing now that you are also seeing that as more of these newer technologies that are going into Permian <unk> recovery is improving.

Speaker #8: I think we're also seeing just the benefits of improving GORs in certain areas of operation. Frankly, just more gas coming out of wells than whereas forecasted as well being a factor too.

Speaker #8: So for us, I think it's a combination of factors. The technological developments and the impact on individual wells, I think we really have to look to our producer customers and what they are saying.

Which is obviously very positive for Targa.

Jennifer Kneale: Good morning, Manav. I would just say that I think it's a combination of factors. It's, I think, really exciting for all of us to hear about the technological developments that our producer customers are making and their excitement about the implications for their improved efficiencies going forward, and improved rates of return because of the success that they're having. I think that's part of what we're seeing. I think we're also seeing just the benefits of improving GORs in certain areas of operation. Frankly, just more gas coming out of wells than was forecasted as well, being a factor too. So for us, I think it's a combination of factors. The technological developments and the impact on individual wells, I think we really have to look to our producer customers and what they are saying for the real commentary around that.

Good morning, Manav I would just say that I think it's a combination of factors.

Speaker #8: For the real commentary around that. But I think there's a variety of factors that are contributing to us seeing more gas coming out of wells than were previously forecasted.

Really exciting for all of us to hear about the technological developments that are producer customers are making and their excitement about the implications for their improved efficiencies going forward and improve rates of return because of the success that they're having I think that's part of what we're seeing I think we're also seeing just the benefits of improving <unk> in certain areas of operation.

Speaker #6: Perfect. Thank you. My quick follow-up is you did announce two small bolt-on deals, very interesting opportunities. Can you help us understand those two a little better, how they came about, and why they fit perfectly into Targa?

Speaker #6: Thank you.

Speaker #4: Yeah. This is Bobby. Both those acquisitions were from producers that we have really strong relationships with and have for a long period of time.

Frankly, just more gas coming out of wells, and whereas forecasted as well being a factor too. So for US I think it's a combination of factors the technological developments and the impact on individual wells I think we really have to look to our producer customers and what they are saying for further real commentary around that but I think theres a variety of factors.

Speaker #4: And discussing their plans going forward and how they're going to work it, it seemed to make more sense for us to own those assets and build out the systems.

Speaker #4: And we're excited about it because it also gives us some assets in areas where we can go leverage and leverage the footprints and grab more acreage as we move through time.

Jennifer Kneale: I think there's a variety of factors that are contributing to us seeing more gas coming out of wells than were previously forecasted.

They are contributing to us seeing more gas coming out of the wells than previously forecasted.

Perfect. Thank you my quick follow up is you did announce two small bolt on deals the interesting opportunities can you help us understand those two a little bit on how they came about and why they fit perfectly into <unk>. Thank you.

Manav Gupta: ... Perfect. Thank you. My quick follow-up is, you did announce two small bolt-on deals, very interesting opportunities. Can you help us understand those two a little better, how they came about, and why they fit perfectly into Targa? Thank you.

Speaker #4: At the end of the day, it was kind of a testament to relationships we have with producers and working with them on a day-to-day basis to make sure they've got what they need to drill their wells and bring gas to us.

Speaker #6: Thank you so much. And congrats on a good quarter.

Matthew Meloy: Yeah, this is Bobby. Both those acquisitions were from producers that we have really strong relationships with and have for a long period of time. And discussing their plans going forward and how they're going to work it, it seemed to make more sense for us to own those assets and build out the systems. And we're excited about it because it also gives us some assets in areas where we can go leverage and leverage the footprints and grab more acreage as we move through time. At the end of the day, it was kind of a testament to relationships we have with producers and working with them on a day-to-day basis to make sure they've got what they need to drill their wells and bring gas to us.

This is about it.

Both of those acquisitions were from producers that we have really strong relationships with them and have for a long period of time.

Speaker #4: Thank you.

Speaker #2: Thank you.

Speaker #6: Our next question comes from Michael Bloom with Wells Fargo.

In discussing their plans going forward.

Speaker #13: Hey, good morning, everyone. Maybe just to stay on the conversation around growth and what's going on out in the Permian with your producers, I was wondering if you could talk a little bit more about slide 16, which references deeper zone development and maybe what your producers are seeing there and how that may be contributing to your robust outlook.

Theyre going to work at it seemed to make more sense for us to own those assets and build out the systems and we're excited about it because it also gives us some some assets in areas, where we can go with leverage in.

Leverages footprints and grab more acreage as we move through time.

At the end of day, it was kind of a testament to the relationships, we have with producers and.

Working with them on a day to day basis to make sure they've got what they need to drill their wells and bring gas to us.

Speaker #4: Yeah. What we've seen is I'd say some early activity from some of our producers in that zone. So most of our growth is from traditional formations, traditional zones, but we are starting to see more activity from a number of our producers in the deeper zones.

Thank you so much and congrats on a good quarter.

Manav Gupta: Thank you so much, and congrats on a good quarter.

Matthew Meloy: Thank you.

Alright. Thank you. Thank you.

Jean Ann Salisbury: Thank you.

Our next question comes from Michael Blum with Wells Fargo.

Operator: Our next question comes from Michael Bloom with Wells Fargo.

Operator: Our next question comes from Michael Blum with Wells Fargo.

Hey, good morning, everyone.

Michael Blum: Hey, good morning, everyone.

Speaker #4: What we wanted to highlight is, as you look out over the longer term, as the Barnett, Woodford gets developed, it could add to our longer-term growth rate.

Operator: Michael?

Michael Blum: Maybe just to stay on the conversation around growth and what's going on out in the Permian with your producers. I was wondering if you could talk a little bit more about slide 16, which references deeper zone development, and maybe what your producers are seeing there and how that may be contributing to your robust outlook.

Maybe just to stay on the.

The conversation around growth and what's going on out in the Permian with producers.

I was wondering if you could talk a little bit more about slide 16, which references deeper zone development and maybe what your producers are seeing there and how that may be contributing to your your robust outlook.

Speaker #4: There's some piece of it. There's a little bit that's in 26. And as you move out, there's some more potential as you go forward.

Speaker #4: But we kind of view that as more of an upside over the next several years that could get developed. And we're seeing more producers get active.

Speaker #4: And we've seen early well results be pretty positive there.

Matthew Meloy: Yeah. You know, what we've seen is, I'd say, some early activity from some of our producers in that zone. So most of our growth is from traditional formations, traditional zones, but we are starting to see more activity from a number of our producers in the deeper zones. What we wanted to highlight is, as you look out over the longer term, this, as the Barnett Woodford gets developed, it could add to our longer term growth rate. Yeah, there's some piece of it. There's a little bit that's in 2026, and as you move out, there's some more potential as you go forward. But we kind of view that as more of an upside over the next several years that could get developed. And we're seeing more producers get active, and we've seen early well results be pretty positive there.

Yes.

We have seen is I'd say some early activity from some of our producers in that zone. So most of our growth is from traditional formation traditional phones, but we are starting to see more activity from a number of our producers in the deeper zones, but we wanted to highlight is as you look out over the longer term.

Speaker #13: Okay. Got it. And then just in light of the volatility we've seen at Waha, the last few months and the marketing profits you captured in 2025, can you just remind us how much open pipeline capacity you have to take advantage when spreads widen?

<unk>.

The Barnett Woodford gets developed it could add to our longer term growth rate.

Speaker #13: And then I guess on the flip side, in your prepared remarks, you said you're going to benefit as Waha prices improve. So can you just, again, there just tell us, A, how much direct Waha price exposure you have at this point, which at least I understand you hedge most of it.

Yes, there is some piece of it there is a little bit that's in 'twenty six and as you move out there is some more potential as you go forward, but we kind of view that as more of an upside over the next several years that could get them all up and were seeing more producers get active and we've seen early well results be pretty positive there.

Speaker #13: So just wanted to understand both sides of that coin. Thanks.

Speaker #4: Yeah. Hey, Michael. So we have, I'd say, significant transport positions to multiple locations. And as Jen kind of talked about this earlier, it is for flow assurance for our customers to make sure we can get it out.

Okay got it and then just in light of the volatility we've seen at Wahaha and over the last few months.

Michael Blum: Okay, got it. And then, you know, just in light of the volatility we've seen at Waha, you know, the last few months and, you know, the marketing profits you captured in 2025. Can you just remind us how much open pipeline capacity you have to take advantage when spreads widen? And then, I guess on the flip side, in your prepared remarks, you said you're going to benefit as Waha prices improve. So can you just, again, there, just tell us, you know, A, how much direct Waha price exposure you have at this point, which at least I understand you hedge most of it. So just wanted to understand, you know, both sides of that coin. Thanks.

And the marketing.

Profits you captured in 2025 can you just remind us how much opening pipeline capacity you have to take advantage when spreads widen and then I guess on the flip side in your prepared remarks, you said youre going to benefit us while hub prices improve so can you just again, there just tell us how much.

Speaker #4: Our primary concern is making sure our customers can produce the gas and we can move that gas to market. So that's kind of where we start.

Speaker #4: Now, a lot of that does create a basis position for us. And so we have the opportunity when there is some price spread to capture some of the differential on those transport positions.

Speaker #4: We do hedge a lot of that and try and reduce that risk over multiple years. We have an outlined an exact amount of what that position is because it's, frankly, always changing too.

Direct while high price exposure you have at this point, which at least I understand you hedged most of it so just wanted to understand.

Both sides of that coin thanks, Michael.

Speaker #4: We're always hedging it. We're always trying to just make sure we have transportation to multiple markets. It's a fluid number. But that is what you see from us is when you see weak prices and even some volume downside from shut-ins, we do have an offset in the transportation position.

Matthew Meloy: Yeah, hey, Michael, so we have, I'd say, significant transport positions to multiple locations. And as Jen kind of talked about this earlier, it is for flow assurance for our customers to make sure we can get it out. Our primary concern is making sure our customers can produce the gas, and we can move that gas to market. So that's kind of where we start. Now, a lot of that does create a basis position for us. And so we have the opportunity when there is some price spread, to capture some of the differential on those transport, on those transport positions. We do hedge a lot of that and try and reduce that risk over multiple years. We haven't outlined an exact amount of what that position is, because it's always, it's, it's frankly, always changing too. We're always hedging it.

Michael So we have I'd say significant transport positions to multiple locations and as John kind of talk about this earlier it is for flow assurance for our customers to make sure. We can get it out our primary concern is making sure our customers can produce the gas and we can move that gas to market. So that's kind of where we start now a lot of that does create a basis position.

Speaker #4: For us, longer term, I think we benefit more by having plenty of takeaway, higher Waha prices, because a lot of our contracts are fee-based, but also fee-floors.

For us.

And so we have the opportunity when there is some price spread to capture some of the differential on those transport on those transport positions, we do hedge a lot of that and try and reduce that risk over multiple years, we haven't outlined an exact amount of what that position is because its all its frankly always changing too we're always hedging. It we're always trying to just make sure we have.

Speaker #4: And so when Waha is moves higher, and we have NGL prices around where they are, you could see us benefit from some upside from higher Waha prices.

Speaker #4: And I would say I think we have more length there. So it's just kind of that in-between area where we're not really benefiting from marketing, and we have low prices.

Matthew Meloy: We're always trying to just make sure we have transportation to multiple markets. It, it's a fluid, it's a fluid number. But that is what you see from us, is when you see weak prices and even some volume downside from shut-ins, we do have an offset in the transportation position. For us, longer term, I think we benefit more by having plenty of takeaway, higher Waha prices, because a lot of our contracts are fee-based, but also fee floors. And so when Waha is, you know, moves higher, and we have, you know, NGL prices around where they are, you could see us benefit from some upside from higher Waha prices. And I would say, I think we have more length there. So just kind of that in-between area, where we're not really benefiting from marketing and we have low prices.

Transportation to multiple markets its a fluid.

Speaker #4: That's really how we guide and factor in our multi-year forecast is in not being above the floors and not having a lot of marketing.

It's a fluid number but that is what youll see from US is when you see weak prices and even some volume downside from shut and we do have an offset in the transportation position for us longer term I think we benefit more by having plenty of takeaway higher wallboard prices.

Speaker #4: So to the extent it moves up or moves down, I'd say we have some upside really in either direction. Okay. Thank you.

There's a lot of our contracts are fee based but also fee floors and so in Oaxaca.

Speaker #6: Our next question comes from Jean Anne Salisbury, with Bank of America.

Moves higher and we have NGL prices around where they are you could see us benefit from some upside from higher wallboard prices and I would say I think we have more length. There. So just kind of that in between area, where we're not really benefiting from marketing and we have low prices, that's really how we guide and factor in our multiyear forecasts.

Speaker #14: Hi. Good morning. One kind of bear case, I guess, that I've heard is that you've seen ethane recovery go up pretty materially as Waha price has been distressed over the last year or two.

Speaker #14: Do you see any risk that once the Permian gas pipelines come on, Waha price is a little better, that that could be a headwind, at least a noticeable headwind, I suppose, to ethane recovery and therefore volume growth?

Matthew Meloy: That's really how we guide and factor in our multi-year forecast, is in, you know, not being above the floors and not having a lot of marketing. So to the extent it moves up or moves down, I'd say we have some upside, really, in either direction.

As in.

Not being above the floors and not having a lot of marketing so to the extent it moves up or moves down I'd say, we have some upside really in either direction.

Speaker #4: No. I mean, Permian is generally in recovery. You have to have a really significant dislocation. I mean, what we see when there's when economics change is rejection out in other areas, whether you're in mid-continent or Rockies or a little further away.

Got it. Thank you okay. Thank you.

Michael Blum: Got it. Thank you.

Matthew Meloy: Okay. Thank you.

Okay.

Operator: Our next question comes from Jeananne Salisbury with Bank of America.

Our next question comes from Jean Ann Salisbury with Bank of America.

Hey, good morning, one kind of bear case, I guess that Ive heard is that there.

Jean Ann Salisbury: Hi, good morning. One kind of bear case, I guess that I've heard, is that you've seen ethane recovery go up pretty materially as Waha price has been distressed over the last year or two. Do you see any risk that once the Permian gas pipelines come on, Waha price is a little better, that that could be a headwind, at least a noticeable headwind, I suppose, to ethane recovery and therefore, volume growth?

Speaker #4: But generally speaking, Permian has been mostly in recovery, even in periods of kind of price dislocation. We've been in recovery. We would expect to be in recovery.

<unk> seen ethane recovery go up.

Any materially as well high price has been distress over the last year or two do you see any risk that one the Permian gas pipelines come on wellhead prices, a little better that that could be a headwind.

Speaker #4: And that's how we have kind of baked it into our forecast. Okay. Thank you.

Just a noticeable headwind as opposed to ethane recovery and therefore volume growth.

Speaker #6: Our next question comes from AJ O'Donnell, with DPH.

Matthew Meloy: No, I mean, Permian is generally in recovery. You have to have a really significant dislocation. I mean, what we see when there's, when economics change is rejection out in other areas, whether you're in Mid-Continent or Rockies or a little further away. But generally speaking, Permian has been mostly in recovery, even in periods of, you know, kind of price dislocation. We've been in recovery. We'd expect to be in recovery, and that's, you know, how we have kind of baked it into our forecast.

No I mean.

Speaker #15: Morning, everyone. I was hoping I could just get a little bit more detail on the bridge on the new CapEx budget, step up of $1.2 billion.

Permian is generally and recovery you have to have a really significant dislocation I mean, what we see when there is economics change as rejection out in other areas whether in mid continent, our Rockies or a little further away, but generally speaking Permian has been mostly in recovery even in periods of.

Speaker #15: Apologies if I missed this during the prepared, detail on how much is being driven by the new plants and Frax 13 versus additional field capital, compression for the legacy system, and your recent acquisitions.

Kind of price dislocation.

We've been in recovery, we would expect to be in recovery.

Speaker #14: Sure, AJ. This is Jen. I think that the easy items to bridge are the ones that you mentioned, right? You've got the Yeti 2 plant in the Delaware and you've got Frax Train 13.

How we have kind of baked that into our forecast.

Jean Ann Salisbury: Great. Thanks.

Great. Thanks, Okay. Thank you.

Matthew Meloy: Okay. Thank you.

Okay.

Operator: Our next question comes from AJ O'Donnell with DPH.

Our next question comes from AJ O'donnell with BPH.

Speaker #14: And I think the cost of those are very much consistent with the cost that we've outlined before in terms of what a new plant or Frax costs us.

Good morning, everyone.

Brandon Bingham, CFA: Morning, everyone. I was hoping I could just get a little bit more detail on the bridge on the new CapEx budget, the step up of $1.2 billion. Apologies if I missed this during the prepared, but... Curious if you could provide some detail on how much is being driven by the new plants and Frac Thirteen versus, you know, additional field capital compression for the legacy system and your recent acquisitions?

AJ O'Donnell: Morning, everyone. I was hoping I could just get a little bit more detail on the bridge on the new CapEx budget, the step up of $1.2 billion. Apologies if I missed this during the prepared, but... Curious if you could provide some detail on how much is being driven by the new plants and Frac Thirteen versus, you know, additional field capital compression for the legacy system and your recent acquisitions?

Hoping I could just give a little bit more detail on the bridge on the new Capex budget step up one.

Speaker #14: I think we also announced that we are ordering the Longley items for our next two plants in the Permian Delaware. You can assume that in our guidance, we've assumed that we move forward with those.

$1 2 billion apologies if I missed this during the prepared but.

Curious if you could provide some detail on how much is being driven by new plants in <unk> versus.

Speaker #14: Our general track record is we announce we're getting Longley items as we finalize location and some other key decisions, and then we move forward with the final investment decision.

Additional field capital compression for the legacy system.

In your recent acquisitions.

Speaker #14: So you can assume that there's spending around that as well. I think that we've also got a lot of field gathering and compression, gathering lines and compression spending.

Jennifer Kneale: Sure, AJ, this is Jen. I think that the easy items to bridge are the ones that you mentioned, right? You've got the Yeti Two plant in the Delaware, and you've got Frac Train Thirteen. And I think the costs of those are very much consistent with the costs that we've outlined before in terms of what a new plant or frac costs us. I think we also announced that we are ordering the long lead items for our next two plants in the Permian Delaware. You can assume that in our guidance, we've assumed that we move forward with those. Our general track record is we announce we're getting long lead items as we finalize location and some other key decisions, and then we move forward with the final investment decision. So you can assume that there's spending around that as well.

Sure AJ this is jen.

I think that the easy items to bridge are the ones that you mentioned right you've got the <unk> plant in the Delaware and <unk> got fracturing 13, and I think that the cost of those are very much consistent with the costs that we've outlined before in terms of what a new plan or frac costs us.

Speaker #14: And that's both to service what I'd call kind of our core contracts already in place and then incremental spending associated with the commercial success that Matt outlined in his commercial remarks.

We also announced that we are ordering the long lead items for our next two plants in the Permian Delaware you can assume that in our guidance. We've assumed that we move forward with those are general track record is we announced we're getting long lead items as we finalized location and some other key decisions and then we move forward with the final investment decision.

Speaker #14: And we've got some hopefully pretty good information in our slides around our commercial success as well. I will say that we've also seen the lead times for items like pipe, compression, and even some power generation assets get longer.

Speaker #14: So part of this is also we need to accelerate our spending to be in position to ensure that we can handle the growth that we expect coming to us in 2027, 2028, and really beyond.

So you can assume that they are spending around that as well I think that we've also got a lot of field gathering and compression gathering lines and compression spending and thats both to service what I'd call kind of our core contracts already in place and then incremental spending associated with the commercial success that Matt outlined in.

Jennifer Kneale: I think that we've also got a lot of field gathering and compression, gathering lines and compression spending, and that's both to service what I'd call kind of our core contracts already in place, and then incremental spending associated with the commercial success that Matt outlined in his commercial remarks. We've got some hopefully pretty good information in our slides around our commercial success as well. I will say that we've also seen the lead times for items like pipe, compression, and even some power generation assets get longer. So part of this is also we need to accelerate our spending to be in position to ensure that we can handle the growth that we expect coming to us in 2027, 2028, and really beyond.

Speaker #14: So we're also just trying to make sure that we don't put ourselves in a position where we can't continue to provide exemplary service to our producers.

Speaker #15: Great. Thank you for that. And then maybe if I could just sneak one more in. I just see overall basin, thinking about some of the higher GORs, that you outlined in your deck, and just kind of wondering from that context, if we see overall Permian oil production flat in 2026, could you give us your latest updates on how you think overall rich gas production could trend in an environment like that, maybe exit to exit?

His commercial remarks, and we've got some hopefully pretty good information in our slides around our commercial success as well I will say that we've also seen the lead times for items like pipe compression and even some power generation assets get longer. So part of this is also we need to accelerate our spending to be in position.

To ensure that we can handle the growth that we expect coming to us in 27, 28 and really beyond.

Jennifer Kneale: We're also just trying to make sure that we don't put ourselves in a position where we can't continue to provide exemplary service to our producers.

Speaker #15: Thanks.

Jennifer Kneale: We're also just trying to make sure that we don't put ourselves in a position where we can't continue to provide exemplary service to our producers.

So we're also just trying to make sure that we don't put ourselves in a position where we can continue to provide exemplary service to our producers.

Speaker #4: Yeah. I mean, we've outlined and in our investor presentation, we kind of talk about if crude is growing X, that means gas is going to grow Y.

Great. Thank you for that and then maybe if I could just sneak one more in.

Brandon Bingham, CFA: Great. Thank you for that. And then maybe if I could just sneak one more in. Just overall basin, you know, thinking about some of the higher GORs that you outlined in your, in your deck, and just kind of wondering from that context, you know, if we see, you know, overall base, Permian oil production flat in 2026, could you give us your latest updates on, you know, how you think overall rich gas production could trend in an environment like that, maybe exit to exit? Thanks.

AJ O'Donnell: Great. Thank you for that. And then maybe if I could just sneak one more in. Just overall basin, you know, thinking about some of the higher GORs that you outlined in your, in your deck, and just kind of wondering from that context, you know, if we see, you know, overall base, Permian oil production flat in 2026, could you give us your latest updates on, you know, how you think overall rich gas production could trend in an environment like that, maybe exit to exit? Thanks.

Speaker #4: And then we've outperformed that. And so if you look at the latest forecast, that we use, we're not necessarily saying it's right, but there's a 4% spread which would suggest if crude is growing X, gas is going to grow 4% higher than crude.

I was just overall basin thinking.

Thinking about some of the higher <unk>.

Wind in your in your deck.

And just kind of wondering from that context.

Speaker #4: If you've looked at recently, it's maybe even a little bit higher than that. So maybe it's even potentially more than that. And then we've typically, over the last several years, have outperformed basins.

Overall.

Permian oil production flat in 2026 could you give us your latest updates on how you think overall rich gas production could trend in an environment like that maybe exit to exit.

Speaker #4: So that would point to our growth rate being even higher than that. So I think even in an environment where we have flat to modest crude growth, gas should grow higher from higher GORs and some of the zones that they're targeting just are more gassy.

Yes, I mean, we've outlined in our Investor presentation, we kind of talk about crude is growing acts that means the gas is going to grow Y and then we've outperformed that and so if you look at the latest forecast that we use we're not necessarily saying, it's right, but there is a 4% spread in Woodford suggest if crude is growing <unk>.

Matthew Meloy: Yeah, I mean, we've outlined, and in our investor presentation, we talk about if crude is growing X, that means gas is going to grow Y, and then we've outperformed that. And so if you look at the latest forecast, you know, that we use, we're not necessarily saying it's right, but there's a 4% spread. It would suggest if crude is growing X, gas is going to grow 4% higher than crude. If you looked at recently, it may be even a little bit higher than that, so maybe it's even potentially more than that. And then we've typically, over the last several years, have outperformed basins, so that would point to our growth rate being even higher than that.

Speaker #4: And from our continued just strong performance in the basin. So I think it points to really pretty strong growth outlook for us even in a slow to modest growth for crude.

Gas is going to grow 4% higher than crude if you've looked at recently, if maybe even a little bit higher than that so maybe it's even potentially more than that and then we've typically over the last several years have outperformed basin. So that would point to our growth rate being even higher than that so I think even in an environment, where we have flat.

Speaker #15: Thank you for all the detail. Appreciate it.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from Amit Thakker, with BMO Capital Markets.

Speaker #16: Hi. Thanks for taking my question. Just one quick one for us. It looks like you guys had a nice sequential increase in fourth-quarter export volumes, but it's anything about 3 or 4 percent lower than it was a year ago.

Matthew Meloy: So I think even in an environment where we have flat to modest crude growth, gas should grow higher from higher GORs and some of the zones that they're targeting, just are more gassy, and from our continued just strong performance, in the basin. So I think it points to a really, you know, pretty strong growth outlook for us, even in a slow to modest growth for crude.

To modest crude growth gas should grow higher from higher <unk> and some of the zones that theyre targeting just are more gassy.

Speaker #16: So as we think about the additional export capacity coming online in 2027, is your confidence in growing kind of export volumes in tandem with that capacity kind of based on success you've had in kind of your commercial commitments you've been able to secure already, or is it somewhat kind of based on your foreview of kind of where the kind of the S&D balance is headed in an actual market?

And from our continued strong performance in the basin. So I think it points to really.

Pretty strong growth outlook for us even in up.

Hello to modest growth for crude.

Yeah.

Thank you for all the detail I appreciate it okay. Thank you.

Brandon Bingham, CFA: Thank you for all the detail. Appreciate it.

AJ O'Donnell: Thank you for all the detail. Appreciate it.

Matthew Meloy: Okay, thank you.

Speaker #16: Thanks.

Our next question comes from Amit <unk> with BMO capital markets.

Operator: Our next question comes from Amit Thakker with BMO Capital Markets.

Speaker #4: Hey, this is Ben. We had a very nice fourth quarter on the exports, but we were impacted a little bit by fog there. And honestly, we're shaping up for a really nice first quarter as well.

Hi, Thanks for taking my question, just one equivalent growth. It looks like you guys had a nice sequential increase.

Jennifer Kneale: Hi, thanks for taking my question. Just one quick one for us. It looks like you guys had a nice sequential increase in fourth quarter export volumes, but it's, I think, about 3% or 4% lower than it was a year ago. So as we think about the initial export capacity coming online in 2027, is your confidence in growing kind of export volumes in tandem with that capacity, kind of based on success you've had in kind of from your commercial commitments you've been able to secure already? Or is it somewhat kind of based on your forward view of kind of where the supply balance is headed in international markets? Thanks.

Amit Thakker: Hi, thanks for taking my question. Just one quick one for us. It looks like you guys had a nice sequential increase in fourth quarter export volumes, but it's, I think, about 3% or 4% lower than it was a year ago. So as we think about the initial export capacity coming online in 2027, is your confidence in growing kind of export volumes in tandem with that capacity, kind of based on success you've had in kind of from your commercial commitments you've been able to secure already? Or is it somewhat kind of based on your forward view of kind of where the supply balance is headed in international markets? Thanks.

The excellent volume.

Speaker #4: But as I think about how we view the export business, that's really part of our integrated value chain. And so as you see us announcing eight plants coming across the Permian, those are integrated molecules that are flowing through our pipe, our Frax, and our export.

About three or 4% lower than it was a year ago. So as we think about the initial I spoke about coming online in 2007.

Okay.

Growing and export volume and then with that what are you going to based on success.

And then kind of.

Speaker #4: And so we're really excited to have that export project coming online. We remain generally very well contracted across the dock. And honestly, we're having as many conversations that we've ever had about long-term supply kind of globally coming out of the Gulf Coast.

Our new commercial commitments, you've been able to procure already or is it.

Somewhat kind of based on our year for a view of kind of what are the kind of SME balances.

Thanks.

Matthew Meloy: Hey, this is Ben. We had a very nice Q4 on the exports, but we were impacted a little bit, by fog there. And honestly, we're shaping up for a really nice, Q1 as well. But as I think about how we view the export business, that's really part of our integrated value chain. And so as you see us announcing eight plants coming across the Permian, those are integrated molecules that are flowing through our pipe, our frac, and our export. And so we're really excited to have that export project coming online. You know, we remain generally very well contracted across the dock, and honestly, we're having as many conversations that we've ever had about long-term supply, kind of globally coming out of the Gulf Coast.

Bobby Muraro: Hey, this is Ben. We had a very nice Q4 on the exports, but we were impacted a little bit, by fog there. And honestly, we're shaping up for a really nice, Q1 as well. But as I think about how we view the export business, that's really part of our integrated value chain. And so as you see us announcing eight plants coming across the Permian, those are integrated molecules that are flowing through our pipe, our frac, and our export. And so we're really excited to have that export project coming online. You know, we remain generally very well contracted across the dock, and honestly, we're having as many conversations that we've ever had about long-term supply, kind of globally coming out of the Gulf Coast.

This is Ben.

We had a very nice fourth quarter on the exports, but we were impacted a little bit by fog there.

Speaker #16: Thank you.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from Brandon Bingham, with Scotiabank.

And honestly, we're shaping up for a really nice first quarter as well, but as I think about how we view the export business, that's really part of our integrated value chain and so as you see us announcing eight plants coming across the Permian those are integrated molecules that are flowing through our pipe, our frac and our export.

Speaker #17: Hey, good morning. Thanks for taking the questions. Just wanted to touch on the EBITDA guidance for this year. Just especially where you came in and for your '25 and just the recent strong performance track record here.

Speaker #17: Just wondering what it would take to see you come in at the higher end and what you kind of see as some of the various puts and takes there and specifically thinking about the commentary around continuous volatility and WAHA and what that might do for the year.

And so we're really excited to have that export project coming online.

We remain generally very well contracted across the dock and honestly, we're having as many conversations that we've ever had about long term supply kind of globally coming out of the Gulf coast.

Speaker #18: Good morning, Brandon. This is Jen. I'd say the range is based on a number of cases that we run. So as we think about what would get us to the upside, I think the two biggest variables there would be if we just have volume growth be stronger than we are currently forecasting.

Thank you.

Jennifer Kneale: Thank you.

Amit Thakker: Thank you.

Matthew Meloy: Okay, thank you.

Okay. Thank you.

Our next.

Operator: Our next question comes from Brandon Bingham with Scotiabank.

Question comes from Brandon Bingham with Scotiabank.

Hey, good morning, Thanks for taking the questions just wanted to touch on the EBITDA guidance for this year, just especially where you came in in full year 'twenty five in just the recent.

Brandon Bingham, CFA: Hey, good morning. Thanks for taking the questions. Just wanted to touch on the EBITDA guidance for this year, just especially where you came in on full year 2025 and just the recent strong performance track record here. Just wondering what it would take to see you come in at the higher end and, and what you kind of see as some of the various puts and takes there, and specifically thinking about the commentary around continuous volatility in Waha and what that might do for the year.

Speaker #18: Wells come online more quickly and/or more volumes come from Wells than we are currently forecasting. That would certainly be something that would, I think, potentially drive us higher.

Strong performance track record here, just wondering what it would take to see you come in at the higher end and what you kind of see some of the various puts and takes there and specifically thinking about the commentary around continuous volatility in Oaxaca, and what that might do for the year.

Speaker #18: And then the other one I think you appropriately mentioned at the end of your question, which is we haven't factored in a lot of marketing gains.

Speaker #18: And that's across NGL, gas, and exports. So to the extent that we are able to move more volumes across any of those and benefit more than we're currently forecasting, that would also drive us, I think, higher to the higher end of the range.

Good morning, Brandon. This is Jim I would say the range is based on a number of cases that we run so as we think about what would get us to the upside I think the two biggest variables there would be if we just have volume growth be stronger than we're currently forecasting wells come online more quickly <unk> more volumes come from wells than we are.

Jennifer Kneale: Good morning, Brandon, this is Jen. I'd say that the range is based on a number of cases that we run. So as we think about what would get us to the upside, I think the two biggest variables there would be if we just have volume growth be stronger than we are currently forecasting, wells come online more quickly and/or more volumes come from wells than we are currently forecasting. That would certainly be something that would, I think, potentially drive us higher. And then the other one, I think you appropriately mentioned at the end of your question, which is we haven't factored in a lot of marketing gains, and that's across NGL, gas, and exports.

Speaker #17: Okay. Makes sense. And then just quickly wanted to go back. You mentioned in prepared remarks a comment about kind of commodity price sensitivity. You're just kind of wondering if you could maybe break that out between oil, NGLs, and gas, especially you have a dollar budgeted for 2026 for WAHA prices, but I think calendar '27 is trading nearly 3x that.

Forecasting that would certainly be something that would I think potentially drive us higher and then the other one I think you appropriately mentioned at the end of your question, which is we haven't factored in a lot of marketing gains and thats across NGL gas and exports. So to the extent that we are able to move more volumes across any of those end benefit.

Speaker #17: So just trying to think through over the near term as these pipes come online and just the commentary around WAHA and what may be some upside could look like as far as that's concerned and how the sensitivity might change between the three commodities.

Jennifer Kneale: So to the extent that we are able to move more volumes across any of those and benefit more than we're currently forecasting, that would also drive us, I think, higher, to the higher end of the range.

More than we're currently forecasting that would also drive us I think to the higher end of the range.

Speaker #18: I would just say that we are really well hedged as it relates to our equity volumes. So when you think about our direct price exposure, we're really well hedged.

Sunil Sibal: ... Okay, makes sense. And then just quickly wanted to go back. You mentioned in prepared remarks, a comment about kind of commodity price sensitivity. Just kind of wondering if you could maybe break that out between oil, NGLs, and gas especially. You know, you, you have $1 budgeted for 2026 for Waha prices, but I think calendar 2027 is trading nearly 3x that. So just trying to think through over the near term as these pipes come online and, and just the commentary around Waha and what maybe some upside could look like as far as that's concerned and, and how the sensitivity might change between the three commodities.

Brandon Bingham, CFA: ... Okay, makes sense. And then just quickly wanted to go back. You mentioned in prepared remarks, a comment about kind of commodity price sensitivity. Just kind of wondering if you could maybe break that out between oil, NGLs, and gas especially. You know, you, you have $1 budgeted for 2026 for Waha prices, but I think calendar 2027 is trading nearly 3x that. So just trying to think through over the near term as these pipes come online and, and just the commentary around Waha and what maybe some upside could look like as far as that's concerned and, and how the sensitivity might change between the three commodities.

Okay. It makes sense and then just quickly wanted to go back you mentioned in prepared remarks comment about kind of commodity price sensitivity.

Speaker #18: So the move higher in prices, we'd be a big beneficiary there if prices moved above our fee floor levels. We haven't described where our fee floors are, but we've been essentially below fee floors for the vast, vast majority of months over the last two years.

Kind of wondering if you could maybe break that out between oil Ngls and gas, especially.

You have a dollar budgeted for 2026 from wellhead prices, but I think calendar 2017 as trading nearly three ex that so just trying to.

Speaker #18: So that would result in EBITDA being higher. I'd say that we've had a point of view that I think has worked well for us over the last couple of years that we were going to have a lot of tightness in WAHA pricing.

Through over the near term as these pipes come online and just the commentary around longhorn well may be some upside could look like as far as thats concerned and how the sensitivity might change between the three commodities.

Speaker #18: And that's why you saw us hedge as much as we've hedged. So I would say that when you think about the streams, probably have more exposure directly on our equity volumes to changes in natural gas liquids prices, but when you think about marketing opportunities, in 2024 and 2025, we talked about the fact that because we do have a lot of transport to ensure our molecules flow, we have benefited from what we would call outsized marketing gains on the gas side the last couple of years.

Jennifer Kneale: I would just say that we are really well hedged as it relates to our equity volumes. So when you think about our direct price exposure, we're really well hedged. So the move higher in prices, we'd be a big beneficiary there if prices moved above our fee floor levels. We haven't described where our fee floors are, but we've been essentially below fee floors for the vast, vast majority of months over the last two years. So that would result in EBITDA being higher. I'd say that we've had a point of view that I think has worked well for us over the last couple of years, that we were going to have a lot of tightness in Waha pricing, and that's why you saw us hedge as much as we've hedged.

I'd, just say that we are really well hedged as it relates to our equity volumes. So when you think about our direct price exposure, we're really well hedged so the move higher and prices that we'd be a big beneficiary. There if prices moved above our fee floor levels, we have.

Described where fee floors are but we've been essentially below fee floors for the vast vast majority of months over the last two years. So that would result in EBITDA being higher I would say that we've had a point of view that I think has worked well for us over the last couple of years that we were going to have a lot of tightness in wahhab pricing and that's why you saw us.

Speaker #18: To the extent we see contango in the NGL markets, there we've got good opportunity to utilize our storage in Bellevue to potentially be a beneficiary of that.

Speaker #18: We haven't really had that in some time, but we're sitting there with a really attractive position of assets if we do get those opportunities to be a beneficiary.

Hedge as much as we have hedged so I would say that when you think about the streams probably have more exposure directly on our equity volumes to changes in natural gas liquids prices, but when you think about marketing opportunities in 2024 and 2025, we talked about the fact that because we do have a lot of transport to ensure our molecules.

Jennifer Kneale: So I would say that when you think about the streams, probably have more exposure directly on our equity volumes to changes in natural gas liquids prices. But when you think about marketing opportunities in 2024 and 2025, we talked about the fact that because we do have a lot of transport to ensure our molecules flow, we have benefited from what we would call outsized marketing gains on the gas side the last couple of years. To the extent we see contango in the NGL markets, there we've got good opportunity to utilize our storage in Mont Belvieu to potentially be a beneficiary of that. We haven't really had that in some time, but we're sitting there with a really attractive position of assets if we do get those opportunities to be a beneficiary.

Speaker #17: Great. Really helpful. Thank you.

Speaker #18: Thanks.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from Jason Gabelman with TD Cowen.

Speaker #19: Morning. Thanks for taking my questions. I wanted to ask about the downstream growth. You don't really talk about much additional capital into the downstream part of the business after 2027, but it does look like, I guess, you'll be a bit short on Y-grade pipeline capacity.

Flow, we have benefited from what we would call outsized marketing gains on the gas side. The last couple of years to the extent, we see contango in the NGL markets. There. We've got good opportunity to utilize our storage in bellevue to potentially be a beneficiary of that we haven't really had that in some time, but we're sitting there with a really attractive.

Speaker #19: So how do you plan on managing those molecules as new Frax come online later this decade and then any thoughts on additional Frax that you would need to build beyond the one announced today?

<unk> of assets, if we do get those opportunities to be a beneficiary.

Great really helpful. Thank you.

Sunil Sibal: Great, really helpful. Thank you.

Brandon Bingham, CFA: Great, really helpful. Thank you.

Jennifer Kneale: Thanks.

Matthew Meloy: Great. Thank you.

Thank you.

Our next question comes from Jason <unk> with TD Cowen.

Operator: Our next question comes from Jason Gabelman with TD Cowen.

Speaker #4: Yeah. Hey, Jason. I think as we look at our downstream infrastructure, what we kind of talk about is when we get into the back half of '27 is having operating leverage and excess capacity on our NGL transportation once Speedway comes online.

Good morning, Thanks for taking my questions.

Jason Gabelman: Morning. Thanks for taking my questions. I wanted to ask about the downstream growth. You know, you don't, you don't really talk about much additional capital into the downstream part of the business after 2027, but it does look like, I guess, you'll be a bit short on Y-grade pipeline capacity. So how do you plan on managing those molecules as, as new fracs come online, later, this decade? And then any thoughts on additional fracs that you would need to build, beyond the one announced today?

I wanted to ask about the downstream growth.

You don't really talk about much additional capital into the downstream part of the business after 2027.

Speaker #4: And then with building trains 11, 12, and 13, it should put us in a nice balanced position of having some excess capacity, but not too much on the Frax side.

But it does look like I guess, you'll be a bit short on Y grade pipeline capacity. So how do you plan on managing those molecules.

Speaker #4: So I think we'll be pretty well balanced on the Frax side. And we'll have some capacity on the transport side when Speedway comes up.

New Fracs come online.

Later, this decade, and and then any thoughts on additional Fracs that you would need to build.

Speaker #4: And as we're expanding our export facility, that should create some nice operating leverage for us as well as there's significant available capacity with LEP4 when it comes up.

Beyond the one announced today.

Matthew Meloy: Yeah. Hey, Jason. You know, I think as we look at our downstream infrastructure, what we kind of talk about is, when we can get into the back half of 2027, is having operating leverage and excess capacity on our NGL transportation once Speedway comes online. And then with building trains 11, 12, and 13, it should put us in a nice balanced position of having some excess capacity, but not too much on the frac side. So I think we'll be pretty well balanced on the frac side, and we'll have some capacity on the transport side when Speedway comes up. And as we're expanding our export facility, that should create some nice operating leverage for us as well, as there's, you know, significant available capacity with LEP 4 when it comes up.

Yes, Hey, Jason.

I think as we look at our downstream infrastructure, where we kind of talk about as we get into the back half of 2007, as having operating leverage and excess capacity on our NGL transportation. One Speedway comes online and then with building trains 11, 12 and 13, it should put us in a nice balanced position of having some excess capacity, but not too much.

Speaker #4: So then as we're growing and these volumes are ramping, it will provide some period of time before we'll need another expansion on the export dock.

Speaker #4: So I think with our downstream side, the reason we're pointing to a little bit lower CapEx post '27 is we're going to have some operating leverage kind of through the footprint on the downstream side.

Speaker #19: About the last case that we put out there, it talks about additional potential Frax and those numbers as well as other downstream complementary assets, just not the bigger transport or export pieces.

On the Frac side, so I think it will be pretty well balanced.

On the Frac side, and we'll have some capacity on the transport side when speedway it comes up.

And as we're expanding our export facility that should create some nice operating leverage for us as well as there is significant available capacity with led before when it comes up. So then as we're growing in these volumes are ramping.

Speaker #4: Yeah. That's right. So then as you go forward post '27, it's really rateable Frax will be the large piece of the downstream spend.

Speaker #19: Got it. I'd just add for a bridge for you is this: remember, we have multiple medium-term flexible offloads in place right now as you see Grand Prix running full.

Matthew Meloy: As we're growing and these volumes are ramping, it will provide some period of time before we'll need another expansion on the export dock. So I think with our downstream side, the reason we're pointing to a little bit lower CapEx post 2027 is we're going to have some operating leverage kind of through the footprint on the downstream side.

We'll provide some period of time before we will need another expansion on the export docks. So I think with our downstream side. There is more pointing to a little bit lower Capex post 2007, as we're going to have some operating leverage kind of through the footprint on the downstream side.

Speaker #19: And that ramps into when Speedway comes on in the third quarter of '27, a baseload of volumes to drive just very good project returns.

Jennifer Kneale: But the elastic-

Speaker #19: Got it. Thanks. My quick follow-up is just on Speedway CapEx. Can you remind us how much of that is concentrated in '26 versus how much spend will be left in '27?

The less okay.

Jason Gabelman: Okay.

Matthew Meloy: Case that we put out there talks about additional potential fracs in those numbers-

Get out there talks about additional potential fracs in those numbers as well as other downstream complementary assets, just not the bigger transport or front or yes, yes. That's right. So then as you go forward post 2007, it's really ratable fracs will be the large piece of the down stream spend.

Jason Gabelman: Right.

Matthew Meloy: - as well as other downstream complementary assets, just not the bigger transport or frac or, export.

Jason Gabelman: Yeah.

Matthew Meloy: Yeah, that's right. So then as you go forward, post 2027, it's really ratable fracs will be the large piece of the downstream spend.

Speaker #20: Total project cost is 1.6 billion. I'd say we had a pretty good amount of spending on it in 2025, spending in 2026 is more.

Okay.

Jason Gabelman: Got it.

Bobby Muraro: May I just add for a bridge for you is this: Remember, we have multiple medium-term flexible offloads in place right now, as you see Grand Prix running full, and that ramps into when Speedway comes on in Q3 2027, a base load of volumes to drive it at just, you know, very good project returns.

Speaker #20: And then we'll just be finishing it up in 2027. So we haven't broken out the cost publicly by year, but I'd say spending this year is more than it was last year.

Just add for a bridge for US. This remember we have multiple medium term flexible offloaded in place right now as you see Grand Prix running full and that ramps into when speedway. It comes on in the third quarter of 2007, a base load of volumes to drive it just very good project returns.

Speaker #20: And then call it the balance of that will probably look more like 2026 than 2025 and 2027 as we finish up that project.

Got it. Thanks My quick follow up just on Speedway Capex can you remind us how much of that is concentrated in 26 versus how much spend will be less than 27.

Jason Gabelman: Got it. Thanks. My quick follow-up is just on Speedway CapEx. Can you remind us how much of that is concentrated in 2026 versus how much spend will be left in 2027?

Speaker #19: Thank you.

Speaker #4: Okay. Thank you.

Speaker #6: Our next question comes from Sunil Sibal with Seaport Global.

Speaker #21: Yeah. Hi. Good morning, everybody. And thanks for the time this morning. So I wanted to start off on the LNT segment. It seems like operating costs have been trending pretty low there.

Jennifer Kneale: Total project cost is $1.6 billion. I'd say we had a pretty good amount of spending on it in 2025. Spending in 2026 is more, and then we'll just be finishing it up in 2027. So we haven't broken out the cost publicly by year, but I'd say spending this year is more than it was last year, and then call it the, the balance of that will probably look more like 2026 than 2025 and 2027 as we finish up that project.

Total project cost is $1 6 billion I'd say, we had a pretty good amount of spending on it in 2025 spending in $2026 more and then we'll just be finishing it up in 2027. So we haven't broken out the cost publicly by ear, but I'd say spending this year is more than it was last year and then call it.

Speaker #21: I was kind of curious if there is any kind of one-time factors which have helped you in 2025, or is that more of a secular trend in terms of operating cost control?

A balance of that will probably look more like 2026, and 2025 and 2027 as we finish up that project.

Speaker #20: I think that their costs are really consistent with volumes moving through the system. And when we bring new assets online, any of the lumpiness that you see is really around when we've got turnarounds.

Thank you.

Jason Gabelman: Thank you.

Matthew Meloy: Good. Thank you.

Great. Thank you.

Our next question comes from Sunil Sibal with Seaport Global.

Operator: Our next question comes from Sunil Sibal with Seaport Global.

Speaker #20: And I think we do a really good job of disclosing that. So as you look quarter to quarter, that is what might be creating some of the variability that you're talking about, Sunil.

Yes, hi, good morning, everybody and thanks for the time this morning.

Sunil Sibal: Yeah, hi, good morning, everybody, and thanks for the time this morning. So I wanted to start off on the L&T segment. Seems like, you know, operating costs have been trending pretty low there. I was kind of curious if there is any kind of, you know, one-time factors which have helped you in, in 2025, or is that more of a secular trend in terms of operating cost control?

So I wanted to start off on <unk>.

<unk> segment it seems like.

Speaker #21: Okay. Thanks for that. And then obviously, good to see more ACES dedications coming to Targa. I was curious when you think about all the ACES dedications you have in Permian, is there a good way to think about that total amount of ACES dedications versus your current volume rate?

Operating costs.

Yes.

Pretty low there I was just kind of curious if there is any kind of.

One time factors.

Five is that memorial day.

Secular trends in terms of operating cost control.

I think that their costs are really consistent with volumes moving through the system and when we bring new assets online any of the Lumpiness that you see is really around when we've got turnarounds and I think we do a really good job of disclosing that so as you look quarter to quarter that is what might be creating some of the variability that you're talking about.

Jennifer Kneale: I think that their costs are really consistent with volumes moving through the system and, when we bring new assets online. Any of the lumpiness that you see is really around when we've got turnarounds, and I think we do a really good job of disclosing that. So as you look quarter to quarter, that is what might be creating some of the variability that you're talking about, Sunil.

Speaker #21: Essentially, your inventory of volumes versus your current rates, is there a kind of good way to think about that metric?

Speaker #4: Yeah. I'm sorry. I don't know that I followed that. Do you think you could you say that again?

Speaker #21: Yeah. I was curious with all the ACES dedications that you are growing, is there a way for us to think about the total inventory of volumes that you have or that you are building because of the virtue of the ACES dedication versus the current volumes that you are moving on your systems?

So Neil.

Okay. Thanks for that.

[Analyst] (Seaport Global): Okay, thanks for that. And then, obviously, good to see more acreage dedications coming to Targa. I was curious, you know, when you think about all the acreage dedications you have in Permian, is there a good way to think about that, total amount of acreage dedications versus, you know, your current volume rate? Essentially, you know, your inventory of volumes versus your current rates, is, is there a kind of good way to think about that metric?

Sunil Sibal: Okay, thanks for that. And then, obviously, good to see more acreage dedications coming to Targa. I was curious, you know, when you think about all the acreage dedications you have in Permian, is there a good way to think about that, total amount of acreage dedications versus, you know, your current volume rate? Essentially, you know, your inventory of volumes versus your current rates, is, is there a kind of good way to think about that metric?

And then obviously, we could see more acreage dedications.

Coming to Targa.

Yes.

You think about all that you could shed eco ships you have in Permian.

Is that a good way to think about that portola.

Total amount of acreage dedications versus.

Speaker #20: Sunil, this is Jen. I think that part of why we describe the incremental acreage dedications and with the bolt-on transactions, the very large area mutual interest that is now dedicated to us is just really highlighting the fact that there is decades of drilling inventory on acreage that is already dedicated to Targa.

Your current volume.

Essentially yes.

Mentally.

Wally.

Yes.

Is that a good way to think about that metric.

Yes, Im sorry, I don't know that I follow that.

Tristan Richardson: Yeah, I'm sorry. I don't know that I followed that. Do you think you... Could you say it again?

Do you think could you say that again.

Yes, I was curious you know all the acreage.

[Analyst] (Seaport Global): Yeah, I was curious, you know, with all the acreage dedications that you are growing, is there a way for us to think about the total inventory of volumes that you have, or that you are building because of the virtue of the acreage dedication versus the current volumes that you are moving on your systems?

Sunil Sibal: Yeah, I was curious, you know, with all the acreage dedications that you are growing, is there a way for us to think about the total inventory of volumes that you have, or that you are building because of the virtue of the acreage dedication versus the current volumes that you are moving on your systems?

<unk> that you are growing.

Speaker #20: So it goes a little bit back to some of Matt's earlier comments in Q&A. We are just sitting in a really strong position. We don't need to continue to execute commercially, but I know we've got the best commercial guys that are continuing to work day in and day out for their producers and for new producers.

Is there a room for us to think about the total inventory of volumes that you have.

Yes.

Building because by virtue of the acreage dedication versus the current volumes.

Moving on your systems.

Speaker #20: So we would expect to continue to add to that. But even if we didn't, we've got decades of really attractive inventory on our system.

Jennifer Kneale: Sunil, this is Jen. I think that part of why we describe the incremental acreage dedications and with the bolt-on transactions, the very large area of mutual interest that, that is now dedicated to us, is just really highlighting the fact that there is decades of drilling inventory on acreage that is already dedicated to Targa. So it goes a little bit back to some of Matt's earlier comments in Q&A, that we are just sitting in a really strong position. We don't need to continue to execute commercially, but I know we've got the best commercial guys that are continuing to work day in and day out for their producers and for new producers. So we would expect to continue to add to that.

Neal This is Jim I think that part of why we described the incremental acreage dedications and with the bolt on transactions are very large area of mutual interest that is now dedicated to US is just really highlighting the fact that there's decades of drilling inventory on acreage that is <unk>.

Speaker #20: And that's necessitating the infrastructure that we are putting in place today. And that's really what is continuing to support this view that Targa has an exceptional strong medium and long-term outlook.

Speaker #21: Okay. Thanks for that.

Already dedicated to Targa. So it goes a little bit back to some of matts earlier comments and Q&A that we're just sitting in a really strong position, we don't need to continue to execute commercially but I know we've got the best commercial guys that are continuing to work day in and day out for their producers and for new producers. So we would expect to continue to add to that but.

Speaker #4: Okay. Thank you.

Speaker #6: That concludes today's question and answer session. I'd like to turn the call back to Tristan Richardson for closing remarks.

Speaker #19: Thanks, Liz. Thanks, everyone, for joining the call this morning. We appreciate your interest in Targa Resources.

Jennifer Kneale: But even if we didn't, we've got decades of really attractive inventory on our system, and that's necessitating the infrastructure that we are putting in place today. And that's really what is continuing to support this view that Targa has an exceptional, strong, medium, and long-term outlook.

Even if we didn't we've got decades of really attractive inventory on our system and thats necessitating the infrastructure that we're putting in place today and Thats really what is continuing to support this view that targa has an exceptional strong medium and long term outlook.

Okay. Thanks, Thanks for that.

[Analyst] (Seaport Global): Okay, thanks for that.

Sunil Sibal: Okay, thanks for that.

Tristan Richardson: Okay, thank you.

Okay. Thank you.

That concludes today's question and answer session I would like to turn the call back to Tristan Richardson for closing remarks.

Operator: That concludes today's question and answer session. I'd like to turn the call back to Tristan Richardson for closing remarks.

Tristan Richardson: Thanks, Liz. Thanks, everyone, for joining the call this morning. We appreciate your interest in Targa Resources.

Thanks to everyone for joining the call. This morning, we appreciate your interest in Targa resources.

Yeah.

This concludes today's conference call. Thank you for participating you may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Okay.

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