Targa Resources (TRGP) Financial History

We typically do not obtain independent evaluations of natural gas or crude oil reserves connected to our gathering systems due to the unwillingness of producers to provide reserve information as well as the cost of su…

Targa NGL, Targa Gulf Coast, Grand Prix Pipeline, Targa San Andres Crude, and Targa Badlands have pipelines that are considered common carrier pipelines subject to regulation by FERC under the ICA.

With the exception of the Driver Residue Pipeline, TPL SouthTex Transmission Company LP, Buffalo Run Pipeline LLC, Bull Run Pipeline LLC, and Targa SouthTex Mustang Transmission Ltd., which are each subject to FERC re…

There continues to be uncertainty on the federal government’s applicable jurisdictional reach under the Clean Water Act over waters of the United States, including wetlands, as the EPA and the U.S.

Moreover, stricter laws, regulations or enforcement policies could significantly increase our operational or compliance costs and the cost of any remediation that may become necessary.

Companies across industries face scrutiny from a variety of stakeholders related to their sustainability practices.

Stakeholder and market attention to sustainability matters may impact the disclosure obligations of our business.

Additionally, from time to time, certain stockholders and bondholders currently invested in fossil fuel energy companies but concerned about the potential effects of climate change may elect in the future to shift som…

Governmental, scientific, and public concern from sources across the world over the potential threat of climate change arising from GHG emissions has resulted in increasing political risks in the United States.

Our and our customers’ operations are subject to a number of risks related to the potential threat of climate change, including evolving regulations for methane and other GHG emissions from the oil and gas sector, tha…

A downgrade in our credit rating could also result in our indebtedness agreements imposing additional restrictive covenants that may place further operating and financial limitations on our business.

•

•

Our ability to service our debt will depend upon, among other things, our future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and ot…

Our International Swaps and Derivatives Association agreements (“ISDAs”) contain credit-risk related contingent features.

Our amended and restated certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations and powers, preferences…

We or our stockholders may sell shares of common stock in subsequent public offerings and/or private transactions.

While we expect to be able to utilize our NOL carryforwards and generate deductions to offset all or a portion of our future taxable income (subject to the CAMT discussed below), in the event that deductions are not g…

The amounts we pay in dividends may vary from anticipated amounts and circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or for other uses in our business.

Inflationary pressures have been volatile and have resulted in and may result in additional increases to the costs of our goods, services and personnel, which in turn cause our capital expenditures and operating costs…

Inflation and changes in monetary policy may result in increases to the cost of our goods, services and personnel, which in turn cause our capital expenditures and operating costs to rise.

Effective internal controls are necessary for us to provide timely and reliable financial reports and effectively prevent fraud.

A reduction in divestitures of energy assets by industry participants or a decrease in opportunities for industry expansion could limit our opportunities for future growth projects or acquisitions and could adversely…

•

The construction of additions or modifications to our existing systems and the construction of new midstream assets involve numerous regulatory, environmental, political and legal uncertainties beyond our control and…

The Pipeline Safety, Regulatory Certainty, and Job Creation Act of 2011 (“2011 Pipeline Safety Act”), the Protecting our Infrastructure of Pipelines and Enhancing Safety Act of 2016 (“2016 Pipeline Safety Act”) and th…

Portions of our pipeline systems may require increased expenditures for maintenance and repair owing to the age of some of our systems, which expenditures or resulting loss of revenue due to pipeline age or condition…

Our operations along the Gulf Coast, in offshore waters and at major river crossings in particular could be adversely impacted by changing climatic conditions, as rising sea levels, subsidence and erosion are potentia…

Weather events may damage our assets, limit our ability or increase the costs to operate our business and adversely impact our customers on whom we rely on for throughput as well as third party vendors from whom we re…

We do not own most of the land on which our pipelines, terminals and compression facilities are located, and we are therefore subject to the possibility of more onerous terms and/or increased costs to retain necessary…

In addition, there is substantial competition for experienced supervisory and managerial personnel in the midstream industry.

Our business is highly competitive, which may affect our ability to hire, train or retain officers and employees needed to manage and operate our business.

The NGL products we produce have a variety of applications, including heating fuels, petrochemical feedstocks and refining blend stocks.

•

•

•

•

•

•

•

Our operations are subject to numerous federal, tribal, state and local environmental laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relati…

shifts for our or our customers’ hydrocarbon products and additional governmental investigations and private litigation against us or those customers.

The potential adoption and implementation of international, federal or state legislation, regulations or other regulatory initiatives in the future that impose more stringent standards for GHG emissions from the oil a…

Governmental, scientific, and public concern from sources in the United States and across the world over the threat of climate change arising from GHG emissions has resulted in political risks that may limit hydraulic…

Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government h…

In recent years, there has been considerable focus on the regulation of methane emissions from the oil and gas sector.

In the United States, no comprehensive climate change legislation has been implemented at the federal level, though laws such as the IRA advance numerous climate-related objectives.

•

•

•

•

or delaying business activities, investments or capital expenditures, acquisitions, selling assets, restructuring or refinancing debt, or seeking additional equity capital, and such results may adversely affect our ab…

example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions.

Based on our current interpretation of the IRA, the CAMT and related guidance, and several operational, economic, accounting and regulatory assumptions, we are currently not an “applicable corporation”, but we are lik…

Section 382 generally imposes an annual limitation on the amount of NOLs that may be used to offset taxable income when a corporation has undergone an “ownership change” (as determined under Section 382).

Effective internal controls are necessary for us to provide timely and reliable financial reports and effectively prevent fraud.

•

Moreover, we could incur significant costs to weatherize or upgrade weatherization of our facility equipment in anticipation of future weather events.

If we lose any of our named executive officers, our business may be adversely affected.

We do not own most of the land on which our pipelines, terminals and compression facilities are located, and we are therefore subject to the possibility of more onerous terms and/or increased costs to retain necessary…

We typically do not obtain independent evaluations of natural gas or crude oil reserves dedicated to our gathering pipeline systems; therefore, volumes on our systems in the future could be less than we anticipate.

The NGL products we produce have a variety of applications, including heating fuels, petrochemical feedstocks and refining blend stocks.

•

•

Our operations are subject to numerous federal, tribal, state and local environmental laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relati…

Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government h…

In recent years, there has been considerable focus on the regulation of methane emissions from the oil and gas sector.

In the United States, no comprehensive climate change legislation has been implemented at the federal level.

•

Based on our current interpretation of the IRA, the CAMT and related guidance, the impact from the OBBBA, and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in t…