Targa Resources Corp. Segments Disclosure
Note 22 — Segment Information
We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided.
Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.
Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. Our Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.
Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column.
The Company’s chief operating decision maker (“CODM”) is the . The Company’s CODM assesses the segments’ performance by using each segment’s operating margin. The CODM uses segment operating margin for the annual budget and forecasting process and to make informed decisions about the allocation of resources.
The following tables show reportable segment information for the periods presented:
|
|
Year Ended December 31, 2025 |
|
|||||||||||||||||||||
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate |
|
|
Total |
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
$ |
873.0 |
|
|
$ |
13,535.8 |
|
|
$ |
14,408.8 |
|
|
$ |
(5.3 |
) |
|
$ |
— |
|
|
$ |
14,403.5 |
|
Fees from midstream services |
|
|
1,819.6 |
|
|
|
805.2 |
|
|
|
2,624.8 |
|
|
|
— |
|
|
|
— |
|
|
|
2,624.8 |
|
|
|
|
2,692.6 |
|
|
|
14,341.0 |
|
|
|
17,033.6 |
|
|
|
(5.3 |
) |
|
|
— |
|
|
|
17,028.3 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
|
4,722.8 |
|
|
|
191.6 |
|
|
|
4,914.4 |
|
|
|
— |
|
|
|
(4,914.4 |
) |
|
|
— |
|
Fees from midstream services |
|
|
1.0 |
|
|
|
31.4 |
|
|
|
32.4 |
|
|
|
— |
|
|
|
(32.4 |
) |
|
|
— |
|
|
|
|
4,723.8 |
|
|
|
223.0 |
|
|
|
4,946.8 |
|
|
|
— |
|
|
|
(4,946.8 |
) |
|
|
— |
|
Revenues |
|
$ |
7,416.4 |
|
|
$ |
14,564.0 |
|
|
$ |
21,980.4 |
|
|
$ |
(5.3 |
) |
|
$ |
(4,946.8 |
) |
|
$ |
17,028.3 |
|
Operating expenses |
|
$ |
907.0 |
|
|
$ |
393.7 |
|
|
$ |
1,300.7 |
|
|
$ |
— |
|
|
|
|
|
|
|
||
Other segment items (1) |
|
|
4,070.2 |
|
|
|
11,382.0 |
|
|
|
15,452.2 |
|
|
|
— |
|
|
|
|
|
|
|
||
Operating margin |
|
|
2,439.2 |
|
|
|
2,788.3 |
|
|
|
5,227.5 |
|
|
|
(5.3 |
) |
|
|
|
|
|
|
||
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets (2) |
|
$ |
14,805.4 |
|
|
$ |
10,105.1 |
|
|
$ |
24,910.5 |
|
|
$ |
1.8 |
|
|
$ |
306.1 |
|
|
$ |
25,218.4 |
|
Goodwill |
|
|
112.3 |
|
|
|
— |
|
|
|
112.3 |
|
|
|
— |
|
|
|
— |
|
|
|
112.3 |
|
Capital expenditures |
|
|
2,046.1 |
|
|
|
1,372.2 |
|
|
|
3,418.3 |
|
|
|
— |
|
|
|
23.0 |
|
|
|
3,441.3 |
|
|
|
Year Ended December 31, 2024 |
|
|||||||||||||||||||||
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate |
|
|
Total |
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
$ |
1,032.8 |
|
|
$ |
13,023.6 |
|
|
$ |
14,056.4 |
|
|
$ |
(164.6 |
) |
|
$ |
— |
|
|
$ |
13,891.8 |
|
Fees from midstream services |
|
|
1,656.7 |
|
|
|
833.0 |
|
|
|
2,489.7 |
|
|
|
— |
|
|
|
— |
|
|
|
2,489.7 |
|
|
|
|
2,689.5 |
|
|
|
13,856.6 |
|
|
|
16,546.1 |
|
|
|
(164.6 |
) |
|
|
— |
|
|
|
16,381.5 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
|
4,118.5 |
|
|
|
146.1 |
|
|
|
4,264.6 |
|
|
|
— |
|
|
|
(4,264.6 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.4 |
|
|
|
27.7 |
|
|
|
28.1 |
|
|
|
— |
|
|
|
(28.1 |
) |
|
|
— |
|
|
|
|
4,118.9 |
|
|
|
173.8 |
|
|
|
4,292.7 |
|
|
|
— |
|
|
|
(4,292.7 |
) |
|
|
— |
|
Revenues |
|
$ |
6,808.4 |
|
|
$ |
14,030.4 |
|
|
$ |
20,838.8 |
|
|
$ |
(164.6 |
) |
|
$ |
(4,292.7 |
) |
|
$ |
16,381.5 |
|
Operating expenses |
|
$ |
814.6 |
|
|
$ |
362.3 |
|
|
$ |
1,176.9 |
|
|
$ |
— |
|
|
|
|
|
|
|
||
Other segment items (1) |
|
|
3,681.4 |
|
|
|
11,313.0 |
|
|
|
14,994.4 |
|
|
|
— |
|
|
|
|
|
|
|
||
Operating margin |
|
|
2,312.4 |
|
|
|
2,355.1 |
|
|
|
4,667.5 |
|
|
|
(164.6 |
) |
|
|
|
|
|
|
||
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets (2) |
|
$ |
13,576.6 |
|
|
$ |
8,921.6 |
|
|
$ |
22,498.2 |
|
|
$ |
1.9 |
|
|
$ |
234.0 |
|
|
$ |
22,734.1 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
1,955.3 |
|
|
|
1,216.6 |
|
|
|
3,171.9 |
|
|
|
— |
|
|
|
19.9 |
|
|
|
3,191.8 |
|
|
|
Year Ended December 31, 2023 |
|
|||||||||||||||||||||
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate |
|
|
Total |
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
$ |
1,076.1 |
|
|
$ |
12,610.5 |
|
|
$ |
13,686.6 |
|
|
$ |
275.5 |
|
|
$ |
— |
|
|
$ |
13,962.1 |
|
Fees from midstream services |
|
|
1,366.5 |
|
|
|
731.7 |
|
|
|
2,098.2 |
|
|
|
— |
|
|
|
— |
|
|
|
2,098.2 |
|
|
|
|
2,442.6 |
|
|
|
13,342.2 |
|
|
|
15,784.8 |
|
|
|
275.5 |
|
|
|
— |
|
|
|
16,060.3 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of commodities |
|
|
4,786.3 |
|
|
|
267.9 |
|
|
|
5,054.2 |
|
|
|
— |
|
|
|
(5,054.2 |
) |
|
|
— |
|
Fees from midstream services |
|
|
2.6 |
|
|
|
45.7 |
|
|
|
48.3 |
|
|
|
— |
|
|
|
(48.3 |
) |
|
|
— |
|
|
|
|
4,788.9 |
|
|
|
313.6 |
|
|
|
5,102.5 |
|
|
|
— |
|
|
|
(5,102.5 |
) |
|
|
— |
|
Revenues |
|
$ |
7,231.5 |
|
|
$ |
13,655.8 |
|
|
$ |
20,887.3 |
|
|
$ |
275.5 |
|
|
$ |
(5,102.5 |
) |
|
$ |
16,060.3 |
|
Operating expenses |
|
$ |
746.6 |
|
|
$ |
332.0 |
|
|
$ |
1,078.6 |
|
|
$ |
— |
|
|
|
|
|
|
|
||
Other segment items (1) |
|
|
4,402.7 |
|
|
|
11,375.1 |
|
|
|
15,777.8 |
|
|
|
— |
|
|
|
|
|
|
|
||
Operating margin |
|
|
2,082.2 |
|
|
|
1,948.7 |
|
|
|
4,030.9 |
|
|
|
275.5 |
|
|
|
|
|
|
|
||
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets (2) |
|
$ |
12,685.2 |
|
|
$ |
7,777.8 |
|
|
$ |
20,463.0 |
|
|
$ |
4.2 |
|
|
$ |
204.6 |
|
|
$ |
20,671.8 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
1,514.7 |
|
|
|
910.0 |
|
|
|
2,424.7 |
|
|
|
— |
|
|
|
18.9 |
|
|
|
2,443.6 |
|
The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Sales of commodities: |
|
|
|
|
|
|
|
|
|
|||
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|||
Natural gas |
|
$ |
2,035.7 |
|
|
$ |
1,241.1 |
|
|
$ |
2,421.3 |
|
NGL |
|
|
12,079.8 |
|
|
|
12,372.5 |
|
|
|
10,580.2 |
|
Condensate and crude oil |
|
|
448.3 |
|
|
|
523.6 |
|
|
|
519.5 |
|
|
|
|
14,563.8 |
|
|
|
14,137.2 |
|
|
|
13,521.0 |
|
Non-customer revenue: |
|
|
|
|
|
|
|
|
|
|||
Derivative activities - Hedge |
|
|
90.9 |
|
|
|
67.8 |
|
|
|
153.4 |
|
Derivative activities - Non-hedge (1) |
|
|
(251.2 |
) |
|
|
(313.2 |
) |
|
|
287.7 |
|
|
|
|
(160.3 |
) |
|
|
(245.4 |
) |
|
|
441.1 |
|
Total sales of commodities |
|
|
14,403.5 |
|
|
|
13,891.8 |
|
|
|
13,962.1 |
|
|
|
|
|
|
|
|
|
|
|
|||
Fees from midstream services: |
|
|
|
|
|
|
|
|
|
|||
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|||
Gathering and processing |
|
|
1,793.2 |
|
|
|
1,632.8 |
|
|
|
1,342.8 |
|
NGL transportation, fractionation and services |
|
|
311.6 |
|
|
|
298.4 |
|
|
|
261.1 |
|
Storage, terminaling and export |
|
|
496.8 |
|
|
|
497.9 |
|
|
|
440.7 |
|
Other |
|
|
23.2 |
|
|
|
60.6 |
|
|
|
53.6 |
|
Total fees from midstream services |
|
|
2,624.8 |
|
|
|
2,489.7 |
|
|
|
2,098.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total revenues |
|
$ |
17,028.3 |
|
|
$ |
16,381.5 |
|
|
$ |
16,060.3 |
|
The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Reconciliation of reportable segment operating |
|
|
|
|
|
|
|
|
|||
Total reportable segments operating margin |
$ |
5,227.5 |
|
|
$ |
4,667.5 |
|
|
$ |
4,030.9 |
|
Other operating margin |
|
(5.3 |
) |
|
|
(164.6 |
) |
|
|
275.5 |
|
Depreciation and amortization expense |
|
(1,515.3 |
) |
|
|
(1,423.0 |
) |
|
|
(1,329.6 |
) |
General and administrative expense |
|
(406.0 |
) |
|
|
(384.9 |
) |
|
|
(348.7 |
) |
Other operating income (expense) |
|
30.3 |
|
|
|
0.4 |
|
|
|
(1.5 |
) |
Interest expense, net |
|
(852.8 |
) |
|
|
(767.2 |
) |
|
|
(687.8 |
) |
Equity earnings (loss) |
|
11.8 |
|
|
|
9.4 |
|
|
|
9.0 |
|
Other, net |
|
(3.8 |
) |
|
|
0.4 |
|
|
|
(5.3 |
) |
Income (loss) before income taxes |
$ |
2,486.4 |
|
|
$ |
1,938.0 |
|
|
$ |
1,942.5 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.