Targa Resources Corp. (NYSE:TRGP) posted strong second-quarter 2025 earnings on Thursday, with net income soaring to $629.1 million—more than double the $298.5 million reported a year ago—thanks to record-setting volumes in the Permian Basin and its natural gas liquids (NGL) transportation network. Adjusted EBITDA climbed 18% year-over-year to $1.16 billion.
Following the results, the company’s stock edged up 1.20% in after-hours trading.
Despite falling short of revenue projections—reporting $4.26 billion against an analyst consensus of $4.77 billion—the midstream energy firm delivered operational strength across several segments, particularly with all-time high throughput volumes.
Targa also revealed that several infrastructure projects are progressing faster than anticipated. The Pembrook II facility in the Permian Midland is now scheduled for completion in August, while the Bull Moose II plant in the Permian Delaware is also ahead of schedule.
As a result, Targa reaffirmed its full-year 2025 adjusted EBITDA guidance range of $4.65 billion to $4.85 billion but revised its capital expenditure forecast upward to roughly $3.0 billion. The increase reflects accelerated project timelines and a newly announced 43-mile expansion of the Bull Run pipeline, which will improve natural gas connectivity between the company’s Permian Delaware assets and the WAHA hub.
During the quarter, Targa repurchased 1.96 million shares at an average price of $165.86 per share, totaling $324.3 million. The company also rolled out a new $1.0 billion share buyback program, in addition to the $566.2 million still available under its existing authorization. A quarterly cash dividend of $1.00 per share was also declared.
Operationally, the company’s Gathering and Processing unit reported an 11% increase in Permian natural gas inlet volumes over the prior-year quarter. NGL production in the region rose 9%. Meanwhile, in its Logistics and Transportation division, NGL pipeline volumes surged 23% year-over-year, reaching 961.2 thousand barrels per day.
Targa Resources Corp stock price
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