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Targa Resources (TRGP) guidance and outlook
Targa Resources (TRGP) raised its guidance on Nov 5, 2026: EBITDA $6.0B for FY2026; Capital expenditures $5.0B for FY2026. Targa Resources' 10-Q filed Nov 5, 2026 makes 7 forward-looking statements.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| EBITDA | FY2026 | $6.0B | raised |
| Capital expenditures | FY2026 | $5.0B | raised |
From the earnings release filed Nov 5, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 5, 2026
- In response to increasing production and to meet the infrastructure needs of producers and our downstream customers, our major expansion projects include the following:
- In November 2026, we announced plans to construct a new 150 MBbl/d fractionation train in Mont Belvieu, Texas (“Train 14”).
- In September 2025, we announced plans to construct the Speedway NGL Pipeline (“Speedway”) which will transport NGLs from our existing assets and future plant additions in the Permian Basin to our fractionation and storage complex in Mont Belvieu, Texas.
- Our effective export capacity will increase up to 19 MMBbl per month, depending upon the mix of propane and butane demand, vessel size and availability of supply, among other factors.
- We do not expect there to be any audit adjustments that would materially change our taxable income.
- Our growing capital expenditures for pipelines and gathering and processing assets underpinned by fee-based margin, expansion of our Downstream facilities, continued focus on adding fee-based margin to our existing and future gathering and processing contracts, as well as third-party acquisitions of businesses and assets, will continue to increase the number of our contracts that are fee-based.
- We define adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures and growth capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and including contributions to investments in unconsolidated affiliates.
Targa Resources' latest quarter
Targa Resources, Q3 2026: revenue $5.6B (+35% year over year), operating margin 19.6%, net earnings $658M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
Questions
Did Targa Resources raise or lower its guidance?
Targa Resources (TRGP) raised its guidance on Nov 5, 2026: EBITDA $6.0B for FY2026; Capital expenditures $5.0B for FY2026.
What does Targa Resources expect?
In response to increasing production and to meet the infrastructure needs of producers and our downstream customers, our major expansion projects include the following: In November 2026, we announced plans to construct a new 150 MBbl/d fractionation train in Mont Belvieu, Texas (“Train 14”). In September 2025, we announced plans to construct the Speedway NGL Pipeline (“Speedway”) which will transport NGLs from our existing assets and future plant additions in the Permian Basin to our fractionation and storage complex in Mont Belvieu, Texas.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.