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d

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-34991

img100071242_0.jpg 

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

 

Delaware

 

20-3701075

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

811 Louisiana St, Suite 2100, Houston, Texas

 

77002

(Address of principal executive offices)

 

(Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock

TRGP

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

 


 

As of October 28, 2022, there were 226,375,387 shares of the registrant’s common stock, $0.001 par value, outstanding.

 

 


 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

4

 

 

 

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

4

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021

 

5

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021

 

6

 

 

 

Consolidated Statements of Changes in Owners' Equity and Series A Preferred Stock for the three and nine months ended September 30, 2022 and 2021

 

7

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

11

 

 

 

Notes to Consolidated Financial Statements

 

12

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

32

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

Item 4. Controls and Procedures

 

51

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

52

 

 

 

Item 1A. Risk Factors

 

52

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

53

 

 

 

Item 3. Defaults Upon Senior Securities

 

53

 

 

 

Item 4. Mine Safety Disclosures

 

53

 

 

 

Item 5. Other Information

 

53

 

 

 

Item 6. Exhibits

 

53

 

 

 

SIGNATURES

 

 

 

 

 

Signatures

 

55

 

 

 

1


 

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (the “Partnership”), “we,” “us,” “our,” “Targa,” “TRGP,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:

the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and natural gas liquid supplies to our logistics and transportation facilities and our success in connecting our facilities to transportation services and markets;
the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services;
our ability to access the capital markets, which will depend on general market conditions, our credit ratings and debt obligations, and demand for our common equity, senior notes and commercial paper;
the impact of outbreaks of illnesses, pandemics or any other public health crises;
commodity price volatility due to ongoing or new global conflicts;
actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries;
the timing and success of business development efforts;
the amount of collateral required to be posted from time to time in our transactions;
our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;
the level of creditworthiness of counterparties to various transactions with us;
changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment;
weather and other natural phenomena, and related impacts;
industry changes, including the impact of consolidations and changes in competition;
our ability to timely obtain and maintain necessary licenses, permits and other approvals;
our ability to grow through internal growth capital projects or acquisitions and the successful integration and future performance of such assets;
general economic, market and business conditions; and
the risks described in our Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.

2


 

As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:

 

Bbl

 

Barrels (equal to 42 U.S. gallons)

BBtu

 

Billion British thermal units

Bcf

 

Billion cubic feet

Btu

 

British thermal units, a measure of heating value

/d

 

Per day

FERC

 

Federal Energy Regulatory Commission

GAAP

 

Accounting principles generally accepted in the United States of America

gal

 

U.S. gallons

LIBOR

 

London Inter-Bank Offered Rate

LPG

 

Liquefied petroleum gas

MBbl

 

Thousand barrels

MMBbl

 

Million barrels

MMBtu

 

Million British thermal units

MMcf

 

Million cubic feet

MMgal

 

Million U.S. gallons

NGL(s)

 

Natural gas liquid(s)

NYMEX

 

New York Mercantile Exchange

NYSE

 

New York Stock Exchange

SCOOP

 

South Central Oklahoma Oil Province

SOFR

 

Secured Overnight Financing Rate

STACK

 

Sooner Trend, Anadarko, Canadian and Kingfisher

 

3


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

 

 

September 30, 2022

 

 

December 31, 2021

 

 

(Unaudited)

 

 

(In millions)

 

ASSETS

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

192.9

 

 

$

158.5

 

Trade receivables, net of allowances of $2.2 million and $0.1 million at September 30, 2022 and December 31, 2021

 

1,534.9

 

 

 

1,331.9

 

Inventories

 

471.3

 

 

 

153.4

 

Assets from risk management activities

 

185.8

 

 

 

43.1

 

Other current assets

 

112.4

 

 

 

82.9

 

Total current assets

 

2,497.3

 

 

 

1,769.8

 

Property, plant and equipment, net

 

13,716.4

 

 

 

11,667.7

 

Intangible assets, net

 

2,839.7

 

 

 

1,094.8

 

Long-term assets from risk management activities

 

50.2

 

 

 

7.7

 

Investments in unconsolidated affiliates

 

136.4

 

 

 

586.5

 

Other long-term assets

 

149.9

 

 

 

81.7

 

Total assets

$

19,389.9

 

 

$

15,208.2

 

 

 

 

 

 

 

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

1,806.4

 

 

$

1,402.3

 

Accrued liabilities

 

293.7

 

 

 

272.2

 

Distributions payable

 

25.2

 

 

 

64.5

 

Interest payable

 

100.9

 

 

 

138.5

 

Liabilities from risk management activities

 

401.0

 

 

 

258.2

 

Current debt obligations

 

766.5

 

 

 

162.8

 

Total current liabilities

 

3,393.7

 

 

 

2,298.5

 

Long-term debt

 

10,431.3

 

 

 

6,434.4

 

Long-term liabilities from risk management activities

 

165.1

 

 

 

109.3

 

Deferred income taxes, net

 

301.4

 

 

 

136.0

 

Other long-term liabilities

 

367.0

 

 

 

301.6

 

Contingencies (see Note 14)

 

 

 

 

 

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference (1,200,000 shares authorized, zero and 919,300 shares issued and outstanding as of September 30, 2022 and December 31, 2021), net of discount (see Note 9)

 

 

 

 

749.7

 

Owners' equity:

 

 

 

 

 

Targa Resources Corp. stockholders' equity:

 

 

 

 

 

Common stock ($0.001 par value, 450,000,000 shares authorized as of September 30, 2022 and December 31, 2021)

 

0.2

 

 

 

0.2

 

Issued Outstanding

 

 

 

 

 

September 30, 2022 237,684,682 226,257,924

 

 

 

 

 

December 31, 2021 236,105,293 228,221,122

 

 

 

 

 

Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, zero shares issued and outstanding)

 

 

 

 

 

Additional paid-in capital

 

3,767.8

 

 

 

4,268.9

 

Retained earnings (deficit)

 

(944.8

)

 

 

(1,822.3

)

Accumulated other comprehensive income (loss)

 

(6.7

)

 

 

(230.9

)

Treasury stock, at cost (11,426,758 shares as of September 30, 2022 and 7,884,171 shares as of December 31, 2021)

 

(432.0

)

 

 

(204.1

)

Total Targa Resources Corp. stockholders' equity

 

2,384.5

 

 

 

2,011.8

 

Noncontrolling interests

 

2,346.9

 

 

 

3,166.9

 

Total owners' equity

 

4,731.4

 

 

 

5,178.7

 

Total liabilities, Series A Preferred Stock and owners' equity

$

19,389.9

 

 

$

15,208.2

 

 

 

See notes to consolidated financial statements.

4


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

(Unaudited)

 

 

(In millions, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

$

4,800.3

 

 

$

4,118.1

 

 

$

14,990.7

 

 

$

10,577.3

 

Fees from midstream services

 

559.8

 

 

 

341.6

 

 

 

1,384.3

 

 

 

930.9

 

Total revenues

 

5,360.1

 

 

 

4,459.7

 

 

 

16,375.0

 

 

 

11,508.2

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Product purchases and fuel

 

4,306.3

 

 

 

3,614.7

 

 

 

13,557.8

 

 

 

9,159.8

 

Operating expenses

 

261.3

 

 

 

189.4

 

 

 

660.6

 

 

 

545.3

 

Depreciation and amortization expense

 

287.2

 

 

 

222.8

 

 

 

766.2

 

 

 

650.9

 

General and administrative expense

 

79.1

 

 

 

67.3

 

 

 

217.2

 

 

 

192.4

 

Other operating (income) expense

 

(3.8

)

 

 

(1.0

)

 

 

(4.4

)

 

 

3.4

 

Income (loss) from operations

 

430.0

 

 

 

366.5

 

 

 

1,177.6

 

 

 

956.4

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(125.8

)

 

 

(91.0

)

 

 

(300.5

)

 

 

(284.2

)

Equity earnings (loss)

 

1.7

 

 

 

14.3

 

 

 

8.7

 

 

 

38.9

 

Gain (loss) from financing activities

 

 

 

 

 

 

 

(49.6

)

 

 

(16.6

)

Gain (loss) from sale of equity method investment

 

 

 

 

 

 

 

435.9

 

 

 

 

Other, net

 

(14.6

)

 

 

0.2

 

 

 

(14.6

)

 

 

0.3

 

Income (loss) before income taxes

 

291.3

 

 

 

290.0

 

 

 

1,257.5

 

 

 

694.8

 

Income tax (expense) benefit

 

(12.0

)

 

 

(2.0

)

 

 

(122.0

)

 

 

(23.5

)

Net income (loss)

 

279.3

 

 

 

288.0

 

 

 

1,135.5

 

 

 

671.3

 

Less: Net income (loss) attributable to noncontrolling interests

 

86.2

 

 

 

105.8

 

 

 

258.0

 

 

 

286.5

 

Net income (loss) attributable to Targa Resources Corp.

 

193.1

 

 

 

182.2

 

 

 

877.5

 

 

 

384.8

 

Premium on repurchase of noncontrolling interests, net of tax

 

 

 

 

 

 

 

53.1

 

 

 

 

Dividends on Series A Preferred Stock

 

 

 

 

21.8

 

 

 

30.0

 

 

 

65.5

 

Deemed dividends on Series A Preferred Stock

 

 

 

 

 

 

 

215.5

 

 

 

 

Net income (loss) attributable to common shareholders

$

193.1

 

 

$

160.4

 

 

$

578.9

 

 

$

319.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - basic

$

0.85

 

 

$

0.70

 

 

$

2.54

 

 

$

1.40

 

Net income (loss) per common share - diluted

$

0.84

 

 

$

0.66

 

 

$

2.50

 

 

$

1.38

 

Weighted average shares outstanding - basic

 

226.6

 

 

 

228.8

 

 

 

227.6

 

 

 

228.6

 

Weighted average shares outstanding - diluted

 

230.3

 

 

 

276.4

 

 

 

231.5

 

 

 

231.6

 

 

See notes to consolidated financial statements.

 

5


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss)

 

 

 

 

 

 

 

$

279.3

 

 

 

 

 

 

 

 

$

288.0

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

$

225.4

 

 

$

(50.4

)

 

 

175.0

 

 

$

(294.7

)

 

$

71.2

 

 

 

(