Description

Targa’s $1.4 Billion Quarter: Can Permian Growth Outrun Waha Pain?

Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by contributions from a recent Permian Basin acquisition and marketing optimization activities. Despite encountering challenges such as severe winter weather and producer shut-ins linked to weak Waha natural gas prices, the company achieved record Permian volumes and natural gas liquids (NGL) fractionation volumes. Operationally, Permian natural gas inlet volumes reached new highs, bolstered by strong producer activity and acquisitions, though some volume was offset by weather-related shut-ins. The company continues to anticipate low double-digit Permian volume growth in 2026 despite daily shut-in estimates of 200 to 400 million cubic feet, underscoring the resilience of its integrated infrastructure.