Targa Resources Corp. (NYSE: TRGP)

Targa Resources Corp., a Delaware corporation with the ticker symbol TRGP, is a prominent player in the midstream services industry and one of the largest independent midstream infrastructure companies in North America. The company is renowned for its provision of gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas, as well as transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products. Targa Resources Corp. operates in two primary segments: Gathering and Processing, and Logistics and Transportation, also known as the Downstream Business.

Targa Resources Corp.'s main business activities encompass gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas, as well as transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products. The company's operations are spread across various regions, including the Permian Basin of West Texas and Southeast New Mexico, the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Anadarko, Ardmore, and Arkoma Basins in Oklahoma, the Williston Basin in North Dakota, and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

Targa Resources Corp. generates revenue by offering integrated services essential for gathering, processing, treating, purchasing, and selling natural gas and crude oil. The company's primary products include natural gas, NGLs, and crude oil, which are sold to various customers, including large commercial and industrial customers, as well as natural gas and electric utilities serving individual consumers. The company's competitive advantage lies in its ability to offer these integrated services, which sets it apart from its competitors.

Targa Resources Corp. competes with other midstream companies, including Enterprise Products Partners, Plains All American Pipeline, and Energy Transfer Partners, among others. The company's competitive strengths include its comprehensive package of midstream services, strategically located and leading infrastructure positions, high-quality and efficient assets, attractive cash flow characteristics, and experienced and long-term focused management team. These strengths enable Targa Resources Corp. to offer integrated services, enhancing its cash flow profile in a geographically, business, and customer diverse market.

Targa Resources Corp.'s customers include a diverse mix of producers, marketers, and end-users of natural gas and crude oil. The company's contract mix is predominantly fee-based, with a large take-or-pay component, which serves to mitigate the impact of commodity price movements on cash flow. The company has hedged the commodity price risk associated with a portion of its expected natural gas, NGL, and condensate equity volumes, future commodity purchases and sales, and transportation basis risk by entering into financially settled derivative transactions.

Targa Resources Corp.'s brand names and/or trade names of its products and services include the Grand Prix NGL Pipeline, natural gas marketing business, refinery services business, NGL storage and terminaling facilities, commercial transportation assets, railcars, tractors, vacuum trucks, barges, and the purchasing and reselling of natural gas in selected U.S. markets. The company's comprehensive package of midstream services, strategically located and leading infrastructure positions, high-quality and efficient assets, attractive cash flow characteristics, and experienced and long-term focused management team position it well for future growth and success.