Targa Resources Corp. (TRGP) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 3, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Targa Resources Corp. Third Quarter 2022 Earnings Webcast and Presentation. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that, today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Sanjay Lad, VP of Finance and Investor Relations. Please go ahead.

Sanjay Lad

Thanks, Gigi. Good morning, and welcome to the Third Quarter 2022 Earnings Call for Targa Resources Corp. The third quarter earnings release, along with the third quarter earnings supplement presentation for Targa Resources that accompany our call are available on our website at targaresources.com in the Investors section. In addition, an updated investor presentation has also been posted to our website.

Statements made during this call that might include Targa Resources' expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our most recent annual report on Form 10-K and latest SEC filings.

Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; Robert Muraro, Chief Commercial Officer; and Jen Kneale, Chief Financial Officer.

I will now turn the call over to Matt, who is recovering from laryngitis for his comments and Q&A participation today will be limited.

Matt Meloy

Thanks, Sanjay, and good morning, and apologies for my hoarse voice. Our overall business is continuing to perform well and our strong execution continued across the third quarter, including record high quarterly EBITDA, record volumes in the Permian, record NGL transportation and fractionation volumes, integration of our Delaware Basin acquisition, successfully bringing on two plants in the Permian Basin safely, ahead of schedule and on budget, $73 million of opportunistic common share repurchases, and were also recently added to the S&P 500.

Our record third quarter EBITDA was attributable to higher base business volumes, particularly in the Permian, plus a partial quarter contribution from our Delaware Basin acquisition.