Targa Resources (TRGP) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 4, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Targa Resources Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Sanjay Lad, Vice President, Finance and Investor Relations. Please go ahead, sir.

Sanjay Lad

Thanks, Cole. Good morning, and welcome to the second quarter 2022 earnings call for Targa Resources Corp. The second quarter earnings release, along with the second 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 latest SEC filings.

Our speakers for the call today will be Matt Meloy, Chief Executive Officer; and Jen Kneale, Chief Financial Officer. Additionally, the following senior management team members will be available for Q&A. Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; and Bobby Muraro, Chief Commercial Officer.

I will now turn the call over to Matt.

Matt Meloy

Thanks, Sanjay, and good morning. This is an exciting time for our company. And given the recent close of our Delaware Basin acquisition, I want to take this opportunity to publicly welcome our new colleagues to the Targa team. I would also like to thank all of our employees for their collective efforts as it has been a very busy first seven months of 2022, and the team has already accomplished a lot.

And our strong execution continued across the second quarter, including record-high quarterly EBITDA, record volumes in the Permian, record NGL transportation and fractionation volumes, redemption of Series A preferred stock, completing the successful sale of our interest in Gulf Coast Express Pipeline, integration of our acquired South Texas assets, successful negotiation of our Delaware Basin acquisition and subsequent financing and $74 million of common share repurchases.