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Sankey diagram of Targa Resources Corp.. A complete text table follows the diagram.
Basin volume growth feeds a second logistics engine, while record expansion spending consumes most of the cash generated
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Segment revenue includes internal sales between the gathering/processing and logistics systems, so the two opening values must not be read as consolidated customer revenue. Segment operating residuals are exact revenue-minus-operating-margin differences and expose the relative economics of each stage of Targa's NGL chain.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Gathering & Processing | 1 | $1.8B | Wellhead gas becomes residue gas and NGLs |
| Logistics & Transportation | 1 | $3.4B | Pipelines, fractionation, storage and exports |
| Gathering operating margin | 2 | $704M | Up 17% as inlet volumes expanded |
| Gathering product & operating inputs | 2 | $1.1B | Commodity purchases and plant operations |
| Logistics operating margin | 2 | $773M | Up 20% with pipeline and fractionation growth |
| Logistics product & operating inputs | 2 | $2.6B | NGL purchases, transport and terminal operations |
| Two-stage operating margin | 3 | $1.5B | Gathering feeds the logistics network |
| Other operating income & equity earnings | 3 | $22.8M | Positive reported reconciliation |
| Operating economics before central costs | 4 | $1.5B | Segment margin plus positive items |
| Pretax income | 5 | $611M | Reported consolidated result |
| Other operating margin loss | 5 | $110M | Primarily risk-management activities |
| Depreciation & amortization | 5 | $426M | Expanding infrastructure base |
| G&A | 5 | $108M | Corporate platform cost |
| Interest & other expense | 5 | $244M | Financing the asset buildout |
| Targa shareholders | 6 | $480M | $2.21 diluted EPS |
| Income tax | 6 | $124M | 20.3% effective rate |
| Noncontrolling interests | 6 | $7.8M | Partner-owned earnings |
| From | To | Value |
|---|---|---|
| Gathering & Processing | Gathering operating margin | $704M |
| Gathering & Processing | Gathering product & operating inputs | $1.1B |
| Logistics & Transportation | Logistics operating margin | $773M |
| Logistics & Transportation | Logistics product & operating inputs | $2.6B |
| Gathering operating margin | Two-stage operating margin | $704M |
| Logistics operating margin | Two-stage operating margin | $773M |
| Two-stage operating margin | Operating economics before central costs | $1.5B |
| Other operating income & equity earnings | Operating economics before central costs | $22.8M |
| Operating economics before central costs | Pretax income | $611M |
| Operating economics before central costs | Other operating margin loss | $110M |
| Operating economics before central costs | Depreciation & amortization | $426M |
| Operating economics before central costs | G&A | $108M |
| Operating economics before central costs | Interest & other expense | $244M |
| Pretax income | Targa shareholders | $480M |
| Pretax income | Income tax | $124M |
| Pretax income | Noncontrolling interests | $7.8M |