Targa Resources Corp. Announces $1.5 Billion Senior Notes Offering

HOUSTON, June 04, 2025 – In a move signaling continued financial flexibility, Targa Resources Corp. (NYSE: TRGP) announced today the pricing of a $1.5 billion senior notes offering. The offering comprises $750 million of 4.900% Senior Notes due 2030 and $750 million of 5.650% Senior Notes due 2036. The notes were priced at 99.870% and 99.700% of their face value, respectively. The deal is expected to close on June 18, 2025, conditional on the satisfaction of customary closing conditions.

The proceeds from this offering will be put to strategic use. A portion will be allocated to redeem the 6.500% Senior Notes due 2027, issued by Targa Resources. The remaining funds will be directed towards general corporate purposes, offering Targa flexibility in managing its existing debt, capital expenditures, working capital, or potential investments within its subsidiaries. This provides a degree of operational optionality, crucial in a dynamic energy market.

This offering is being conducted under an effective shelf registration statement and prospectus filed with the U.S. Securities and Exchange Commission (SEC). The offering details are outlined in the prospectus and related supplements meeting the criteria of Section 10 of the Securities Act of 1933. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities unless required by law.

About Targa Resources Corp.

Targa Resources Corp. (NYSE: TRGP) stands as a key player in the midstream services sector and is one of the largest independent infrastructure companies in North America. The company’s infrastructure portfolio spans a range of critical assets, with operations vital to the smooth and secure delivery of energy across the United States and beyond. Targa’s infrastructure links natural gas and natural gas liquids (NGLs) to domestic and international markets where demand for cleaner fuels and feedstocks is expanding. The company’s primary activities include gathering, processing, transporting, and selling natural gas; transporting, storing, fractionating, and selling NGLs and related products (including services for liquified petroleum gas exporters); and gathering, storing, terminaling, and selling crude oil.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act and the Securities Exchange Act of 1934. All statements, except for those of historical fact, that discuss expected future activities, events, or developments are forward-looking statements. This includes details such as the expected closing date and the anticipated use of proceeds from the offering, and the redemption of the 2027 Notes. These forward-looking statements rely on several assumptions and are influenced by a range of risks and uncertainties. These factors, many of which are out of the company’s control, could result in outcomes that differ significantly from the company’s expectations. Such risks and uncertainties include, but are not limited to, those discussed in Targa’s filings with the SEC, including their most recent filings. The company has no obligation to update or revise these forward-looking statements, whether in response to new information, future events, or other factors.