TRGP - Targa Resources Corp. (TRGP) Q4 2023 Earnings Call Transcript
2024-02-15 15:54:03 ET
Targa Resources Corp. (TRGP)
Q4 2023 Earnings Conference Call
February 15, 2024, 11:00 AM ET
Company Participants
Sanjay Lad - VP, Finance & IR
Matt Meloy - CEO
Jen Kneale - CFO
Scott Pryor - President, Logistics and Transportation
Pat McDonie - President, Gathering and Processing
Bobby Muraro - Chief Commercial Officer
Conference Call Participants
Jeremy Tonet - JPMorgan
Spiro Dounis - Citigroup
Brian Reynolds - UBS
Tristan Richardson - Scotiabank
Theresa Chen - Barclays
Neel Mitra - Bank of America Merrill Lynch
Keith Stanley - Wolfe Research
John Mackay - Goldman Sachs
Michael Blum - Wells Fargo
Presentation
Operator
Good day and thank you for standing by. Welcome to the Targa Resources Corp. Fourth Quarter 2023 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, Vice President of Finance and Investor Relations. Please go ahead.
Sanjay Lad
Thanks, Shannon. Good morning and welcome to the fourth quarter 2023 earnings call for Targa Resources Corp. The fourth quarter earnings release, along with the fourth quarter earnings supplement presentation for Targa 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's 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, we'll have the following senior management team members available for Q&A: Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; and Bobby Muraro, Chief Commercial Officer.
And with that, I will now turn the call over to Matt.
Matt Meloy
Thanks, Sanjay, and good morning. 2023 was another record year for Targa. And I would like to recognize and thank our employees for their focus, dedication and execution throughout the year.
Some of our highlights for 2023 include record safety performance; record Gathering and Processing volumes in the Permian; record volumes across our logistics and transportation assets; record adjusted EBITDA of $3.53 billion, a 22% increase over 2022, while also reducing our share count; major projects came online on time, on budget and have been highly utilized since start-up; ended the year with 90% of our G&P volumes fee-based or with fee floor; positive outlook to our current investment-grade ratings with each of the three agencies and the completion of two successful notes offerings; and higher year-over-year return of capital to our shareholders through both an increased common dividend and record common share repurchases....
Targa Resources Corp. (TRGP) Q4 2023 Earnings Call Transcript