Targa Resources (NYSE:TRGP), a leading midstream energy infrastructure company focused on natural gas liquids and natural gas gathering and processing, reported record fourth-quarter and full-year 2025 results, driven by robust Permian Basin volumes, higher commodity realizations, and strategic asset growth.
For the full year 2025, Targa achieved adjusted EBITDA of $4.96 billion, a 20% increase from the prior year.
Net income attributable to Targa Resources reached $1.923 billion, up 47% year-over-year, reflecting strong operational performance and the contribution from completed acquisitions and organic projects.
The company highlighted record throughput volumes across its Gathering and Processing and Logistics and Marketing segments, supported by continued producer activity in the Permian and durable demand for NGL fractionation and export services.
In the fourth quarter, Targa continued its momentum with elevated field volumes and favorable frac spread economics, though specific quarterly figures were not detailed in the preliminary release.
Looking ahead, management issued 2026 adjusted EBITDA guidance of $5.4 billion to $5.6 billion, representing an approximate 11% increase at the midpoint from 2025 results.