Targa Resources Corp. (TRGP) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Targa Resources Corp. surfaced in its latest filing.

• PHMSA finalized the Gas Mega Rule in August 2022, imposing new safety requirements on onshore gas gathering lines.August 2022
• In August 2024, the D.C. Circuit Court vacated four standards of the Gas Mega Rule due to inadequate cost-benefit analysis.August 2024
• In January 2025, PHMSA finalized a rule enhancing safety requirements for gas distribution pipelines, later withdrawn by the current administration.January 2025
• U.S. federal NOL carryforwards of $4.4 billion as of December 31, 2025.December 31, 2025
• On August 16, 2022, the Inflation Reduction Act was signed, imposing a 15% corporate alternative minimum tax on applicable corporations.August 16, 2022
• The Dodd-Frank Act, enacted July 2010, established federal oversight of OTC derivatives and applies to us as a market participant.July 2010
• The CFTC adopted new rules in October 2020 imposing position limits on certain core futures and equivalent swaps for physical commodities.October 2020
• As of December 31, 2025, the company had 214,662,156 outstanding shares of common stock.December 31, 2025
• As of December 31, 2025, Targa's senior unsecured debt was rated “BBB” by Fitch, “Baa2” by Moody’s and “BBB” by S&P.December 31, 2025
• As of December 31, 2025, outstanding net derivative positions have a net liability of $104.1 million.December 31, 2025
• The TRGP Revolver provides an available commitment of $3.5 billion, with an option to increase commitments by up to $500 million.
• The Inflation Reduction Act amended the Clean Air Act to impose a methane emissions fee, but Congress delayed implementation until 2034 under the OBBBA.August 2022
• In November 2024, the EPA issued a final rule implementing the methane emissions fee, but in February 2025, Congress repealed the rule under the Congressional Review Act.November 2024
• In December 2023, the EPA finalized more stringent methane rules (OOOOb and OOOOc) for oil and gas facilities.December 2023
• In March 2025, the EPA announced plans to reconsider the OOOOb and OOOOc methane rules.March 2025
• In November 2025, the EPA finalized an interim rule extending compliance deadlines for certain provisions in OOOOb and OOOOc.November 2025
• In April 2024, the BLM finalized a rule limiting flaring from well sites on federal lands and requiring a waste minimization plan.April 2024
• In October 2023, the State of California adopted laws requiring disclosure of climate risks, targets, and metrics; these laws are currently subject to litigation.October 2023
• Published 2024 Sustainability Report with updates on methane intensity goals aligned with ONE Future goals.2024
• The EPA's March 2023 Good Neighbor Plan rule would impose emissions-related requirements on fossil fuel-fired power plants in 22 states, including Texas and Louisiana.March 2023
• In November 2025, the EPA and the Corps proposed a rule to further update and narrow the September 2023 definition of WOTUS, guided by the Sackett v. EPA decision.November 2025
• Nationwide Permit (NWP) 12, available under the Clean Water Act for certain oil and gas activities, has been subject to legal challenges and regulatory revision.
• Driver Residue Pipeline, TPL SouthTex Transmission Company LP, Buffalo Run Pipeline LLC, Bull Run Pipeline LLC, Targa SouthTex Mustang Transmission Ltd. are subject to FERC regulation.
• Forza Pipeline LLC will be subject to FERC jurisdiction under the NGA.
• Targa NGL, Targa Gulf Coast, Grand Prix Pipeline, Targa San Andres Crude, and Targa Badlands have common carrier pipelines subject to FERC regulation under the ICA.