WASHINGTON (dpa-AFX) - Targa Resources Corp. (TRGP) Thursday said it now expects fiscal 2026 adjusted EBITDA towards the top end of the outlook, after reporting higher second quarter results.
In pre-market trading on NYSE, Targa Resources shares were gaining around 1.57 percent, at $264.20.
Looking ahead for fiscal 2026, Targa now estimates adjusted EBITDA to be towards the top end of the $5.7 billion to $5.9 billion outlook range. The higher outlook is driven by the realization of strong marketing and optimization margin particularly in the first and second quarters of the year, and continued strength of volume growth of our integrated assets across the full year.
Further, the firm continues to estimate net growth capital expenditures to be approximately $4.5 billion.
In the second quarter, Targa Resources's net earnings totaled $764.6 million, higher than $629.1 million last year.
Adjusted EBITDA for the second quarter of $1.60 billion increased 38 percent year-over-year.
The company's revenue for the period rose 4.2 percent to $4.440 billion from $4.260 billion last year.
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