Targa Q4 Net Profit, Revenue Decline

(RTTNews) - Targa Resources Corporation (TRGP), a midstream energy infrastructure firm, on Thursday reported a decline in net profit for the fourth-quarter, reflecting a fall in revenue. For the three-month period, the company posted a net income of $280.2 million, compared with $317.9 million, reported for the same period last year.

Income tax expense surged to $102.5 million from previous year's $9.8 million.

Depreciation and amortization expense was $341.4 million, up from $329.8 million in 2022.

Operating expenses were at $269.5 million, higher than $252.2 million a year ago.

Adjusted EBITDA rose to $959.9 million from last year's $840.4 million.

Total revenue was $4.239 billion, down from $4.554 billion in 2022.

For the first-quarter, Targa intends to recommend an increase to its dividend to $0.75 per share or $3 per share annualized.

For the full-year 2024, the company expects adjusted EBITDA of $3.7 billion to $3.9 billion, with the midpoint of the range representing an 8 percent increase over last year.