Targa Resources
Introduction
Headquartered in Houston, Targa Resources is a leading provider of mainstream services, and it’s one of the largest and most proliferative independent mainstream infrastructure in the entire North America. The Fortune 500 company is charged with the mission to provide and ensure the delivery of safe, efficient, reliable, clean, and refined energy across the entire United States and by extension, to the rest of the world. It focus on connecting Natural Gas (NG) and Natural Gas Liquids (NGLs) to the energy marketplace where both domestic and international companies in need of clean energy can access, and by extension, the increasing demand for cleaner and refined fuels and feedstocks across all marketplaces is catered for. However, in this piece, you will be shown all relevant information needed for you to garner about the Fortune 500 company to enable you have a broader knowledge about the company. Therefore, it would be worthwhile to keep an eye on the following outlined keywords, as this will act as a guide to this entire article, picking and addressing every keyword one after another for easy and seamless understanding.
Targa Resources at a Glance
It was founded by its Team of Management and Warburg Pincus in April, 2003. Its approximately 19 years ago. Its headquarter is located in Houston Texas, United States, and other several plants in located in strategic places such as Bakken Shale, Bernett Shale, Permian Basin, onshore Louisiana, Eagle Ford Shale, and the Gulf of Mexico
Targa Resources have a key position in the NGL hub of North America located in Mont Belvieu, Texas. The company owns one of the largest fractionation positions in Mont Belvieu, and a proliferate and world class Liquefied Petroleum Gas (LPG) export facilities on the Gulf Coast situated at Galena Park Marine Terminal and strategically connects Mont Belvieu.
It owns one of the largest and most significant gathering and processing positions Permian Basin with greater access to Natural Gas Liquid (NGL) supply. Targa Resources owns a functioning and seamless Transportation and Logistic business that connects the United State international demand and the domestic NGL hub together.
Targa Resources uses a simple structure (single C-corp public security) which aligns shareholders goals with its mission.
Targa Resources has a pipeline called Grand Prix Pipeline which enhances Targa to create and leverage its competitive abilities to move supply volumes acquired through processing and gathering via the Targa value chain to significant and relevant demand markets.
Major Acquisitions and Transaction History
Although, over the years, Targa Resources has been a keen acquirer and as a result, the company has a long list of acquisition in its achive. However, for the sake of brevity, this section will concisely address on the major acquisition made by Targa since its inception up to date.
April 2004: It acquired a portion of Conophillips’s midstream natural gas operations.
2005 – 2007: In 2005, It acquired Dynergy Midstream Services founded by Dynegy.
Targa Resources Partners LP acquired natural gas gathering, treating, and processing assets from Targa located in the Forth Worth Archh/Basin in the North America. And in October 2017, the Partnership purchased natural gas processing, gathering, and treating assets from Targ in the Permian Arch/Basin of Southwest Louisiana, and in West Texas.
September 2009: The Partnership bought Targa’s NGL business consisting of terminating, storage, low sulfur natural gas treating, distribution asset, truck terminals, propane storage, pipeline, and NGL transport assets.
2010: In April 2010, the Partnership bought natural gas gathering, treating, and processing, processing plants, and other related assets from Targa located in West Texas. Additionally, the Partnership purchased natural gas gathering, treating, and processing plants and other related assets from Targa which its production stream is located in the Gulf Coast of Louisiana. In August 2010, the Partnership aslo bought a 63% of the Targa’s equity in Versado Gas Processors, LLC, a company in charge of gas processing, gathering, and treating business in the axis of New Mexico. In September, 2010, the Partnership purchased a 77% share in Venice Energy Services Company, LLC. In summary, Venice Energy Services Company, LLC is a company that deals with natural gas processing and gathering venture in Louisiana, United States, additionally, the company also owns an offshore plant that operates from the Gulf of Mexico Shelf and deepwater. While in December, 2010, Targa Resources Corporation finished an initial public offer (IPO) of its common share.
2011: In March 2011, the Partnership bought a refined crude oil terminaling and storage facilities and clean and refined petroleum products located in Channelview, Texas which is along the Houston Ship Channel, and in October, 2011, the Partnership bought two separate crude oil terminaling and storage facilities and clean and refined petroleum products known as Targa Sound Terminal located in Tacoma, WA.
2012 -2018: In July 2012, the Partnership purchased the Big Lake gas treating plant located in Lake Charles, Los Angeles, California. In January 2013, the Partnership purchased additional poperty on Parrot, the Houston Ship Channel. In February 2015, Targa Resources and the Targa Resources Partners LP purchased the Atlas Energy and the Atlas Pipeline Partners, LP. In March 2017, Targa Resources Corporation bought 100% of the membership equity of Outrigger Delaware Operating, LLC. In 2018, Targa Resources Corporation leased out its separate refined petroleum products, including its terminaling facilities and crude oil storage.
2019 – 2022: In April 2019, Targa Resources Corporation leased out 45% interest owned in Targa Badlands, LLC, a holding company based in North Dakota. In October 2020, Targa Resources shut down asset sale in Channelview, Texa. In 2022, Targa Resources turn down its repurchase interest in investment vehicles which is a subsidiary of Stonepeak Partners Lp. And finally, Targa Resources sold its 25% equity in the Gulf Coast Express.
Business Operating Niche
Natural Gas: One of the major niches Targa Resources Corporation focus on is natural gas, and as a result, a major portion of the company deals with gathering, compressing, processing, treating, and selling natural gas both in domestic and international market.
Natural Gas Liquid (NGL) and Natural Gas Liquid Products, and Liquefied Petroleum Gas (LPG): This niche also covers substantial portion of Targa Resources Corporation, and it deals with storing, transporting, fractionating, treating and selling of natural gas liquid and liquefied petroleum products to exporters.
Crude Oil: Crude oil in its entirety covers another major portion of the company’s overall market niche, and this segment deal with activities like gathering, selling, terminaling and storing clean and refined crude oil to cater to the increasing market demand.
Management Team
The astounding achievement of Targa Resources Corporation would not have been possible if not for the brilliant set of team the company owns. As a result, this section would outline the name of the management team of the company in accordance to their respective positions.
Patrick J. McDonie
President — Gathering and Processing
D.Scott Pryor
President — Logistics and Transportation
Robert M. Murano
Chief Commercial Officer
Jennifer R. Kneale
Chief Financial Officer
Regina L. Gregory
Executive Vice President, General Counsel and Secretary
G.Clark White
Executive Vice President –Operations
Julie H. Boushka
Chief Accounting Officer
Denny Latham
Executive Vice Presdient – Permian
Financials
As at June, 2022, the below financial overview depicts Targa Resources Financial Standing
Net Income: 600 million USD
Total Asset: 15 Billion USD
Net Operating Cashflow: 600 Million USD
Pros
Production of Efficient, Clean, and Refined products: Since its inception, Targa Resources Corporation is proud of its production and distribution of efficient, refined, and clean petroleum products and mainstream energy.
Uninterrupted Supply Chain: One of the most valuable benefits Targa Resources Corporation’s clients enjoy is its swift and uninterrupted chain of supply tailored to service all customers demands and request while utilizing its efficient channel of distribution–transportation and logistics.
Competitive Remuneration for Staff: According to a review on Glassdoor, employees at Targa Resources Corporation reveal that the company offers competitive salaries and other perks.
Work/Life Balance: Work at Targa Resources Corporation will enable you to maintain a work-life balance planning.
Job Security and Advancement: Due to the company’s structure and policy, there is job security assurance and career advancement for employees.
Positive Organizational Culture: The overall organizational culture of Targa Resources Corporation is positive as it embraces cultural diversity.
Cons
Small and Clustered Workspace: Some employees complained that Targa Resources Corporation have clustered workspace which not suitable for cluster-phobic individuals.
Remote Work Location: Majority of Targa Resources Corporation’s branches and facilities are located in countrysides and suburb regions.
Conclusion
Ultimately, Targa Resources Corporation although still new in the industry compared to the likes of Shell and Chevron which are more older in the oil and gas industry, nonetheless, with the momentum at which Targa Resources Corporation is moving, on the off chance that the company keeps its pace, it would overtake several giant competitors in the oil and gas industry.
However, deducing from the foregoing comprehensive detail of Targa Resources Corporation, I trust with this piece, you are able to absorb every necessary detail about the Fortune 500 company, and by extension, it helps you make the rational choice(s).
