Energy Select Sector

S&P 500

The Balanced Allocator

Comparable Companies - TRGP

0 discretionary insider purchases and 17 discretionary insider sales totaling $30,018,252.13. Latest short interest as of 2026-02-13 is 5,356,434 shares or 2.5% of float. Primary institutional filers include Vanguard Group Inc. at 13.1%, BlackRock Inc. at 9.2%, Wellington Management Group LLP at 8.6%.

SEE REMARKS

DIRECTOR

PRESIDENT

Passive beneficial ownership of 28,382,289 shares (13.18%) as of 2025-09-30; held in ordinary course of business by managed accounts, not for purpose of changing or influencing control of Targa Resources Corp.

Passive beneficial ownership of 18,022,893 shares (8.3%) as of 2025-06-30; owned by clients of Wellington investment advisers, held in ordinary course of business, not for purpose of changing or influencing control of Targa Resources Corp.

Maintains role as CEO held since March 2020.

Chief Executive Officer & Director

Promoted from President of Finance and Administration to President of the Company in March 2025.

President

Appointed CFO in July 2024, succeeding Jennifer Kneale in the finance lead role.

Chief Financial Officer

Appointed to succeed D. Scott Pryor following his retirement.

President of Logistics & Transportation

Retired from the company effective March 1, 2026.

Former President of Logistics & Transportation

Maintains current operational leadership role.

President of Gathering & Processing

Continues as Chairman since January 2021.

Chairman of the Board

Maintains role as Lead Independent Director and Audit Committee Chair.

Lead Independent Director

Director

Matthew J. Meloy

Jennifer R. Kneale

William A. Byers

Paul W. Chung

Laura C. Fulton

R. Keith Teague

Matthew Meloy represents the 'homegrown' leadership archetype at Targa, having ascended through the finance and presidential ranks since joining in 2006. His provenance is rooted in energy structured finance, which has informed Targa's transition from a high-growth, capital-intensive MLP-style entity to a simplified, high-cash-flow corporate structure. His tenure is marked by the successful execution of large-scale M&A (Lucid Energy) and the internal development of the Grand Prix NGL pipeline, which has become a cornerstone of the company's integrated value chain. Meloy's leadership style is defined by a focus on fee-based margins and balance sheet strength, successfully navigating the company through the 2020 downturn to achieve record financial performance in 2024 and 2025.

William Byers brings a sophisticated investment banking and private equity exit pedigree to Targa. His successful tenure at Navitas Midstream, where he oversaw the creation and ultimate multi-billion dollar sale of a major Midland Basin operator, provides him with a unique 'owner-operator' perspective on capital allocation. His background at Barclays further reinforces Targa's ability to navigate complex capital markets. Since joining Targa in 2024, he has been instrumental in managing the company's $1.5 billion senior notes offering and supporting the continued 'Balanced Allocator' strategy.

Sale of Navitas Midstream to Enterprise Products Partners

Caron Lawhorn provides the Targa board with deep institutional knowledge of the regulated utility and natural gas distribution sectors. Her provenance as the former CFO of ONE Gas and a long-time executive at ONEOK brings a disciplined, low-risk financial perspective that balances the more aggressive growth profile of Targa's midstream operations. Her experience in overseeing IT and cybersecurity functions at ONE Gas adds a critical layer of risk management expertise to the board's oversight of Targa's vast physical and digital infrastructure.

Joe Bob Perkins

Rene R. Joyce

Beth A. Bowman

Charles R. Crisp

Lindsey M. Cooksen

Waters S. Davis, IV

Direct competitor in midstream energy infrastructure.

Strong peer in natural gas gathering and processing.

Sector peer in crude oil and NGL transportation.

Strong peer in energy infrastructure with similar pipeline and terminal operations.

The Company operates approximately 28,400 miles of natural gas pipelines, 42 owned/operated processing plants, 34 underground storage wells with a gross capacity of ~76 million barrels, 648 railcars, 119 transport tractors, and two pressurized NGL barges. Downstream facilities include fractionation and storage complexes at Mont Belvieu (TX), Galena Park (TX), and Lake Charles (LA), as well as propane marine terminals in Broward County (FL) and other Gulf Coast locations.

Targa Resources under Meloy has accelerated revenue 3.9% to $17B with margins at 30.7% gross/19.6% operating amid Permian volumes, deploying $3.33B growth capex (93% of spend) for TBV/share $6.53 while returning $642M buybacks/$2.4B dividends at net leverage 3.6x; strongest in counter-cyclical buybacks (high early ROIs) and board cyclical depth offset moderate incentives/low ownership and internal-only track records, yielding capable leadership for cyclical operations but requiring vigilance on capex returns (11.2% incremental ROIC) and insider alignment to sustain FCF amid volatility.

The company is subject to numerous federal, state, tribal, and local environmental laws and regulations, including the Clean Air Act, Clean Water Act, CERCLA, RCRA, and others. Risks include potential fines, penalties, cleanup costs, and litigation, such as a proposed $47.8 million penalty from the New Mexico Environment Department and a $3.2 million penalty from the EPA. Compliance costs and regulatory changes, including those related to climate change and methane emissions, could adversely affect operations and financial condition.

As of December 31, 2025, the company employed approximately 3,570 people, with no collective bargaining agreements. Safety is emphasized through programs and training, but no specific metrics like incident rates were disclosed in the 10-K.

No disclosures on product and customer responsibility were found in the annual filing.

No specific supply chain or community disclosures were made in the 10-K.

The hard financial backdrop is a modest 3.9% revenue rise to $17.0 bn, operating margin at 19.6%, but free cash flow compressed to $584 m as capex climbed to $3.33 bn and insiders sold $30 m of stock in the last 12 months.

Management described the FY2025 spend as funding new processing plants (Yet II, Train 13), pipeline extensions (Delaware Express, Speedway), and LPG export upgrades, while emphasizing a shift toward a steady‑state multiyear average of $2.5 bn after the post‑Speedway run‑rate is achieved.

The asset base expansion reflects the $3.21 bn growth‑capex program and the $18.8 m impairment recorded in FY2025, which the auditor did not flag as a Critical Audit Matter. Management highlighted that the new plants and pipeline projects enhance the low‑cost, fee‑based asset profile.

Capital projects such as Yet II, Train 13, and the Speedway pipeline are intended to capture additional Permian volumes; however, the incremental ROIC of 11.2% barely exceeds the weighted‑average cost of capital of 9.5%, suggesting marginal value creation on new investments.

TRGP Revolver - revolving credit facility

Commercial Paper Program - unsecured short-term paper

Securitization Facility - accounts-receivable securitization

TRGP Senior Unsecured Notes - multiple series (fixed-rate)

Partnership Senior Unsecured Notes - issued by Targa Resources Partners LP

EV/EBITDA

Vest at the end of a three-year period contingent on the achievement of the Company’s TSR relative to the TSR of a specified group of comparable publicly-traded midstream companies (the “LTIP Peer Group”) measured over the three year period

Vest in full at the end of a three-year period based solely on continued service; RSUs help to secure and retain executives and instill an ownership mentality

Patrick J. McDonie

Caron A. Lawhorn

Chung

Crisp

Joyce

State Street Corporation

Wellington Management Group LLP

D. Scott Pryor

Robert M. Muraro

Waters S. Davis IV

All directors and executive officers as a group (18 persons)

Ratification of selection of PricewaterhouseCoopers LLP as independent auditors for 2025

Advisory approval of compensation of named executive officers for fiscal year ended December 31, 2024

Perkins

Denny Latham

Executive Vice President of Permian

Gerald R. Shrader

Executive Vice President, General Counsel & Secretary

J. Christopher Eklof

Senior Vice President & Chief Accounting Officer

Robert Muraro

Chief Commercial Officer

Sanjay Lad

Vice President of Finance & Investor Relations

Tristan James Richardson

VP of Investor Relations & Fundamentals

William A Byers

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005 and is a leading provider of midstream services in North America. The company owns, operates, acquires, and develops a diversified portfolio of domestic natural-gas, natural-gas-liquids (NGL) and crude-oil infrastructure assets. Its core services include gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; gathering, storing, terminaling and purchasing and selling crude oil; and transporting, storing, fractionating, treating and marketing NGLs and NGL products, including services to LPG exporters.

The segment gathers, compresses, treats, processes, transports, and purchases and sells natural gas; gathers, stores, terminals and purchases and sells crude oil; and provides related midstream services across multiple basins in the United States.

Also referred to as the Downstream Business, this segment transports, stores, fractionates, terminals, and markets NGLs and NGL products, provides LPG-export services, and supports natural-gas supply and marketing activities.

Held WACC 9.5% and base terminal multiple 11.0x constant, solved perpetual EBITDA required for current EV 68640.

Balance Sheet - Supplemental

Balance Sheet

Cash Flow Statement - Supplemental

Cash Flow Statement

Income Statement - Supplemental

Income Statement

Ratios

Valuation

Historical Ratios & Multiples - TRGP

The midstream industry is benefiting from tailwinds in LNG export demand and power generation growth, but these are offset by regulatory uncertainties and the risk of oversupply in the Permian Basin. While Targa is outperforming peers in margin expansion, it is also significantly more capex-intensive, with a 19.6% capex-to-revenue ratio versus a peer average of 9.0%.

Targa is currently relevant for analysis because it is trading at a multi-year high valuation while simultaneously experiencing its most significant period of insider selling and free cash flow compression.

Post-Speedway run-rate EBITDA exceeding 6 billion dollars. This addresses market concerns about growth sustainability after the current peak capex cycle ends in H2 2027.

Targa is benefiting from record Permian volumes and a rational oligopolistic industry structure, but its valuation has reached a cyclical peak of 14.2x EV/EBITDA. We expect a mean reversion to the historical average of 12.6x as free cash flow remains constrained by a $3.33 billion capex program and insiders continue to exit their positions.

Lower-for-longer commodity prices and a cyclical downturn in Permian drilling activity. This would impair the 10% of margins that are not fee-based and reduce marketing gains from Waha price volatility.

The bear case fair value of 12.34 is determined by applying a 20% fire-sale haircut to the Net Liquidation Value. While the company survives the trough with 3.88x interest coverage, a severe operational decline would impair equity value to this liquidation floor.

The stewardship verdict is mixed. While the board possesses deep cyclical expertise, including Audit Chair Laura Fulton and Director Keith Teague, the low aggregate insider ownership of 1.34% and aggressive net selling of $30 million by executives suggest a lack of alignment with shareholders at the current valuation. The governance outcome tree remains in the Status Quo phase, but the risk of value drift is high...

Targa Resources Corp. maintains an extensive midstream energy infrastructure footprint across North America, primarily concentrated in the Permian Basin. As of the latest reporting period and incorporating recent strategic developments, the asset base includes approximately 33,200 miles of natural gas pipelines, 50 owned and operated processing plants with an aggregate capacity exceeding 8,000 MMcf/d, and a downstream logistics complex featuring 1,138 MBbl/d of fractionation capacity and 81 MMBbl of gross NGL storage capacity across 35 wells. The current asset base has been significantly expanded beyond historical book values through the January 2026 acquisition of Stakeholder Midstream, which added 480 miles of pipeline and 180 MMcf/d of processing capacity, and the late 2025 acquisitions of Nile Midstream and Dovetail Midstream assets, which enhanced compression and gathering infrastructure in the Delaware Basin.

Targa Resources Corp. acquired Stakeholder Midstream, LLC for $1.25 billion. The assets included 480 miles of natural gas pipelines and 180 MMcf/d of cryogenic processing and sour treating capacity in the Permian Basin.

Targa Resources Corp. acquired the remaining 45% interest in Targa Badlands LLC from Blackstone for $1.8 billion, implying a total enterprise value of approximately $4.0 billion for the Bakken-based gathering and processing assets.

Cash & Equivalents

Accounts Receivable

Targa's inventory is almost exclusively comprised of highly liquid NGL commodities. Given the TTM turnover of 30.2x, the inventory is essentially a cash-equivalent asset with minimal physical deterioration risk. The recovery rates are modeled conservatively at 80-95% to account for the logistical costs of moving product to market hubs in a liquidation scenario, though the actual market value of these commodities often fluctuates above historical average cost.

Inventory

Other Current Assets

Net PP&E

Intangibles

Long-Term Inv.

Other Non-Current

Accounts Payable

Current Debt

Other Current Liabilities

Non-Current Debt

Tax Liabilities (Deferred)

Other Non-Current Liabilities

Targa Resources reports record Q3 2025 results and announces 25% increase to 2026 dividend

Targa Resources reports record Q1 2025 financial results with 22% increase in adjusted EBITDA to $1.2 billion

Unavailable

Targa Resources reports Q3 2023 results and announces 50% increase to 2024 dividend

Market/Sector Move -5.41%

Targa Resources (TRGP) PT Raised to $246 at Scotiabank

Targa Resources price target raised to $226 from $191 at Barclays

Targa Resources price target raised to $231 from $193 at Seaport Research

Targa Resources price target raised to $266 from $264 at Morgan Stanley

Targa Resources (TRGP) PT Raised to $196 at Goldman Sachs

Targa Resources price target raised to $207 from $205 at Wells Fargo

Targa Resources price target raised to $218 from $213 at RBC Capital

Targa Resources (TRGP) Reiterated at Buy by UBS Ahead of Stakeholder Deal

Targa Resources price target lowered to $213 from $216 at Stifel

Targa Resources price target raised to $224 from $199 at Scotiabank

Targa Resources price target raised to $199 from $198 at Scotiabank

Situation: Current price is $239.01 versus fair value $195.52 (-18.2% expected return), and valuation confidence is stable. Debate: Bull case depends on Post-Speedway run-rate EBITDA exceeding 6 billion dollars. Bear case centers on Lower-for-longer commodity prices and a cyclical downturn in Permian drilling activity. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

Executive Summary

Targa is benefiting from record Permian volumes and a rational oligopolistic industry structure, but its valuation has reached a cyclical peak of 14.2x EV/EBITDA. We expect a mean reversion to the historical average of 12.6x as free cash flow remains constrained by a $3.33 billion capex program and insiders continue to exit their positions.<ul><li>Driver: Cyclical peak earnings and margin expansion driven by record Permian volumes.</li><li>Catalyst: Free cash flow compression as capital expenditures outpace operating cash generation.</li><li>Protection: Extensive asset base including 8,000 MMcf/d of processing capacity and 1,138 MBbl/d of fractionation capacity.</li></ul>Our variant perception is that the market is extrapolating current peak earnings and record margins into perpetuity, incorrectly pricing the stock as a secular compounder. In contrast, our analysis of the capital cycle and insider selling suggests a cyclical mean reversion is imminent, creating a classic overvaluation risk at the top of the cycle.This is a mid-term, cyclical exit designed to avoid the downside from a peak valuation to a mid-cycle normalization, rather than a long-term compounder investment at these levels.

Core Investment Rationale

Targa Resources operates an integrated wellhead-to-water midstream platform, primarily focused on the Permian Basin. The company gathers, compresses, treats, and processes natural gas, while also transporting, storing, and fractionating natural gas liquids (NGLs). Its strategy centers on capturing the full NGL value chain, leveraging its dominant position in the Permian to feed its downstream fractionation and export terminals on the Gulf Coast. Revenue is 90% fee-based with floors, providing a degree of insulation from commodity price volatility, though marketing gains from Waha price dislocations remain a significant cyclical driver.Targa's assets are characterized by their massive operational leverage and strategic location. The company operates approximately 28,400 miles of natural gas pipelines and 42 processing plants with an aggregate capacity of 8,000 MMcf/d. Its downstream complex includes 1,138 MBbl/d of fractionation capacity and 76 million barrels of gross storage capacity. These assets provide a structural cost advantage as Targa can optimize volume flow across its integrated system, capturing margins at every stage of the NGL value chain.The midstream industry operates as a rational oligopoly, with Targa competing against Energy Transfer, ONEOK, and Kinder Morgan. Targa maintains a superior operating margin of 19.6% compared to the peer median of 13.7%, reflecting its high-quality asset base and efficient system connectivity. The industry is currently in a capital-cycle repair phase, with most peers exercising supply-side discipline by keeping capex intensity below revenue growth.Targa successfully navigated the last full business cycle, including a significant 23.3% revenue contraction in 2023, to reach record financial performance in 2025. During the 2023 trough, the company maintained its 3-4x net leverage target and continued its $2.3 billion share repurchase program, demonstrating strong capital allocation discipline. However, the current situation is defined by a massive $3.33 billion growth capex program, including the Speedway NGL Pipeline and Yet II plant, which has compressed free cash flow to $584 million. This aggressive expansion, while positioning the company for long-term volume capture, has created a temporary cash-flow ceiling that coincides with significant insider selling.

Business & Situation

<ul><li>Bull Case: Record Permian gas volumes grew 11% YoY to over 6 Bcf/d, and the integrated wellhead-to-water strategy provides a widening structural moat in NGL fractionation.</li><li>Bear Case: Insiders have sold $30 million in stock over the last 12 months with zero purchases, and the company's Debt/Equity ratio has climbed to 7.18x.</li></ul>The prevailing market narrative views Targa as a secular growth story, driven by the inexorable rise of Permian production and LNG export demand. Investors are currently paying 14.2x EV/EBITDA, assuming that record margins and volume growth will persist indefinitely without cyclical interruption. This optimism is fueled by recent dividend increases and record EBITDA, leading the market to ignore the capital intensity required to sustain this growth.The midstream industry is benefiting from tailwinds in LNG export demand and power generation growth, but these are offset by regulatory uncertainties and the risk of oversupply in the Permian Basin. While Targa is outperforming peers in margin expansion, it is also significantly more capex-intensive, with a 19.6% capex-to-revenue ratio versus a peer average of 9.0%.Our differentiated view is that the market is extrapolating peak conditions indefinitely, while we see signs of a cyclical inflection. Valuation is currently at a premium to the 12.6x historical average, yet incremental ROIC on new projects is only 11.2%, barely exceeding the 9.5% cost of capital. Furthermore, the aggressive insider selling, including a $7.28 million sale by Patrick McDonie on March 2, 2026, suggests that those closest to the business believe the valuation has outpaced intrinsic value. The governance friction created by this misalignment between insider actions and the public growth narrative prevents us from sharing the market's optimism.The debate between secular growth and cyclical peak is resolved by the cash flow data. With free cash flow falling to $584 million despite record EBITDA, the company is reaching a capital-constrained phase that makes its current valuation multiple unsustainable.Our analytical edge is a more granular analysis of industry supply-side discipline and incremental ROIC, which suggests the coming downcycle or normalization will be more impactful than the market is currently pricing into peak multiples.

Core Thesis

Matthew J. Meloy has served as CEO since March 2020, having ascended through the finance ranks. He is credited with Targa's transition to a high-cash-flow corporate structure and the successful integration of the $3.55 billion Lucid Energy acquisition. There is no active proxy fight, and the leadership transition in the Logistics and Transportation division, with Benjamin Branstetter succeeding the retiring D. Scott Pryor on March 1, 2026, appears to be a standard succession plan.Management has demonstrated strong skill in counter-cyclical buybacks, executing $2.3 billion in repurchases with all tranches showing positive ROIs, including a 667.8% return on the 2021 Q1 tranche. However, recent M&A effectiveness is 0.7x, and incremental ROIC is a modest 11.2%.Management maintains high credibility with over 95% say-on-pay support, but the lack of discretionary insider purchases amidst record results raises questions about their long-term conviction at current prices.<ul><li>Board Independence: 54% (6 of 11 directors)</li><li>Chairman/CEO Roles: Separate</li><li>Chairman Tenure: 5 years (since 2021)</li><li>Insider Ownership: 1.34%</li><li>Shareholder Rights: Proxy Access (3% for 3 years), Majority Voting</li></ul>The stewardship verdict is mixed. While the board possesses deep cyclical expertise, including Audit Chair Laura Fulton and Director Keith Teague, the low aggregate insider ownership of 1.34% and aggressive net selling of $30 million by executives suggest a lack of alignment with shareholders at the current valuation. The governance outcome tree remains in the Status Quo phase, but the risk of value drift is high as insiders exit.

Leadership & Governance

The valuation floor is derived from the Net Liquidation Value of 15.43 per share, which represents the estimated recovery value of Targa's 8,000 MMcf/d processing footprint and highly liquid NGL inventory.The base case assumes 6% long-term revenue growth and mid-cycle operating margins of 20.5%, resulting in a fair value of 195.52.The bull case assumes a super-cycle driven by an LNG export surge and Permian supply shortages, with margins reaching 24%. Blue-Sky Potential: 354.28.The bear case fair value of 12.34 is determined by applying a 20% fire-sale haircut to the Net Liquidation Value. While the company survives the trough with 3.88x interest coverage, a severe operational decline would impair equity value to this liquidation floor.

Valuation Context

<ul><li>Post-Speedway run-rate EBITDA exceeding 6 billion dollars. This addresses market concerns about growth sustainability after the current peak capex cycle ends in H2 2027.</li><li>Targa is benefiting from record Permian volumes and a rational oligopolistic industry structure, but its valuation has reached a cyclical peak of 14.2x EV/EBITDA. We expect a mean reversion to the historical average of 12.6x as free cash flow remains constrained by a $3.33 billion capex program and insiders continue to exit their positions.</li><li>Targa is currently relevant for analysis because it is trading at a multi-year high valuation while simultaneously experiencing its most significant period of insider selling and free cash flow compression.</li></ul>Targa is currently relevant for analysis because it is trading at a multi-year high valuation while simultaneously experiencing its most significant period of insider selling and free cash flow compression.

Catalyst Path & Context

<ul><li>Lower-for-longer commodity prices and a cyclical downturn in Permian drilling activity. This would impair the 10% of margins that are not fee-based and reduce marketing gains from Waha price volatility. Targa's operating margin expanded 3.2 percentage points in FY2025, a move that coincided with a 766 million dollar commodity price uplift, revealing residual price sensitivity.</li><li>The bear case fair value of 12.34 is determined by applying a 20% fire-sale haircut to the Net Liquidation Value. While the company survives the trough with 3.88x interest coverage, a severe operational decline would impair equity value to this liquidation floor. Risk monitor: Current price $239.01 vs fair value $195.52, expected return -18.2%.</li><li>The stewardship verdict is mixed. While the board possesses deep cyclical expertise, including Audit Chair Laura Fulton and Director Keith Teague, the low aggregate insider ownership of 1.34% and aggressive net selling of $30 million by executives suggest a lack of alignment with shareholders at the current valuation. The governance outcome tree remains in the Status Quo phase, but the risk of value drift is high... Risk monitor: Current price $239.01 vs fair value $195.52, expected return -18.2%.</li></ul>

Primary Risks

<ul><li>Entry Target: No new entries: recommendation is Sell.</li><li>Stop Loss: No stop-loss needed because recommendation is Sell (no position).</li><li>Position Size: Position size is None under current recommendation and risk constraints.</li><li>Time Horizon: N/A for a Sell recommendation.</li></ul><ul><li>Management's FY2025 Q4 guidance indicated a run-rate EBITDA target of over 6 billion dollars following the completion of the Speedway NGL Pipeline.</li><li>Monitoring trigger: Current price $239.01 vs fair value $195.52, expected return -18.2%.</li><li>Targa's operating margin expanded 3.2 percentage points in FY2025, a move that coincided with a 766 million dollar commodity price uplift, revealing residual price sensitivity.</li></ul>A sustained commodity price super-cycle or a massive, immediately accretive M&A transaction that offsets the current valuation premium.

Actionable Parameters & Monitoring

TRGP appears overvalued (fair value $195.52 vs current $239.01, expected return -18.2%). Recommendation: Sell; do not allocate until valuation and risk profile reset.

Final Conclusion

Cyclical peak earnings and margin expansion driven by record Permian volumes.

Driver

Free cash flow compression as capital expenditures outpace operating cash generation.

Catalyst

Extensive asset base including 8,000 MMcf/d of processing capacity and 1,138 MBbl/d of fractionation capacity.

Protection

Record Permian gas volumes grew 11% YoY to over 6 Bcf/d, and the integrated wellhead-to-water strategy provides a widening structural moat in NGL fractionation.

Bull Case

Insiders have sold $30 million in stock over the last 12 months with zero purchases, and the company's Debt/Equity ratio has climbed to 7.18x.

Bear Case

Situation: Current price is $239.01 versus fair value $195.52 (-18.2% expected return), and valuation confidence is stable. Debate: Bull case depends on Post-Speedway run-rate EBITDA exceeding 6 billion dollars. Bear case centers on Lower-for-longer commodity prices and a cyclical downturn in Permian drilling activity. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

The strategy evolved from aggressive infrastructure build-out and volume capture to a refined focus on integrated wellhead-to-water value chains, capital efficiency, and sustainable profitability post-major project execution.

Method	Implied Value	Weight	Weighted Value
DCF	$229.28	40%	$91.71
Comps	$185.37	35%	$64.88
Historicals	$190.77	20%	$38.15
NLV	$15.43	5%	$0.77
Total Weighted			$195.52

TRGP

Company Overview

Price History