Targa Resources (TRGP) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		222,975,600
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 139.5	$ 219
Trade receivables, net of allowances of $2.6 and $2.2 million at September 30, 2023 and December 31, 2022	1,241.1	1,408.4
Inventories	536.2	393.8
Assets from risk management activities	84.2	179.9
Other current assets	138.3	155.5
Total current assets	2,139.3	2,356.6
Property, plant and equipment, net	15,333.5	14,214.6
Intangible assets, net	2,446.6	2,734.6
Long-term assets from risk management activities	17.7	24.5
Investments in unconsolidated affiliates	138.3	131.3
Other long-term assets	114.2	98.4
Total assets	20,189.6	19,560
Current liabilities:
Accounts payable	1,581.3	1,448.8
Accrued liabilities	292	289.5
Interest payable	101	174
Liabilities from risk management activities	105.8	320.1
Current debt obligations	602	834.3
Total current liabilities	2,682.1	3,066.7
Long-term debt	12,318.4	10,702.1
Long-term liabilities from risk management activities	34.8	140.1
Deferred income taxes, net	418.3	327.7
Other long-term liabilities	358.2	341.2
Contingencies (see Note 12)	0	0
Targa Resources Corp. stockholders' equity:
Common stock ($0.001 par value, 450,000,000 shares authorized as of September 30, 2023 and December 31, 2022	0.2	0.2
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, zero shares issued and outstanding)	0	0
Additional paid-in capital	3,061.5	3,702.3
Retained earnings (deficit)	305.5	(626.8)
Accumulated other comprehensive income (loss)	(5.3)	54.7
Treasury stock, at cost (17,007,277 shares as of September 30, 2023 and 11,896,829 shares as of December 31, 2022)	(855.8)	(464.7)
Total Targa Resources Corp. stockholders' equity	2,506.1	2,665.7
Noncontrolling interests	1,871.7	2,316.5
Total owners' equity	4,377.8	4,982.2
Total liabilities, Series A Preferred Stock and owners' equity	20,189.6	19,560
Series A Preferred Stock [Member]
Current liabilities:
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference (1,200,000 shares authorized, zero shares issued and outstanding as of September 30, 2023 and December 31, 2022), net of discount	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Trade receivables, allowances	$ 2.6	$ 2.2
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	240,087,974	237,939,058
Common stock, shares outstanding (in shares)	223,080,697	226,042,229
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	98,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	17,007,277	11,896,829
Series A Preferred Stock [Member]
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Preferred Series A Liquidation Stock Percentage	9.50%	9.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000	$ 1,000
Preferred Stock, Shares Authorized	1,200,000	1,200,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues		$ 3,896.6	$ 5,360.1	$ 11,820.8	$ 16,375
Costs and expenses:
Product purchases and fuel		2,690	4,306.3	7,777.9	13,557.8
Operating expenses		277.7	261.3	808.4	660.6
Depreciation and amortization expense		331.3	287.2	988.2	766.2
General and administrative expense		90	79.1	253.4	217.2
Other operating (income) expense		2.5	(3.8)	2	(4.4)
Income (loss) from operations		505.1	430	1,990.9	1,177.6
Other income (expense):
Interest expense, net		(175.1)	(125.8)	(509.8)	(300.5)
Equity earnings (loss)		3	1.7	6.2	8.7
Gain (loss) from financing activities					(49.6)
(Gain) loss from sale of equity method investment					435.9
Other, net		(0.1)	(14.6)	(4.9)	(14.6)
Income (loss) before income taxes		332.9	291.3	1,482.4	1,257.5
Income tax (expense) benefit		(53.9)	(12)	(260.7)	(122)
Net income (loss)		279	279.3	1,221.7	1,135.5
Less: Net income (loss) attributable to noncontrolling interests		59	86.2	175.4	258
Net income (loss) attributable to Targa Resources Corp.		220	193.1	1,046.3	877.5
Premium on repurchase of noncontrolling interests, net of tax	[1]			490.7	53.1
Dividends on Series A Preferred Stock					30
Deemed dividends on Series A Preferred Stock					215.5
Net income (loss) attributable to common shareholders		$ 220	$ 193.1	$ 555.6	$ 578.9
Net income (loss) per common share - basic		$ 0.97	$ 0.85	$ 2.44	$ 2.54
Net income (loss) per common share - diluted		$ 0.97	$ 0.84	$ 2.43	$ 2.5
Weighted average shares outstanding - basic		223.8	226.6	225.2	227.6
Weighted average shares outstanding - diluted		225.1	230.3	226.5	231.5
Sales of Commodities [Member]
Revenues:
Total revenues		$ 3,374.3	$ 4,800.3	$ 10,314	$ 14,990.7
Fees from Midstream Services [Member]
Revenues:
Total revenues		$ 522.3	$ 559.8	$ 1,506.8	$ 1,384.3
[1] Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 279	$ 279.3	$ 1,221.7	$ 1,135.5
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(176)	347.1	(77.6)	288.5
Other comprehensive income (loss), related income tax	39.9	(77.4)	17.6	(64.3)
Other comprehensive income (loss), after tax	(136.1)	269.7	(60)	224.2
Comprehensive income (loss)	142.9	549	1,161.7	1,359.7
Less: Comprehensive income (loss) attributable to noncontrolling interests	59	86.2	175.4	258
Comprehensive income (loss) attributable to Targa Resources Corp.	83.9	462.8	986.3	1,101.7
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(153.8)	225.4	39.6	(136.7)
Change in fair value, related income tax	34.9	(50.4)	(9)	30.5
Change in fair value, after tax	(118.9)	175	30.6	(106.2)
Settlements reclassified to revenues, pre-tax	(22.2)	121.7	(117.2)	425.2
Settlements reclassified to revenues, related income tax	5	(27)	26.6	(94.8)
Settlements reclassified to revenues, after tax	$ (17.2)	$ 94.7	$ (90.6)	$ 330.4

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]
Balance at Dec. 31, 2021	$ 5,178.7	$ 0.2	$ 4,268.9	$ (1,822.3)	$ (230.9)	$ (204.1)	$ 3,166.9
Balance (in shares) at Dec. 31, 2021		228,221,000				7,884,000
Series A Preferred Stock at Dec. 31, 2021								$ 749.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	41.8		41.8
Dividend equivalent rights	(5.2)		(5.2)
Shares issued under compensation program (in shares)		1,580,000
Shares tendered for tax withholding obligations	(31.1)					$ (31.1)
Shares tendered for tax withholding obligations (in shares)		(526,000)				526,000
Repurchases of common stock	$ (196.8)					$ (196.8)
Repurchases of common stock (in shares)	(3,016,556)	(3,017,000)				3,017,000
Series A Preferred Stock dividends
Preferred stock dividends	$ (30)			(30)
Dividends in excess of retained earnings			(30)	30
Deemed dividends - repurchase of Series A Preferred Stock	(215.5)		(215.5)
Common stock dividends
Common stock dividends	(239.1)			(239.1)
Dividends in excess of retained earnings			(239.1)	239.1
Repurchase of Series A Preferred Stock								(749.7)
Distributions to noncontrolling interests	(234)						(234)
Contributions from noncontrolling interests	13.9						13.9
Repurchase of noncontrolling interests, net of tax	(911)		(53.1)				(857.9)
Other comprehensive income (loss)	224.2				224.2
Net income (loss)	1,135.5			877.5			258
Balance at Sep. 30, 2022	4,731.4	$ 0.2	3,767.8	(944.8)	(6.7)	$ (432)	2,346.9
Balance (in shares) at Sep. 30, 2022		226,258,000				11,427,000
Balance at Jun. 30, 2022	4,400.9	$ 0.2	3,834.4	(1,137.9)	(276.4)	$ (350.4)	2,331
Balance (in shares) at Jun. 30, 2022		227,062,000				10,142,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	14.4		14.4
Dividend equivalent rights	(1.7)		(1.7)
Shares issued under compensation program (in shares)		481,000
Shares tendered for tax withholding obligations	(8.6)					$ (8.6)
Shares tendered for tax withholding obligations (in shares)		(128,000)				128,000
Repurchases of common stock	$ (73)					$ (73)
Repurchases of common stock (in shares)	(1,156,832)	(1,157,000)				1,157,000
Series A Preferred Stock dividends
Dividends in excess of retained earnings			(79.3)	79.3
Common stock dividends
Common stock dividends	$ (79.3)			(79.3)
Distributions to noncontrolling interests	(75.2)						(75.2)
Contributions from noncontrolling interests	4.9						4.9
Other comprehensive income (loss)	269.7				269.7
Net income (loss)	279.3			193.1			86.2
Balance at Sep. 30, 2022	4,731.4	$ 0.2	3,767.8	(944.8)	(6.7)	$ (432)	2,346.9
Balance (in shares) at Sep. 30, 2022		226,258,000				11,427,000
Balance at Dec. 31, 2022	4,982.2	$ 0.2	3,702.3	(626.8)	54.7	$ (464.7)	2,316.5
Balance (in shares) at Dec. 31, 2022		226,042,000				11,897,000
Series A Preferred Stock at Dec. 31, 2022								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	45.7		45.7
Dividend equivalent rights	(3.2)		(2.3)	(0.9)
Shares issued under compensation program (in shares)		2,149,000
Shares tendered for tax withholding obligations	(55.4)					$ (55.4)
Shares tendered for tax withholding obligations (in shares)		(714,000)				714,000
Repurchases of common stock	$ (333.1)					$ (333.1)
Repurchases of common stock (in shares)	(4,395,519)	(4,396,000)				4,396,000
Excise tax on repurchases of common stock	$ (2.6)					$ (2.6)
Common stock dividends
Common stock dividends	(306.6)			(306.6)
Dividends in excess of retained earnings			(193.5)	193.5
Distributions to noncontrolling interests	(170)						(170)
Contributions from noncontrolling interests	7.1						7.1
Repurchase of noncontrolling interests, net of tax	(948)		(490.7)				(457.3)
Other comprehensive income (loss)	(60)				(60)
Net income (loss)	1,221.7			1,046.3			175.4
Balance at Sep. 30, 2023	4,377.8	$ 0.2	3,061.5	305.5	(5.3)	$ (855.8)	1,871.7
Balance (in shares) at Sep. 30, 2023		223,081,000				17,007,000
Series A Preferred Stock at Sep. 30, 2023								0
Balance at Jun. 30, 2023	4,540.2	$ 0.2	3,045.8	199.5	130.8	$ (701.1)	1,865
Balance (in shares) at Jun. 30, 2023		224,052,000				15,160,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15.7		15.7
Dividend equivalent rights	(0.9)			(0.9)
Shares issued under compensation program (in shares)		876,000
Shares tendered for tax withholding obligations	(21.6)					$ (21.6)
Shares tendered for tax withholding obligations (in shares)		(263,000)				263,000
Repurchases of common stock	$ (132)					$ (132)
Repurchases of common stock (in shares)	(1,583,317)	(1,584,000)				1,584,000
Excise tax on repurchases of common stock	$ (1.1)					$ (1.1)
Common stock dividends
Common stock dividends	(113.1)			(113.1)
Distributions to noncontrolling interests	(56.5)						(56.5)
Contributions from noncontrolling interests	4.2						4.2
Other comprehensive income (loss)	(136.1)				(136.1)
Net income (loss)	279			220			59
Balance at Sep. 30, 2023	$ 4,377.8	$ 0.2	$ 3,061.5	$ 305.5	$ (5.3)	$ (855.8)	$ 1,871.7
Balance (in shares) at Sep. 30, 2023		223,081,000				17,007,000
Series A Preferred Stock at Sep. 30, 2023								$ 0

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Parenthetical)	9 Months Ended
	Sep. 30, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends, per share	$ 47.5
Common stock dividends, per share	$ 1.05

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 1,221.7	$ 1,135.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	9.8	7.2
Compensation on equity grants	45.7	41.8
Depreciation and amortization expense	988.2	766.2
(Gain) loss on sale or disposition of assets	(3.9)	(8.1)
Write-downs of assets	6	3.7
Accretion of asset retirement obligations	4.5	3.5
Deferred income tax expense (benefit)	252.1	116.4
Equity (earnings) loss of unconsolidated affiliates	(6.2)	(8.7)
Distributions of earnings received from unconsolidated affiliates	9.6	11
Risk management activities	(294.3)	295
(Gain) loss from financing activities		49.6
(Gain) loss from sale of equity method investment		(435.9)
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	197.2	79.4
Inventories	(134.1)	(320.5)
Accounts payable, accrued liabilities and other liabilities	30.6	144.8
Interest payable	(73)	(37.6)
Net cash provided by operating activities	2,253.9	1,843.3
Cash flows from investing activities
Outlays for property, plant and equipment	(1,665.4)	(815.4)
Outlays for business acquisition, net of cash acquired	0	(3,514.8)
Outlays for asset acquisition, net of cash acquired	0	(203.7)
Proceeds from sale of assets	2.9	18.3
Investments in unconsolidated affiliates	(14.9)	(1.5)
Proceeds from sale of equity method investment		857
Return of capital from unconsolidated affiliates	4.5	12.5
Other, net	(0.9)
Net cash provided by (used in) investing activities	(1,673.8)	(3,647.6)
Debt obligations:
Proceeds from borrowings under credit facilities	0	5,305
Repayments of credit facilities	(290)	(4,755)
Proceeds from borrowings of commercial paper notes	47,077.8	8,584.8
Repayments of commercial paper notes	(46,936.5)	(7,952.8)
Proceeds from borrowings under term loan facility		1,500
Proceeds from borrowings under accounts receivable securitization facility	103.1	1,180
Repayments of accounts receivable securitization facility	(343.1)	(580)
Proceeds from issuance of senior notes	1,717	2,741.4
Redemption of senior notes	0	(1,473.2)
Principal payments of finance leases	(31.3)	(10.8)
Costs incurred in connection with financing arrangements	(5)	(44.4)
Repurchase of shares	(388.5)	(227.9)
Contributions from noncontrolling interests	7.1	13.9
Distributions to noncontrolling interests	(163.5)	(252)
Repurchase of noncontrolling interests	(1,091.9)	(926.3)
Redemption of Series A Preferred Stock	0	(965.2)
Dividends paid to common and Series A Preferred shareholders	(314.8)	(298.8)
Net cash provided by (used in) financing activities	(659.6)	1,838.7
Net change in cash and cash equivalents	(79.5)	34.4
Cash and cash equivalents, beginning of period	219	158.5
Cash and cash equivalents, end of period	$ 139.5	$ 192.9

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2023
Organization [Abstract]
Organization and Operations	Note 1 — Organizati on and Operations Our Organization Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets. In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidated the Partnership and its subsidiaries under GAAP, and prepared the accompanying consolidated financial statements under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: • the inclusion of the TRGP senior revolving credit facility and term loan facility; • the inclusion of the TRGP senior notes; • the inclusion of the TRGP commercial paper notes; • the inclusion of Series A Preferred Stock (“Series A Preferred”) prior to full redemption in May 2022; and • the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes. Our Operations The Company is primarily engaged in the business of: • gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; • transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling, and purchasing and selling crude oil. See Note 16 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the nine months ended September 30, 2023. Recently Adopted Accounting Pronouncements Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . Amendments in this update require annual and interim disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments do not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023. We maintain a supply chain finance program that allows participating suppliers to request early payment from a third-party financial institution of invoices that we confirm as valid. Under this program, we make payments in full to the third-party financial institution for the prior month’s outstanding balance within 15 days. The outstanding balance at the end of each reporting period is included in Accounts payable on our Consolidated Balance Sheets. We adopted the amendments on January 1, 2023, with no material impact on our consolidated financial statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 4 – Acquisitions and Divestitures In February 2018, we formed three development joint ventures (“DevCo JVs”) with investment vehicles affiliated with Stonepeak Infrastructure Partners (“Stonepeak”) to fund portions of Grand Prix NGL Pipeline (“Grand Prix”), Gulf Coast Express Pipeline (“GCX”) and a 110 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). For a four-year period beginning on the date that all three projects commenced commercial operations, we had the option to acquire all or part of Stonepeak’s interests in the DevCo JVs (the “DevCo JV Call Right”). The purchase price payable for such partial or full interests was based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs. In January 2022, we exercised the DevCo JV Call Right and closed on the purchase of all of Stonepeak’s interests in the DevCo JVs for $ 926.3 million (the “DevCo JV Repurchase”). Following the DevCo JV Repurchase, we owned a 75 % interest in the Permian region to Mont Belvieu segment of Grand Prix through Grand Prix Pipeline LLC (the “Grand Prix Joint Venture”) (prior to the Grand Prix Transaction, as defined below), a 100 % interest in Train 6 and a 25 % equity interest in GCX (prior to the sale of Targa GCX Pipeline LLC in February 2022 to a third party, with payment received in full in May 2022). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $ 53.1 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders. In addition, the DevCo JV Repurchase resulted in an $ 857.9 million reduction of Noncontrolling interests on our Consolidated Balance Sheets. In January 2023, we completed the acquisition of Blackstone Energy Partners’ 25 % interest in the Grand Prix Joint Venture (the “Grand Prix Transaction”) for aggregate consideration of $ 1.05 billion in cash and a final closing adjustment of $ 41.9 million. Following the closing of the Grand Prix Transaction, we own 100 % of the interest in Grand Prix. The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $ 490.7 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders. In addition, the Grand Prix Transaction resulted in a $ 457.3 million reduction of Noncontrolling interests on our Consolidated Balance Sheets. Delaware Basin Acquisition In July 2022, we completed the acquisition of all of the interests in Lucid Energy Delaware, LLC (“Lucid”) from Riverstone Holdings LLC and Goldman Sachs Asset Management for approximately $ 3.5 billion in cash (the “Delaware Basin Acquisition”). We received a final net working capital adjustment payment of approximately $ 11.4 million in the fourth quarter of 2022. Unaudited Pro Forma Financial Information The following unaudited pro forma summary presents the consolidated results of operations for the three and nine months ended September 30, 2022 as if the Delaware Basin Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Revenues $ 5,391.1 $ 16,604.0 Net income (loss) 288.3 1,089.7 The summarized unaudited pro forma information has been calculated after applying our accounting policies and reflects adjustments for the following: • Reflects depreciation and amortization based on the fair values of property, plant and equipment and intangible assets, respectively. Property, plant and equipment are depreciated utilizing a straight-line approach. Intangible assets are amortized in a manner that closely resembles their expected benefit pattern; • Excludes $ 14.3 million of acquisition-related costs incurred as of September 30, 2022 from pro forma net income for the three and nine months ended September 30, 2022; • Excludes the impact of operations previously sold by Lucid, prior to Targa’s acquisition of Lucid; • Excludes the impact of historical activity between Targa and Lucid, prior to Targa’s acquisition of Lucid; • Excludes general and administrative expense related to Lucid’s former parent company, which Targa did not acquire; • Excludes amortization of interest expense and debt issuance costs associated with Lucid’s debt, which was not assumed by Targa; • Includes interest expense and debt issuance cost amortization associated with Targa’s borrowings to finance the Delaware Basin Acquisition; and • Reflects the income tax effects of the above pro forma adjustments.

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 5 — Property, Plant and Equipment and Intangible Assets September 30, 2023 December 31, 2022 Estimated Useful Lives (In Years) Gathering systems $ 10,698.4 $ 10,403.1 5 to 20 Processing and fractionation facilities 7,783.4 7,421.2 5 to 25 Terminaling and storage facilities 1,369.2 1,341.6 5 to 25 Transportation assets 3,238.7 2,919.3 10 to 50 Other property, plant and equipment 404.8 387.6 3 to 50 Land 178.8 163.3 — Construction in progress 1,566.3 1,011.0 — Finance lease right-of-use assets 334.6 266.1 5 to 14 Property, plant and equipment 25,574.2 23,913.2 Accumulated depreciation, amortization and impairment ( 10,240.7 ) ( 9,698.6 ) Property, plant and equipment, net $ 15,333.5 $ 14,214.6 Intangible assets 4,378.0 4,379.7 10 to 20 Accumulated amortization and impairment ( 1,931.4 ) ( 1,645.1 ) Intangible assets, net $ 2,446.6 $ 2,734.6 During the three and nine months ended September 30, 2023, depreciation expense was $ 235.3 million and $ 700.2 million, respectively. During the three and nine months ended September 30, 2022 , depreciation expense was $ 206.5 million and $ 629.5 million, respectively. Intangible Assets Intangible assets consist of customer relationships and customer contracts acquired in prior business combinations. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers. During the three and nine months ended September 30, 2023, amortization expense was $ 96.0 million and $ 288.0 million, respectively. During the three and nine months ended September 30, 2022, amortization expense was $ 80.7 million and $ 136.7 million, respectively. The estimated annual amortization expense for intangible assets is approximately $ 384.0 million, $ 373.2 million, $ 326.0 million, $ 279.8 million and $ 252.2 million for each of the years 2023 through 2027, respectively.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	Note 6 — De bt Obligations September 30, 2023 December 31, 2022 Current: Partnership accounts receivable securitization facility, due August 2024 (1) $ 560.0 $ 800.0 Finance lease liabilities 42.0 34.3 Current debt obligations 602.0 834.3 Long-term: Term loan facility, variable rate, due July 2025 1,500.0 1,500.0 TRGP senior revolving credit facility, variable rate, due February 2027 (2) 1,150.0 1,298.7 Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 750.0 4.200 % fixed rate, due February 2033 750.0 750.0 6.125 % fixed rate, due March 2033 900.0 — 4.950 % fixed rate, due April 2052 750.0 750.0 6.250 % fixed rate, due July 2052 500.0 500.0 6.500 % fixed rate, due February 2053 850.0 — Unamortized discount ( 40.5 ) ( 8.4 ) Senior unsecured notes issued by the Partnership: (3) 6.500 % fixed rate, due July 2027 705.2 705.2 5.000 % fixed rate, due January 2028 700.3 700.3 6.875 % fixed rate, due January 2029 679.3 679.3 5.500 % fixed rate, due March 2030 949.6 949.6 4.875 % fixed rate, due February 2031 1,000.0 1,000.0 4.000 % fixed rate, due January 2032 1,000.0 1,000.0 12,143.9 10,574.7 Debt issuance costs, net of amortization ( 63.9 ) ( 65.6 ) Finance lease liabilities 238.4 193.0 Long-term debt 12,318.4 10,702.1 Total debt obligations $ 12,920.4 $ 11,536.4 Irrevocable standby letters of credit: (2) Letters of credit outstanding under the TRGP senior revolving credit facility $ 22.3 $ 33.2 (1) In August 2023, the Partnership amended its accounts receivable securitization facility (the “Securitization Facility”) to decrease the size of the Securitization Facility from $ 800.0 million to $ 600.0 million and to extend the termination date of the Securitization Facility to August 29, 2024 . As of September 30, 2023, the Partnership had $ 560.0 million of qualifying receivables under the Securitization Facility, resulting in $ 40.0 million availability. (2) We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $ 2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2023 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1,150.0 million borrowings outstanding, resulting in approximately $ 1.6 billion of available liquidity, after accounting for outstanding letters of credit. (3) We guarantee all of the Partnership’s outstanding senior unsecured notes. The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2023: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 5.2 % - 6.2 % 5.8 % Securitization Facility 5.2 % - 6.3 % 5.7 % Term Loan Facility 5.8 % - 6.8 % 6.4 % Compliance with Debt Covenants As of September 30, 2023, we were in compliance with the covenants contained in our various debt agreements. In February 2022, we and certain of our subsidiaries entered into a parent guarantee whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of all of the obligations of the Partnership and Targa Resources Partners Finance Corporation (together with the Partnership, the “Partnership Issuers”) under the respective indentures governing the Partnership Issuers’ senior unsecured notes. As of September 30, 2023 , $ 5.0 billion of the Partnership Issuers’ senior unsecured notes was outstanding. Debt Obligations Commercial Paper Program In 2022, we established the Commercial Paper Program. Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $ 2.75 billion. We maintain a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program as support. The Commercial Paper Program is guaranteed by each subsidiary that guarantees the TRGP Revolver. The commercial paper notes are presented in Long-term debt on our Consolidated Balance Sheets. Senior Unsecured Notes Issuances In January 2023, we completed an underwritten public offering of (i) $ 900.0 million aggregate principal amount of our 6.125 % Senior Notes due 2033 (the “ 6.125 % Notes”) and (ii) $ 850.0 million aggregate principal amount of our 6.500 % Senior Notes due 2053 (the “ 6.500 % Notes”), resulting in net proceeds of approximately $ 1.7 billion. The 6.125 % Notes and the 6.500 % Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 6.125 % Notes and the 6.500 % Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Fifth Supplemental Indenture, dated as of January 3, 2023, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. We used a portion of the net proceeds from the issuance to fund the Grand Prix Transaction and the remaining proceeds for general corporate purposes, including to reduce borrowings under the TRGP Revolver and the Commercial Paper Program. In the future, we or the Partnership may redeem, purchase or exchange certain of our and the Partnership’s outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Other Long-term Liabilities

Other Long-term Liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities, Noncurrent [Abstract]
Other Long-term Liabilities	Note 7 — Other Long-term Liabilities Other long-term liabilities are comprised of the following: September 30, 2023 December 31, 2022 Deferred revenue $ 202.1 $ 198.8 Asset retirement obligations 104.7 97.9 Operating lease liabilities 35.5 28.6 Other liabilities 15.9 15.9 Total other long-term liabilities $ 358.2 $ 341.2 Deferred Revenue We have certain long-term contractual arrangements for which we have received consideration that we are not yet able to recognize as revenue. The resulting deferred revenue will be recognized once all conditions for revenue recognition have been met. Deferred revenue as of September 30, 2023 and December 31, 2022 , was $ 202.1 million and $ 198.8 million, respectively, which includes $ 129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is dependent on the outcome of current litigation with Vitol. See Note 12 – Contingencies. Deferred revenue includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. Deferred revenue also includes contributions in aid of construction received from customers for which revenue is recognized over the expected contract term.

Common Stock and Related Matter

Common Stock and Related Matters	9 Months Ended
	Sep. 30, 2023
Class of Stock Disclosures [Abstract]
Common Stock and Related Matters	Note 8 — Common Sto ck and Related Matters Common Share Repurchase Program In October 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $ 500.0 million of our outstanding common stock. In May 2023, our Board of Directors approved a new share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $ 1.0 billion of our outstanding common stock. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program. As of September 30, 2023, there was $ 810.7 million remaining under the 2023 Share Repurchase Program. We may discontinue the 2023 Share Repurchase Program at any time and are not obligated to repurchase any specific dollar amount or number of shares thereunder. For the three and nine months ended September 30, 2023, we repurchased 1,583,317 shares and 4,395,519 shares of our common stock at a weighted average per share price of $ 83.38 and $ 75.77 for a total net cost of $ 132.0 million and $ 333.1 million, respectively. For the three and nine months ended September 30, 2022, we repurchased 1,156,832 shares and 3,016,556 shares of our common stock at a weighted average per share price of $ 63.06 and $ 65.23 for a total net cost of $ 72.9 million and $ 196.8 million, respectively. Common Stock Dividends In April 2023, we declared an increase to our common dividend to $ 0.50 per common share or $ 2.00 per common share annualized effective for the first quarter of 2023. The following table details the dividends declared and/or paid by us to common shareholders for the nine months ended September 30, 2023: Three Months Ended Date Paid or Total Common Amount of Common Dividends on Dividends Declared per Share of Common Stock (In millions, except per share amounts) September 30, 2023 November 15, 2023 $ 113.0 $ 111.5 $ 1.5 $ 0.50000 June 30, 2023 August 15, 2023 113.6 111.8 1.8 0.50000 March 31, 2023 May 15, 2023 114.7 113.0 1.7 0.50000 December 31, 2022 February 15, 2023 80.5 79.3 1.2 0.35000

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Note 9 — Earnings per Common Share In March 2023, the Compensation Committee amended the Restricted Stock Units Grant Agreements that govern the Restricted Stock Unit awards (“RSUs”) that vest no later than three years following the RSUs’ grant date. The amendment resulted in quarterly cash dividend payments to RSU holders beginning with the common stock dividend paid in May 2023. As the amended RSUs and certain four-year retention awards participate in nonforfeitable dividends with the common equity owners of the Company, they are considered participating securities. We calculate earnings per share using the two-class method. Earnings are allocated to common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings to the extent that each security participates in earnings. The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 220.0 $ 193.1 $ 1,046.3 $ 877.5 Less: Premium on repurchase of noncontrolling interests, net of tax (1) — — 490.7 53.1 Less: Dividends on Series A Preferred Stock (2) — — — 30.0 Less: Deemed dividends on Series A Preferred (2) — — — 215.5 Net income (loss) attributable to common shareholders 220.0 193.1 555.6 578.9 Less: Participating share-based earnings (3) 2.2 — 5.1 — Net income (loss) allocated to common shareholders for basic earnings per share $ 217.8 $ 193.1 $ 550.5 $ 578.9 Weighted average shares outstanding - basic 223.8 226.6 225.2 227.6 Dilutive effect of unvested stock awards 1.3 3.7 1.3 3.9 Weighted average shares outstanding - diluted 225.1 230.3 226.5 231.5 Net income (loss) available per common share - basic $ 0.97 $ 0.85 $ 2.44 $ 2.54 Net income (loss) available per common share - diluted $ 0.97 $ 0.84 $ 2.43 $ 2.50 (1) Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures. (2) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred. (3) Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial. The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unvested restricted stock awards 1.4 — 1.6 — Series A Preferred (1) — — — 19.9 (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 10 — Derivative Instru ments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are primarily designated as cash flow hedges for accounting purposes. The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations. We hedge a portion of our condensate equity volumes using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. We also enter into derivative instruments to help manage other short-term commodity-related business risks and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues as current income. At September 30, 2023, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 148,830 103,512 56,856 10,373 — Natural Gas Basis Swaps MMBtu/d 735,435 402,780 256,658 102,500 25,000 NGL Swaps Bbl/d 42,072 28,492 18,759 2,646 — NGL Futures Bbl/d 34,467 18,549 4,562 — — Condensate Swaps Bbl/d 6,379 4,531 3,245 494 — Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of September 30, 2023 Fair Value as of December 31, 2022 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 61.8 $ ( 74.4 ) $ 158.7 $ ( 93.8 ) Long-term 12.6 ( 19.0 ) 24.2 ( 30.9 ) Total derivatives designated as hedging instruments $ 74.4 $ ( 93.4 ) $ 182.9 $ ( 124.7 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 22.4 $ ( 31.4 ) $ 21.2 $ ( 226.3 ) Long-term 5.1 ( 15.8 ) 0.3 ( 109.2 ) Total derivatives not designated as hedging instruments $ 27.5 $ ( 47.2 ) $ 21.5 $ ( 335.5 ) Total current position $ 84.2 $ ( 105.8 ) $ 179.9 $ ( 320.1 ) Total long-term position 17.7 ( 34.8 ) 24.5 ( 140.1 ) Total derivatives $ 101.9 $ ( 140.6 ) $ 204.4 $ ( 460.2 ) The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation September 30, 2023 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 83.2 $ ( 105.3 ) $ 20.7 $ 25.6 $ ( 27.0 ) Counterparties without offsetting positions - assets 1.0 — — 1.0 — Counterparties without offsetting positions - liabilities — ( 0.5 ) — — ( 0.5 ) 84.2 ( 105.8 ) 20.7 26.6 ( 27.5 ) Long-Term Position Counterparties with offsetting positions or collateral 17.7 ( 34.8 ) 2.3 2.1 ( 16.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — — — — — 17.7 ( 34.8 ) 2.3 2.1 ( 16.9 ) Total Derivatives Counterparties with offsetting positions or collateral 100.9 ( 140.1 ) 23.0 27.7 ( 43.9 ) Counterparties without offsetting positions - assets 1.0 — — 1.0 — Counterparties without offsetting positions - liabilities — ( 0.5 ) — — ( 0.5 ) $ 101.9 $ ( 140.6 ) $ 23.0 $ 28.7 $ ( 44.4 ) Gross Presentation Pro Forma Net Presentation December 31, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 162.2 $ ( 316.7 ) $ 12.2 $ 27.2 $ ( 169.5 ) Counterparties without offsetting positions - assets 17.7 — — 17.7 — Counterparties without offsetting positions - liabilities — ( 3.4 ) — — ( 3.4 ) 179.9 ( 320.1 ) 12.2 44.9 ( 172.9 ) Long-Term Position Counterparties with offsetting positions or collateral 24.5 ( 137.4 ) 22.4 7.3 ( 97.8 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 2.7 ) — — ( 2.7 ) 24.5 ( 140.1 ) 22.4 7.3 ( 100.5 ) Total Derivatives Counterparties with offsetting positions or collateral 186.7 ( 454.1 ) 34.6 34.5 ( 267.3 ) Counterparties without offsetting positions - assets 17.7 — — 17.7 — Counterparties without offsetting positions - liabilities — ( 6.1 ) — — ( 6.1 ) $ 204.4 $ ( 460.2 ) $ 34.6 $ 52.2 $ ( 273.4 ) Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association (“ISDA”) agreements, which govern the key terms with our counterparties. Our ISDA agreements contain credit-risk related contingent features. Following the release of the collateral securing our TRGP Revolver, our derivative positions are no longer secured. As of September 30, 2023, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of $ 43.9 million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Financial Services LLC, as defined in our ISDAs, we estimate that as of September 30, 2023, we would not be required to post collateral to certain counterparties per the terms of our ISDAs. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of $ 38.7 million as of September 30, 2023. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives in Cash Flow Three Months Ended September 30, Nine Months Ended September 30, Hedging Relationships 2023 2022 2023 2022 Commodity contracts $ ( 153.8 ) $ 225.4 $ 39.6 $ ( 136.7 ) Gain (Loss) Reclassified from OCI into Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2023 2022 2023 2022 Revenues $ 22.2 $ ( 121.7 ) $ 117.2 $ ( 425.2 ) Based on valuations as of September 30, 2023, we expect to reclassify commodity hedge-related deferred losses of $( 14.3 ) million included in accumulated other comprehensive income (loss) into earnings before income taxes through the end of 2026, with $( 7.8 ) million of losses to be reclassified over the next twelve months. Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended September 30, 2023, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. For the nine months ended September 30, 2023, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended September 30, Nine Months Ended September 30, as Hedging Instruments Derivatives 2023 2022 2023 2022 Commodity contracts Revenue $ ( 7.0 ) $ ( 121.5 ) $ 316.2 $ ( 317.5 ) See Note 11 – Fair Value Measurements and Note 16 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11 — Fair V alue Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial instruments. Derivative financial instruments are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. Fair Value of Derivative Financial Instruments Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at September 30, 2023, a net liability position of $ 38.7 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $ 195.7 million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $ 118.2 million. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: • the TRGP Revolver, commercial paper notes, Securitization Facility and Term Loan Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • the TRGP senior unsecured notes and the Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt. Fair Value Hierarchy We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: • Level 1 – observable inputs such as quoted prices in active markets; • Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and • Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value, and (ii) supplemental fair value disclosures for other financial instruments: September 30, 2023 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 100.9 $ 100.9 $ — $ 100.9 $ — Liabilities from commodity derivative contracts (1) 139.6 139.6 — 139.3 0.3 Financial Instruments Recorded on Our Cash and cash equivalents 139.5 139.5 — — — TRGP Revolver and Commercial Paper Program 1,150.0 1,150.0 — 1,150.0 — TRGP Senior unsecured notes 4,459.5 4,064.5 — 4,064.5 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership’s Senior unsecured notes 5,034.4 4,672.7 — 4,672.7 — Securitization Facility 560.0 560.0 — 560.0 — December 31, 2022 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 201.6 $ 201.6 $ — $ 201.6 $ — Liabilities from commodity derivative contracts (1) 457.4 457.4 — 457.4 — Financial Instruments Recorded on Our Cash and cash equivalents 219.0 219.0 — — — TRGP Revolver and Commercial Paper Program 1,298.7 1,298.7 — 1,298.7 — TRGP Senior unsecured notes 2,741.6 2,452.6 — 2,452.6 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership’s Senior unsecured notes 5,034.4 4,711.3 — 4,711.3 — Securitization Facility 800.0 800.0 — 800.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets We have historically reported certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable market prices or implied volatilities for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input was determined to be significant to the overall inputs, the entire valuation was categorized in Level 3. This included derivatives valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps was determined using a discounted cash flow valuation technique based on a commodity forward curve. For these derivatives, the primary input to the valuation model was the commodity forward curve, which was based on observable or public data sources and extrapolated when observable prices were not available. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing. The change in the fair value of Level 3 derivatives associated with a 10 % change in the commodity forward curve where prices are not observable was immaterial. As of September 30, 2023 , we had two derivative contracts categorized as Level 3. The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Asset/(Liability) Balance, December 31, 2022 $ — New Level 3 derivative instruments ( 0.3 ) Balance, September 30, 2023 $ ( 0.3 )

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2023
Loss Contingency [Abstract]
Contingencies	Note 12 — Contingenci es Legal Proceedings We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including, but not limited to the U.S. Environmental Protection Agency, Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business. On December 26, 2018 , Vitol filed a lawsuit in the 80 th District Court of Harris County (the “District Court”), Texas against Targa Channelview LLC, then a subsidiary of the Company (“Targa Channelview”), seeking recovery of $ 129.0 million in payments made to Targa Channelview, additional monetary damages, attorneys’ fees and costs. Vitol alleges that Targa Channelview breached the Splitter Agreement, which provided for Targa Channelview to construct a crude oil and condensate splitter (the “Splitter”) adjacent to a barge dock owned by Targa Channelview to provide services contemplated by the Splitter Agreement. In January 2018, Vitol acquired Noble Americas Corp. and on December 23, 2018, Vitol voluntarily elected to terminate the Splitter Agreement claiming that Targa Channelview failed to timely achieve start-up of the Splitter. Vitol’s lawsuit also alleges Targa Channelview made a series of misrepresentations about the capability of the barge dock that would service crude oil and condensate volumes to be processed by the Splitter and Splitter products. Vitol seeks return of $ 129.0 million in payments made to Targa Channelview prior to the start-up of the Splitter, as well as additional damages. On the same date that Vitol filed its lawsuit, Targa Channelview filed a lawsuit against Vitol seeking a judicial determination that Vitol’s sole and exclusive remedy was Vitol’s voluntarily termination of the Splitter Agreement and, as a result, Vitol was not entitled to the return of any prior payments under the Splitter Agreement or other damages as alleged. Targa also seeks recovery of its attorneys’ fees and costs in the lawsuit. On October 15, 2020 , the District Court awarded Vitol $ 129.0 million (plus interest) following a bench trial. In addition, the District Court awarded Vitol $ 10.5 million in damages for losses and demurrage on crude oil that Vitol purchased for start-up efforts. The Company appealed the award in the Fourteenth Court of Appeals in Houston, Texas. In October 2020, we sold Targa Channelview but, under the agreements governing the sale, we retained the liabilities associated with the Vitol proceedings. On September 13, 2022, the Fourteenth Court of Appeals upheld the trial court’s judgment in part with regard to the return of Vitol’s prior payments, but modified the judgment to delete Vitol’s ability to recover any damages related to losses or demurrage on crude oil. We filed a petition for review with the Supreme Court of Texas which was denied on October 20, 2023, but we are seeking rehearing and the appeal remains pending. The cumulative amount of interest on the award through September 30, 2023, if accrued, would have been approximately $ 52.3 million. On July 24, 2023, we received a Notice of Violation from the New Mexico Environment Department, Air Quality Bureau, relating to alleged air permit violations between August 1, 2021 and June 30, 2022 by Lucid Energy Delaware, LLC, an entity we subsequently acquired in July 2022 in the Delaware Basin Acquisition and whose assets are now integrated into Targa Northern Delaware LLC, a wholly-owned subsidiary of the Company. We have been engaging with the New Mexico Environment Department to resolve this matter. Although this matter is ongoing and management cannot predict its ultimate outcome, the resolution of this matter may result in a fine or penalty in excess of $ 0.3 million. We do not expect that any expenditures related to this matter will be material to our consolidated financial statements. On October 26, 2023 , we received a final judgment in a lawsuit alleging a breach of contract related to the major winter storm in February 2021. The damages awarded against us are approximately $ 6.9 million, not including pre-judgment interest. We are also a defendant in three other breach of contract cases related to force majeure events arising during the major winter storm in February 2021. We believe that the likelihood of a partial loss could be reasonably possible, and, while it is not possible to predict the ultimate outcome of these cases on an individual or consolidated basis, we estimate that the total range of potential loss resulting from all of these cases could be between $ 0 and $ 10.0 million in the aggregate. We intend to continue to vigorously defend these cases.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 13 — Revenue Fixed consideration allocated to remaining performance obligations The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 16 years. 2023 2024 2025 and after Fixed consideration to be recognized as of September 30, 2023 $ 109.7 $ 461.6 $ 2,407.5 Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less. For disclosures related to disaggregated revenue, see Note 16 – Segment Information.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 — Income Taxes We record income taxes using an estimated annual effective tax rate and recognize specific events discretely as they occur. Our effective tax rate for the three and nine months ended September 30, 2023 is lower than the U.S. corporate statutory rate of 21 % primarily due to the release of a portion of our state valuation allowances, stock compensation windfall and income allocated to noncontrolling interests that is not taxable to the Company. Our effective tax rate for the three and nine months ended September 30, 2022 was lower than the U.S. corporate statutory rate of 21 % primarily due to the release of a portion of our federal valuation allowances in addition to income allocated to noncontrolling interests that is not taxable to the Company. We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. As of September 30, 2023 , our valuation allowance was $ 9.4 million, a decrease of $ 27.5 million from December 31, 2022. After the change in valuation allowance, we have a net deferred tax liability of $ 418.3 million. We are subject to tax in the U.S. and various state jurisdictions. Additionally, we are subject to periodic audits and reviews by U.S. federal and state taxing authorities. As of September 30, 2023, Internal Revenue Service (“IRS”) examinations are currently in process for the 2019, 2020 and 2021 taxable years of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We are not aware of any potential audit findings that would give rise to adjustments to taxable income and do not anticipate material changes related to these audits.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 15 — Supplemental Cash Flow Information Nine Months Ended September 30, 2023 2022 Cash: Interest paid, net of capitalized interest (1) $ 574.1 $ 332.6 Income taxes (received) paid, net 9.5 1.1 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ 76.8 $ ( 40.1 ) Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ 6.5 $ ( 18.0 ) (1) Interest capitalized on major projects was $ 29.2 million and $9 .5 million for the nine months ended September 30, 2023 and 2022 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Note 16 — Segm ent Information We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes Grand Prix, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. The associated assets are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended September 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 231.3 $ 3,176.5 $ ( 33.5 ) $ — $ 3,374.3 Fees from midstream services 337.4 184.9 — — 522.3 568.7 3,361.4 ( 33.5 ) — 3,896.6 Intersegment revenues Sales of commodities 1,298.8 49.0 — ( 1,347.8 ) — Fees from midstream services 0.6 11.5 — ( 12.1 ) — 1,299.4 60.5 — ( 1,359.9 ) — Revenues $ 1,868.1 $ 3,421.9 $ ( 33.5 ) $ ( 1,359.9 ) $ 3,896.6 Operating margin (1) $ 505.0 $ 457.4 $ ( 33.5 ) Other financial information: Total assets (2) $ 12,405.7 $ 7,568.0 $ 7.8 $ 208.1 $ 20,189.6 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 421.5 $ 229.7 $ — $ 3.8 $ 655.0 Three Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 180.7 $ 4,731.8 $ ( 112.2 ) $ — $ 4,800.3 Fees from midstream services 382.0 177.8 — — 559.8 562.7 4,909.6 ( 112.2 ) — 5,360.1 Intersegment revenues Sales of commodities 2,768.2 160.7 — ( 2,928.9 ) — Fees from midstream services 0.3 11.6 — ( 11.9 ) — 2,768.5 172.3 — ( 2,940.8 ) — Revenues $ 3,331.2 $ 5,081.9 $ ( 112.2 ) $ ( 2,940.8 ) $ 5,360.1 Operating margin (1) $ 564.6 $ 340.2 $ ( 112.2 ) Other financial information: Total assets (2) $ 12,119.0 $ 7,074.9 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 222.0 $ 139.1 $ — $ 8.0 $ 369.1 Nine Months Ended September 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 787.1 $ 9,232.6 $ 294.3 $ — $ 10,314.0 Fees from midstream services 979.7 527.1 — — 1,506.8 1,766.8 9,759.7 294.3 — 11,820.8 Intersegment revenues Sales of commodities 3,621.8 210.2 — ( 3,832.0 ) — Fees from midstream services 1.7 32.9 — ( 34.6 ) — 3,623.5 243.1 — ( 3,866.6 ) — Revenues $ 5,390.3 $ 10,002.8 $ 294.3 $ ( 3,866.6 ) $ 11,820.8 Operating margin (1) $ 1,545.9 $ 1,394.4 $ 294.3 Other financial information: Total assets (2) $ 12,405.7 $ 7,568.0 $ 7.8 $ 208.1 $ 20,189.6 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 1,081.7 $ 645.0 $ — $ 15.5 $ 1,742.2 Nine Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 577.0 $ 14,708.6 $ ( 294.9 ) $ — $ 14,990.7 Fees from midstream services 844.2 540.1 — — 1,384.3 1,421.2 15,248.7 ( 294.9 ) — 16,375.0 Intersegment revenues Sales of commodities 7,455.4 416.5 — ( 7,871.9 ) — Fees from midstream services 0.1 34.3 — ( 34.4 ) — 7,455.5 450.8 — ( 7,906.3 ) — Revenues $ 8,876.7 $ 15,699.5 $ ( 294.9 ) $ ( 7,906.3 ) $ 16,375.0 Operating margin (1) $ 1,437.0 $ 1,014.6 $ ( 294.9 ) Other financial information: Total assets (2) $ 12,119.0 $ 7,074.9 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 551.7 $ 206.9 $ — $ 16.7 $ 775.3 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 606.0 $ 1,748.1 $ 1,835.9 $ 4,244.1 NGL 2,635.4 3,145.4 7,651.6 11,048.3 Condensate and crude oil 117.7 150.0 393.1 441.0 3,359.1 5,043.5 9,880.6 15,733.4 Non-customer revenue: Derivative activities - Hedge 22.2 ( 121.7 ) 117.2 ( 425.2 ) Derivative activities - Non-hedge (1) ( 7.0 ) ( 121.5 ) 316.2 ( 317.5 ) 15.2 ( 243.2 ) 433.4 ( 742.7 ) Total sales of commodities 3,374.3 4,800.3 10,314.0 14,990.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 333.3 376.4 966.3 829.6 NGL transportation, fractionation and services 71.1 82.3 190.5 215.1 Storage, terminaling and export 102.2 82.5 302.3 285.3 Other 15.7 18.6 47.7 54.3 Total fees from midstream services 522.3 559.8 1,506.8 1,384.3 Total revenues $ 3,896.6 $ 5,360.1 $ 11,820.8 $ 16,375.0 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 505.0 $ 564.6 $ 1,545.9 $ 1,437.0 Logistics and Transportation operating margin 457.4 340.2 1,394.4 1,014.6 Other operating margin ( 33.5 ) ( 112.2 ) 294.3 ( 294.9 ) Depreciation and amortization expense ( 331.3 ) ( 287.2 ) ( 988.2 ) ( 766.2 ) General and administrative expense ( 90.0 ) ( 79.1 ) ( 253.4 ) ( 217.2 ) Other operating income (expense) ( 2.5 ) 3.8 ( 2.0 ) 4.4 Interest expense, net ( 175.1 ) ( 125.8 ) ( 509.8 ) ( 300.5 ) Equity earnings (loss) 3.0 1.7 6.2 8.7 Gain (loss) from financing activities — — — ( 49.6 ) Gain (loss) from sale of equity method investment — — — 435.9 Other, net ( 0.1 ) ( 14.7 ) ( 5.0 ) ( 14.7 ) Income (loss) before income taxes $ 332.9 $ 291.3 $ 1,482.4 $ 1,257.5

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Recently issued accounting pronouncements not yet adopted	Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . Amendments in this update require annual and interim disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments do not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023. We maintain a supply chain finance program that allows participating suppliers to request early payment from a third-party financial institution of invoices that we confirm as valid. Under this program, we make payments in full to the third-party financial institution for the prior month’s outstanding balance within 15 days. The outstanding balance at the end of each reporting period is included in Accounts payable on our Consolidated Balance Sheets. We adopted the amendments on January 1, 2023, with no material impact on our consolidated financial statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Schedule of Unaudited Pro Forma Financial Information	The following unaudited pro forma summary presents the consolidated results of operations for the three and nine months ended September 30, 2022 as if the Delaware Basin Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Revenues $ 5,391.1 $ 16,604.0 Net income (loss) 288.3 1,089.7

Property, Plant and Equipment_2

Property, Plant and Equipment and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Property Plant And Equipment And Intangible Assets [Abstract]
Property Plant and Equipment and Intangible Assets	September 30, 2023 December 31, 2022 Estimated Useful Lives (In Years) Gathering systems $ 10,698.4 $ 10,403.1 5 to 20 Processing and fractionation facilities 7,783.4 7,421.2 5 to 25 Terminaling and storage facilities 1,369.2 1,341.6 5 to 25 Transportation assets 3,238.7 2,919.3 10 to 50 Other property, plant and equipment 404.8 387.6 3 to 50 Land 178.8 163.3 — Construction in progress 1,566.3 1,011.0 — Finance lease right-of-use assets 334.6 266.1 5 to 14 Property, plant and equipment 25,574.2 23,913.2 Accumulated depreciation, amortization and impairment ( 10,240.7 ) ( 9,698.6 ) Property, plant and equipment, net $ 15,333.5 $ 14,214.6 Intangible assets 4,378.0 4,379.7 10 to 20 Accumulated amortization and impairment ( 1,931.4 ) ( 1,645.1 ) Intangible assets, net $ 2,446.6 $ 2,734.6

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	September 30, 2023 December 31, 2022 Current: Partnership accounts receivable securitization facility, due August 2024 (1) $ 560.0 $ 800.0 Finance lease liabilities 42.0 34.3 Current debt obligations 602.0 834.3 Long-term: Term loan facility, variable rate, due July 2025 1,500.0 1,500.0 TRGP senior revolving credit facility, variable rate, due February 2027 (2) 1,150.0 1,298.7 Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 750.0 4.200 % fixed rate, due February 2033 750.0 750.0 6.125 % fixed rate, due March 2033 900.0 — 4.950 % fixed rate, due April 2052 750.0 750.0 6.250 % fixed rate, due July 2052 500.0 500.0 6.500 % fixed rate, due February 2053 850.0 — Unamortized discount ( 40.5 ) ( 8.4 ) Senior unsecured notes issued by the Partnership: (3) 6.500 % fixed rate, due July 2027 705.2 705.2 5.000 % fixed rate, due January 2028 700.3 700.3 6.875 % fixed rate, due January 2029 679.3 679.3 5.500 % fixed rate, due March 2030 949.6 949.6 4.875 % fixed rate, due February 2031 1,000.0 1,000.0 4.000 % fixed rate, due January 2032 1,000.0 1,000.0 12,143.9 10,574.7 Debt issuance costs, net of amortization ( 63.9 ) ( 65.6 ) Finance lease liabilities 238.4 193.0 Long-term debt 12,318.4 10,702.1 Total debt obligations $ 12,920.4 $ 11,536.4 Irrevocable standby letters of credit: (2) Letters of credit outstanding under the TRGP senior revolving credit facility $ 22.3 $ 33.2 (1) In August 2023, the Partnership amended its accounts receivable securitization facility (the “Securitization Facility”) to decrease the size of the Securitization Facility from $ 800.0 million to $ 600.0 million and to extend the termination date of the Securitization Facility to August 29, 2024 . As of September 30, 2023, the Partnership had $ 560.0 million of qualifying receivables under the Securitization Facility, resulting in $ 40.0 million availability. (2) We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $ 2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2023 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1,150.0 million borrowings outstanding, resulting in approximately $ 1.6 billion of available liquidity, after accounting for outstanding letters of credit. (3) We guarantee all of the Partnership’s outstanding senior unsecured notes.
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations	The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2023: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 5.2 % - 6.2 % 5.8 % Securitization Facility 5.2 % - 6.3 % 5.7 % Term Loan Facility 5.8 % - 6.8 % 6.4 %

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-term Liabilities	Other long-term liabilities are comprised of the following: September 30, 2023 December 31, 2022 Deferred revenue $ 202.1 $ 198.8 Asset retirement obligations 104.7 97.9 Operating lease liabilities 35.5 28.6 Other liabilities 15.9 15.9 Total other long-term liabilities $ 358.2 $ 341.2

Common Stock and Related Matt_2

Common Stock and Related Matters (Tables)	9 Months Ended
	Sep. 30, 2023
Class of Stock Disclosures [Abstract]
Dividends Declared and/or Paid	The following table details the dividends declared and/or paid by us to common shareholders for the nine months ended September 30, 2023: Three Months Ended Date Paid or Total Common Amount of Common Dividends on Dividends Declared per Share of Common Stock (In millions, except per share amounts) September 30, 2023 November 15, 2023 $ 113.0 $ 111.5 $ 1.5 $ 0.50000 June 30, 2023 August 15, 2023 113.6 111.8 1.8 0.50000 March 31, 2023 May 15, 2023 114.7 113.0 1.7 0.50000 December 31, 2022 February 15, 2023 80.5 79.3 1.2 0.35000

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share	The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 220.0 $ 193.1 $ 1,046.3 $ 877.5 Less: Premium on repurchase of noncontrolling interests, net of tax (1) — — 490.7 53.1 Less: Dividends on Series A Preferred Stock (2) — — — 30.0 Less: Deemed dividends on Series A Preferred (2) — — — 215.5 Net income (loss) attributable to common shareholders 220.0 193.1 555.6 578.9 Less: Participating share-based earnings (3) 2.2 — 5.1 — Net income (loss) allocated to common shareholders for basic earnings per share $ 217.8 $ 193.1 $ 550.5 $ 578.9 Weighted average shares outstanding - basic 223.8 226.6 225.2 227.6 Dilutive effect of unvested stock awards 1.3 3.7 1.3 3.9 Weighted average shares outstanding - diluted 225.1 230.3 226.5 231.5 Net income (loss) available per common share - basic $ 0.97 $ 0.85 $ 2.44 $ 2.54 Net income (loss) available per common share - diluted $ 0.97 $ 0.84 $ 2.43 $ 2.50 (1) Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures. (2) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred. (3) Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.
Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share	The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unvested restricted stock awards 1.4 — 1.6 — Series A Preferred (1) — — — 19.9 (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At September 30, 2023, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 148,830 103,512 56,856 10,373 — Natural Gas Basis Swaps MMBtu/d 735,435 402,780 256,658 102,500 25,000 NGL Swaps Bbl/d 42,072 28,492 18,759 2,646 — NGL Futures Bbl/d 34,467 18,549 4,562 — — Condensate Swaps Bbl/d 6,379 4,531 3,245 494 —
Fair Values of Derivative Instruments	The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of September 30, 2023 Fair Value as of December 31, 2022 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 61.8 $ ( 74.4 ) $ 158.7 $ ( 93.8 ) Long-term 12.6 ( 19.0 ) 24.2 ( 30.9 ) Total derivatives designated as hedging instruments $ 74.4 $ ( 93.4 ) $ 182.9 $ ( 124.7 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 22.4 $ ( 31.4 ) $ 21.2 $ ( 226.3 ) Long-term 5.1 ( 15.8 ) 0.3 ( 109.2 ) Total derivatives not designated as hedging instruments $ 27.5 $ ( 47.2 ) $ 21.5 $ ( 335.5 ) Total current position $ 84.2 $ ( 105.8 ) $ 179.9 $ ( 320.1 ) Total long-term position 17.7 ( 34.8 ) 24.5 ( 140.1 ) Total derivatives $ 101.9 $ ( 140.6 ) $ 204.4 $ ( 460.2 )
Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet	The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation September 30, 2023 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 83.2 $ ( 105.3 ) $ 20.7 $ 25.6 $ ( 27.0 ) Counterparties without offsetting positions - assets 1.0 — — 1.0 — Counterparties without offsetting positions - liabilities — ( 0.5 ) — — ( 0.5 ) 84.2 ( 105.8 ) 20.7 26.6 ( 27.5 ) Long-Term Position Counterparties with offsetting positions or collateral 17.7 ( 34.8 ) 2.3 2.1 ( 16.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — — — — — 17.7 ( 34.8 ) 2.3 2.1 ( 16.9 ) Total Derivatives Counterparties with offsetting positions or collateral 100.9 ( 140.1 ) 23.0 27.7 ( 43.9 ) Counterparties without offsetting positions - assets 1.0 — — 1.0 — Counterparties without offsetting positions - liabilities — ( 0.5 ) — — ( 0.5 ) $ 101.9 $ ( 140.6 ) $ 23.0 $ 28.7 $ ( 44.4 ) Gross Presentation Pro Forma Net Presentation December 31, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 162.2 $ ( 316.7 ) $ 12.2 $ 27.2 $ ( 169.5 ) Counterparties without offsetting positions - assets 17.7 — — 17.7 — Counterparties without offsetting positions - liabilities — ( 3.4 ) — — ( 3.4 ) 179.9 ( 320.1 ) 12.2 44.9 ( 172.9 ) Long-Term Position Counterparties with offsetting positions or collateral 24.5 ( 137.4 ) 22.4 7.3 ( 97.8 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 2.7 ) — — ( 2.7 ) 24.5 ( 140.1 ) 22.4 7.3 ( 100.5 ) Total Derivatives Counterparties with offsetting positions or collateral 186.7 ( 454.1 ) 34.6 34.5 ( 267.3 ) Counterparties without offsetting positions - assets 17.7 — — 17.7 — Counterparties without offsetting positions - liabilities — ( 6.1 ) — — ( 6.1 ) $ 204.4 $ ( 460.2 ) $ 34.6 $ 52.2 $ ( 273.4 )
Amounts Recorded in Other Comprehensive Income OCI and Amounts Reclassified from OCI to Revenue	The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives in Cash Flow Three Months Ended September 30, Nine Months Ended September 30, Hedging Relationships 2023 2022 2023 2022 Commodity contracts $ ( 153.8 ) $ 225.4 $ 39.6 $ ( 136.7 ) Gain (Loss) Reclassified from OCI into Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2023 2022 2023 2022 Revenues $ 22.2 $ ( 121.7 ) $ 117.2 $ ( 425.2 )
Gain (Loss) Recognized in Income on Derivatives	The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended September 30, 2023, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. For the nine months ended September 30, 2023, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended September 30, Nine Months Ended September 30, as Hedging Instruments Derivatives 2023 2022 2023 2022 Commodity contracts Revenue $ ( 7.0 ) $ ( 121.5 ) $ 316.2 $ ( 317.5 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets	The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value, and (ii) supplemental fair value disclosures for other financial instruments: September 30, 2023 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 100.9 $ 100.9 $ — $ 100.9 $ — Liabilities from commodity derivative contracts (1) 139.6 139.6 — 139.3 0.3 Financial Instruments Recorded on Our Cash and cash equivalents 139.5 139.5 — — — TRGP Revolver and Commercial Paper Program 1,150.0 1,150.0 — 1,150.0 — TRGP Senior unsecured notes 4,459.5 4,064.5 — 4,064.5 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership’s Senior unsecured notes 5,034.4 4,672.7 — 4,672.7 — Securitization Facility 560.0 560.0 — 560.0 — December 31, 2022 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 201.6 $ 201.6 $ — $ 201.6 $ — Liabilities from commodity derivative contracts (1) 457.4 457.4 — 457.4 — Financial Instruments Recorded on Our Cash and cash equivalents 219.0 219.0 — — — TRGP Revolver and Commercial Paper Program 1,298.7 1,298.7 — 1,298.7 — TRGP Senior unsecured notes 2,741.6 2,452.6 — 2,452.6 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership’s Senior unsecured notes 5,034.4 4,711.3 — 4,711.3 — Securitization Facility 800.0 800.0 — 800.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.
Schedule of Changes in Fair Value of Financial Instruments Classified as Level 3	The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Asset/(Liability) Balance, December 31, 2022 $ — New Level 3 derivative instruments ( 0.3 ) Balance, September 30, 2023 $ ( 0.3 )

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 16 years. 2023 2024 2025 and after Fixed consideration to be recognized as of September 30, 2023 $ 109.7 $ 461.6 $ 2,407.5

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Nine Months Ended September 30, 2023 2022 Cash: Interest paid, net of capitalized interest (1) $ 574.1 $ 332.6 Income taxes (received) paid, net 9.5 1.1 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ 76.8 $ ( 40.1 ) Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ 6.5 $ ( 18.0 ) (1) Interest capitalized on major projects was $ 29.2 million and $9 .5 million for the nine months ended September 30, 2023 and 2022 .

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is shown in the following tables: Three Months Ended September 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 231.3 $ 3,176.5 $ ( 33.5 ) $ — $ 3,374.3 Fees from midstream services 337.4 184.9 — — 522.3 568.7 3,361.4 ( 33.5 ) — 3,896.6 Intersegment revenues Sales of commodities 1,298.8 49.0 — ( 1,347.8 ) — Fees from midstream services 0.6 11.5 — ( 12.1 ) — 1,299.4 60.5 — ( 1,359.9 ) — Revenues $ 1,868.1 $ 3,421.9 $ ( 33.5 ) $ ( 1,359.9 ) $ 3,896.6 Operating margin (1) $ 505.0 $ 457.4 $ ( 33.5 ) Other financial information: Total assets (2) $ 12,405.7 $ 7,568.0 $ 7.8 $ 208.1 $ 20,189.6 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 421.5 $ 229.7 $ — $ 3.8 $ 655.0 Three Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 180.7 $ 4,731.8 $ ( 112.2 ) $ — $ 4,800.3 Fees from midstream services 382.0 177.8 — — 559.8 562.7 4,909.6 ( 112.2 ) — 5,360.1 Intersegment revenues Sales of commodities 2,768.2 160.7 — ( 2,928.9 ) — Fees from midstream services 0.3 11.6 — ( 11.9 ) — 2,768.5 172.3 — ( 2,940.8 ) — Revenues $ 3,331.2 $ 5,081.9 $ ( 112.2 ) $ ( 2,940.8 ) $ 5,360.1 Operating margin (1) $ 564.6 $ 340.2 $ ( 112.2 ) Other financial information: Total assets (2) $ 12,119.0 $ 7,074.9 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 222.0 $ 139.1 $ — $ 8.0 $ 369.1 Nine Months Ended September 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 787.1 $ 9,232.6 $ 294.3 $ — $ 10,314.0 Fees from midstream services 979.7 527.1 — — 1,506.8 1,766.8 9,759.7 294.3 — 11,820.8 Intersegment revenues Sales of commodities 3,621.8 210.2 — ( 3,832.0 ) — Fees from midstream services 1.7 32.9 — ( 34.6 ) — 3,623.5 243.1 — ( 3,866.6 ) — Revenues $ 5,390.3 $ 10,002.8 $ 294.3 $ ( 3,866.6 ) $ 11,820.8 Operating margin (1) $ 1,545.9 $ 1,394.4 $ 294.3 Other financial information: Total assets (2) $ 12,405.7 $ 7,568.0 $ 7.8 $ 208.1 $ 20,189.6 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 1,081.7 $ 645.0 $ — $ 15.5 $ 1,742.2 Nine Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 577.0 $ 14,708.6 $ ( 294.9 ) $ — $ 14,990.7 Fees from midstream services 844.2 540.1 — — 1,384.3 1,421.2 15,248.7 ( 294.9 ) — 16,375.0 Intersegment revenues Sales of commodities 7,455.4 416.5 — ( 7,871.9 ) — Fees from midstream services 0.1 34.3 — ( 34.4 ) — 7,455.5 450.8 — ( 7,906.3 ) — Revenues $ 8,876.7 $ 15,699.5 $ ( 294.9 ) $ ( 7,906.3 ) $ 16,375.0 Operating margin (1) $ 1,437.0 $ 1,014.6 $ ( 294.9 ) Other financial information: Total assets (2) $ 12,119.0 $ 7,074.9 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 551.7 $ 206.9 $ — $ 16.7 $ 775.3 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service	The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 606.0 $ 1,748.1 $ 1,835.9 $ 4,244.1 NGL 2,635.4 3,145.4 7,651.6 11,048.3 Condensate and crude oil 117.7 150.0 393.1 441.0 3,359.1 5,043.5 9,880.6 15,733.4 Non-customer revenue: Derivative activities - Hedge 22.2 ( 121.7 ) 117.2 ( 425.2 ) Derivative activities - Non-hedge (1) ( 7.0 ) ( 121.5 ) 316.2 ( 317.5 ) 15.2 ( 243.2 ) 433.4 ( 742.7 ) Total sales of commodities 3,374.3 4,800.3 10,314.0 14,990.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 333.3 376.4 966.3 829.6 NGL transportation, fractionation and services 71.1 82.3 190.5 215.1 Storage, terminaling and export 102.2 82.5 302.3 285.3 Other 15.7 18.6 47.7 54.3 Total fees from midstream services 522.3 559.8 1,506.8 1,384.3 Total revenues $ 3,896.6 $ 5,360.1 $ 11,820.8 $ 16,375.0 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes	The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 505.0 $ 564.6 $ 1,545.9 $ 1,437.0 Logistics and Transportation operating margin 457.4 340.2 1,394.4 1,014.6 Other operating margin ( 33.5 ) ( 112.2 ) 294.3 ( 294.9 ) Depreciation and amortization expense ( 331.3 ) ( 287.2 ) ( 988.2 ) ( 766.2 ) General and administrative expense ( 90.0 ) ( 79.1 ) ( 253.4 ) ( 217.2 ) Other operating income (expense) ( 2.5 ) 3.8 ( 2.0 ) 4.4 Interest expense, net ( 175.1 ) ( 125.8 ) ( 509.8 ) ( 300.5 ) Equity earnings (loss) 3.0 1.7 6.2 8.7 Gain (loss) from financing activities — — — ( 49.6 ) Gain (loss) from sale of equity method investment — — — 435.9 Other, net ( 0.1 ) ( 14.7 ) ( 5.0 ) ( 14.7 ) Income (loss) before income taxes $ 332.9 $ 291.3 $ 1,482.4 $ 1,257.5

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details) $ in Millions			1 Months Ended			3 Months Ended	9 Months Ended
		Feb. 06, 2018 JointVenture	Jan. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Repurchase of interest							$ 1,091.9	$ 926.3
Premium on repurchase of noncontrolling interests, net of tax	[1]						490.7	53.1
Delaware Basin Acquisition [Member]
Business Acquisition [Line Items]
Business acquisition, purchase price				$ 3,500
Final net working capital adjustment payment received						$ 11.4
Acquisition-related costs								$ 14.3
Blackstone Energy Partners [Member]
Business Acquisition [Line Items]
Ownership interest in assets			100%
Ownership interest			25%
Business acquisition, purchase price			$ 1,050
Business Acquisition Purchase Price Closing Adjustment			41.9
Premium on repurchase of noncontrolling interests, net of tax			490.7
Cash paid for purchase of noncontrolling interests			$ 457.3
DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Repurchase of interest					$ 926.3
Premium on repurchase of noncontrolling interests, net of tax							53.1
Cash paid for purchase of noncontrolling interests							$ 857.9
DevCo JV Repurchase [Member] | Grand Prix Joint Venture [Member]
Business Acquisition [Line Items]
Ownership interest					75%
Train 6 [Member] | DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest in assets					100%
GCX DevCo JV [Member] | DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest					25%
Stonepeak Infrastructure Partners [Member] | GCX DevCo JV [Member]
Business Acquisition [Line Items]
Number of development joint ventures | JointVenture		3
Train 6 DevCo JV [Member] | Train 6 [Member] | Mont Belvieu, Texas [Member]
Business Acquisition [Line Items]
Ownership interest in assets		110%
[1] Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Schedule of Unaudited Pro Forma Financial Information (Details) - Delaware Basin Acquisition [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 5,391.1	$ 16,604
Net income (loss)	$ 288.3	$ 1,089.7

Property, Plant and Equipment_3

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 25,574.2	$ 23,913.2
Accumulated depreciation, amortization and impairment	(10,240.7)	(9,698.6)
Property, plant and equipment, net	15,333.5	14,214.6
Intangible assets	4,378	4,379.7
Accumulated amortization and impairment	(1,931.4)	(1,645.1)
Intangible assets, net	$ 2,446.6	2,734.6
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 10,698.4	10,403.1
Gathering Systems [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 7,783.4	7,421.2
Processing and Fractionation Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,369.2	1,341.6
Terminaling and Storage Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,238.7	2,919.3
Transportation Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 404.8	387.6
Other Property, Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 178.8	163.3
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,566.3	1,011
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 334.6	$ 266.1
Finance Lease Right-of-Use Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Finance Lease Right-of-Use Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	14 years

Property, Plant and Equipment_4

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 235.3	$ 206.5	$ 700.2	$ 629.5
Amortization expense	96	$ 80.7	288	$ 136.7
Estimated amortization expense for intangible assets [Abstract]
2023	384		384
2024	373.2		373.2
2025	326		326
2026	279.8		279.8
2027	$ 252.2		$ 252.2

Property, Plant and Equipment_5

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite Lived Intangible Assets [Roll Forward]
Beginning of period			$ 2,734.6
Amortization	$ (96)	$ (80.7)	(288)	$ (136.7)
End of period	$ 2,446.6		$ 2,446.6

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Schedule Of Equity Method Investments [Line Items]
Gain (loss) from sale of equity-method investment	$ 435.9

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period			$ 131.3
Equity earnings (loss)	$ 3	$ 1.7	6.2	$ 8.7
Balance at end of period	$ 138.3		$ 138.3

Debt Obligations - Summary Of D

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Current:
Partnership accounts receivable securitization facility, due August 2024	[1]	$ 560	$ 800
Finance lease liabilities		42	34.3
Current debt obligations		602	834.3
Long-term [Abstract]
Long-term debt including Unamortized premium(discount) and Debt issuance costs		12,143.9	10,574.7
Debt issuance costs, net of amortization		(63.9)	(65.6)
Finance lease liabilities		238.4	193
Long-term debt		12,318.4	10,702.1
Total debt obligations		12,920.4	11,536.4
Senior Unsecured Notes [Member]
Long-term [Abstract]
Unamortized discount		(40.5)	(8.4)
Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Long-term [Abstract]
Long-term debt		750	750
Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	705.2	705.2
Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]
Long-term [Abstract]
Long-term debt		750	750
Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]
Long-term [Abstract]
Long-term debt		900	0
Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]
Long-term [Abstract]
Long-term debt		750	750
Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]
Long-term [Abstract]
Long-term debt		500	500
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]
Long-term [Abstract]
Long-term debt		850	0
Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	700.3	700.3
Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	679.3	679.3
Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	949.6	949.6
Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	1,000
Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	1,000
Term Loan Facility, Variable Rate, due July 2025
Long-term [Abstract]
Long-term debt		1,500	1,500
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]
Long-term [Abstract]
Long-term debt	[3]	1,150	1,298.7
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[3]	$ 22.3	$ 33.2
[1] In August 2023, the Partnership amended its accounts receivable securitization facility (the “Securitization Facility”) to decrease the size of the Securitization Facility from $ 800.0 million to $ 600.0 million and to extend the termination date of the Securitization Facility to August 29, 2024 . As of September 30, 2023, the Partnership had $ 560.0 million of qualifying receivables under the Securitization Facility, resulting in $ 40.0 million availability. We guarantee all of the Partnership’s outstanding senior unsecured notes. We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $ 2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2023 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1,150.0 million borrowings outstanding, resulting in approximately $ 1.6 billion of available liquidity, after accounting for outstanding letters of credit.

Debt Obligations - Summary Of_2

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)		1 Months Ended	9 Months Ended		12 Months Ended
		Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Aug. 30, 2023	Aug. 29, 2023
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility			$ 103,100,000	$ 1,180,000,000
Partnership accounts receivable securitization facility, due August 2024	[1]		560,000,000		$ 800,000,000
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 2,750,000,000
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maturity date			Aug. 29, 2024
Proceeds from borrowings under accounts receivable securitization facility			$ 560,000,000
Remaining liquidity needs			$ 40,000,000			$ 600,000,000	$ 800,000,000
Term Loan Facility, Variable Rate, due July 2025
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2025		Jul. 31, 2025
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2027		Feb. 28, 2027
Remaining liquidity needs			$ 0
Revolving Credit Facility [Member] | Commercial Paper Program [Member]
Debt Instrument [Line Items]
Remaining liquidity needs			1,150,000,000
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Remaining liquidity needs			$ 1,600,000,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Net proceeds from senior notes		$ 1,700,000,000
Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2033		Feb. 28, 2023
Interest rate on fixed rate debt			4.20%		4.20%
Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2033		Mar. 31, 2033
Interest rate on fixed rate debt		6.125%	6.125%		6.125%
Aggregate principal amount issued		$ 900,000,000
Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2027		Jul. 31, 2027
Interest rate on fixed rate debt			5.20%		5.20%
Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]
Debt Instrument [Line Items]
Maturity date			Apr. 30, 2052		Apr. 30, 2052
Interest rate on fixed rate debt			4.95%		4.95%
Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2052		Jul. 31, 2052
Interest rate on fixed rate debt			6.25%		6.25%
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2053		Feb. 28, 2053
Interest rate on fixed rate debt		6.50%	6.50%		6.50%
Aggregate principal amount issued		$ 850,000,000
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility, due September 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 30, 2023		Sep. 30, 2023
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2027		Jul. 31, 2027
Interest rate on fixed rate debt			6.50%		6.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2028		Jan. 31, 2028
Interest rate on fixed rate debt			5%		5%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2029		Jan. 31, 2029
Interest rate on fixed rate debt			6.875%		6.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2030		Mar. 31, 2030
Interest rate on fixed rate debt			5.50%		5.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2032		Jan. 31, 2032
Interest rate on fixed rate debt			4%		4%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2031		Feb. 28, 2031
Interest rate on fixed rate debt			4.875%		4.875%
[1] In August 2023, the Partnership amended its accounts receivable securitization facility (the “Securitization Facility”) to decrease the size of the Securitization Facility from $ 800.0 million to $ 600.0 million and to extend the termination date of the Securitization Facility to August 29, 2024 . As of September 30, 2023, the Partnership had $ 560.0 million of qualifying receivables under the Securitization Facility, resulting in $ 40.0 million availability.

Debt Obligations - Range of Int

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Sep. 30, 2023
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	5.80%
Targa Resources Partners LP [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	6.40%
Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	5.70%
Minimum [Member] | TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.20%
Minimum [Member] | Targa Resources Partners LP [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.80%
Minimum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.20%
Maximum [Member] | TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.20%
Maximum [Member] | Targa Resources Partners LP [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.80%
Maximum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.30%

Debt Obligations - Compliance w

Debt Obligations - Compliance with Debt Covenants - Additional Information (Details) $ in Billions	Sep. 30, 2023 USD ($)
Senior Unsecured Notes [Member] | Targa Resources Partners LP and Targa Resources Partners Finance Corporation "TRP Issuers" [Member]
Debt Instrument [Line Items]
Senior unsecured notes	$ 5

Debt Obligations - Commercial P

Debt Obligations - Commercial Paper Program - Additional Information (Details) - Commercial Paper Program [Member]	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Amount outstanding	$ 2,750,000,000
Agreement description	Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes Issuance - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net proceeds from private placement of notes	$ 1,700
Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 900
Interest rate on fixed rate debt	6.125%	6.125%	6.125%
Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 850
Interest rate on fixed rate debt	6.50%	6.50%	6.50%

Other Long-term Liabilities - S

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent [Abstract]
Deferred revenue	$ 202.1	$ 198.8
Asset retirement obligations	104.7	97.9
Operating lease liabilities	35.5	28.6
Other liabilities	15.9	15.9
Total long-term liabilities	$ 358.2	$ 341.2

Other Long-term Liabilities - D

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 202.1	$ 198.8
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129

Common Stock and Related Matt_3

Common Stock and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 31, 2023	Oct. 31, 2020
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 1,000	$ 500
Repurchases of common stock (in shares)		1,583,317		1,156,832	4,395,519	3,016,556
Weighted average price per share		$ 83.38		$ 63.06	$ 75.77	$ 65.23
Repurchase of common shares, Value		$ 132		$ 72.9	$ 333.1	$ 196.8
Remaining share repurchase amount		$ 810.7			$ 810.7
Common stock dividends, per share	$ 0.5	$ 0.5		$ 0.35	$ 1.35	$ 1.05
Common stock annualized dividends, per share			$ 2

Common Stock and Related Matt_4

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended					9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends Payable [Line Items]
Dividends Declared per Share of Common Stock	$ 0.5	$ 0.5				$ 0.35	$ 1.35	$ 1.05
Dividend Declared [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid		Nov. 15, 2023	Aug. 15, 2023	May 15, 2023	Feb. 15, 2023
Total Common Dividends Declared		$ 113	$ 113.6	$ 114.7	$ 80.5
Amount of Common Dividends Paid or To Be Paid		111.5	111.8	113	79.3
Dividends on Share-Based Awards		$ 1.5	$ 1.8	$ 1.7	$ 1.2
Dividends Declared per Share of Common Stock		$ 0.5	$ 0.5	$ 0.5	$ 0.35

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Common Share [Line Items]
Net income (loss) attributable to Targa Resources Corp.		$ 220	$ 193.1	$ 1,046.3	$ 877.5
Less: Premium on repurchase of noncontrolling interests, net of tax	[1]			490.7	53.1
Less: Deemed dividends on Series A Preferred					215.5
Net income (loss) attributable to common shareholders		220	193.1	555.6	578.9
Less: Participating share-based earnings	[2]	2.2		5.1
Net income (loss) allocated to common shareholders for basic earnings per share		$ 217.8	$ 193.1	$ 550.5	$ 578.9
Weighted average shares outstanding - basic		223.8	226.6	225.2	227.6
Dilutive effect of unvested stock awards		1.3	3.7	1.3	3.9
Weighted average shares outstanding - diluted (in shares)		225.1	230.3	226.5	231.5
Net income (loss) per common share - basic		$ 0.97	$ 0.85	$ 2.44	$ 2.54
Net income (loss) per common share - diluted		$ 0.97	$ 0.84	$ 2.43	$ 2.5
Series A Preferred Stock [Member]
Earnings Per Common Share [Line Items]
Less: Dividends on Series A Preferred Stock	[3]				$ 30
Less: Deemed dividends on Series A Preferred	[3]				$ 215.5
[1] Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures. Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial. The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

Earnings per Common Share - (Pa

Earnings per Common Share - (Parenthetical) (Details) - Series A Preferred Stock [Member]		9 Months Ended
	Mar. 17, 2022	Sep. 30, 2023
Earnings Per Common Share [Line Items]
Preferred stock redemption premium percentage	5%
Preferred stock liquidation preference date		Mar. 16, 2022

Earnings per Common Share - Sum

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions		3 Months Ended	9 Months Ended
		Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)		1.4	1.6
Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	[1]			19.9
[1] The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

Earnings per Common Share - S_2

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock [Member]		9 Months Ended
	Mar. 17, 2022	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage	5%
Preferred stock liquidation preference date		Mar. 16, 2022

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	9 Months Ended
	Sep. 30, 2023 MMBTU bbl
Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	148,830
Swaps [Member] | Year 2023 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	42,072
Swaps [Member] | Year 2023 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	6,379
Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	103,512
Swaps [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	28,492
Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	56,856
Swaps [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	18,759
Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	10,373
Swaps [Member] | Year 2026 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,646
Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2027 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	735,435
Basis Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	402,780
Basis Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	256,658
Basis Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	102,500
Basis Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	25,000
Future [Member] | Year 2023 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	34,467
Future [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	18,549
Future [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	4,562
Future [Member] | Year 2026 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] | Year 2027 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] | Year 2024 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	4,531
Options [Member] | Year 2025 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,245
Options [Member] | Year 2026 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	494
Options [Member] | Year 2027 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 101.9	$ 204.4
Derivative assets	84.2	179.9
Derivative assets	17.7	24.5
Derivative liabilities	(140.6)	(460.2)
Derivative liabilities	(105.8)	(320.1)
Derivative liabilities	(34.8)	(140.1)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	74.4	182.9
Derivative liabilities	(93.4)	(124.7)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	61.8	158.7
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	12.6	24.2
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(74.4)	(93.8)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(19)	(30.9)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	27.5	21.5
Derivative liabilities	(47.2)	(335.5)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	22.4	21.2
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	5.1	0.3
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(31.4)	(226.3)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (15.8)	$ (109.2)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Derivative assets	$ 101.9	$ 204.4
Pro forma net presentation, asset, current	$ 26.6	$ 44.9
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets from risk management activities	Assets from risk management activities
Pro forma net presentation, asset, noncurrent	$ 2.1	$ 7.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term assets from risk management activities	Long-term assets from risk management activities
Pro forma net presentation, asset, total	$ 28.7	$ 52.2
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	100.9	186.7
Pro forma net presentation, asset, total	27.7	34.5
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	1	17.7
Pro forma net presentation, asset, current	1	17.7
Pro forma net presentation, asset, total	1	17.7
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Derivative assets	84.2	179.9
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	83.2	162.2
Pro forma net presentation, asset	25.6	27.2
Current Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	1	17.7
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Derivative assets	17.7	24.5
Other Long-term Assets [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	17.7	24.5
Pro forma net presentation, asset	$ 2.1	$ 7.3

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Liability [Abstract]
Gross liability	$ (140.6)	$ (460.2)
Pro forma net presentation, liability, current	$ (27.5)	$ (172.9)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Current	Derivative Liability Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, liability, noncurrent	$ (16.9)	$ (100.5)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, liability, total	$ (44.4)	$ (273.4)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(140.1)	(454.1)
Pro forma net presentation, liability, current	(27)	(169.5)
Pro forma net presentation, liability, noncurrent	(16.9)	(97.8)
Pro forma net presentation, liability, total	(43.9)	(267.3)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(0.5)	(6.1)
Pro forma net presentation, liability, current	(0.5)	(3.4)
Pro forma net presentation, liability, noncurrent		(2.7)
Pro forma net presentation, liability, total	(0.5)	(6.1)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(105.8)	(320.1)
Current Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(105.3)	(316.7)
Current Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(0.5)	(3.4)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(34.8)	(140.1)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	$ (34.8)	(137.4)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		$ (2.7)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Gross collateral	$ 23	$ 34.6
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	23	34.6
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	20.7	12.2
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	20.7	12.2
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Gross collateral	2.3	22.4
Other Long-term Assets [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 2.3	$ 22.4

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative liability	$ 44.4	$ 273.4
Estimated fair value of derivative instruments, net liability	38.7
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes	(14.3)
Amount of deferred losses to be reclassified into earnings before income taxes over next twelve months	(7.8)
Credit Risk [Member]
Derivative [Line Items]
Derivative liability	$ 43.9

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 22.2	$ (121.7)	$ 117.2	$ (425.2)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues	Total revenues	Total revenues
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (22.2)	$ 121.7	$ (117.2)	$ 425.2
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(7)	(121.5)	316.2	(317.5)
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (153.8)	$ 225.4	$ 39.6	$ (136.7)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) Derivative
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ 38.7
Derivative fair value of net liability if commodity price increases by 10 percent	195.7
Derivative fair value of net asset if commodity price decreases by 10 percent	$ (118.2)
Percentage change in fair value of derivative commodity forward curve	10%
Derivative contract categorized as Level 3 | Derivative	2

Fair Value Measurements - Break

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts		$ 28.7	$ 52.2
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets	Assets
Liabilities from commodity derivative contracts		$ 44.4	$ 273.4
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Liabilities, Current	Liabilities, Current
Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	$ 100.9	$ 201.6
Liabilities from commodity derivative contracts	[1]	139.6	457.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		139.5	219
Carrying Value [Member] | TRGP Revolver and Commercial Paper Program [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,150	1,298.7
Carrying Value [Member] | TRGP Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,459.5	2,741.6
Carrying Value [Member] | Term Loan Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500	1,500
Carrying Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		560	800
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	100.9	201.6
Liabilities from commodity derivative contracts	[1]	139.6	457.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		139.5	219
Fair Value [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	100.9	201.6
Liabilities from commodity derivative contracts	[1]	139.3	457.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0.3	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,150	1,298.7
Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,150	1,298.7
Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | TRGP Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,064.5	2,452.6
Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,064.5	2,452.6
Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | Term Loan Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500	1,500
Fair Value [Member] | Term Loan Facility [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | Term Loan Facility [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500	1,500
Fair Value [Member] | Term Loan Facility [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		560	800
Fair Value [Member] | Securitization Facility [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | Securitization Facility [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		560	800
Fair Value [Member] | Securitization Facility [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] | Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		5,034.4	5,034.4
Senior Unsecured Notes [Member] | Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,672.7	4,711.3
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,672.7	4,711.3
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		$ 0	$ 0
[1] The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance, December 31, 2022	$ 0
New Level 3 derivative instruments	(0.3)
Balance, September 30, 2023	$ (0.3)

Contingencies - Additional Info

Contingencies - Additional Information (Details) - USD ($) $ in Millions					9 Months Ended
	Oct. 26, 2023	Jul. 24, 2023	Oct. 15, 2020	Dec. 26, 2018	Sep. 30, 2023
Loss Contingencies [Line Items]
Cumulative interest on award					$ 52.3
Vitol [Member]
Loss Contingencies [Line Items]
Recovery seeking			$ 129	$ 129
Damages awarded			$ 10.5
Lawsuit filing date				December 26, 2018
Award date			October 15, 2020
New Mexico Environment Department [Member]
Loss Contingencies [Line Items]
Loss contingency amount predicted for fine or penalty		$ 0.3
Major Winter Storm [Member]
Loss Contingencies [Line Items]
Damages awarded	$ 6.9
Award date	October 26, 2023
Major Winter Storm [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Estimated potential loss					10
Major Winter Storm [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Estimated potential loss					$ 0

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01	Sep. 30, 2023
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	16 years

Revenue - Estimated Minimum Rev

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 109.7
Remaining duration of contracts	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 461.6
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,407.5
Remaining duration of contracts

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. statutory rate	21%	21%	21%	21%
Tax-effected valuation allowance	$ 9.4		$ 9.4
Increase (decrease) in valuation allowance			(27.5)
Net deferred tax liability	$ 418.3		$ 418.3

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash:
Interest paid, net of capitalized interest	[1]	$ 574.1	$ 332.6
Income taxes (received) paid, net		9.5	1.1
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		76.8	(40.1)
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		$ 6.5	$ (18)
[1] Interest capitalized on major projects was $ 29.2 million and $9 .5 million for the nine months ended September 30, 2023 and 2022 .

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 29.2	$ 0.5

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues		$ 3,896.6	$ 5,360.1	$ 11,820.8	$ 16,375
Sales of Commodities [Member]
Revenues:
Revenues		3,374.3	4,800.3	10,314	14,990.7
Fees from Midstream Services [Member]
Revenues:
Revenues		522.3	559.8	1,506.8	1,384.3
Gathering and Processing [Member]
Revenues:
Revenues		1,868.1	3,331.2	5,390.3	8,876.7
Operating margin	[1]	505	564.6	1,545.9	1,437
Logistics and Transportation [Member]
Revenues:
Revenues		3,421.9	5,081.9	10,002.8	15,699.5
Operating margin	[1]	457.4	340.2	1,394.4	1,014.6
Other [Member]
Revenues:
Revenues		(33.5)	(112.2)	294.3	(294.9)
Operating margin	[1]	(33.5)	(112.2)	294.3	(294.9)
Corporate and Eliminations [Member]
Revenues:
Revenues		(1,359.9)	(2,940.8)	(3,866.6)	(7,906.3)
Operating Segments [Member]
Revenues:
Revenues		3,896.6	5,360.1	11,820.8	16,375
Operating Segments [Member] | Sales of Commodities [Member]
Revenues:
Revenues		3,374.3	4,800.3	10,314	14,990.7
Operating Segments [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		522.3	559.8	1,506.8	1,384.3
Operating Segments [Member] | Gathering and Processing [Member]
Revenues:
Revenues		568.7	562.7	1,766.8	1,421.2
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues		231.3	180.7	787.1	577
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		337.4	382	979.7	844.2
Operating Segments [Member] | Logistics and Transportation [Member]
Revenues:
Revenues		3,361.4	4,909.6	9,759.7	15,248.7
Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues		3,176.5	4,731.8	9,232.6	14,708.6
Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		184.9	177.8	527.1	540.1
Operating Segments [Member] | Other [Member]
Revenues:
Revenues		(33.5)	(112.2)	294.3	(294.9)
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]
Revenues:
Revenues		(33.5)	(112.2)	294.3	(294.9)
Intersegment Eliminations [Member] | Gathering and Processing [Member]
Revenues:
Revenues		1,299.4	2,768.5	3,623.5	7,455.5
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues		1,298.8	2,768.2	3,621.8	7,455.4
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		0.6	0.3	1.7	(0.1)
Intersegment Eliminations [Member] | Logistics and Transportation [Member]
Revenues:
Revenues		60.5	172.3	243.1	450.8
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues		49	160.7	210.2	416.5
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		11.5	11.6	32.9	34.3
Intersegment Eliminations [Member] | Corporate and Eliminations [Member]
Revenues:
Revenues		(1,359.9)	(2,940.8)	(3,866.6)	(7,906.3)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]
Revenues:
Revenues		(1,347.8)	(2,928.9)	(3,832)	(7,871.9)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		$ (12.1)	$ (11.9)	$ (34.6)	$ (34.4)
[1] Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

Segment Information - Other Fin

Segment Information - Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Other financial information [Abstract]
Total assets		$ 20,189.6		$ 20,189.6		$ 19,560
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	20,189.6	$ 19,389.9	20,189.6	$ 19,389.9
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		655	369.1	1,742.2	775.3
Operating Segments [Member] | Gathering and Processing [Member]
Other financial information [Abstract]
Total assets	[1]	12,405.7	12,119	12,405.7	12,119
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		421.5	222	1,081.7	551.7
Operating Segments [Member] | Logistics and Transportation [Member]
Other financial information [Abstract]
Total assets	[1]	7,568	7,074.9	7,568	7,074.9
Goodwill			0		0
Capital expenditures		229.7	139.1	645	206.9
Operating Segments [Member] | Other [Member]
Other financial information [Abstract]
Total assets	[1]	7.8	1.5	7.8	1.5
Goodwill			0		0
Capital expenditures					0
Operating Segments [Member] | Corporate and Eliminations [Member]
Other financial information [Abstract]
Total assets	[1]	208.1	194.5	208.1	194.5
Goodwill			0		0
Capital expenditures		$ 3.8	$ 8	$ 15.5	$ 16.7
[1] Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Segment Information - Summary o

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from External Customer [Line Items]
Revenue recognized		$ 3,359.1	$ 5,043.5	$ 9,880.6	$ 15,733.4
Total revenues		3,896.6	5,360.1	11,820.8	16,375
Derivative Activities - Hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		22.2	(121.7)	117.2	(425.2)
Derivative Activities - Non-hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue	[1]	(7)	(121.5)	316.2	(317.5)
Natural Gas [Member]
Revenue from External Customer [Line Items]
Revenue recognized		606	1,748.1	1,835.9	4,244.1
NGL [Member]
Revenue from External Customer [Line Items]
Revenue recognized		2,635.4	3,145.4	7,651.6	11,048.3
Condensate and Crude Oil [Member]
Revenue from External Customer [Line Items]
Revenue recognized		117.7	150	393.1	441
Gathering And Processing Fees
Revenue from External Customer [Line Items]
Revenue recognized		333.3	376.4	966.3	829.6
Sales of Commodities [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		15.2	(243.2)	433.4	(742.7)
Total revenues		3,374.3	4,800.3	10,314	14,990.7
NGL Transportation, Fractionation and Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		71.1	82.3	190.5	215.1
Storage Terminaling and Export [Member]
Revenue from External Customer [Line Items]
Revenue recognized		102.2	82.5	302.3	285.3
Other [Member]
Revenue from External Customer [Line Items]
Revenue recognized		15.7	18.6	47.7	54.3
Fees from Midstream Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		522.3	559.8	1,506.8	1,384.3
Total revenues		$ 522.3	$ 559.8	$ 1,506.8	$ 1,384.3
[1] Represents derivative activities that are not designated as hedging instruments under ASC 815.

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense		$ (331.3)	$ (287.2)	$ (988.2)	$ (766.2)
General and administrative expense		(90)	(79.1)	(253.4)	(217.2)
Other operating income (expense)		(2.5)	3.8	(2)	4.4
Interest expense, net		(175.1)	(125.8)	(509.8)	(300.5)
Equity earnings (loss)		3	1.7	6.2	8.7
Gain (loss) from financing activities					(49.6)
(Gain) loss from sale of equity method investment					435.9
Other, net		(0.1)	(14.7)	(5)	(14.7)
Income (loss) before income taxes		332.9	291.3	1,482.4	1,257.5
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	505	564.6	1,545.9	1,437
Logistics and Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	457.4	340.2	1,394.4	1,014.6
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	$ (33.5)	$ (112.2)	$ 294.3	$ (294.9)
[1] Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.