Targa Resources (TRGP) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
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		219,079,714
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
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	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 166.4	$ 141.7
Trade receivables, net of allowances of $2.5 million and $2.5 million at June 30, 2024 and December 31, 2023	1,216.9	1,471
Inventories	320.6	371.5
Assets from risk management activities	62.8	111.9
Other current assets	99.9	98.5
Total current assets	1,866.6	2,194.6
Property, plant and equipment, net	16,891.2	15,806.4
Intangible assets, net	2,164	2,350.6
Long-term assets from risk management activities	16.9	33.3
Investments in unconsolidated affiliates	159.8	146.3
Other long-term assets	165.7	140.6
Total assets	21,264.2	20,671.8
Current liabilities:
Accounts payable	1,686.8	1,574.9
Accrued liabilities	243	281.7
Interest payable	247.9	229.6
Liabilities from risk management activities	111.7	54
Current debt obligations	601.2	620.7
Total current liabilities	2,890.6	2,760.9
Long-term debt	12,965.8	12,333.2
Long-term liabilities from risk management activities	65.6	16.8
Deferred income taxes, net	684.5	535.8
Other long-term liabilities	308.7	415.1
Contingencies (see Note 12)	0	0
Targa Resources Corp. stockholders' equity:
Common Stock ($0.001 par value, 450,000,000 shares authorized as of June 30, 2024 and December 31, 2023)	0.2	0.2
Additional paid-in capital	3,088.5	3,058.8
Retained earnings (deficit)	783.9	492
Accumulated other comprehensive income (loss)	11.4	85.6
Treasury stock, at cost (22,097,367 shares as of June 30, 2024 and 17,484,440 shares as of December 31, 2023)	(1,416.5)	(896.9)
Total Targa Resources Corp. stockholders' equity	2,467.5	2,739.7
Noncontrolling interests	1,881.5	1,870.3
Total owners' equity	4,349	4,610
Total liabilities and owners' equity	$ 21,264.2	$ 20,671.8

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Trade receivables, allowances	$ 2.5	$ 2.5
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)	241,267,840	240,095,699
Common stock, shares outstanding (in shares)	219,170,473	222,611,259
Treasury stock, shares (in shares)	22,097,367	17,484,440

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues		$ 3,562	$ 3,403.7	$ 8,124.4	$ 7,924.2
Costs and expenses:
Product purchases and fuel		2,197.4	2,068.9	5,415.4	5,088
Operating expenses		290.7	272.6	568.7	530.7
Depreciation and amortization expense		348.6	332.1	689.1	656.9
General and administrative expense		98.3	81	184.8	163.4
Other operating (income) expense		(0.2)		(0.3)	(0.6)
Income (loss) from operations		627.2	649.1	1,266.7	1,485.8
Other income (expense):
Interest expense, net		(176)	(166.6)	(404.6)	(334.7)
Equity earnings (loss)		2.9	3.4	5.6	3.2
Gain (loss) from financing activities		(0.8)		(0.8)	0
Other, net		(0.1)	(2)	1.8	(4.9)
Income (loss) before income taxes		453.2	483.9	868.7	1,149.4
Income tax (expense) benefit		(94.3)	(96.4)	(177.1)	(206.7)
Net income (loss)		358.9	387.5	691.6	942.7
Less: Net income (loss) attributable to noncontrolling interests		60.4	58.2	117.9	116.4
Net income (loss) attributable to Targa Resources Corp.		298.5	329.3	573.7	826.3
Premium on repurchase of noncontrolling interests, net of tax	[1]				490.7
Net income (loss) attributable to common shareholders		$ 298.5	$ 329.3	$ 573.7	$ 335.6
Net income (loss) per common share - basic		$ 1.34	$ 1.44	$ 2.56	$ 1.47
Net income (loss) per common share - diluted		$ 1.33	$ 1.44	$ 2.55	$ 1.46
Weighted average shares outstanding - basic		221	225.6	221.9	226
Weighted average shares outstanding - diluted		221.9	226.8	222.9	227.3
Sales of Commodities [Member]
Revenues:
Total revenues		$ 2,991.1	$ 2,914.6	$ 6,944.4	$ 6,939.7
Fees from Midstream Services [Member]
Revenues:
Total revenues		$ 570.9	$ 489.1	$ 1,180	$ 984.5
[1] Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ 358.9	$ 387.5	$ 691.6	$ 942.7
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(29.2)	59.8	(96.2)	98.5
Other comprehensive income (loss), related income tax	6.7	(13.8)	22	(22.4)
Other comprehensive income (loss), after tax	(22.5)	46	(74.2)	76.1
Comprehensive income (loss)	336.4	433.5	617.4	1,018.8
Less: Comprehensive income (loss) attributable to noncontrolling interests	60.4	58.2	117.9	116.4
Comprehensive income (loss) attributable to Targa Resources Corp.	276	375.3	499.5	902.4
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	3	109.6	(67.2)	193.5
Change in fair value, related income tax	(0.7)	(25.3)	15.4	(43.9)
Change in fair value, after tax	2.3	84.3	(51.8)	149.6
Settlements reclassified to revenues, pre-tax	(32.2)	(49.8)	(29)	(95)
Settlements reclassified to revenues, related income tax	7.4	11.5	6.6	21.5
Settlements reclassified to revenues, after tax	$ (24.8)	$ (38.3)	$ (22.4)	$ (73.5)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) - 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]
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	30		30
Dividend equivalent rights	(2.3)		(2.3)
Shares issued under compensation program (in shares)		1,273,000
Shares tendered for tax withholding obligations	(33.9)					$ (33.9)
Shares tendered for tax withholding obligations (in shares)		(451,000)				451,000
Repurchases of common stock	$ (201)					$ (201)
Repurchases of common stock (in shares)	(2,812,202)	(2,812,000)				2,812,000
Excise tax on repurchases of common stock	$ (1.5)					$ (1.5)
Series A Preferred Stock dividends
Dividends in excess of retained earnings			(193.5)	193.5
Common stock dividends
Common stock dividends	(193.5)			(193.5)
Distributions to noncontrolling interests	(113.5)						(113.5)
Contributions from noncontrolling interests	2.9						2.9
Repurchase of noncontrolling interests, net of tax	(948)		(490.7)				(457.3)
Other comprehensive income (loss)	76.1				76.1
Net income (loss)	942.7			826.3			116.4
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
Balance at Mar. 31, 2023	4,412.2	$ 0.2	3,146	(129.8)	84.8	$ (550.5)	1,861.5
Balance (in shares) at Mar. 31, 2023		226,136,000				13,070,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15		15
Dividend equivalent rights	(1)		(1)
Shares issued under compensation program (in shares)		6,000
Shares tendered for tax withholding obligations	(0.1)					$ (0.1)
Shares tendered for tax withholding obligations (in shares)		(2,000)				2,000
Repurchases of common stock	$ (149)					$ (149)
Repurchases of common stock (in shares)	(2,088,062)	(2,088,000)				2,088,000
Excise tax on repurchases of common stock	$ (1.5)					$ (1.5)
Series A Preferred Stock dividends
Dividends in excess of retained earnings			(114.2)	114.2
Common stock dividends
Common stock dividends	(114.2)			(114.2)
Distributions to noncontrolling interests	(57.4)						(57.4)
Contributions from noncontrolling interests	2.7						2.7
Other comprehensive income (loss)	46				46
Net income (loss)	387.5			329.3			58.2
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
Balance at Dec. 31, 2023	4,610	$ 0.2	3,058.8	492	85.6	$ (896.9)	1,870.3
Balance (in shares) at Dec. 31, 2023		222,611,000				17,484,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	29.7		29.7
Dividend equivalent rights	(1.8)			(1.8)
Shares issued under compensation program (in shares)		1,172,000
Shares tendered for tax withholding obligations	(36.7)					$ (36.7)
Shares tendered for tax withholding obligations (in shares)		(441,000)				441,000
Repurchases of common stock	$ (478.8)					$ (478.8)
Repurchases of common stock (in shares)	(4,172,260)	(4,172,000)				4,172,000
Excise tax on repurchases of common stock	$ (4.1)					$ (4.1)
Common stock dividends
Common stock dividends	(280)			(280)
Distributions to noncontrolling interests	(112.7)						(112.7)
Contributions from noncontrolling interests	6						6
Other comprehensive income (loss)	(74.2)				(74.2)
Net income (loss)	691.6			573.7			117.9
Balance at Jun. 30, 2024	4,349	$ 0.2	3,088.5	783.9	11.4	$ (1,416.5)	1,881.5
Balance (in shares) at Jun. 30, 2024		219,170,000				22,097,000
Balance at Mar. 31, 2024	4,577.6	$ 0.2	3,073.4	654.1	33.9	$ (1,057.7)	1,873.7
Balance (in shares) at Mar. 31, 2024		222,150,000				19,110,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15.1		15.1
Dividend equivalent rights	(1.1)			(1.1)
Shares issued under compensation program (in shares)		7,000
Shares tendered for tax withholding obligations	(0.2)					$ (0.2)
Shares tendered for tax withholding obligations (in shares)		(1,000)				1,000
Repurchases of common stock	$ (355.1)					$ (355.1)
Repurchases of common stock (in shares)	(2,985,816)	(2,986,000)				2,986,000
Excise tax on repurchases of common stock	$ (3.5)					$ (3.5)
Common stock dividends
Common stock dividends	(167.6)			(167.6)
Distributions to noncontrolling interests	(56.8)						(56.8)
Contributions from noncontrolling interests	4.2						4.2
Other comprehensive income (loss)	(22.5)				(22.5)
Net income (loss)	358.9			298.5			60.4
Balance at Jun. 30, 2024	$ 4,349	$ 0.2	$ 3,088.5	$ 783.9	$ 11.4	$ (1,416.5)	$ 1,881.5
Balance (in shares) at Jun. 30, 2024		219,170,000				22,097,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends, per share	$ 0.75	$ 0.75	$ 0.5	$ 1.25	$ 0.85

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 691.6	$ 942.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	7.2	6.4
Compensation on equity grants	29.7	30
Depreciation and amortization expense	689.1	656.9
(Gain) loss on sale or disposition of assets	1.2	(3.2)
Write-downs of assets	1.2	2.6
Accretion of asset retirement obligations	3.2	3.1
Deferred income tax expense (benefit)	170.8	199
Equity (earnings) loss of unconsolidated affiliates	(5.6)	(3.2)
Distributions of earnings received from unconsolidated affiliates	11.2	4.8
Risk management activities	68.8	(327.7)
(Gain) loss from financing activities	0.8	0
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	302.9	512.7
Inventories	60.2	89.2
Accounts payable, accrued liabilities and other liabilities	(269.7)	(319.9)
Interest payable	18.3	53.2
Net cash provided by operating activities	1,780.9	1,846.6
Cash flows from investing activities
Outlays for property, plant and equipment	(1,410.1)	(1,073.7)
Proceeds from sale of assets	2	1.9
Investments in unconsolidated affiliates	(20.1)	(6.2)
Return of capital from unconsolidated affiliates	1	4
Other, net	(0.5)	(0.6)
Net cash provided by (used in) investing activities	(1,427.7)	(1,074.6)
Debt obligations:
Repayments of credit facilities	0	(290)
Proceeds from borrowings of commercial paper notes	36,477	28,982.8
Repayments of commercial paper notes	(35,349)	(29,331.5)
Repayment of term loan facility	(500)	0
Proceeds from borrowings under accounts receivable securitization facility	125	51
Repayments of accounts receivable securitization facility	(150)	(303.1)
Proceeds from issuance of senior notes	0	1,717.1
Principal payments of finance leases	(23.2)	(20.7)
Costs incurred in connection with financing arrangements	0	(4.1)
Repurchase of shares	(515.5)	(234.9)
Contributions from noncontrolling interests	6	2.9
Distributions to noncontrolling interests	(113.3)	(99.6)
Repurchase of noncontrolling interests	(1.3)	(1,091.9)
Dividends paid to common and Series A Preferred shareholders	(284.2)	(199.6)
Net cash provided by (used in) financing activities	(328.5)	(821.6)
Net change in cash and cash equivalents	24.7	(49.6)
Cash and cash equivalents, beginning of period	141.7	219
Cash and cash equivalents, end of period	$ 166.4	$ 169.4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 298.5	$ 329.3	$ 573.7	$ 826.3

Insider Trading Arrangements

Insider Trading Arrangements	May 07, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 7, 2024 , Julie H. Boushka , our Senior Vice President and Chief Accounting Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 12,641 shares of our common stock until July 31, 2025 .
Julie H. Boushka [Member]
Trading Arrangements, by Individual
Name	Julie H. Boushka
Title	Senior Vice President and Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	On May 7, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	July 31, 2025
Aggregate Available	12,641

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2024
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 consolidates the Partnership and its subsidiaries under GAAP, and the accompanying consolidated financial statements have been prepared 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; 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	6 Months Ended
	Jun. 30, 2024
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 significant 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 six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024. Recently issued accounting pronouncements not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. Additionally, the amendments require annual disclosure of the title and position of the CODM and how that individual uses the reported measure(s) of segment profit or loss in assessing segment performance and how to allocate resources. These amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The disclosures required in the amendments apply retrospectively to all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information for fiscal years beginning in the Annual Report on Form 10-K for the year ended December 31, 2024 and for interim periods beginning in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes. These amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information beginning in the Annual Report on Form 10-K for the year ended December 31, 2025. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements.

Joint Ventures and Acquisitions

Joint Ventures and Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Joint Ventures and Acquisitions	Note 4 — J oint Ventures and Acquisitions 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. On July 31, 2024, we entered into an agreement with the WPC Joint Venture (“WPC”) to move forward with the Blackcomb Pipeline (“Blackcomb”). Blackcomb is designed to transport up to 2.5 Bcf/d of natural gas through approximately 365 miles of 42-inch pipeline from the Permian Basin in West Texas to the Agua Dulce area in South Texas, and is expected to be in service in the second half of 2026, pending the receipt of customary regulatory and other approvals. Blackcomb is a joint venture owned 70.0 % by WPC, 17.5 % by Targa, and 12.5 % by MPLX LP. WPC is a joint venture owned 50.6 % by WhiteWater, 30.4 % by MPLX LP, and 19.0 % by Enbridge Inc.

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 5 — Property, Plant and Equipment and Intangible Assets June 30, 2024 December 31, 2023 Estimated Useful Lives (In Years) Gathering systems $ 11,138.8 $ 10,858.3 5 to 20 Processing and fractionation facilities 8,857.7 8,285.5 5 to 25 Terminaling and storage facilities 1,437.8 1,403.9 5 to 25 Transportation assets 3,495.2 3,294.0 10 to 50 Other property, plant and equipment 446.5 430.5 3 to 50 Land 185.6 185.0 — Construction in progress 1,908.1 1,456.1 — Finance lease right-of-use assets 373.3 351.9 5 to 14 Property, plant and equipment 27,843.0 26,265.2 Accumulated depreciation, amortization and impairment ( 10,951.8 ) ( 10,458.8 ) Property, plant and equipment, net $ 16,891.2 $ 15,806.4 Intangible assets 4,378.0 4,378.0 10 to 20 Accumulated amortization and impairment ( 2,214.0 ) ( 2,027.4 ) Intangible assets, net $ 2,164.0 $ 2,350.6 During the three and six months ended June 30, 2024, depreciation expense was $ 255.3 million and $ 502.5 million, respectively. During the three and six months ended June 30, 2023 , depreciation expense was $ 236.1 million and $ 464.9 million, respectively. Intangible Assets Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value 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 six months ended June 30, 2024, amortization expense was $ 93.3 million and $ 186.6 million, respectively. During the three and six months ended June 30, 2023 , amortization expense was $ 96.0 million and $ 192.0 million, respectively. The estimated annual amortization expense for intangible assets is approximately $ 373.2 million, $ 326.0 million, $ 279.8 million, $ 252.2 million and $ 234.0 million for each of the years 2024 through 2028, respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	Note 6 — De bt Obligations June 30, 2024 December 31, 2023 Current: Partnership accounts receivable securitization facility, due August 2024 (1) $ 550.0 $ 575.0 Finance lease liabilities 51.2 45.7 Current debt obligations 601.2 620.7 Long-term: Term loan facility, variable rate, due July 2025 (2) — 500.0 TRGP senior revolving credit facility, variable rate, due February 2027 (3) 1,303.0 175.0 Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 750.0 6.150 % fixed rate, due March 2029 1,000.0 1,000.0 4.200 % fixed rate, due February 2033 750.0 750.0 6.125 % fixed rate, due March 2033 900.0 900.0 6.500 % fixed rate, due March 2034 1,000.0 1,000.0 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 850.0 850.0 Unamortized discount ( 29.5 ) ( 29.5 ) Senior unsecured notes issued by the Partnership: (4) 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 12,807.9 12,179.9 Debt issuance costs, net of amortization ( 84.6 ) ( 90.8 ) Finance lease liabilities 242.5 244.1 Long-term debt 12,965.8 12,333.2 Total debt obligations $ 13,567.0 $ 12,953.9 Irrevocable standby letters of credit: (3) Letters of credit outstanding under the TRGP senior revolving credit facility $ 26.0 $ 22.3 (1) As of June 30, 2024, the Partnership had $ 550.0 million of qualifying receivables under its $ 600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability. (2) On May 21, 2024, we repaid the remaining balance and subsequently terminated the $ 1.5 billion unsecured term loan facility due July 2025. As a result of the repayment, we recorded a loss due to debt extinguishment of $ 0.8 million. (3) 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 June 30, 2024 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1.3 billion borrowings outstanding, resulting in approximately $ 1.4 billion of available liquidity, after accounting for outstanding letters of credit. (4) 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 six months ended June 30, 2024: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 5.9 % - 6.2 % 6.0 % Securitization Facility 6.3 % - 6.4 % 6.3 % Term Loan Facility 6.7 % - 6.8 % 6.7 % Compliance with Debt Covenants As of June 30, 2024 , we were in compliance with the covenants contained in our various debt agreements.

Other Long-term Liabilities

Other Long-term Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities, Noncurrent [Abstract]
Other Long-term Liabilities	Note 7 — Other Long-term Liabilities Other long-term liabilities are comprised of the following: June 30, 2024 December 31, 2023 Deferred revenue $ 118.3 $ 248.8 Asset retirement obligations 106.2 103.0 Operating lease liabilities 79.7 56.5 Other liabilities 4.5 6.8 Total other long-term liabilities $ 308.7 $ 415.1 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 June 30, 2024 and December 31, 2023, was $ 118.3 million and $ 248.8 million, respectively. Deferred revenue as of December 31, 2023 included $ 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. As a result of a legal ruling in April 2024, the $ 129.0 million payments from Vitol were reclassified to Accrued liabilities on our Consolidated Balance Sheets during the first quarter of 2024. On April 26, 2024, we made a cash payment of $ 184.8 million which included cumulative interest on the award of $ 55.8 million to Vitol in satisfaction of the Texas state court judgment. See Note 12 – Contingencies for further details. 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. The following table shows the components of deferred revenue: June 30, 2024 December 31, 2023 Contributions in aid of construction $ 87.2 $ 86.4 Gas contract amendment 28.6 29.8 Splitter agreement — 129.0 Other 2.5 3.6 Total deferred revenue $ 118.3 $ 248.8 The following table shows the changes in deferred revenue: Balance at December 31, 2023 $ 248.8 Additions 7.2 Reclassification to accrued liabilities ( 129.0 ) Revenue recognized ( 8.7 ) Balance at June 30, 2024 $ 118.3

Common Stock and Related Matter

Common Stock and Related Matters	6 Months Ended
	Jun. 30, 2024
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. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program. In May 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $ 1.0 billion of our outstanding common stock. In July 2024, our Board of Directors approved a new share repurchase program (the “2024 Share Repurchase Program” and, together with the 2023 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $ 1.0 billion of our outstanding common stock. The amount authorized under the 2024 Share Repurchase Program was in addition to the amount remaining under the 2023 Share Repurchase Program. We are not obligated to repurchase any specific dollar amount or number of shares under the Share Repurchase Programs and may discontinue these programs at any time. For the three and six months ended June 30, 2024, we repurchased 2,985,816 shares and 4,172,260 shares of our common stock at a weighted average per share price of $ 118.91 and $ 114.75 for a total net cost of $ 355.1 million and $ 478.8 million, respectively. For the three and six months ended June 30, 2023 , we repurchased 2,088,062 shares and 2,812,202 shares of our common stock at a weighted average per share price of $ 71.37 and $ 71.49 for a total net cost of $ 149.0 million and $ 201.0 million, respectively. As of June 30, 2024, there was $ 291.3 million remaining under the 2023 Share Repurchase Program. Common Stock Dividends In April 2024, we declared an increase to our common dividend to $ 0.75 per common share, or $ 3.00 per common share annualized effective for the first quarter of 2024. The following table details the dividends declared and/or paid by us to common shareholders for the six months ended June 30, 2024: 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) June 30, 2024 August 15, 2024 $ 166.1 $ 164.3 $ 1.8 $ 0.75000 March 31, 2024 May 15, 2024 168.1 166.3 1.8 0.75000 December 31, 2023 February 15, 2024 112.8 111.6 1.2 0.50000

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 298.5 $ 329.3 $ 573.7 $ 826.3 Less: Premium on repurchase of noncontrolling interests, net of tax (1) — — — 490.7 Net income (loss) attributable to common shareholders 298.5 329.3 573.7 335.6 Less: Participating share-based earnings (2) 2.3 3.6 4.5 2.8 Net income (loss) allocated to common shareholders for basic earnings per share $ 296.2 $ 325.7 $ 569.2 $ 332.8 Weighted average shares outstanding - basic 221.0 225.6 221.9 226.0 Dilutive effect of unvested stock awards 0.9 1.2 1.0 1.3 Weighted average shares outstanding - diluted 221.9 226.8 222.9 227.3 Net income (loss) available per common share - basic $ 1.34 $ 1.44 $ 2.56 $ 1.47 Net income (loss) available per common share - diluted $ 1.33 $ 1.44 $ 2.55 $ 1.46 (1) Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions. (2) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unvested restricted stock awards 1.2 1.8 1.2 1.7

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2024 2025 2026 2027 2028 Natural Gas Swaps MMBtu/d 92,610 67,040 50,568 4,588 — Natural Gas Basis Swaps MMBtu/d 561,060 333,192 192,500 118,329 15,000 NGL Swaps Bbl/d 30,886 21,354 10,250 485 — NGL Futures Bbl/d 27,718 8,304 — — — Condensate Swaps Bbl/d 4,220 3,447 2,374 161 — 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. The master netting provisions reduced our maximum loss due to counterparty credit risk by $ 12.8 million as of June 30, 2024. The range of losses attributable to our individual counterparties would be between $ 0.4 million and $ 3.4 million, depending on the counterparty in default. 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 June 30, 2024 Fair Value as of December 31, 2023 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 54.9 $ ( 44.5 ) $ 103.5 $ ( 16.4 ) Long-term 14.2 ( 14.8 ) 29.0 ( 3.0 ) Total derivatives designated as hedging instruments $ 69.1 $ ( 59.3 ) $ 132.5 $ ( 19.4 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 7.9 $ ( 67.2 ) $ 8.4 $ ( 37.6 ) Long-term 2.7 ( 50.8 ) 4.3 ( 13.8 ) Total derivatives not designated as hedging instruments $ 10.6 $ ( 118.0 ) $ 12.7 $ ( 51.4 ) Total current position $ 62.8 $ ( 111.7 ) $ 111.9 $ ( 54.0 ) Total long-term position 16.9 ( 65.6 ) 33.3 ( 16.8 ) Total derivatives $ 79.7 $ ( 177.3 ) $ 145.2 $ ( 70.8 ) 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 June 30, 2024 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 62.8 $ ( 106.6 ) $ 23.5 $ 7.2 $ ( 27.5 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 5.1 ) — — ( 5.1 ) 62.8 ( 111.7 ) 23.5 7.2 ( 32.6 ) Long-Term Position Counterparties with offsetting positions or collateral 16.9 ( 60.8 ) 6.7 1.2 ( 38.4 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 4.8 ) — — ( 4.8 ) 16.9 ( 65.6 ) 6.7 1.2 ( 43.2 ) Total Derivatives Counterparties with offsetting positions or collateral 79.7 ( 167.4 ) 30.2 8.4 ( 65.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 9.9 ) — — ( 9.9 ) $ 79.7 $ ( 177.3 ) $ 30.2 $ 8.4 $ ( 75.8 ) Gross Presentation Pro Forma Net Presentation December 31, 2023 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 111.7 $ ( 54.0 ) $ 3.6 $ 69.2 $ ( 7.9 ) Counterparties without offsetting positions - assets 0.2 — — 0.2 — Counterparties without offsetting positions - liabilities — — — — — 111.9 ( 54.0 ) 3.6 69.4 ( 7.9 ) Long-Term Position Counterparties with offsetting positions or collateral 31.7 ( 16.8 ) ( 0.1 ) 17.0 ( 2.2 ) Counterparties without offsetting positions - assets 1.6 — — 1.6 — Counterparties without offsetting positions - liabilities — — — — — 33.3 ( 16.8 ) ( 0.1 ) 18.6 ( 2.2 ) Total Derivatives Counterparties with offsetting positions or collateral 143.4 ( 70.8 ) 3.5 86.2 ( 10.1 ) Counterparties without offsetting positions - assets 1.8 — — 1.8 — Counterparties without offsetting positions - liabilities — — — — — $ 145.2 $ ( 70.8 ) $ 3.5 $ 88.0 $ ( 10.1 ) 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 agreements (“ISDAs”), which govern the key terms with our counterparties. Our ISDAs 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 June 30, 2024, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of $ 74.0 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 June 30, 2024 , we would no t be required to post collateral to any 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 $ 97.6 million as of June 30, 2024. 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 June 30, Six Months Ended June 30, Hedging Relationships 2024 2023 2024 2023 Commodity contracts $ 3.0 $ 109.6 $ ( 67.2 ) $ 193.5 Gain (Loss) Reclassified from OCI into Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) 2024 2023 2024 2023 Revenues $ 32.2 $ 49.8 $ 29.0 $ 95.0 Based on valuations as of June 30, 2024, we expect to reclassify commodity hedge-related deferred gains of $ 7.2 million included in accumulated other comprehensive income (loss) into earnings before income taxes through the end of 2027, with $ 7.9 million of gains 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 and six months ended June 30, 2024, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis 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 June 30, Six Months Ended June 30, as Hedging Instruments Derivatives 2024 2023 2024 2023 Commodity contracts Revenue $ ( 88.8 ) $ 145.2 $ ( 120.7 ) $ 323.2 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	6 Months Ended
	Jun. 30, 2024
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 instruments 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 instruments we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The derivatives at June 30, 2024, represent a net liability position of $ 97.6 million, and reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative instruments. 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 $ 213.8 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 $ 18.6 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: June 30, 2024 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 79.4 $ 79.4 $ — $ 79.4 $ — Liabilities from commodity derivative contracts (1) 177.0 177.0 — 177.0 — Financial Instruments Recorded on Our Cash and cash equivalents 166.4 166.4 — — — TRGP Revolver and Commercial Paper Program 1,303.0 1,303.0 — 1,303.0 — TRGP Senior unsecured notes 6,470.5 6,452.5 — 6,452.5 — Partnership’s Senior unsecured notes 5,034.4 4,890.8 — 4,890.8 — Securitization Facility 550.0 550.0 — 550.0 — December 31, 2023 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 144.6 $ 144.6 $ — $ 144.6 $ — Liabilities from commodity derivative contracts (1) 70.2 70.2 — 70.2 — Financial Instruments Recorded on Our Cash and cash equivalents 141.7 141.7 — — — TRGP Revolver and Commercial Paper Program 175.0 175.0 — 175.0 — TRGP Senior unsecured notes 6,470.5 6,598.7 — 6,598.7 — Term Loan Facility 500.0 500.0 — 500.0 — Partnership’s Senior unsecured notes 5,034.4 4,945.1 — 4,945.1 — Securitization Facility 575.0 575.0 — 575.0 — (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. As of June 30, 2024 and December 31, 2023, we had no derivative contracts categorized as Level 3.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
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 (the “EPA”), 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 alleged 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 alleged 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 sought 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 sought 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. We then filed a petition for rehearing with the Supreme Court of Texas, which was denied on April 19, 2024. As a result of the April 2024 ruling, the $ 129.0 million payments from Vitol were reclassified from Other long-term liabilities to Accrued liabilities on our Consolidated Balance Sheets during the first quarter of 2024. The cumulative interest on the award of $ 55.8 million was recorded in Interest expense, net on our Consolidated Statements of Operations for the six months ended June 30, 2024 . On April 26, 2024 as a result of the final determination of Targa’s appeal to the Texas Supreme Court related to the Splitter Agreement, we made a cash payment of $ 184.8 million to Vitol in satisfaction of the Texas state court judgment. See Note 7 – Other Long-term Liabilities. On July 24, 2023, we received a Notice of Violation (“NOV”) 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, 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. Both parties are appealing the judgment. On April 3, 2024, the EPA issued an NOV for alleged violations of the Clean Air Act at certain Targa Badlands LLC compressor stations. The NOV stems from inspections the EPA conducted on June 15, 2023, and from subsequent records reviews. We have engaged with the EPA to resolve this matter. Although the matter is on-going and we cannot predict its ultimate outcome, we do not expect that any expenditures related to this matter will be material to our consolidated financial statements. We are also a defendant in two 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	6 Months Ended
	Jun. 30, 2024
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 15 years. 2024 2025 2026 and after Fixed consideration to be recognized as of June 30, 2024 $ 245.2 $ 434.9 $ 2,413.0 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	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 is lower than the U.S. corporate statutory rate of 21 % primarily due to income allocated to noncontrolling interests that is not taxable to the Company, partially offset by state income taxes. The effective tax rate for the three and six months ended June 30, 2023 was lower than the U.S. corporate statutory rate of 21 % primarily due to the release of a portion of our state tax 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 June 30, 2024 and December 31, 2023 , our valuation allowance was $ 7.1 million. We are subject to tax in the U.S. and various state jurisdictions and we are subject to periodic audits and reviews by taxing authorities. As of June 30, 2024, Internal Revenue Service (“IRS”) examinations are currently in process for the 2019, 2020, 2021 and 2022 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 do not expect there to be any audit adjustments that would materially change our taxable income.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 15 — Supplemental Cash Flow Information Six Months Ended June 30, 2024 2023 Cash: Interest paid, net of capitalized interest (1) $ 379.0 $ 274.8 Income taxes (received) paid, net 9.5 8.7 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ 160.7 $ 13.5 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ ( 0.6 ) $ 13.9 (1) Interest capitalized on major projects was $ 33.8 million and $ 17.6 million for the six months ended June 30, 2024 and 2023 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
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. 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 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 June 30, 2024 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 254.3 $ 2,783.4 $ ( 46.6 ) $ — $ 2,991.1 Fees from midstream services 391.3 179.6 — — 570.9 645.6 2,963.0 ( 46.6 ) — 3,562.0 Intersegment revenues Sales of commodities 872.9 25.8 — ( 898.7 ) — Fees from midstream services ( 0.1 ) 7.1 — ( 7.0 ) — 872.8 32.9 — ( 905.7 ) — Revenues $ 1,518.4 $ 2,995.9 $ ( 46.6 ) $ ( 905.7 ) $ 3,562.0 Operating margin (1) $ 572.6 $ 547.7 $ ( 46.6 ) Other financial information: Total assets (2) $ 12,956.0 $ 8,117.7 $ 0.5 $ 190.0 $ 21,264.2 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 438.9 $ 408.8 $ — $ ( 1.0 ) $ 846.7 Three Months Ended June 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 268.0 $ 2,494.7 $ 151.9 $ — $ 2,914.6 Fees from midstream services 321.6 167.5 — — 489.1 589.6 2,662.2 151.9 — 3,403.7 Intersegment revenues Sales of commodities 976.0 83.0 — ( 1,059.0 ) — Fees from midstream services 0.6 10.9 — ( 11.5 ) — 976.6 93.9 — ( 1,070.5 ) — Revenues $ 1,566.2 $ 2,756.1 $ 151.9 $ ( 1,070.5 ) $ 3,403.7 Operating margin (1) $ 502.5 $ 408.0 $ 151.9 Other financial information: Total assets (2) $ 12,316.5 $ 6,890.4 $ 13.4 $ 241.5 $ 19,461.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 390.7 $ 238.7 $ — $ 3.5 $ 632.9 Six Months Ended June 30, 2024 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 527.2 $ 6,485.9 $ ( 68.7 ) $ — $ 6,944.4 Fees from midstream services 804.4 375.6 — — 1,180.0 1,331.6 6,861.5 ( 68.7 ) — 8,124.4 Intersegment revenues Sales of commodities 2,003.5 72.7 — ( 2,076.2 ) — Fees from midstream services ( 2.0 ) 14.1 — ( 12.1 ) — 2,001.5 86.8 — ( 2,088.3 ) — Revenues $ 3,333.1 $ 6,948.3 $ ( 68.7 ) $ ( 2,088.3 ) $ 8,124.4 Operating margin (1) $ 1,128.9 $ 1,079.8 $ ( 68.7 ) Other financial information: Total assets (2) $ 12,956.0 $ 8,117.7 $ 0.5 $ 190.0 $ 21,264.2 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 873.9 $ 702.4 $ — $ 0.1 $ 1,576.4 Six Months Ended June 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 555.8 $ 6,056.2 $ 327.7 $ — $ 6,939.7 Fees from midstream services 642.1 342.4 — — 984.5 1,197.9 6,398.6 327.7 — 7,924.2 Intersegment revenues Sales of commodities 2,323.0 161.2 — ( 2,484.2 ) — Fees from midstream services 1.1 21.7 — ( 22.8 ) — 2,324.1 182.9 — ( 2,507.0 ) — Revenues $ 3,522.0 $ 6,581.5 $ 327.7 $ ( 2,507.0 ) $ 7,924.2 Operating margin (1) $ 1,040.9 $ 937.1 $ 327.7 Other financial information: Total assets (2) $ 12,316.5 $ 6,890.4 $ 13.4 $ 241.5 $ 19,461.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 660.2 $ 415.3 $ — $ 11.7 $ 1,087.2 (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 facility. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 158.6 $ 413.8 $ 653.3 $ 1,229.9 NGL 2,744.0 2,151.7 6,100.4 5,016.3 Condensate and crude oil 145.1 154.1 282.4 275.3 3,047.7 2,719.6 7,036.1 6,521.5 Non-customer revenue: Derivative activities - Hedge 32.2 49.8 29.0 95.0 Derivative activities - Non-hedge (1) ( 88.8 ) 145.2 ( 120.7 ) 323.2 ( 56.6 ) 195.0 ( 91.7 ) 418.2 Total sales of commodities 2,991.1 2,914.6 6,944.4 6,939.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 385.7 317.4 791.5 632.8 NGL transportation, fractionation and services 50.8 63.4 113.6 119.4 Storage, terminaling and export 114.5 91.4 240.3 200.2 Other 19.9 16.9 34.6 32.1 Total fees from midstream services 570.9 489.1 1,180.0 984.5 Total revenues $ 3,562.0 $ 3,403.7 $ 8,124.4 $ 7,924.2 (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 572.6 $ 502.5 $ 1,128.9 $ 1,040.9 Logistics and Transportation operating margin 547.7 408.0 1,079.8 937.1 Other operating margin ( 46.6 ) 151.9 ( 68.7 ) 327.7 Depreciation and amortization expense ( 348.6 ) ( 332.1 ) ( 689.1 ) ( 656.9 ) General and administrative expense ( 98.3 ) ( 81.0 ) ( 184.8 ) ( 163.4 ) Other operating income (expense) 0.2 — 0.3 0.6 Interest expense, net ( 176.0 ) ( 166.6 ) ( 404.6 ) ( 334.7 ) Equity earnings (loss) 2.9 3.4 5.6 3.2 Gain (loss) from financing activities ( 0.8 ) — ( 0.8 ) — Other, net 0.1 ( 2.2 ) 2.1 ( 5.1 ) Income (loss) before income taxes $ 453.2 $ 483.9 $ 868.7 $ 1,149.4

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. Additionally, the amendments require annual disclosure of the title and position of the CODM and how that individual uses the reported measure(s) of segment profit or loss in assessing segment performance and how to allocate resources. These amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The disclosures required in the amendments apply retrospectively to all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information for fiscal years beginning in the Annual Report on Form 10-K for the year ended December 31, 2024 and for interim periods beginning in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes. These amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information beginning in the Annual Report on Form 10-K for the year ended December 31, 2025. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements.

Property, Plant and Equipment_2

Property, Plant and Equipment and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Property Plant And Equipment And Intangible Assets [Abstract]
Property Plant and Equipment and Intangible Assets	June 30, 2024 December 31, 2023 Estimated Useful Lives (In Years) Gathering systems $ 11,138.8 $ 10,858.3 5 to 20 Processing and fractionation facilities 8,857.7 8,285.5 5 to 25 Terminaling and storage facilities 1,437.8 1,403.9 5 to 25 Transportation assets 3,495.2 3,294.0 10 to 50 Other property, plant and equipment 446.5 430.5 3 to 50 Land 185.6 185.0 — Construction in progress 1,908.1 1,456.1 — Finance lease right-of-use assets 373.3 351.9 5 to 14 Property, plant and equipment 27,843.0 26,265.2 Accumulated depreciation, amortization and impairment ( 10,951.8 ) ( 10,458.8 ) Property, plant and equipment, net $ 16,891.2 $ 15,806.4 Intangible assets 4,378.0 4,378.0 10 to 20 Accumulated amortization and impairment ( 2,214.0 ) ( 2,027.4 ) Intangible assets, net $ 2,164.0 $ 2,350.6

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	June 30, 2024 December 31, 2023 Current: Partnership accounts receivable securitization facility, due August 2024 (1) $ 550.0 $ 575.0 Finance lease liabilities 51.2 45.7 Current debt obligations 601.2 620.7 Long-term: Term loan facility, variable rate, due July 2025 (2) — 500.0 TRGP senior revolving credit facility, variable rate, due February 2027 (3) 1,303.0 175.0 Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 750.0 6.150 % fixed rate, due March 2029 1,000.0 1,000.0 4.200 % fixed rate, due February 2033 750.0 750.0 6.125 % fixed rate, due March 2033 900.0 900.0 6.500 % fixed rate, due March 2034 1,000.0 1,000.0 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 850.0 850.0 Unamortized discount ( 29.5 ) ( 29.5 ) Senior unsecured notes issued by the Partnership: (4) 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 12,807.9 12,179.9 Debt issuance costs, net of amortization ( 84.6 ) ( 90.8 ) Finance lease liabilities 242.5 244.1 Long-term debt 12,965.8 12,333.2 Total debt obligations $ 13,567.0 $ 12,953.9 Irrevocable standby letters of credit: (3) Letters of credit outstanding under the TRGP senior revolving credit facility $ 26.0 $ 22.3 (1) As of June 30, 2024, the Partnership had $ 550.0 million of qualifying receivables under its $ 600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability. (2) On May 21, 2024, we repaid the remaining balance and subsequently terminated the $ 1.5 billion unsecured term loan facility due July 2025. As a result of the repayment, we recorded a loss due to debt extinguishment of $ 0.8 million. (3) 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 June 30, 2024 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1.3 billion borrowings outstanding, resulting in approximately $ 1.4 billion of available liquidity, after accounting for outstanding letters of credit. (4) 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 six months ended June 30, 2024: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 5.9 % - 6.2 % 6.0 % Securitization Facility 6.3 % - 6.4 % 6.3 % Term Loan Facility 6.7 % - 6.8 % 6.7 %

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-term Liabilities	Other long-term liabilities are comprised of the following: June 30, 2024 December 31, 2023 Deferred revenue $ 118.3 $ 248.8 Asset retirement obligations 106.2 103.0 Operating lease liabilities 79.7 56.5 Other liabilities 4.5 6.8 Total other long-term liabilities $ 308.7 $ 415.1
Components of deferred revenue	The following table shows the components of deferred revenue: June 30, 2024 December 31, 2023 Contributions in aid of construction $ 87.2 $ 86.4 Gas contract amendment 28.6 29.8 Splitter agreement — 129.0 Other 2.5 3.6 Total deferred revenue $ 118.3 $ 248.8
Changes in Deferred revenue	The following table shows the changes in deferred revenue: Balance at December 31, 2023 $ 248.8 Additions 7.2 Reclassification to accrued liabilities ( 129.0 ) Revenue recognized ( 8.7 ) Balance at June 30, 2024 $ 118.3

Common Stock and Related Matt_2

Common Stock and Related Matters (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024: 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) June 30, 2024 August 15, 2024 $ 166.1 $ 164.3 $ 1.8 $ 0.75000 March 31, 2024 May 15, 2024 168.1 166.3 1.8 0.75000 December 31, 2023 February 15, 2024 112.8 111.6 1.2 0.50000

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 298.5 $ 329.3 $ 573.7 $ 826.3 Less: Premium on repurchase of noncontrolling interests, net of tax (1) — — — 490.7 Net income (loss) attributable to common shareholders 298.5 329.3 573.7 335.6 Less: Participating share-based earnings (2) 2.3 3.6 4.5 2.8 Net income (loss) allocated to common shareholders for basic earnings per share $ 296.2 $ 325.7 $ 569.2 $ 332.8 Weighted average shares outstanding - basic 221.0 225.6 221.9 226.0 Dilutive effect of unvested stock awards 0.9 1.2 1.0 1.3 Weighted average shares outstanding - diluted 221.9 226.8 222.9 227.3 Net income (loss) available per common share - basic $ 1.34 $ 1.44 $ 2.56 $ 1.47 Net income (loss) available per common share - diluted $ 1.33 $ 1.44 $ 2.55 $ 1.46 (1) Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions. (2) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unvested restricted stock awards 1.2 1.8 1.2 1.7

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At June 30, 2024, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2024 2025 2026 2027 2028 Natural Gas Swaps MMBtu/d 92,610 67,040 50,568 4,588 — Natural Gas Basis Swaps MMBtu/d 561,060 333,192 192,500 118,329 15,000 NGL Swaps Bbl/d 30,886 21,354 10,250 485 — NGL Futures Bbl/d 27,718 8,304 — — — Condensate Swaps Bbl/d 4,220 3,447 2,374 161 —
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 June 30, 2024 Fair Value as of December 31, 2023 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 54.9 $ ( 44.5 ) $ 103.5 $ ( 16.4 ) Long-term 14.2 ( 14.8 ) 29.0 ( 3.0 ) Total derivatives designated as hedging instruments $ 69.1 $ ( 59.3 ) $ 132.5 $ ( 19.4 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 7.9 $ ( 67.2 ) $ 8.4 $ ( 37.6 ) Long-term 2.7 ( 50.8 ) 4.3 ( 13.8 ) Total derivatives not designated as hedging instruments $ 10.6 $ ( 118.0 ) $ 12.7 $ ( 51.4 ) Total current position $ 62.8 $ ( 111.7 ) $ 111.9 $ ( 54.0 ) Total long-term position 16.9 ( 65.6 ) 33.3 ( 16.8 ) Total derivatives $ 79.7 $ ( 177.3 ) $ 145.2 $ ( 70.8 )
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 June 30, 2024 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 62.8 $ ( 106.6 ) $ 23.5 $ 7.2 $ ( 27.5 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 5.1 ) — — ( 5.1 ) 62.8 ( 111.7 ) 23.5 7.2 ( 32.6 ) Long-Term Position Counterparties with offsetting positions or collateral 16.9 ( 60.8 ) 6.7 1.2 ( 38.4 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 4.8 ) — — ( 4.8 ) 16.9 ( 65.6 ) 6.7 1.2 ( 43.2 ) Total Derivatives Counterparties with offsetting positions or collateral 79.7 ( 167.4 ) 30.2 8.4 ( 65.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — ( 9.9 ) — — ( 9.9 ) $ 79.7 $ ( 177.3 ) $ 30.2 $ 8.4 $ ( 75.8 ) Gross Presentation Pro Forma Net Presentation December 31, 2023 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 111.7 $ ( 54.0 ) $ 3.6 $ 69.2 $ ( 7.9 ) Counterparties without offsetting positions - assets 0.2 — — 0.2 — Counterparties without offsetting positions - liabilities — — — — — 111.9 ( 54.0 ) 3.6 69.4 ( 7.9 ) Long-Term Position Counterparties with offsetting positions or collateral 31.7 ( 16.8 ) ( 0.1 ) 17.0 ( 2.2 ) Counterparties without offsetting positions - assets 1.6 — — 1.6 — Counterparties without offsetting positions - liabilities — — — — — 33.3 ( 16.8 ) ( 0.1 ) 18.6 ( 2.2 ) Total Derivatives Counterparties with offsetting positions or collateral 143.4 ( 70.8 ) 3.5 86.2 ( 10.1 ) Counterparties without offsetting positions - assets 1.8 — — 1.8 — Counterparties without offsetting positions - liabilities — — — — — $ 145.2 $ ( 70.8 ) $ 3.5 $ 88.0 $ ( 10.1 )
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 June 30, Six Months Ended June 30, Hedging Relationships 2024 2023 2024 2023 Commodity contracts $ 3.0 $ 109.6 $ ( 67.2 ) $ 193.5 Gain (Loss) Reclassified from OCI into Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) 2024 2023 2024 2023 Revenues $ 32.2 $ 49.8 $ 29.0 $ 95.0
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 and six months ended June 30, 2024, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis 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 June 30, Six Months Ended June 30, as Hedging Instruments Derivatives 2024 2023 2024 2023 Commodity contracts Revenue $ ( 88.8 ) $ 145.2 $ ( 120.7 ) $ 323.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 79.4 $ 79.4 $ — $ 79.4 $ — Liabilities from commodity derivative contracts (1) 177.0 177.0 — 177.0 — Financial Instruments Recorded on Our Cash and cash equivalents 166.4 166.4 — — — TRGP Revolver and Commercial Paper Program 1,303.0 1,303.0 — 1,303.0 — TRGP Senior unsecured notes 6,470.5 6,452.5 — 6,452.5 — Partnership’s Senior unsecured notes 5,034.4 4,890.8 — 4,890.8 — Securitization Facility 550.0 550.0 — 550.0 — December 31, 2023 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 144.6 $ 144.6 $ — $ 144.6 $ — Liabilities from commodity derivative contracts (1) 70.2 70.2 — 70.2 — Financial Instruments Recorded on Our Cash and cash equivalents 141.7 141.7 — — — TRGP Revolver and Commercial Paper Program 175.0 175.0 — 175.0 — TRGP Senior unsecured notes 6,470.5 6,598.7 — 6,598.7 — Term Loan Facility 500.0 500.0 — 500.0 — Partnership’s Senior unsecured notes 5,034.4 4,945.1 — 4,945.1 — Securitization Facility 575.0 575.0 — 575.0 — (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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
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 15 years. 2024 2025 2026 and after Fixed consideration to be recognized as of June 30, 2024 $ 245.2 $ 434.9 $ 2,413.0

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Six Months Ended June 30, 2024 2023 Cash: Interest paid, net of capitalized interest (1) $ 379.0 $ 274.8 Income taxes (received) paid, net 9.5 8.7 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ 160.7 $ 13.5 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ ( 0.6 ) $ 13.9 (1) Interest capitalized on major projects was $ 33.8 million and $ 17.6 million for the six months ended June 30, 2024 and 2023 .

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is shown in the following tables: Three Months Ended June 30, 2024 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 254.3 $ 2,783.4 $ ( 46.6 ) $ — $ 2,991.1 Fees from midstream services 391.3 179.6 — — 570.9 645.6 2,963.0 ( 46.6 ) — 3,562.0 Intersegment revenues Sales of commodities 872.9 25.8 — ( 898.7 ) — Fees from midstream services ( 0.1 ) 7.1 — ( 7.0 ) — 872.8 32.9 — ( 905.7 ) — Revenues $ 1,518.4 $ 2,995.9 $ ( 46.6 ) $ ( 905.7 ) $ 3,562.0 Operating margin (1) $ 572.6 $ 547.7 $ ( 46.6 ) Other financial information: Total assets (2) $ 12,956.0 $ 8,117.7 $ 0.5 $ 190.0 $ 21,264.2 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 438.9 $ 408.8 $ — $ ( 1.0 ) $ 846.7 Three Months Ended June 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 268.0 $ 2,494.7 $ 151.9 $ — $ 2,914.6 Fees from midstream services 321.6 167.5 — — 489.1 589.6 2,662.2 151.9 — 3,403.7 Intersegment revenues Sales of commodities 976.0 83.0 — ( 1,059.0 ) — Fees from midstream services 0.6 10.9 — ( 11.5 ) — 976.6 93.9 — ( 1,070.5 ) — Revenues $ 1,566.2 $ 2,756.1 $ 151.9 $ ( 1,070.5 ) $ 3,403.7 Operating margin (1) $ 502.5 $ 408.0 $ 151.9 Other financial information: Total assets (2) $ 12,316.5 $ 6,890.4 $ 13.4 $ 241.5 $ 19,461.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 390.7 $ 238.7 $ — $ 3.5 $ 632.9 Six Months Ended June 30, 2024 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 527.2 $ 6,485.9 $ ( 68.7 ) $ — $ 6,944.4 Fees from midstream services 804.4 375.6 — — 1,180.0 1,331.6 6,861.5 ( 68.7 ) — 8,124.4 Intersegment revenues Sales of commodities 2,003.5 72.7 — ( 2,076.2 ) — Fees from midstream services ( 2.0 ) 14.1 — ( 12.1 ) — 2,001.5 86.8 — ( 2,088.3 ) — Revenues $ 3,333.1 $ 6,948.3 $ ( 68.7 ) $ ( 2,088.3 ) $ 8,124.4 Operating margin (1) $ 1,128.9 $ 1,079.8 $ ( 68.7 ) Other financial information: Total assets (2) $ 12,956.0 $ 8,117.7 $ 0.5 $ 190.0 $ 21,264.2 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 873.9 $ 702.4 $ — $ 0.1 $ 1,576.4 Six Months Ended June 30, 2023 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 555.8 $ 6,056.2 $ 327.7 $ — $ 6,939.7 Fees from midstream services 642.1 342.4 — — 984.5 1,197.9 6,398.6 327.7 — 7,924.2 Intersegment revenues Sales of commodities 2,323.0 161.2 — ( 2,484.2 ) — Fees from midstream services 1.1 21.7 — ( 22.8 ) — 2,324.1 182.9 — ( 2,507.0 ) — Revenues $ 3,522.0 $ 6,581.5 $ 327.7 $ ( 2,507.0 ) $ 7,924.2 Operating margin (1) $ 1,040.9 $ 937.1 $ 327.7 Other financial information: Total assets (2) $ 12,316.5 $ 6,890.4 $ 13.4 $ 241.5 $ 19,461.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 660.2 $ 415.3 $ — $ 11.7 $ 1,087.2 (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 facility.
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 158.6 $ 413.8 $ 653.3 $ 1,229.9 NGL 2,744.0 2,151.7 6,100.4 5,016.3 Condensate and crude oil 145.1 154.1 282.4 275.3 3,047.7 2,719.6 7,036.1 6,521.5 Non-customer revenue: Derivative activities - Hedge 32.2 49.8 29.0 95.0 Derivative activities - Non-hedge (1) ( 88.8 ) 145.2 ( 120.7 ) 323.2 ( 56.6 ) 195.0 ( 91.7 ) 418.2 Total sales of commodities 2,991.1 2,914.6 6,944.4 6,939.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 385.7 317.4 791.5 632.8 NGL transportation, fractionation and services 50.8 63.4 113.6 119.4 Storage, terminaling and export 114.5 91.4 240.3 200.2 Other 19.9 16.9 34.6 32.1 Total fees from midstream services 570.9 489.1 1,180.0 984.5 Total revenues $ 3,562.0 $ 3,403.7 $ 8,124.4 $ 7,924.2 (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 572.6 $ 502.5 $ 1,128.9 $ 1,040.9 Logistics and Transportation operating margin 547.7 408.0 1,079.8 937.1 Other operating margin ( 46.6 ) 151.9 ( 68.7 ) 327.7 Depreciation and amortization expense ( 348.6 ) ( 332.1 ) ( 689.1 ) ( 656.9 ) General and administrative expense ( 98.3 ) ( 81.0 ) ( 184.8 ) ( 163.4 ) Other operating income (expense) 0.2 — 0.3 0.6 Interest expense, net ( 176.0 ) ( 166.6 ) ( 404.6 ) ( 334.7 ) Equity earnings (loss) 2.9 3.4 5.6 3.2 Gain (loss) from financing activities ( 0.8 ) — ( 0.8 ) — Other, net 0.1 ( 2.2 ) 2.1 ( 5.1 ) Income (loss) before income taxes $ 453.2 $ 483.9 $ 868.7 $ 1,149.4

Joint Ventures and Acquisitio_2

Joint Ventures and Acquisitions - Additional Information (Details) $ in Millions			1 Months Ended	6 Months Ended
		Jul. 31, 2024 Miles Bcf	Jan. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Joint Ventures And Acquisitions [Line Items]
Premium on repurchase of noncontrolling interests, net of tax	[1]			$ 490.7
Blackcomb Pipeline [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Distance of natural gas pipelines | Miles		365
Maximum [Member] | Blackcomb Pipeline [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Natural gas processing capacity | Bcf		2.5
Blackstone Energy Partners [Member]
Joint Ventures And Acquisitions [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
Blackcomb Joint Venture [Member] | WPC [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		70%
Blackcomb Joint Venture [Member] | Targa [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		17.50%
Blackcomb Joint Venture [Member] | MPLX LP [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		12.50%
WPC Joint Venture [Member] | MPLX LP [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		30.40%
WPC Joint Venture [Member] | WhiteWater [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		50.60%
WPC Joint Venture [Member] | Enbridge Inc. [Member] | Subsequent Event [Member]
Joint Ventures And Acquisitions [Line Items]
Ownership interest		19%
[1] Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions.

Property, Plant and Equipment_3

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment and Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 27,843	$ 26,265.2
Accumulated depreciation, amortization and impairment	(10,951.8)	(10,458.8)
Property, plant and equipment, net	16,891.2	15,806.4
Intangible assets	4,378	4,378
Accumulated amortization and impairment	(2,214)	(2,027.4)
Intangible assets, net	$ 2,164	2,350.6
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	$ 11,138.8	10,858.3
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	$ 8,857.7	8,285.5
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	$ 1,437.8	1,403.9
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	$ 3,495.2	3,294
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	$ 446.5	430.5
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	$ 185.6	185
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,908.1	1,456.1
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 373.3	$ 351.9
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 255.3	$ 236.1	$ 502.5	$ 464.9
Amortization	93.3	$ 96	186.6	$ 192
Estimated amortization expense for intangible assets [Abstract]
2024	373.2		373.2
2025	326		326
2026	279.8		279.8
2027	252.2		252.2
2028	$ 234		$ 234

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period			$ 146.3
Equity earnings (loss)	$ 2.9	$ 3.4	5.6	$ 3.2
Balance at end of period	$ 159.8		$ 159.8

Debt Obligations - Summary Of D

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Current:
Finance lease liabilities		$ 51.2	$ 45.7
Current debt obligations		601.2	620.7
Long-term [Abstract]
Long-term debt including Unamortized premium(discount) and Debt issuance costs		12,807.9	12,179.9
Debt issuance costs, net of amortization		(84.6)	(90.8)
Finance lease liabilities		242.5	244.1
Long-term debt		12,965.8	12,333.2
Total debt obligations		13,567	12,953.9
Senior Unsecured Notes [Member]
Long-term [Abstract]
Unamortized discount		(29.5)	(29.5)
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 6.150% Fixed Rate, due March 2029 [Member]
Long-term [Abstract]
Long-term debt		1,000	1,000
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	900
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]
Long-term [Abstract]
Long-term debt		1,000	1,000
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	850
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due July 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[1]	705.2	705.2
Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[1]	700.3	700.3
Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[1]	679.3	679.3
Senior Unsecured Notes [Member] | Senior Unsecured of 5.500% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[1]	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	[1]	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	[1]	1,000	1,000
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]
Long-term [Abstract]
Long-term debt	[2]	1,303	175
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	[2]	26	22.3
Term Loan Facility, Variable Rate, due July 2025
Long-term [Abstract]
Long-term debt	[3]	$ 0	$ 500
[1] 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 June 30, 2024 , the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $ 1.3 billion borrowings outstanding, resulting in approximately $ 1.4 billion of available liquidity, after accounting for outstanding letters of credit. On May 21, 2024, we repaid the remaining balance and subsequently terminated the $ 1.5 billion unsecured term loan facility due July 2025. As a result of the repayment, we recorded a loss due to debt extinguishment of $ 0.8 million.

Debt Obligations - Summary Of_2

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)			6 Months Ended		12 Months Ended
		May 21, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility			$ 125,000,000	$ 51,000,000
Partnership accounts receivable securitization facility, due August 2024	[1]		$ 550,000,000		$ 575,000,000
Loan repayment		$ 1,500,000,000
Gain (loss) due to debt extinguishments		$ (800,000)
Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			6.15%		6.15%
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]
Proceeds from borrowings under accounts receivable securitization facility			550,000,000
Partnership accounts receivable securitization facility, due August 2024			600,000,000
Remaining liquidity needs			$ 50,000,000
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			1,300,000,000
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Remaining liquidity needs			$ 1,400,000,000
Term Loan Facility, Variable Rate, due July 2025
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2025		Jul. 31, 2025
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 6.150% Fixed Rate, due March 2029 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2029		Mar. 31, 2029
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%
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2034		Mar. 31, 2034
Interest rate on fixed rate debt			6.50%		6.50%
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%
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility, due August 2024 [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 30, 2023		Sep. 30, 2023
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.500% 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 of 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 of 5.500% Senior 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 4.875% 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%
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%
[1] As of June 30, 2024, the Partnership had $ 550.0 million of qualifying receivables under its $ 600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability.

Debt Obligations - Range of Int

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Jun. 30, 2024
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	6%
Targa Resources Partners LP [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	6.70%
Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	6.30%
Minimum [Member] | TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.90%
Minimum [Member] | Targa Resources Partners LP [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.70%
Minimum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.30%
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	6.40%

Debt Obligations - Commercial P

Debt Obligations - Commercial Paper Program - Additional Information (Details)	Jun. 30, 2024 USD ($)
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Amount outstanding	$ 2,750,000,000

Other Long-term Liabilities - S

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities, Noncurrent [Abstract]
Deferred revenue	$ 118.3	$ 248.8
Asset retirement obligations	106.2	103
Operating lease liabilities	79.7	56.5
Other liabilities	4.5	6.8
Total other long-term liabilities	$ 308.7	$ 415.1

Other Long-term Liabilities - D

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Apr. 26, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Deferred Revenue and Other [Abstract]
Deferred revenue			$ 118.3	$ 248.8
Cumulative interest on award			$ 55.8
Vitol [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue				$ 129
Reclassification to accrued liabilities		$ 129
Cash payment	$ 184.8
Cumulative interest on award	$ 55.8

Other Long-term Liabilities - C

Other Long-term Liabilities - Components of Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 118.3	$ 248.8
Contributions in Aid of Construction [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	87.2	86.4
Gas Contract Amendment [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	28.6	29.8
Splitter Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue		129
Other Deferred Revenue [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 2.5	$ 3.6

Other Long-term Liabilities -_2

Other Long-term Liabilities - Changes in Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Deferred Revenue Arrangement [Line Items]
Balance at December 31, 2023	$ 248.8
Additions	7.2
Revenue recognized	(8.7)
Balance at June 30, 2024	118.3
Splitter Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Balance at December 31, 2023	129
Reclassification to accrued liabilities	$ (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			6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024	May 31, 2023	Oct. 31, 2020
Securities Financing Transaction [Line Items]
Stock repurchase program, authorized amount							$ 1,000	$ 1,000	$ 500
Repurchases of common stock (in shares)		2,985,816		2,088,062	4,172,260	2,812,202
Weighted average per share price		$ 118.91		$ 71.37	$ 114.75	$ 71.49
Repurchase of common shares, Value		$ 355.1		$ 149	$ 478.8	$ 201
Remaining share repurchase amount		$ 291.3			$ 291.3
Common stock dividends, per share	$ 0.75	$ 0.75		$ 0.5	$ 1.25	$ 0.85
Common stock annualized dividends, per share			$ 3

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				6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends Payable [Line Items]
Dividends Declared per Share of Common Stock	$ 0.75	$ 0.75			$ 0.5	$ 1.25	$ 0.85
Dividend Declared [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid		Aug. 15, 2024	May 15, 2024	Feb. 15, 2024
Total Common Dividends Declared		$ 166.1	$ 168.1	$ 112.8
Dividends Declared per Share of Common Stock		$ 0.75	$ 0.75	$ 0.5
Dividend Paid [Member]
Dividends Payable [Line Items]
Amount of Common Dividends Paid or To Be Paid		$ 164.3	$ 166.3	$ 111.6
Dividends on Share-Based Awards		$ 1.8	$ 1.8	$ 1.2

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Targa Resources Corp.		$ 298.5	$ 329.3	$ 573.7	$ 826.3
Less: Premium on repurchase of noncontrolling interests, net of tax	[1]				490.7
Net income (loss) attributable to common shareholders		298.5	329.3	573.7	335.6
Less: Participating share-based earnings	[2]	2.3	3.6	4.5	2.8
Net income (loss) allocated to common shareholders for basic earnings per share		$ 296.2	$ 325.7	$ 569.2	$ 332.8
Weighted average shares outstanding - basic		221	225.6	221.9	226
Dilutive effect of unvested stock awards		0.9	1.2	1	1.3
Weighted average shares outstanding - diluted (in shares)		221.9	226.8	222.9	227.3
Net income (loss) per common share - basic		$ 1.34	$ 1.44	$ 2.56	$ 1.47
Net income (loss) per common share - diluted		$ 1.33	$ 1.44	$ 2.55	$ 1.46
[1] Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions. 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.

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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)	1.2	1.8	1.2	1.7

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]	6 Months Ended
	Jun. 30, 2024 MMBTU bbl
Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	92,610
Swaps [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	30,886
Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	67,040
Swaps [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	21,354
Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	50,568
Swaps [Member] | Year 2026 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	10,250
Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	4,588
Swaps [Member] | Year 2027 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	485
Swaps [Member] | Year 2028 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2028 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	561,060
Basis Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	333,192
Basis Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	192,500
Basis Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	118,329
Basis Swaps [Member] | Year 2028 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	15,000
Future [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	27,718
Future [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	8,304
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
Future [Member] | Year 2028 [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)	4,220
Options [Member] | Year 2025 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,447
Options [Member] | Year 2026 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,374
Options [Member] | Year 2027 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	161
Options [Member] | Year 2028 [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	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets	$ 79.7	$ 145.2
Derivative assets	62.8	111.9
Derivative assets	16.9	33.3
Derivative liabilities	(177.3)	(70.8)
Derivative liabilities	(111.7)	(54)
Derivative liabilities	(65.6)	(16.8)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	69.1	132.5
Derivative liabilities	(59.3)	(19.4)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	54.9	103.5
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	14.2	29
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(44.5)	(16.4)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(14.8)	(3)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	10.6	12.7
Derivative liabilities	(118)	(51.4)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	7.9	8.4
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.7	4.3
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(67.2)	(37.6)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (50.8)	$ (13.8)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Asset [Abstract]
Derivative assets	$ 79.7	$ 145.2
Pro forma net presentation, asset, current	$ 7.2	$ 69.4
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	$ 1.2	$ 18.6
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	$ 8.4	$ 88
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	79.7	143.4
Pro forma net presentation, asset, total	8.4	86.2
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets		1.8
Pro forma net presentation, asset, current		0.2
Pro forma net presentation, asset, noncurrent		1.6
Pro forma net presentation, asset, total		1.8
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Derivative assets	62.8	111.9
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	62.8	111.7
Pro forma net presentation, asset	7.2	69.2
Current Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets		0.2
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Derivative assets	16.9	33.3
Other Long-term Assets [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	16.9	31.7
Pro forma net presentation, asset	$ 1.2	17
Other Long-term Assets [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets		$ 1.6

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Liability [Abstract]
Gross liability	$ (177.3)	$ (70.8)
Pro forma net presentation, liability, current	$ (32.6)	$ (7.9)
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	$ (43.2)	$ (2.2)
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	$ (75.8)	$ (10.1)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(167.4)	(70.8)
Pro forma net presentation, liability, current	(27.5)	(7.9)
Pro forma net presentation, liability, noncurrent	(38.4)	(2.2)
Pro forma net presentation, liability, total	(65.9)	(10.1)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(9.9)
Pro forma net presentation, liability, current	(5.1)
Pro forma net presentation, liability, noncurrent	(4.8)
Pro forma net presentation, liability, total	(9.9)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(111.7)	(54)
Current Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(106.6)	(54)
Current Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(5.1)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(65.6)	(16.8)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(60.8)	$ (16.8)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	$ (4.8)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Asset [Abstract]
Gross collateral	$ 30.2	$ 3.5
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	30.2	3.5
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	23.5	3.6
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	23.5	3.6
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Gross collateral	6.7	(0.1)
Other Long-term Assets [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 6.7	$ (0.1)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ 97,600,000
Amount expected to reclassify commodity hedge related deferred losses to earnings before income taxes	7,200,000
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	7,900,000
Loss contigency reduction of maximum loss due to counterparty credit risk by master netting provision	12,800,000
Derivative liability	75,800,000	$ 10,100,000
Derivative collateral amount	0
Credit Risk [Member]
Derivative [Line Items]
Derivative liability	74,000,000
Minimum [Member]
Derivative [Line Items]
Loss contigency estimate of possible loss	400,000
Maximum [Member]
Derivative [Line Items]
Loss contigency estimate of possible loss	$ 3,400,000

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 32.2	$ 49.8	$ 29	$ 95
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)	$ (32.2)	$ (49.8)	$ (29)	$ (95)
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(88.8)	145.2	(120.7)	323.2
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ 3	$ 109.6	$ (67.2)	$ 193.5

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Derivative	Dec. 31, 2023 Derivative
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ 97.6
Derivative fair value of net liability if commodity price increases by 10 percent	213.8
Derivative fair value of net asset if commodity price decreases by 10 percent	$ (18.6)
Derivative contract categorized as Level 3 | Derivative	0	0

Fair Value Measurements - Break

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts		$ 8.4		$ 88
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets		Assets
Liabilities from commodity derivative contracts		$ 75.8		$ 10.1
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]	$ 79.4		$ 144.6
Liabilities from commodity derivative contracts	[1]	177		70.2
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.4		141.7
Carrying Value [Member] | TRGP Revolver and Commercial Paper Program [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,303		175
Carrying Value [Member] | TRGP Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		6,470.5		6,470.5
Carrying Value [Member] | Term Loan Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt				500
Carrying Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		550		575
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	79.4		144.6
Liabilities from commodity derivative contracts	[1]	177		70.2
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.4		141.7
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]	79.4		144.6
Liabilities from commodity derivative contracts	[1]	177		70.2
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		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		1,303		175
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		1,303		175
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		6,452.5		6,598.7
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		6,452.5		6,598.7
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				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
Fair Value [Member] | Term Loan Facility [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt				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
Fair Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		550		575
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		550		575
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		4,890.8		4,945.1
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		4,890.8		4,945.1
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.

Contingencies - Additional Info

Contingencies - Additional Information (Details) - USD ($) $ in Millions					3 Months Ended	6 Months Ended
	Apr. 26, 2024	Oct. 26, 2023	Oct. 15, 2020	Dec. 26, 2018	Mar. 31, 2024	Jun. 30, 2024
Loss Contingencies [Line Items]
Cumulative interest on award						$ 55.8
Maximum [Member]
Loss Contingencies [Line Items]
Estimated potential loss						3.4
Minimum [Member]
Loss Contingencies [Line Items]
Estimated potential loss						0.4
Vitol [Member]
Loss Contingencies [Line Items]
Lawsuit filing date				December 26, 2018
Cash payment	$ 184.8
Award date			October 15, 2020
Recovery seeking			$ 129	$ 129
Damages awarded			$ 10.5
Reclassification to accrued liabilities					$ 129
Major Winter Storm [Member]
Loss Contingencies [Line Items]
Award date		October 26, 2023
Damages awarded		$ 6.9
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: 2024-07-01	Jun. 30, 2024
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	15 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	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 245.2
Remaining duration of contracts	6 months
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	$ 434.9
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,413
Remaining duration of contracts	0 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. statutory rate	21%	21%	21%	21%
Tax-effected valuation allowance	$ 7.1		$ 7.1		$ 7.1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash:
Interest paid, net of capitalized interest	[1]	$ 379	$ 274.8
Income taxes (received) paid, net		9.5	8.7
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		160.7	13.5
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		$ (0.6)	$ 13.9
[1] Interest capitalized on major projects was $ 33.8 million and $ 17.6 million for the six months ended June 30, 2024 and 2023 .

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 33.8	$ 17.6

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues		$ 3,562	$ 3,403.7	$ 8,124.4	$ 7,924.2
Sales of Commodities [Member]
Revenues:
Revenues		2,991.1	2,914.6	6,944.4	6,939.7
Fees from Midstream Services [Member]
Revenues:
Revenues		570.9	489.1	1,180	984.5
Gathering and Processing [Member]
Revenues:
Revenues		1,518.4	1,566.2	3,333.1	3,522
Operating margin	[1]	572.6	502.5	1,128.9	1,040.9
Logistics and Transportation [Member]
Revenues:
Revenues		2,995.9	2,756.1	6,948.3	6,581.5
Operating margin	[1]	547.7	408	1,079.8	937.1
Other [Member]
Revenues:
Revenues		(46.6)	151.9	(68.7)	327.7
Operating margin	[1]	(46.6)	151.9	(68.7)	327.7
Corporate and Eliminations [Member]
Revenues:
Revenues		(905.7)	(1,070.5)	(2,088.3)	(2,507)
Operating Segments [Member]
Revenues:
Revenues		3,562	3,403.7	8,124.4	7,924.2
Operating Segments [Member] | Sales of Commodities [Member]
Revenues:
Revenues		2,991.1	2,914.6	6,944.4	6,939.7
Operating Segments [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		570.9	489.1	1,180	984.5
Operating Segments [Member] | Gathering and Processing [Member]
Revenues:
Revenues		645.6	589.6	1,331.6	1,197.9
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues		254.3	268	527.2	555.8
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		391.3	321.6	804.4	642.1
Operating Segments [Member] | Logistics and Transportation [Member]
Revenues:
Revenues		2,963	2,662.2	6,861.5	6,398.6
Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues		2,783.4	2,494.7	6,485.9	6,056.2
Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		179.6	167.5	375.6	342.4
Operating Segments [Member] | Other [Member]
Revenues:
Revenues		(46.6)	151.9	(68.7)	327.7
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]
Revenues:
Revenues		(46.6)	151.9	(68.7)	327.7
Operating Segments [Member] | Corporate and Eliminations [Member]
Revenues:
Revenues				0
Operating Segments [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]
Revenues:
Revenues				0
Intersegment Eliminations [Member] | Gathering and Processing [Member]
Revenues:
Revenues		872.8	976.6	2,001.5	2,324.1
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues		872.9	976	2,003.5	2,323
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		(0.1)	0.6	(2)	1.1
Intersegment Eliminations [Member] | Logistics and Transportation [Member]
Revenues:
Revenues		32.9	93.9	86.8	182.9
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues		25.8	83	72.7	161.2
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		7.1	10.9	14.1	21.7
Intersegment Eliminations [Member] | Corporate and Eliminations [Member]
Revenues:
Revenues		(905.7)	(1,070.5)	(2,088.3)	(2,507)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]
Revenues:
Revenues		(898.7)	(1,059)	(2,076.2)	(2,484.2)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues		$ (7)	$ (11.5)	$ (12.1)	$ (22.8)
[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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other financial information [Abstract]
Total assets		$ 21,264.2		$ 21,264.2		$ 20,671.8
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	21,264.2	$ 19,461.8	21,264.2	$ 19,461.8
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		846.7	632.9	1,576.4	1,087.2
Operating Segments [Member] | Gathering and Processing [Member]
Other financial information [Abstract]
Total assets	[1]	12,956	12,316.5	12,956	12,316.5
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		438.9	390.7	873.9	660.2
Operating Segments [Member] | Logistics and Transportation [Member]
Other financial information [Abstract]
Total assets	[1]	8,117.7	6,890.4	8,117.7	6,890.4
Capital expenditures		408.8	238.7	702.4	415.3
Operating Segments [Member] | Other [Member]
Other financial information [Abstract]
Total assets	[1]	0.5	13.4	0.5	13.4
Operating Segments [Member] | Corporate and Eliminations [Member]
Other financial information [Abstract]
Total assets	[1]	190	241.5	190	241.5
Capital expenditures		$ (1)	$ 3.5	$ 0.1	$ 11.7
[1] Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facility.

Segment Information - Summary o

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Revenue recognized		$ 3,047.7	$ 2,719.6	$ 7,036.1	$ 6,521.5
Total revenues		3,562	3,403.7	8,124.4	7,924.2
Derivative Activities - Hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		32.2	49.8	29	95
Derivative Activities - Non-hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue	[1]	(88.8)	145.2	(120.7)	323.2
Natural Gas [Member]
Revenue from External Customer [Line Items]
Revenue recognized		158.6	413.8	653.3	1,229.9
NGL [Member]
Revenue from External Customer [Line Items]
Revenue recognized		2,744	2,151.7	6,100.4	5,016.3
Condensate and Crude Oil [Member]
Revenue from External Customer [Line Items]
Revenue recognized		145.1	154.1	282.4	275.3
Gathering and Processing [Member]
Revenue from External Customer [Line Items]
Revenue recognized		385.7	317.4	791.5	632.8
Sales of Commodities [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		(56.6)	195	(91.7)	418.2
Total revenues		2,991.1	2,914.6	6,944.4	6,939.7
NGL Transportation, Fractionation and Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		50.8	63.4	113.6	119.4
Storage Terminaling and Export [Member]
Revenue from External Customer [Line Items]
Revenue recognized		114.5	91.4	240.3	200.2
Other [Member]
Revenue from External Customer [Line Items]
Revenue recognized		19.9	16.9	34.6	32.1
Fees from Midstream Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		570.9	489.1	1,180	984.5
Total revenues		$ 570.9	$ 489.1	$ 1,180	$ 984.5
[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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense		$ (348.6)	$ (332.1)	$ (689.1)	$ (656.9)
General and administrative expense		(98.3)	(81)	(184.8)	(163.4)
Other operating income (expense)		0.2		0.3	0.6
Interest expense, net		(176)	(166.6)	(404.6)	(334.7)
Equity earnings (loss)		2.9	3.4	5.6	3.2
Gain (loss) from financing activities		(0.8)		(0.8)	0
Other, net		0.1	(2.2)	2.1	(5.1)
Income (loss) before income taxes		453.2	483.9	868.7	1,149.4
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	572.6	502.5	1,128.9	1,040.9
Logistics and Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	547.7	408	1,079.8	937.1
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	$ (46.6)	$ 151.9	$ (68.7)	$ 327.7
[1] Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.