Targa Resources reported second-quarter revenue of $4.44 billion, missing the Zacks Consensus Estimate of $4.95 billion, while earnings per share of $3.54 beat the consensus of $2.83. Key operating metrics exceeded analyst expectations, with Gathering and Processing total plant natural gas inlet volumes reaching 8908.9 million cubic feet versus the two-analyst average estimate of 8639.05 million cubic feet, and total gross NGL production of 1180.8 million barrels of oil compared to the 1131.45 million barrel estimate. In Logistics and Marketing, NGL sales came in at 1310.9 million barrels of oil, above the 1222.45 million barrel average estimate based on two analysts. The company also saw higher-than-expected export volumes and fractionation volumes, while average realized prices for condensate were above estimates but natural gas and NGL prices fell short.
Targa Resources IncEPS beat consensus despite revenue miss, with key operating metrics exceeding estimates.
