WASHINGTON (dpa-AFX) - Targa Resources Corp. (TRGP) reported on Thursday that net income attributable to Targa for the fourth quarter grew to $318.1 million from $280.2 million in the prior-year quarter.
Total revenues for the quarter increased 4 percent to $4.41 billion from $4.24 billion in the same quarter last year.
Looking ahead to fiscal 2025, the company now projects adjusted EBITDA in the range of $4.65 billion to $4.85 billion and net growth capital expenditures of $2.6 billion to $2.8 billion.
For the first quarter of 2025, Targa intends to recommend to its Board of Directors a 33 percent increase to its quarterly common dividend to $1.00 per common share or $4.00 per common share annualized. If approved, it would be effective for the first quarter of 2025 and payable in May 2025.
Targa also announced a definitive agreement to repurchase all of the outstanding preferred equity in Targa Badlands LLC from funds managed by Blackstone for approximately $1.8 billion in cash. Targa expects it to close in the first quarter of 2025 with an effective date of January 1, 2025.
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