Targa Resources Corp. (Targa or 'the company') is one of the leading midstream energy companies in the US. It offers midstream natural gas and NGLs services with a growing presence in crude oil gathering and petroleum terminaling. It is engaged in gathering, compressing, treating, processing, and selling natural gas along with storing and fractionating. The company operates its terminal facilities in a number of states including Texas, Oklahoma, Louisiana, Arizona, Nevada, California, Florida, Alabama, Mississippi, Tennessee, Kentucky, New Jersey and Washington. Targa distributes and markets its products directly to the NGL customers and through trucks, barges, ships, rail cars and open-access regulated NGL pipelines owned by third parties. The company primarily operates through two divisions: Gathering and processing and Logistics and marketing. The Gathering and Processing segment of the company consists of the assets used in gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas produced from oil and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities and gathering crude oil. The company sells its residue gas either directly to such end-users or to marketers into intrastate or interstate pipelines. The gathering of crude oil consists of aggregating crude oil production primarily through gathering pipeline systems, which deliver crude oil to a combination of other pipelines, rail and truck. In FY2016, the Gathering and Processing segment reported revenue of US$1,108.5 million, which accounted for 16.7% of the company’s total revenue excluding the intersegment adjustments. The operations of this segment comprises the following: the San Angelo Operating Unit (SAOU) system, WestTX, Sand Hills, Versado, SouthTX, North Texas System, SouthOK, WestOK and the Badlands. The SAOU operations includes approximately 1,700 miles of pipelines in the Permian Basin that gather natural gas for delivery to the Mertzon, Sterling, Conger and High Plains processing plants. Its processing facilities are refrigerated cryogenic processing plants with an aggregate processing capacity of approximately 369 MMcf/d. The WestTX gathering system has approximately 4,400 miles of natural gas gathering pipelines located across nine counties within the Permian Basin in West Texas with an aggregate processing name-plate capacity of approximately 855 MMcf/d.The Sand Hills operations include Sand Hills and Puckett gathering systems in West Texas, consisting of approximately 1,600 miles of natural gas gathering pipelines and itsrefrigerated cryogenic processing plant has a gross processing capacity of 165 MMcf/d. The Versado operations includes Saunders, Eunice and Monument gas processing plants and related gathering systems in Southeastern New Mexico and in West Texas and consists of approximately 3,600 miles of natural gas gathering pipelines and consists of processing plants with an aggregate processing capacity of 255 MMcf/d. Moreover, the SouthTX gathering system includes approximately 800 miles of gathering pipelines located in the Eagle Ford Shale in southern Texas.The North Texas operations includes two interconnected gathering systems with approximately 4,600 miles of pipelines gathering wellhead natural gas for the Chico, Shackelford and Longhorn natural gas processing facilities. The SouthOK gathering system is located in the Ardmore and Anadarko Basins and has approximately 1,500 miles with a total name-plate capacity of 580 MMcf/d. The WestOK gathering system is located in north central Oklahoma and southern Kansas’ Anadarko Basin with approximately 6,400 miles of natural gas gathering pipelines. Additionally, the Badlands operations are located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota and include approximately 400 miles of crude oil gathering pipelines, 40 MBbl of operational crude storage capacity at the Johnsons Corner Terminal; 30 MBbl of operational crude storage capacity at the Alexander Terminal; 30 MBbl of operational crude oil storage at New Town; and 25 MBbl of operational crude oil storage at Stanley. It also includes approximately 200 miles of natural gas gathering pipelines and the Little Missouri natural gas processing plant with a gross processing capacity of approximately 90 MMcf/d. The coastal gathering and processing segment assets are located in the onshore region of the Louisiana Gulf Coast, accessing natural gas from the Gulf Coast and the Gulf of Mexico. The segment's assets consist of LOU which includes approximately 980 miles of onshore gathering system pipelines in Southwest Louisiana. The Logistics and Marketing segment of Targa includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as fractionation, storage, terminaling, transportation, exporting, distribution and marketing of NGL, petroleum logistics, wholesale domestic marketing, refinery services and commercial transportation. It is also engaged in storing and terminaling refined petroleum products and crude oil along with certain natural gas supply and marketing activities in support of the company's other businesses. These products are delivered to end-users through pipelines, barges, ships, trucks and rail cars. End-users of NGL products include petrochemical, refining companies, export markets for propane and butane, and propane markets for heating, cooking or agricultural applications.This segment includes all the activities required to distribute and market raw and finished NGLs and natural gas. It includes marketing of NGL production and purchasing NGL products for resale in selected United States markets, providing LPG balancing services to refinery customers, transporting, storing and selling propane and providing related propane logistics services to multi-state retailers, independent retailers and other end-users, providing propane, butane and services to LPG exporters and marketing natural gas available in the company from its Gathering and Processing segment and the purchase and resale and other value added activities related to third-party natural gas in selected US markets. In FY2016, the Logistics and Marketing segment reported revenue of US$5,519.5 million, which accounted for 83.3% of the company’s total revenue excluding the intersegment adjustments.
Scope of the Report
-- About the Company - Historical Details, Current Ownership Structure and basic overview of Targa Resources Corp. in terms of revenue, net income, and operating income.
-- Financials - Details about Targa Resources Corp. listing status, annual financial reports (for the past 5 years), key financial highlights and region wise and category wise breakdown of their net revenue.
-- Products / Services - Listing of the company’s entire portfolio along with description of individual products / services providing a clear picture of their target audience.
-- Company SWOT Analysis - Outlines Targa Resources Corp.’s strengths, weaknesses, and opportunities and threats facing the company.
-- Recent Developments - Showcases Targa Resources Corp.’s recent developments including mergers, acquisitions, partnerships, collaborations, new product launches, investment and divestment plans.
-- Strategic Evaluation - Provides an overview of Targa Resources Corp.’s corporate goals and strategic initiatives and evaluates their outcomes along with outlining any persisting legal issues and outlook of our in-house analyst panel on the particular company.
-- Technology Landscape - Details how the company allocates its IT budget across the core areas of its business, CIO/CTO Profile, Key IT Initiatives and Deals undertaken buy the company at present along with outlook.
Key Questions Answered
-- What domain does Targa Resources Corp. operate and what are key points about it?
-- What is the product / service portfolio of Targa Resources Corp.?
-- How has Targa Resources Corp. performed financially from the 2013?
-- How does Targa Resources Corp. rank among its peers in terms of revenue and market share?
-- What are Targa Resources Corp. strengths and weaknesses and what opportunities and threats does it face?
-- What are Targa Resources Corp.’s main growth strategies and how successful has the company been at implementing them?
-- What is the in-house technical capability of Targa Resources Corp.? Where does it procure / outsource it?
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1. About the Company
1.1 History and Basic Facts
1.2 Ownership Structure and Key Executives
1.3 Head Office
1.4 Other Locations & Subsidiaries
1.5 List of Competitors
1.6 Employee Count & Distribution
2.1 Company Type (Listed / Unlisted)
2.2 Annual Statements
2.3 Key Financial Highlights
2.4 Region-wise Breakdown
3. Product / Services
4. SWOT Analysis
4.1 SWOT Overview
5. Recent Developments
5.1 Mergers & Acquisitions
5.2 Partnerships, Collaborations & Joint Ventures
5.3 New Product Launches
5.4 Business Expansion / Divestment
6. Strategic Evaluation
6.1 Corporate Strategy
6.2 Legal Issues
6.3 Analyst Outlook
7. Technology Landscape
-- 7.1.1 Industry Snapshot
-- 7.1.2 IT Spend
-- 7.1.3 Key Information Technology Trends
-- 7.2.1 IT Overview
-- 7.2.2 Key IT Technologies
-- 7.2.3 Recent IT Initiatives
-- 7.2.4 IT Outsourcing Engagements
-- 7.2.5 Key IT Management
-- 7.2.6 CIO/CTO Profile
-- About Us
-- Contact Us
Fig.1: Company Snapshot
Fig.2: Locations Listing on Map
Table.1: Ownership Structure
Table.2: List of Competitors
Table.3: Annual Statements
Table.4: Key Financial Highlights
Table.5: Region-wise Breakdown
Table.6: Product/Services Overview
Table.7: Mergers & Acquisitions
Table.8: Partnerships, Collaborations & Joint Ventures
Table.9: New Product Launches
Table.10: Business Expansion / Divestment
Table 11: IT Budgets
Table 12: Key IT Management (CIO / CTO)
Table 13: IT Deals undertaken in the past years