Targa Resources, Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Targa Resources Corporation Second Quarter 2025 earnings webcast and presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your telephone keypad. At this time, I would like to turn the conference over to Mr. Tristan Richardson, Vice President of Investor Relations. Sir, please begin.

Thank you, Howard. Good morning and welcome to the Second Quarter 2025 earnings call for Targa Resources Corp. The Second Quarter earnings release, along with a supplement presentation that accompany our call, are available on our website at targaresources.com. Additionally, an updated investor presentation has also been posted to our website. Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our latest SEC filings. Our speakers for the call today will be Matt Malloy, Chief Executive Officer, Jen Neal, President, and Will Byers, Chief Financial Officer. Additionally, members of Targa's senior management will be available for Q&A, including Pat McDonnie, President, Gathering, and Processing, Scott Pryor, President, Logistics, and Transportation, Bobby Marrero, Chief Commercial Officer, and Ben Bransetter, Senior Vice President, Downstream. I'll now turn the call over to Matt.

Thanks Tristan and good morning. I would like to begin by announcing that after 35 years with Targa and its predecessor companies, Scott Pryor, our President of Logistics and Transportation, has shared with us his intent to retire effective March 1, 2026. Scott has been a critical part of the Targa team and his leadership, work ethic, dedication, integrity, and focus on serving our customers has made it a pleasure to work alongside Scott. On behalf of our board, the leadership team, all of Targa's employees, and our customers, I'd like to thank you Scott. Following Scott's retirement, Ben Bransetter will succeed Scott as President of Logistics and Transportation. Ben has been with Targa for the past eight years in various leadership roles across corporate development and our downstream groups. Scott and Ben have worked closely together for years and will work together over the next many months in transition and we look forward to Ben's continued contribution to Targa in his new role. Turning to the second quarter, we reported strong results with record Permian volumes, record NGL transportation volumes, and continued execution across our footprint, setting us up well for the balance of the year and providing a lot of momentum looking ahead. We saw a strong ramp in volumes in the second quarter as gas on our Permian system increased by about a processing plant worth of volumes during the quarter, up about 270 million cubic feet per day, and we are seeing that strength continue. In July, our volumes were up another 250 million cubic feet per day, meaning we added a plant worth of gas in the second quarter and another plant worth of gas in July, and we are seeing that strength continue so far in August. There has been movement in the broader Permian rig count this year, which has been a focus for investors. Over the last four months, while the Permian rig count has softened, the number of rigs on our system is largely unchanged. While there is a lot of noise and volatility in the macro environment, ongoing discussions with our producers point to continued strong growth on our system for the remainder of 2025 and into 2026 and beyond. Given the strong ramp in volumes we are seeing and our expectations for the remainder of the year, our outlook for 2026 volume growth is as strong now as it was at the beginning of the year, with the potential for it to be stronger by the time we exit this year. We have also added some new material to our investor presentation, which lends support for our continued growth outlook. We have highlighted some factors that demonstrate Targa's differentiated growth profile. Over the past five years, Permian gas production has grown at a higher rate than crude production due to the general increase in gas to oil ratios across the basin over time. While -over-year growth in crude production from the Permian has averaged 8 percent per year, over the past five years, associated gas growth has averaged 13 percent per year. And Targa's volume growth has outperformed crude and gas production over that time frame. Our -over-year volume growth has averaged 17 percent, 4 percent higher than associated gas and 9 percent higher than crude per year. Looking forward, third-party forecasts call for 7 percent growth in Permian associated gas over the next five years. With this strong outlook, coupled with Targa's footprint across the best rock in the basin and world-class producers, we are well positioned for meaningful growth over the long term. There are a lot of tailwinds for Targa. We move a lot of natural gas to end markets, and the demand for natural gas is expected to continue to increase. We transport and fractionate a lot of natural gas liquids to domestic and international end markets, and the demand for NGLs is expected to continue to increase. Our customers across our value chain are very good at what they do, and we think we'll continue to create meaningful growth opportunities for our company. Our conviction is demonstrated by $324 million of common share repurchases during the second quarter across a volatile quarter. Our focus continues to be on increasing adjusted EBITDA and increasing common dividend per share and declining share count while maintaining our strong investment grade balance sheet. We believe that our premier Permian asset footprint, integrated well-head to water system and strong financial position will allow us to continue to invest in integrated growth opportunities, generate attractive returns, and return increasing capital to our shareholders over the long term. Before I turn the call over to Jen to discuss operations in more detail, I would like to thank the target team for their continued focus on safety and execution while continuing to provide -in-class service and reliability to our customers.