Targa Resources, Inc.

Thank you for standing by. My name is Tina and I will be your conference operator today. At this time, I would like to welcome everyone to the Taga Resources Corporation third quarter 2025 earnings webcast and presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. To ask a question, simply press star 1 on your telephone keypad. To withdraw your question, press star one again. Thank you. It is now my pleasure to turn the call over to Tristan Richardson, Investor Relations and Fundamentals. Please go ahead.

Thanks, Tina. Good morning, and welcome to the third quarter 2025 earnings call for Targa Resources Corp. The third quarter earnings release and 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 a 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 TARGET 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 Branstetter, Senior Vice President, Downstream. I'll now turn the call over to Matt.

Thanks, Tristan, and good morning. We had another outstanding quarter with record-adjusted EBITDA driven by record volumes across our footprint. With three quarters completed, we now expect our full year 2025 adjusted EBITDA will be around the top end of our previously provided guidance range. Our Permian volumes grew more than 340 million cubic feet per day and nearly 700 million cubic feet per day compared to this time last year. Our Permian growth is driving additional NGO volumes through our integrated system as NGO volumes increased about 180,000 barrels per day compared to this time last year. Incrementally, the customer success we achieved in 2024 has started to show up in our volumes, some this year, but really adding to our longer-term confidence of continued Permian volume growth. Our customer success has continued as our commercial team has added to our leading Permian GMP position with acreage dedications from new and existing customers in and around our footprint, further bolstering our long-term growth outlook. To accommodate this continued volume growth from our customers, in September we announced several new growth projects, including our Speedway NGL transportation expansion, the Yeti gas processing plant in Texas in the Permian, Delaware, and Buffalo Run, an expansion of our Permian natural gas pipeline system. And today we announced our next gas processing plant, Copperhead, in New Mexico in the Permian, Delaware. Our previously announced Forza natural gas pipeline in the Delaware had a successful open season, and we are moving ahead with that project. We continue to expect meaningful long-term growth in Permian gas and NGL volumes across our footprint. Our conviction is supported by multiple factors, including the bottom-up forecast from our existing producer customers, our continued commercial success, and the continued industry trend of rising gas-to-oil ratios. We have a lot of projects in progress, which means growth capital is elevated in 2025 and 2026, and these attractive investments will drive significant increases in adjusted EBITDA. Our chunkier downstream projects are set to come online in 2027. Both the Speedway NGL line and our larger LPG export expansion have sufficient capacity to handle our growing volumes for many years. Once these projects are online, we expect our downstream capital spending will be significantly lower for years to come, driving a substantial increase in free cash flow. And this expected increase in free cash flow will be durable, meaning even if we are in a stronger growth environment, driving elevated spending on the GMP side, our downstream spending should still be modest. So in late 2027, our downstream NGL capital is expected to be significantly lower than today's, and our adjusted EBITDA is expected to be much higher than today's. This results in a strong and growing free cash flow profile for years. This is what our team is working towards every day. Execute our large capital projects in the near term while continuing to invest in high return projects leading to Targa's next transformation. a large investment-grade integrated NGL infrastructure company that provides industry-leading growth and generates significant free cash flow year after year. This is a value proposition we are excited to be a part of. This is our focus, and as we look out over the medium and long term, we expect to be in a unique position to grow adjusted EBITDA, grow common dividends per share, reduce share count, generate significant and growing free cash flow, and do this all with a strong investment-grade balance sheet. Before I turn the call over to Jen to go over our operations in more detail, I would like to thank the Target team for their continued commitment to safety and execution and for consistently delivering reliable, high-quality service to our customers.