Targa Resources, Inc.

Thank you for standing by and welcome to TARCA Resources Corporation's first quarter 2026 earnings webcast and presentation. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead, sir.

Thanks, Jonathan. Good morning, and welcome to the first quarter 2026 earnings call for Target Resources Corp. The first quarter earnings release, a supplement presentation, and our latest investor presentation are available in the investor section of our website at TargetResources.com. Statements made during this call that might include targets, 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 Molloy, Chief Executive Officer, Jen Neal, President, and Will Byers, Chief Financial Officer. Additionally, members of TARGA senior management will be available for Q&A, including Pat McDonnie, President Gathering and Processing, Ben Branstetter, President Logistics and Transportation, Bobby Marrero, Chief Commercial Officer. I'll now turn the call over to Matt.

Thanks, Tristan, and good morning. This year is off to a pretty remarkable start here at TARGA. We had record first quarter adjusted EBITDA, Permian volumes, and NGL fractionation volumes, despite the impacts of severe winter weather. and periodic producer shut-ins from weak Waha gas prices. We are continuing to see strong production activity in the Permian and are on track for our volume forecast this year despite being impacted by more shut-ins than we previously estimated. A huge thank you to our field operations and engineering employees who work tirelessly to support our producer customers through very cold weather across much of late January and early February and to also quickly resolve an unplanned outage towards the end of the quarter at a portion of our LPG export facility. The efforts by the Target team supported another record quarter and strong start to the second quarter. The short, medium, and long-term outlook for Target growth has continued to improve. Higher prices and supply disruptions in the Middle East create tailwinds for our business and underscore the importance of secure and reliable energy supply for the United States. With growing cost-advantaged natural gas and NGL supply from the Permian Basin, significant expansions underway across our integrated value chain, Targa is well positioned to meet the growing demand for natural gas and NGOs across domestic and global markets. We believe that there are significant advantages to being on the Targa platform. A track record of constructing Permian gas processing plants on time or early. We have the largest system with best-in-class redundancy and fungibility across the Permian Basin. And we continue to invest and grow our system as further evidenced by two additional gas processing plants in the Permian Delaware announced today. We have large and growing portfolio of transportation assets in both NGLs and intrabasin residue gas, a leading fractionation footprint in Mont Bellevue with train 11 now online, five trains added over the last six years, and trains 12 and 13 currently under construction. And our LPG export facilities, which we are expanding, which we are expanding our capacity to more than 19 million barrels per month, timed very well for the increase in demand for long-term LPG export contracts. Looking back over the last six years, we have brought into service 27 major projects, including 16 Permian processing plants, five fractionators, and three NGL transportation pipelines, with every one of these major projects over this period coming online on time or ahead of schedule. We have also successfully and seamlessly integrated several Permian acquisitions. This track record of execution is a credit to our best in class engineering and operations teams and to our commercial team for continuing to identify attractive opportunities to grow our footprint. Today, we increased our adjusted EBITDA outlook for 2026, which is bolstered by continued and discipline production growth from our customers and a strong opportunity set in our downstream business across LPG export and marketing and optimization opportunities. This increase highlights target strength and the durability of our business across environments. At Targa, we continue to focus on execution and believe the strength of our large integrated asset footprint positions us to be successful across commodity environments, as we continue to invest in attractive integrated opportunities and return increasing amounts of capital to our shareholders. Target now has more than 3,600 employees. And before I turn the call over to Jen, I want to express my thanks to all my colleagues. We have a lot of positive momentum and a lot going on. And as we discuss internally all the time, safety is our first priority. So a huge thank you to our employees for their continued focus on safety.