Targa Resources, Inc.

Good day and thank you for standing by. Welcome to the Targa Resources Corp. Second Quarter 2026 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 during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations, and Fundamentals. Please go ahead.

Thanks, Operator. Good morning, and welcome to the second quarter of 2026 earnings call for Targa Resources Corp. The second quarter earnings release, a supplement presentation, and our latest investor presentation are available in the investor section of our website at targaresources.com. Statements made during this call that may include target'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 Meloy, Chief Executive Officer, Jen Kneale, President, and Will Byers, Chief Financial Officer. Additionally, members of Targus Senior Management will be available for Q&A, including Pat McDonie, President, Gathering and Processing, Ben Branstetter, President, Logistics and Transportation, and Bobby Muraro, Chief Commercial Officer. I will now turn the call over to Matt.

Thanks, Tristan, and good morning. We had another great quarter where we reported numerous financial and operational records. Adjusted EBITDA increased 38% year-over-year, We reported record volumes again in the Permian, up more than 900 million cubic feet per day from a year ago, and up 450 million cubic feet per day compared to Q1. That's almost two plants' worth of gas in one quarter. This strong Permian growth drove record volumes across our downstream systems, including NGL transportation, fractionation, and LPG export. Our customers remain active, and the commercial service offering we've built The past many years continues to gain traction with our customers. We continue to benefit from the activity of our producer customers with millions of acres dedicated across the Permian, and that number continues to grow. With the largest GMP footprint in the Permian, we believe we are positioned very well for continued growth over the long term. And, given the strength we have seen so far this year, we now expect to be towards the top end of our previously provided adjusted EBITDA guidance range, suggesting that our 2026 adjusted EBITDA growth over 2025 may be close to $1 billion, all while reducing our share count and increasing our dividend. This strong performance underscores the value of the organic growth projects that we continue to invest in and positions TARGA for success across a range of market conditions. In the first half of 2026, against the backdrop of weather-related challenges in the first quarter, natural gas takeaway constraints, negative Permian gas pricing, and broader market volatility, we were still able to deliver record results. And beyond 2026, we believe we are in an excellent position with our multiple projects underway, expected to provide our producer customers with the critical infrastructure needed to grow production. and a global environment is recognizing the value and importance of U.S. energy now more than ever. We expect to benefit from critical long lead demand catalysts including expanding LNG export capacity, growing power generation needs, increasing global demand for hydrocarbons and increasing recognition of the strategic role U.S. energy plays in supporting economic growth and energy security worldwide. Against this backdrop, we believe TARGA is uniquely positioned to benefit from sustained producer activity and increasing demand for the critical infrastructure services we provide. Our focus at TARGA remains unchanged, to deliver the very best operating performance for our customers, to utilize that track record to continue to add contracts with existing and new customers, and to deliver on our major projects currently underway. We believe our premier Permian asset footprint, integrated wellhead-to-water system, and strong financial position provide a durable, competitive advantage. These strengths allow us to continue investing in high-return integrated growth opportunities that maximize the value of our existing network while supporting our customers' development plans. 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 best-in-class service and reliability to our customers.