Targa Resources (TRGP) 10-K Summary — Year Ended Dec 31, 2023
The company reported a decrease in revenue from the prior year. Operating income and net income were reported, and cash flow from operations remained positive.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
The company reported a decrease in revenue from the prior year. Operating income and net income were reported, and cash flow from operations remained positive.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$16.1B
Revenue reported for the fiscal year.
Operating income
$2.6B
Income from operations reported for the year.
Net income
$1.3B
Net income reported for the year.
Operating cash flow
$3.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $16.1B | n/a |
| Dec 31, 2022 | $19.8B | +23.2% |
| Dec 31, 2023 | $16.1B | -19.0% |
Business overview
The company is an energy infrastructure firm involved in natural gas, natural gas liquids, and crude oil, as indicated by regulatory discussions in the filing. Its business overview is described in the filing's Business section.
Financial performance
Revenue for the year decreased compared to the previous year. Operating income and net income were reported, and operating cash flow was generated. The trend shows a decline in revenue after an increase in the prior year.
Material risks
The company faces risks from increased regulation of hydraulic fracturing and greenhouse gas emissions, which could reduce customer drilling and supplies. Climate change regulations and sustainability disclosure demands may increase operating costs and limit production areas.
Liquidity and capital
The company reported positive operating cash flow, supporting its liquidity. No detailed capital allocation plans were provided in the extracted sections.
What to watch
A key item to monitor is regulatory developments affecting hydraulic fracturing and greenhouse gas emissions, as they could impact supply volumes and demand.