Targa Resources Corp. (NYSE:TRGP) Q3 2019 Earnings Conference Call Transcript

Nov 07, 2019 • 11:00 am ET

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Targa Resources Corp. (NYSE:TRGP) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon ladies and gentlemen and welcome to the Targa Resources Corporation Third Quarter 2019 Earnings Webcast and Presentation Conference call. [Operator Instructions] I would now like to turn the conference over to your host Mr. Sanjay Lad Senior Director of Investor Relations. Sir please go ahead.

Executive
Sanjay Lad

Good morning and welcome to the third quarter 2019 earnings call for Targa Resources Corp. The third quarter earnings release for Targa Resources Corp along with the third quarter earnings supplement presentation are available on the Investors section of our website at targaresources.com. In addition an updated investor presentation has also been posted to our website. A reminder that statements made during this call that might include Targa Resources' 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 Joe Bob Perkins Chief Executive Officer; Matt Meloy President; and Jen Kneale Chief Financial Officer. We'll also have the following senior management team members available for Q&A. Pat McDonie President Gathering and Processing; Scott Pryor President Logistics and Marketing; and Bobby Muraro Chief Commercial Officer. Joe Bob will begin today's call with a few strategic highlights followed by Matt who will provide an update on business outlook and then Jim will discuss third quarter results before we take your questions.

With that I'll now turn the call over to Joe Bob.

Executive
Joe Bob Perkins

Thanks Sanjay. Good morning and thank you to everybody on the call. Before we get into our remarks I'd like to acknowledge the recent retirement of Jeff McParland consistent with our long-term succession planning. Most recently Jeff served as President of Administration. Jeff was also Targa's first CFO. On behalf of the entire Targa team we thank Jeff for his tremendous leadership and help shaping our financial organization in Targa's early years. It continues to be an exciting time at Targa. We're beginning to benefit from numerous major projects now online most of which began over two years ago. This year we completed and commenced operations on approximately $4 billion worth of projects. Projects which have successfully transformed Targa into a leading integrated midstream company.

These completed projects and the cash flow from these projects positions Targa very well. Our balance sheet and cash flow profile are expected to strengthen meaningfully as we move forward and we will capture improved returns on capital benefiting from our integrated platform and lower capital spend. I want to express my personal thanks to the exceptional team at Targa for their continued focus and commitment executing on these projects on our company's long-term strategic priorities and most importantly safely operating our infrastructure facilities every day. With premier assets and a premier reputation in both our gathering and processing business and in our downstream NGL business and with those assets