TRGP Investor presentation

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Investor PresentationAugust 2025 | TARGA RESOURCES CORP.

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Forward Looking Statements 2INV E S TO RP RE S E N TA TIO N Certain statements in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this presentaition that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.targaresources.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.

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High returns on invested capital90%+ fee-basedFully integrated energy infrastructure footprintWhy Targa?Generating Attractive ReturnsDifferentiated Asset FootprintLargest natural gas processor in the growing Permian Basin Millions of dedicated acresFastest growing Gulf Coast natural gas liquids systemA Compelling Value Proposition3Industry leading Adjusted EBITDA growthMeaningful dividend growthReducing shares outstandingInvestment grade balance sheetBest-in-class assets, excellent long-term growth profile, and demonstrated track record of creating shareholder value Note: Adjusted EBITDA and adjusted cash flow from operations are non-GAAP measures. Please see the section of this presentation entitled “Non-GAAP Financial Measures” for a discussion of adjusted EBITDA and adjusted cash flow from operations and a reconciliation of such measures to their most directly comparable GAAP financial measure. INV E S TO RP RE S E N TA TIO N

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A Compelling Growth Profile Over the Last 5 YearsTarga’s performance and growth outlook provides strong momentum in 2025 and beyond23%Permian Volume Growth CAGR$3.1BCapital Returned to Shareholders(2)$53BEnterprise Value(3)24% Adjusted EBITDA Growth CAGR21%Return on Invested Capital(1)IG Credit RatingsBBB/Baa2/BBB4INV E S TO RP RE S E N TA TIO NNote: Adjusted EBITDA and adjusted cash flow from operations are non-GAAP measures. Please see the section of this presentation entitled “Non-GAAP Financial Measures” for a discussion of adjusted EBITDA and adjusted cash flow from operations and a reconciliation of such measures to their most directly comparable GAAP financial measure. (1)Total net investments for 2020 through 2024 (Cumulative Capex + Acquisitions – Divestitures). 2024 growth capital expenditures include significant spending on large downstream projects including Targa’s Daytona NGL Pipeline and Trains 9 and 10 which will provide full year EBITDA contributions in 2025 and beyond.(2)Cumulative common cash dividends paid and common shares repurchased from 2020 through 2024.(3) As of July 29, 2025 market close.

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Fully Integrated Wellhead to Water NGL Solution 5INV E S TO RP RE S E N TA TIO N Largest Permian Natural Gas ProcessorNGL Pipeline Transportation Connects Key Supply to NGL Market Hub in Mont BelvieuSignificant Shipper of Natural Gas to Key End MarketsLarge Natural Gas Processing Presence in Other Key BasinsPremier NGL Fractionation Footprint in Mont Belvieu Connected to Domestic Petchem MarketOperate One of the Largest Gulf Coast LPG Export FacilitiesTarga’s System is Integrated Across the Value Chain Targa’s Assets are Positioned for Long-Term SuccessGrowing Permian Basin Production Increasing U.S. Exports of Natural Gas and LPG Investing in High-Return Projects Across Integrated System Our assets and operations connect natural gas and NGLs to markets with growing demand for cleaner fuels and feedstocks

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6(1)Source: Baker Hughes, as of August 1, 2025.(2)Gross processing capacity; includes plants under construction.INV E S TO RP RE S E N TA TIO N Premier Permian Asset Footprint8.8 Bcf/d42 plants(2)Midland capacity ~4.7 Bcf/dDelaware capacity ~4.1 Bcf/dG&P Growth Projects Underway – In-Service Date:Bull Moose II – 4Q25East Pembrook – 2Q26Falcon II – 2Q26East Driver – 3Q26LegendProcessing PlantProcessing Plant In ProgressCrude TerminalExisting Gathering PipelineNGL PipelinesLargest multi-plant, multi-system G&P footprint, integrated with Targa’s NGL business~60%of Lower 48 US shalerigs are in the Permian Basin(1)>80%of Targa’s inlet volumes sourced from the Permian

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Best-in-Class Gas Treating System in the Delaware BasinDifferentiated system in the Delaware accommodating growing producer volumes that require treating INV E S TO RP RE S E N TA TIO N Targa’s track record of treating natural gas in the Delaware Basin continues to drive incremental commercial successMeaningful portion of Delaware gas production requires sour gas treatingContinuing to invest in new infrastructure to meet producer needs Targa’s treating footprint at Red Hills, Bull Moose, Wildcat and Midway includes:〉2.3 Bcf/d gas treating capacity〉Recently completed Targa’s 7thAGI well〉In process of further developing and permitting AGI expansions Targa’s capabilities in managing sour gas creates synergistic CCUS opportunities〉Infrastructure can be utilized and enhanced to capture and sequester CO2 at plant locations and generate 45Q tax credits〉Significant experience drilling and sequestering CO2 across Targa’s history705001,0001,5002,0002,5002021 2022 2023 2024 currentMMcf/dTreating Capabilities in Delaware Basin

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80100120140160180200220240260280300320Growth IndexedTarga Permian Inlet VolumePermian Associated Gas Production Targa Outperforming Permian Basin Production(1)(2)+199%+134%Best in-class Permian G&P assetsMulti-plant interconnected systemExceptional operational performance8(1)Source: Indexed to Enverus.(2)Represents indexed Targa Net Permian inlet volumes. Targa inlet growth adjusted for 2022 acquisition of Lucid.(3)Top 20 customers represent ~90% of Targa’s Permian volumes. Permian Basin growth continues to drive increasing demand for Targa’s midstream servicesTarga Volume Growth Outpacing the Permian Basin INV E S TO RP RE S E N TA TIO N~75%of volumes from Targa’s top 20 Permian customers are from investment grade producers(3)~30%Increase in Permian gas-to-oil ratio (GOR) since 2018~85%of volumes from Targa’s top 20 Permian customers are from public producers(3)

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Permian Basin Growth Points to Strong Outlook for Targa 9 Associated gas has outperformed crude, Targa has outperformed associated gas Targa Permian Growthhas outpaced growth in basin-wide associated gas by +4% and crude by +9% on average over the last 5 years (1)Five year average of annual growth rates for Permian crude and Permian associated gas production from FY2020 – FY2024 per Enverus.(2)Five year average of annual growth rates for Targa Permian net inlet volumes from FY2020 – FY2024 adjusted for 2022 acquisition of Lucid.(3)Source: Enverus – June 2025. 80 100 120 140 160 180 200 220 240 260Growth IndexedActual(1)(2)Forecast(3)Permian Gas Growth 13%Permian Crude Growth 8%Targa Permian Growth 17%Crude Growth Forecast: 3% annuallyGas Growth Forecast: 7% annually+4% OutperformanceINV E S TO R P RE S E N TA TIO N

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Targa Permian Delaware Natural Gas Pipeline ExpansionAs the largest gas processor in the Permian, Targa continues to move a growing supply of natural gas within the Midland and Delaware basinsExtending Targa’s existing natural gas pipeline footprint in the Delaware〉Bull Run Extension: ~43 miles, 42" intrastate pipeline, in-service 1Q 2027〉Supporting an existing supply of natural gas volumes〉Further addition to Targa’s fee-based commercial offeringsMultiple benefits for Targa customers〉Enhanced flow assurance and increasing takeaway from Targa plants 〉Continued long term focus on reliability and redundancy of Targa’s G&P system〉Bolstering access to current and future Permian egress outlets as well as in basin demand10 Bull Run Natural Gas PipelineEnhancing Targa natural gas connectivity in the Delaware INV E S TO R P RE S E N TA TIO N

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INV E S TO RP RE S E N TA TIO N(1)Currently in-service. Gathering & ProcessingInvesting in Attractive Projects Driven by Permian Volume GrowthOrganic investments across Targa’s integrated NGL business expected to drive strong return on invested capital Logistics & Transportation Integrated projects support continued growth outlookCurrently adding +1.7 Bcf/d of gas processing capacity in the Permian in response to increasing associated gas production and to meet the infrastructure needs of producersExpanding NGL transportation, fractionation and export capacity to support growth in NGLs from Targa’s Permian G&P position and third parties Extending intra-basin Permian natural gas footprint to transport growing residue gas volumes for customers in the Delaware 11Forecasted In-ServiceDetailsG&P SegmentPermian Midland3Q25275 MMcf/dPembrook II plant2Q26275 MMcf/dEast Pembrook plant3Q26275 MMcf/dEast Driver plantPermian Delaware1Q25(1)275 MMcf/dBull Moose plant4Q25275 MMcf/dBull Moose II plant2Q26275 MMcf/dFalcon II plantForecasted In-ServiceDetailsL&T SegmentNGL Projects1Q25(1)135 MBbl/dGCF Restart4Q25650 MBbl/monthLPG Export Debottleneck2Q26150 MBbl/dTrain 11 Fractionator2Q26100-mi, 30” PipelineDelaware Express1Q27150 MBbl/dTrain 12 Fractionator3Q27~4 MMBbl/monthGPMT LPG Export ExpansionNatural Gas Pipeline1Q2743 miles, 2 Bcf/dBull Run Extension

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$0.0$1.0$2.0$3.0$4.0$5.0$0.0$1.0$2.0$3.0$4.0$5.02020 2021 2022 2023 2024 2025E Growth Capex($ in Billions) Adjusted EBITDA($ in Billions)Adjusted EBITDANet Growth CapexStrong track record of generating attractive returns on capital through organic growth and M&AAdjusted EBITDA growth in 2025, 2026 and beyond:Multiple new Permian G&P plants currently underway Prospective Permian G&P expansionsDaytona NGL Pipeline rampCompleted downstream expansionsDelaware ExpressTrain 11 and 12 fractionatorsGPMT LPG Export ExpansionBull Run ExtensionProspective downstream expansions12 Organic Growth and Select M&A Driving EBITDA HigherProjects In-Service and M&A3 Permian PlantsGCF RestartBadlands Repurchase (45% Interest)Projects In-Service2 Permian PlantsTrains 7 & 8 FracsLPG ExportExpansionProjects In-Service1 Permian PlantProjects In-Serviceand M&ASouth Texas AcquisitionDelaware Basin Acquisition2 Permian PlantsProjects In-Service and M&AGrand Prix Acquisition (25% Interest) 4 Permian PlantsLPG Export ExpansionProjects In-Service2 Permian PlantsTrains 9 & 10 FracsDaytona NGL PipelineGrowing Permian production driving attractive integrated investment opportunities Note: Adjusted EBITDA and adjusted cash flow from operations are non-GAAP measures. Please see the section of this presentation entitled “Non-GAAP Financial Measures” for a discussion of adjusted EBITDA and adjusted cash flow from operations and a reconciliation of such measures to their most directly comparable GAAP financial measure.INV E S TO R P RE S E N TA TIO N

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08001,6002,4003,2004,0004,8005,6006,4002019 2020 2021 2022 2023 2024Inlet Volumes (MMcf/d)0510152019 2020 2021 2022 2023 2024MMBbl/Month01002003004005006007008004Q19 2020 2021 2022 2023 2024MBbl/d01002003004005006007008009001,0002019 2020 2021 2022 2023 2024MBbl/d13(1)Operational metrics represent average annual volumes.(2)Targa’s Grand Prix NGL Pipeline commenced full operations during 3Q19.INV E S TO RP RE S E N TA TIO N Proven Record of GrowthIncreasing volume trajectory through Targa’s fee-based integrated NGL infrastructure footprint fuels growth in 2025 and beyondPermian Natural Gas Inlet Volumes(1)NGL Pipeline Transportation(1)(2)Fractionation Volumes(1)LPG Export Volumes(1)13%CAGR23%CAGR25%CAGR13%CAGR12%CAGR+14%+17%+26%+16%

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0.0x1.0x2.0x3.0x4.0x5.0x6.0x2019 2020 2021 2022 2023 2024 June 30,2025 Consolidated Leverage 2002052102152202252302021 2022 2023 2024 June 30, 2025Common Shares Outstanding (in millions) $0.0$1.0$2.0$3.0$4.0$5.02019 2020 2021 2022 2023 2024 2025EAdjusted EBITDA($ in Billions)$0.00$1.00$2.00$3.00$4.00$5.002021 2022 2023 2024 2025EAnnual Common Dividend/ShareTrack Record of Strong Financial PerformanceIntegrated NGL business and supportive business fundamentals drive increasing cash flow outlook and return of capital 14 Industry Leading Adjusted EBITDA Growth(1)Strong Investment Grade Balance Sheet(3)Significant Financial FlexibilitySince 2020, Targa has repurchased ~10% of outstanding sharesReducing Share Count(2)Growing Annual Dividends per Share Guidance RangeBa1/BB+Ba2/BBBBB-/Baa3/BBB-BBB-/Baa3/BBB-BBB/Baa2/BBBLong-Term Target+33% YoYINV E S TO RP RE S E N TA TIO NNote: Adjusted EBITDA and adjusted cash flow from operations are non-GAAP measures. Please see the section of this presentation entitled “Non-GAAP Financial Measures” for a discussion of adjusted EBITDA and adjusted cash flow from operations and a reconciliation of such measures to their most directly comparable GAAP financial measure. (1)Adjusted EBITDA growth based on midpoint of projected 2025E adjusted EBITDA range compared to 2019 adjusted EBITDA.(2)Since inception of Share Repurchase Program adopted in October 2020 through June 30, 2025.(3)As of June 30, 2025, consolidated leverage pro forma for Targa Badlands LLC and Cedar Bayou Fractionators transactions. +230% since2019BBB/Baa2/BBB+17%Ba2/BB >23mm inBuybacks

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2025 Financial OutlookFY25 Adjusted EBITDA estimated to be in a range of $4.65 to $4.85B 15Continued growth in Adjusted EBITDA driven by:Record volumes across Targa’s Permian footprintRecord volumes through integrated NGL transport, fractionation and export systemsBadlands transactionStrength and durability of cash flows underpinned by 90%+ fee-based profile2025 Estimates $4,650 - $4,850 millionAdjusted EBITDA~$3,000 millionNet Growth Capex~$250 millionNet Maintenance CapexINV E S TO RP RE S E N TA TIO NNote: Adjusted EBITDA is a non-GAAP measure. Please see the section of this presentation entitled “Non-GAAP Financial Measures” for a discussion of adjusted EBITDA and a reconciliation of such measures to its most directly comparable GAAP financial measure. 2025 Growth Capital Spending:Significant capacity being added across Targa's integrated Permian business to accommodate anticipated multi-year volume growth underpinned by leading Permian producer customersIncreasing FY25 growth capex estimate with announcement of Bull Run Extension in the Permian Delaware, early completion of several projects and acquiring long-lead items for Targa’s next gas processing expansions in the Permian

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Differentiated growth position drives increasing return of capital Note: Adjusted cash flow from operations is a non-GAAP measure and is defined as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. Please see the section of this presentation entitled “Non-GAAP Financial Measures”.(1)In April 2025, Targa’s Board of Directors approved an increase to the 2025 quarterly cash common dividend to $4.00 per share annualized for the first quarter of 2025.(2)Year to date through June 30, 2025.(3)As of June 30, 2025, consolidated leverage pro forma for Targa Badlands LLC and Cedar Bayou Fractionators transactions.INV E S TO RP RE S E N TA TIO N40-50%Adjusted CFFOexpected to be returned across multi-year horizon33%Dividend growthin 2025(1)Share repurchases YTD 2025(2)Leading Return of Capital Outlook 16$450MM 3.6xLeverage(3)comfortably within3.0-4.0x long-term target range

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INV E S TO RP RE S E N TA TIO NFundamental Outlook

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Total L48 (2024) Res/Comm/Industrial Exports Power Total L48 (2030E) Natural Gas Demand Growth Requires Continued Investment in Infrastructure Source: Wood Mackenzie Long-Term Outlook (April 2025) and Targa Fundamentals.Note: LNG feed gas includes an assumed 9% increase to account for LNG plant fuel which would otherwise be included in Industrial. Incremental production from the Permian and other shale basins will be needed to support increasing natural gas demand INV E S TO RP RE S E N TA TIO N18Key drivers for increased natural gas demandPopulation and economic growthCoal plant retirements / gas conversionsRe-shoring of industry and manufacturingLarge load demand (AI / data centers, crypto mining)Backstop intermittent renewablesSubstantial LNG export capacity expansionsDemand forecasted to increase by23 – 29 Bcf/d through 20301097166 138Projected Lower 48 Natural Gas Demand Growth (Bcf/d)Total L48(2024)Total L48(2030E)

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05001,0001,5002,0002,500U.S. Qatar UAE Saudi Arabia Kuwait Iran Rest of WorldMb/d20162017201820192020202120222023202446%19Source: S&P Global (Global Fundamentals Annual Strategic Update - September 2024). LPGs provide a cleaner, affordable and reliable energy solution that saves lives!U.S. LPG Exports – A Sensible Energy Solution INV E S TO RP RE S E N TA TIO NThe U.S. is the leading exporter of global waterborne LPG due to cost advantaged supply LPGs displace coal and biomass providing a cleaner and safer energy solutionResidential and commercial markets account for ~45% of global LPG demand; also growing demand as chemical feedstockWaterborne LPG Exports by Country +12%CAGR20162024U.S. Share of Global LPG Exports+3%CAGR+4% CAGROPEC policy driven and geopolitical risk29%Targa exported ~424 MBbl/d of LPG in 2024, or ~9% of total global exports and ~1/5 of total U.S. LPG exports

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0.02.04.06.08.010.012.014.02015 2024 2040EMMBbl/dAsiaEx-AsiaSource: EIA (LTM April 2025) and S&P Global (Global Fundamentals Annual Strategic Update - September 2024).INV E S TO RP RE S E N TA TIO N Targa’s wellhead to water NGL strategy adds significant barrels into its system that are available for exportStrong LPG Fundamentals Supportive of Increased ExportsGlobal LPG Demand+59% Growth+5% Growth+23% Growth+4% Growth20 Diverse Demand for US Gulf Coast LPG Exports 11%8%7%4%26%16%8%11%9%LatAm & CarribeanEuropeAfricaMiddle EastJapanChinaS KoreaOther AsiaROWU.S. LPG exports have remained resilient amid broader trade uncertainty, supported by diverse global demand

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INV E S TO RP RE S E N TA TIO N(1)Gross processing capacity; includes plants under construction.(2)Includes 40 MBbl/d of back-end capacity, Targa’s proportionate equity interest in GCF, and trains under construction.(3)Includes LPG export expansion projects under construction. This capability is dependent on the mix of propane and butane demand, vessel size and availability of supply, among other factors.21 ~33,800 MilesNatural Gas and NGL Pipelines13.1 Bcf/d~1.0 MMBbl/dGas Processing Capacity(1)NGL Transport Capacity1.5 MMBbl/dFractionation Capacity(2)19 MMBbl/moLPG Export Capacity(3) A Leading Infrastructure Company

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INV E S TO RP RE S E N TA TIO NAppendix and Reconciliations

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Non-GAAP Financial MeasuresThis presentation includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, and adjusted free cash flow. The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, and adjusted free cash flow are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.Adjusted EBITDAThe Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.Adjusted Cash Flow from Operations and Adjusted Free Cash Flow The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures (net of contributions from noncontrolling interest and including contributions to investments in unconsolidated affiliates). Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.INV E S TO RP RE S E N TA TIO N23

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Non-GAAP Measures Reconciliation INV E S TO RP RE S E N TA TIO N(1)Includes the change in estimated redemption value of the mandatorily redeemable preferred interests. Effective September 2022, we redeemed our joint venture partner's mandatorily redeemable preferred interests in the two joint ventures that, separately, owned a 100% interest in the WestOK natural gas gathering and processing system and a 72.8% undivided interest in the WestTX natural gas gathering and processing system.(2)Gains or losses on debt repurchases or early debt extinguishments.(3)Includes financial advisory, legal and other professional fees, and other one-time transaction costs. (4)Represents one-time severance and related benefit expense related to the Company’s cost reduction measures. (5)Represents adjustments related to our subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within our WestTX joint venture not subject to noncontrolling interest accounting.(6)Charges related to litigation resulting from winter storm in February 2021 unreflective of our ongoing core operations. 24

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Non-GAAP Measures Reconciliation INV E S TO RP RE S E N TA TIO N25 (1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.

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Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America.Our operations are critical to the efficient, safe, and reliable delivery of energy across the United States and increasingly to the world. Our assets connect natural gas and natural gas liquids (NGLs) to domestic and international markets with growing demand for cleaner fuels and feedstocks.WWW.TARGARESOURCES.COM INV E S TO RP RE S E N TA TIO N INVESTORRELATIONS@TARGARESOURCES.COM 26

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