Targa’s Permian natural gas inlet volumes averaged a record 4.7 billion cubic feet per day (“Bcf/d”) in the fourth quarter of 2022 even though volumes were negatively impacted by Winter Storm Elliott.
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In the Gathering & Processing (“G&P”) segment, lower sequential adjusted operating margin was driven by lower commodity prices offset by higher natural gas inlet volumes across Targa’s Permian systems and a full quarter contribution from the Company’s Delaware Basin acquisition, which closed with an accounting effective date of August 1, 2022. Targa reported fourth quarter 2022 adjusted EBITDA of $840.4 million, representing a 9 percent increase compared to the third quarter of 2022. There was $143.8 million remaining under the Company’s $500 million common share repurchase program as of December 31, 2022.įourth Quarter 2022 - Sequential Quarter over Quarter Commentary For the year ended December 31, 2022, Targa repurchased 3,412,354 shares of its common stock at a weighted average price of $65.87 for a total net cost of $224.8 million. Targa repurchased 395,798 shares of its common stock during the fourth quarter of 2022 at a weighted average price of $70.75 for a total net cost of $28.0 million. Total cash dividends of approximately $79 million were paid on Februon all outstanding shares of common stock to holders of record as of the close of business on January 31, 2023. On January 19, 2023, Targa declared a quarterly dividend of $0.35 per share of its common stock for the fourth quarter of 2022, or $1.40 per share on an annualized basis.
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For the full year 2022, the Company reported distributable cash flow and adjusted free cash flow of $2,278.7 million and $1,101.5 million, respectively. The Company reported distributable cash flow and adjusted free cash flow for the fourth quarter of 2022 of $655.5 million and $103.1 million, respectively. For full year 2022, Targa reported record adjusted EBITDA of $2,901.1 million compared to $2,052.0 million for the full year 2021. The Company reported record adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”) of $840.4 million for the fourth quarter of 2022 compared to $570.6 million for the fourth quarter of 2021. was a record $1,195.5 million compared to $71.2 million for 2021. For full year 2022, net income attributable to Targa Resources Corp. was $318.0 million compared to $(313.6) million (including a non-cash pre-tax impairment loss of $452.3 million on assets in SouthTX associated with Targa's Central operations) for the fourth quarter of 2021. Fourth quarter 2022 net income (loss) attributable to Targa Resources Corp.
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