#1TR TARGA Investor Presentation MUFG Oil & Gas Conference SEPTEMBER 7, 2023 | TARGA RESOURCES CORP.#2Forward Looking Statements 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 presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements. 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, 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 impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries ("OPEC") and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the impact of continued inflation and associated changes in monetary policy, the timing and success of business development efforts 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. TR TARGA INVESTOR PRESENTATION 2#3Targa's Unique Investment Proposition >> Growing EBITDA >> Increasing Dividend >> Reducing Share Count (1) Current ratings at Fitch/Moody's/S&P: BBB-/Baa3/BBB- TR TARGA INVESTOR PRESENTATION Valuable infrastructure assets backed by primarily fee-based contracts M Significant adjusted EBITDA growth expected YoY and long-term SA Strong, flexible, investment grade balance sheet(1) Increasing return of capital to shareholders expected YoY and long-term Included in the S&P 500 3#4Targa's System - Integrated NGL Solution Our assets and operations connect natural gas and NGLs to markets with growing demand for cleaner fuels and feedstocks Largest Permian Natural Gas Processor NGL Pipeline Transportation Connects Key Supply to NGL Market Hub in Mont Belvieu Premier NGL Fractionation Footprint in Mont Belvieu Connected to Domestic Petchem Market Large Natural Gas Processing Presence in Other Key Basins Significant Shipper of Natural Gas to Key End Markets Targa's System is Integrated Across the Value Chain Targa's Assets are Positioned for Long-Term Success Growing Permian Basin Production Operate One of the Largest Gulf Coast LPG Export Facilities Increasing U.S. Exports of Natural Gas and LPGs Investing in High-Return Projects That Leverage Integrated System TR TARGA INVESTOR PRESENTATION 4#5A Leading Infrastructure Company (1) (2) (3) Bakken Assets 2 natural gas processing plants -290 MMcf/d gross processing capacity Crude oil gathering and storage Permian Basin Assets ■ Largest natural gas G&P position ■ 38 natural gas processing plants(1) ~7.4 Bcf/d gross processing capacity(1) North Dakota Badlands New Mexico Kansas WestOK Oklahoma Arkansas SouthOK Permian Delaware Permian Midland Texas North Texas Louisiana Mont Belvieu Coastal Houston⭑ Galena Park NGL Pipeline Transportation ■ Grand Prix NGL Pipeline connects Targa and third-party assets in the Permian and Midcon to Mont Belvieu Daytona NGL Pipeline under construction Includes announced Permian Midland and Permian Delaware plant additions currently underway and the idling of the Sand Hills plant. Includes 40 MBbl/d of back-end capacity, Train 9 and 10 scheduled to be completed in Q2 2024 and Q1 2025, respectively, and does not include Targa's equity interest in GCF. Export facility has an effective working capacity of 13.5 MMBbl/month, inclusive of 1MMBbl/month capacity expansion underway. This capability is dependent on the mix of propane and butane demand, vessel size and availability of supply, among other factors. SouthTX - Natural Gas Gathering Pipeline Fractionation Complex NGL Pipeline G&P Asset Region ▲ Gas Plant ▲ Fractionator LPG Export Facility • Crude Terminal & Gathering Headquarters TR TARGA INVESTOR PRESENTATION " Central Region Assets 12 natural gas processing plants ~2.0 Bcf/d gross processing capacity NGL Fractionation One of the largest footprints in Mont Belvieu 10 fractionation trains ~1.1 MMBbl/d gross fractionation capacity(2) Coastal Region Assets 5 natural gas processing plants ~2.0 Bcf/d gross processing capacity LPG Export Services One of the largest U.S. exporters of LPG ~13.5 MMBbl/month effective working capacity(3) LO 5#6Predominantly Fee-Based Margin Durable earnings from significant fee-based margin, fee-floors, and disciplined hedging program Gathering & Processing (2) Pipeline Transportation -85% Fee-based(1) Fractionation LPG Export Services ■Fee-Based ■Commodity Sensitivity (Hedged) ■Commodity Sensitivity (Unhedged) Stable Earnings and Cash Flows Targa's business is predominantly backed by fee-based contracts: gathering and processing, NGL pipeline transportation, fractionation, LPG export services Significant fee-floor contracts in place in G&P segment, reducing downside while preserving upside ■ Hedges provide cash flow stability and reduce exposure to commodity prices on non fee- based G&P contract exposure (1) Fee-based profile based on fully consolidated 2023E adjusted operating margin. (2) Fee-based margin in G&P segment includes Badlands (fully consolidated adjusted operating margin), South OK, South TX and significant portions of Permian Delaware, Permian Midland, and WestOK. TR TARGA INVESTOR PRESENTATION 6#7(1) Significant EBITDA Growth and Balance Sheet Strength Maintaining balance sheet strength and financial flexibility over the long-term remain a key priority Adjusted EBITDA ($ in Billions) $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 2019 Industry Leading Growth +150% Adjusted EBITDA (1) Growth 2020 2021 2022 2023E Consolidated Leverage 6.0x 5.0x Strong Investment Grade Balance Sheet Significant Financial Flexibility 4.0x Long-Term Target 3.0x 2.0x 1.0x 0.0x 2019 2020 2021 2022 2023E 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 measure to its most directly comparable GAAP financial measure. Adjusted EBITDA growth based on midpoint of projected 2023E Adjusted EBITDA guidance. TR TARGA INVESTOR PRESENTATION 7#8Increasing Return of Capital to Shareholders Returning incremental capital to shareholders: $149 million of common share repurchases in 2Q23 $2.50 Growing Dividend +43% YoY Dividend Increase in 2023 240 Reducing Share Count(1) Over 12.5 million shares repurchased since inception of Share Repurchase Program in October 2020 at a wtd avg price of $44.70(2) Annual Common Dividend per Share $2.00 $1.50 $1.00 $0.50 $0.00 2021 2022 (1) (2) In May 2023, the Company's Board approved a new $1 billion common stock repurchase program. Weighted average per share repurchase price inclusive of share repurchases through June 30, 2023. TR TARGA INVESTOR PRESENTATION Common Shares Outstanding (in millions) 235 230 225 220 215 210 205 $201 million repurchased in 1H23 at a wtd avg price of $71.49 200 2023 2019 2020 2021 2022 1H23 8#9Investing in Attractive Projects Driven by Permian Volume Growth Organic investments across Targa's integrated NGL business expected to drive strong return on invested capital Gathering & Processing Adding +1.7 bcf/d of gas processing capacity in the Permian in response to increasing production and to meet the infrastructure needs of producers (1) Mix of fee-based and percent-of-proceeds (POP) contracts with fee floors Expansion Project Permian Midland Capacity Forecasted In-Service Logistics & Transportation Expanding NGL takeaway from the Permian and fractionation capacity to support growth in NGLS from Targa's Permian G&P position and third parties Continuing to add critical infrastructure at the NGL hub of North America; long-term fee-based contracts (1) Greenwood plant 275 MMcf/d 4Q23 Greenwood II plant 275 MMcf/d 4Q24 Permian Delaware Wildcat II plant Roadrunner II plant 275 MMcf/d 1Q24 Expansion Project Daytona NGL Pipeline GCF Fractionator Train 9 Fractionator Train 10 Fractionator LPG Export Expansion Capacity 400 MBbl/d Forecasted In-Service End of 2024 135 MBbl/d 1Q24 120 MBbl/d 2Q24 120 MBbl/d 1Q25 1 MMBbl/month 3Q23 230 MMcf/d 2Q24 Bull Moose plant 275 MMcf/d 2Q25 Ability to Collect Fees at Multiple Points as Molecules Move Through Targa's System Legacy II plant became fully available in the second quarter of 2023 and Midway plant commenced operations in the second quarter of 2023. TR TARGA INVESTOR PRESENTATION 9#10(1) (2) Net Capex + Acqs - Divests (in Billions) Demonstrated Track Record of Strong Returns Investing in high-return projects across cycles expected to continue to drive increasing shareholder returns $7.0 ~$6.0 billion of net investment $6.0 ~$1.6 billion of EBITDA growth $5.0 $4.0 $3.0 $2.0 $1.0 = ~4.0 times investment multiple of EBITDA $0.0 2018 -26% Return on Invested Capital (1) 2019 2020 Cumulative Net Capex + Acquisitions - Divestitures $1.8 $1.5 $1.2 $0.9 $0.6 $0.3 $0.0 2021 2022 Cumulative Change in Adj. EBITDA (2) ROIC (Cumulative Change in Adjusted EBITDA) / (Cumulative Capex + Acquisitions - Divestitures); excludes acquisition capital and adjusted EBITDA associated with 2022 Delaware Basin Acquisition. 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 measure to its most directly comparable GAAP financial measure. TR TARGA INVESTOR PRESENTATION YoY Change in Adj. EBITDA (in Billions) 10#112023 - Targa Momentum Continues Integrated NGL business and strong business fundamentals expected to drive increasing cash flow outlook (1) (2) +10% YoY increase in Permian natural gas volumes (1) Record Permian inlet gas volumes in 2Q23 Driving incremental volumes through Targa's Logistics and Transportation assets Record NGL pipeline transportation and fractionation volumes in 2Q23 +24% YoY increase in Adjusted EBITDA (2) System volume growth underpins adjusted EBITDA growth YoY and beyond +43% YoY increase to quarterly cash dividend Opportunistic common share repurchase program Record $149 million of quarterly common share repurchases in 2Q23 Strong and flexible IG balance sheet Expected Permian volume growth based on projected average full year 2023 Permian inlet volumes versus average 4Q22 volumes. Year over year projected adjusted EBITDA growth based on FY2022 and midpoint of projected 2023E Adjusted EBITDA guidance. TR TARGA INVESTOR PRESENTATION 11#12Targa Full Year 2023 Financial and Operational Estimates +24% year-over-year increase in estimated adjusted EBITDA is backed by volume-driven Permian growth (1)(2) FINANCIAL METRICS Adjusted EBITDA(1)(2) Net Growth Capex(3) Net Maintenance Capex Segment Operating Margin Mix (G&P/L&T) OPERATIONAL Permian G&P Inlet Volume Growth (1)(4) 2023 ESTIMATES $3,500 $3,700 million $2,000 $2,200 million $175 million -55%-45% 2023 ESTIMATES +10% increase YoY increase in 2023 adjusted EBITDA estimate driven by: ✓ ✓ Higher G&P and L&T system volumes Contributions from new organic growth projects ✓ Full year contributions from Delaware Basin and SouthTX acquisitions Contribution from Grand Prix acquisition ✓ ✓ Higher marketing and optimization ✓ Higher fees from inflation escalators FY23 COMMODITY PRICE ASSUMPTIONS(1) Waha Natural Gas ($/MMBtu) Wtd Avg NGL ($/Gal)(5) WTI Crude Oil ($/Bbl) $2.25 $0.70 $75.00 FY23 COMMODITY PRICE SENSITIVITY(1)(6) -30% Change in Prices +30% --$60MM +~$100MM 2023e Adj. EBITDA Impact Higher hedge prices Lower commodity prices Higher opex and G&A expenses attributable to recent acquisitions, system expansions, insurance costs, and inflation impacts (1) As presented in February 2023. (2) 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 measure to its most directly comparable GAAP financial measure. Year over year increase based on the midpoint of estimated 2023 adjusted EBITDA range. (3) As presented in May 2023. (4) Permian volume growth based on projected average full year 2023 Permian inlet volumes versus average 4Q22 volumes. (5) (6) Targa's composite NGL barrel comprises 43% ethane, 32% propane, 12% normal butane, 4% isobutane and 9% natural gasoline. Commodity price sensitivity for 2023 inclusive of a number of factors, including unhedged exposure, fee floor arrangements and any associated fee floor hedges, NGL barrel composition and recovery economics. Price sensitivity only; assumes no volume or other operational changes. TR TARGA INVESTOR PRESENTATION 12 12#13Targa's Infrastructure Supported by Strong Fundamental Outlook TR TARGA INVESTOR PRESENTATION 13#14Targa's Premier Permian Asset Footprint Premier Permian supply aggregation position backed by significant acreage dedications from diverse producer group Multi-plant, multi-system Permian G&P footprint, complemented by Grand Prix and Daytona NGL pipeline integration and connectivity to natural gas residue takeaway pipelines Recent Delaware Basin acquisition further enhance systems across the Delaware and Midland Basins OTERO Legend Active Rigs Processing Plant DE BACA Processing Plant In Progress Crude Terminal Existing Gathering Pipeline NGL Pipelines High Pressure Rich Gas Gathering EDDY Delaware Basin AA 38 plants 7.4 Bcf/d Permian gas processing capacity(1) Midland capacity ~3.9 Bcf/d Delaware capacity ~3.6 Bcf/d Source: Enverus; rigs as of July 20, 2023. (1) Significant volume growth expected as a result of depth of Permian drilling inventory CULBERSON HUDSPETH JEFF DAVIS REEVES ROOSEVELT BAILEY LAMB HALE FLOYD MOTLEY COTTLE FOARD + COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS KING KNOX A ים ים YOAKUM TERRY A 14 GAINES ANDREWS LYNN GARZA KENT STONEWALL HASKELL Midland Basin DAWSON BORDEN SCURRY FISHER JONES MITCHELL NOLAN TAYLOR HOWARD Central Basi Platform WINKLER COKE ECTOR GLASSCOCK ERLING RUNNELS PECOS TERRELL TOM GREEN CONCHO SCHLEICHER MENARD CROCKETT SUTTON KIMBLE Gross Targa gas processing capacity in the Permian Basin. Includes Greenwood plant expected in Q4 2023, Wildcat II plant expected in Q1 2024, Roadrunner II expected in Q2 2024, Greenwood II expected in Q4 2024, Bull Moose expected in Q2 2025 and the idling of the Sand Hills plant. TR TARGA INVESTOR PRESENTATION 14#15Permian Basin Fundamentals Permian Basin is poised for continued robust growth, driving increasing demand for Targa's midstream services Strength and resiliency of Targa's Permian Basin position > Supported by large-cap, diverse producer customers > Targa team remains focused in providing best-in- class customer service Growth Indexed 220 200 180 160 140 120 100 80 60 >50% of Lower 48 US shale rigs are in the Permian Basin (1) TR TARGA INVESTOR PRESENTATION Source: Baker Hughes, as of July 21, 2023. (1) (2) As of Q2 2023. (3) (4) Reflects organic volume growth only; excludes volumes associated with Delaware Basin acquisition for comparison purposes. Source: EIA Drilling Productivity Report - July 2023 (rolling average LTM basis). -80% of Targa's natural gas inlet volumes sourced from the Permian(2) 3.8 3.6 4Q18 1Q19 2Q19 3Q19 4.2 4Q19 1Q20 4.0 2Q20 3Q20 (3) 3.4 3.2 2018 2019 2020 2021 2022 2023 Targa Permian Inlet Volume Permian Associated Gas Production Higher GORS Benefit Targa's Capture of Permian NGL Supply(4) Permian Basin GORS have increased >20% since 2018 Targa Outperforming Permian Basin Production Curve +100% 4Q20 +68% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 15#16Targa's Industry Leading Permian G&P System Permian Basin footprint underpinned by millions of dedicated acres and decades of core drilling inventory Targa's Permian natural gas inlet volumes have historically grown faster than overall Permian Basin crude oil production, driven by: > Premier producer customers > Producers with top-tier acreage positions > Robust gas-to-oil ratios (GORs) > Exceptional plant run-times MMBbl/d 8.0 7.0 6.0 5.0 4.0 3.0 Permian Natural Gas Inlet Volume Growth Targa expects continued significant growth in Permian volumes going forward 2.0 > Flow assurance for producers (built-in reliability and redundancy) 1.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 10 1.0 0.0 0.0 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E Targa Permian Inlet Volumes (1) (2) Permian Crude Oil Production Bcf/d (1) (2) 2023E Targa Permian based on projected inlet volumes outlook. 2024E+ Targa Permian inlet volumes based on the historical growth relationship (2019-2021) between Targa Permian inlet volumes and Permian crude oil production (excluding growth relationship in 2020 given data. outlier for flat Permian crude oil production). Source: Historical data per EIA. 2023E+ forecast represents average estimates from BTU Analytics, Jefferies, JP Morgan, Mizuho, Pickering Energy Partners, Scotiabank, Tudor Pickering Holt, Wells Fargo, and Wood Mackenzie. TR TARGA INVESTOR PRESENTATION 16#17Targa's NGL Pipeline Transportation System Targa is expanding its NGL takeaway from the Permian to support growth from Targa's assets and its future plant additions NGL Pipeline Transportation Volumes To complement its Grand Prix NGL Pipeline, Targa is constructing the Daytona NGL Pipeline to support growth in NGLs from Targa's Permian G&P position and third parties NGL Pipeline Transportation Volumes (MBbl/d) 700 600 500 400 300 200 100 Midway plant Legacy II plant Legacy I plant Targa's outlook for continued NGL transportation volume growth is strong: Heim plant > Targa Permian volume growth Gateway plant Peregrine plant › Targa plant additions under construction Falcon plant > Targa future plant additions > Expiration of obligations on third party pipelines › Increasing volume commitments from third parties 0 > New third-party contracts 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 TR TARGA INVESTOR PRESENTATION 17#18NGL Production Feeds Logistics & Transportation Assets Targa's wellhead to water NGL strategy adds significant barrels into its system that are available for export Significant NGLS from Targa's Permian Plants MBbl/d 600 500 +12% 400 +22% 300 +32% Targa's NGL Transportation Pipelines Grand Prix and Daytona NGL pipelines connect supply to the NGL market hub and to Targa Downstream assets in Mont Belvieu Targa's NGL pipelines are positioned to benefit from growth in Permian supply and NGL production from Targa plants and third parties 200 100 0 2019 2020 2021 2022 Targa is one of the largest daily movers of NGLs in the Permian Basin Targa can direct the vast majority of its NGL production to its fractionation facilities in Mont Belvieu TR TARGA INVESTOR PRESENTATION Targa's Premier Fractionation Ownership in Mont Belvieu Mont Belvieu is the U.S. NGL market hub developed over decades of industry investment Superior connectivity to demand (U.S. petrochemical complex and exports) 18#19Strong LPG Fundamentals Supportive of Increased Exports Targa's wellhead to water NGL strategy adds significant barrels into its system that are available for export Increasing global demand for propane and butane driven by broad application for residential and commercial use, in addition to a significant increase in base chemical cracking and PDH demand, notably in Asia Historically, >50% of total U.S. LPG exports were shipped to Asia Pacific countries The U.S. is the incremental supplier and exporter of NGLs to support growing global demand MMBbl/d 12.0 10.0 8.0 6.0 4.0 2.0 Global LPG Demand Source: S&P Global (June 2023); growth compared to 2022 average demand. TR TARGA INVESTOR PRESENTATION 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E ■Asia Ex-Asia +5% Growth +16% Growth 19#20Targa is Well-Positioned to Support Global Energy Needs LPG exports provide critical source of cleaner fuels for developing nations and help reduce global CO2 emissions 4.9 Billion gallons of LPGs from Targa's facilities exported globally in 2022 Use of LPGs Provides Emission Reductions CO2 Emissions (1) ~70% lower than wood ~50% lower than coal (1) -20% lower than heating oil LPGs LPGs are replacing biomass in many rural communities, and LPG demand is growing in China, India, Indonesia, Bangladesh and across many countries in Africa > Where electricity is not available, the use of LPGs have a positive impact on the health and prosperity for local people in these nations by offering a cleaner energy cooking solution > LPGs are a reliable energy source that is easily transported and stored with significantly lower emissions LPG use supports and enables inclusive economic growth, promotes gender equality, protects the environment, and saves lives ■ Source: World LPG Association (WLPGA) - Based on difference in CO2 emissions from average of propane and butane versus wood, coal, and kerosene. TR TARGA INVESTOR PRESENTATION 20 20#21Sustainability Highlights From 2021 Sustainability Report Reduced combined Scope 1 and Scope 2 GHG intensity by 12% Reduced flaring volumes from emissions events by 40% Exported approximately 4.9 billion gallons of LPG globally in 2021 that can contribute to lowering global emissions when they offset the use of higher GHG-emitting fuels Completed aerial methane detection on 13,000 miles of pipelines and 162 surface facilities in the Permian Decreased preventable vehicle accident rate by 31% Received the International Liquid Terminals Association (ILTA) safety excellence award for the second year in a row Board-level Sustainability Committee continues to oversee ESG related risks and environmental and safety performance, as well as management's implementation of strategy to integrate sustainability into various business activities Our Goals by 2025 0.08% Reduce our methane intensity to 0.08% for our gathering and boosting segment 0.11% Reduce our methane intensity to 0.11% for our processing segment TCFD TCFD-aligned disclosures OUR NATION'S ENERGY Targa sits on the ONE ONE Future Steering Committee and participates in the FUTURE Technical Committee THE ENVIRONMENTAL PARTNERSHIP An Initiative of the US. Natural Gas and Oil industry Participated in API Environmental Partnership aerial methane surveys Natural Gas EPA POLLUTION PREVENTER Expanded commitment to implement methane reduction projects More information around Targa's efforts in the areas of Safety, Environment, Social and Governance can be found in our 2021 Sustainability Report, available on our website at www.targaresources.com/sustainability. TR TARGA INVESTOR PRESENTATION 21#22ESG Pillars and Highlights We are proud to help deliver safe, reliable products that fuel the low-carbon economy and improve economic mobility and quality of life domestically and around the world Environmental Safety Governance E Social Member of ONE Future Initiative: committed to a methane emissions intensity target Finding and fixing methane leaks - aerial methane detection program; increased voluntary optical gas imaging for methane leak detection to all of our compressor stations Low Carbon Energy Ventures (LCEV) team actively working on carbon capture projects, pursuing economically viable renewable energy initiatives and partnerships, and evaluating options for hydrogen fuels Promote a safety first culture, with a vision of "Zero is Achievable" Safety is an overlay to short term- incentive compensation framework for all employees Our ES&H Policy provides a framework for integrating safety performance into our core business activities Our ongoing safety programs and trainings are designed to actively engage employees and contractors in all aspects of safety " 73% Board Independence 36% Board Diversity Board-level Sustainability Committee Sustainability metrics included in short- term incentive compensation for all employees Executive compensation aligned with strategic priorities, with emphasis on at-risk pay variable compensation Consistent and ongoing shareholder engagement to discuss business topics, including governance, executive compensation and ESG Our talented and dedicated team is our most valuable resource, and we are committed to their health, safety, and development We seek to create a culture where everyone is empowered to innovate and create shared value - trust, respect, integrity, and accountability are at the forefront of every action and decision Our community engagement programs raise awareness to help prevent potential safety incidents Supplier Code of Conduct in place More information around Targa's efforts in the areas of Safety, Environment, Social and Governance can be found in our 2021 Sustainability Report, available on our website at www.targaresources.com/sustainability. TR TARGA INVESTOR PRESENTATION 22 22#23Key Takeaways: Targa's Compelling Investment Proposition >> Growing EBITDA >> Increasing Dividend >> Reducing Share Count Valuable infrastructure assets backed by primarily fee-based contracts SA TR TARGA INVESTOR PRESENTATION Significant adjusted EBITDA growth expected YoY and long-term Strong, flexible, investment grade balance sheet Increasing return of capital to shareholders expected YoY and long-term Included in the S&P 500 23 23#24Appendix and Reconciliations TR TARGA INVESTOR PRESENTATION === LEP Sample Station 24 224#25Hedge Disclosures Hedges provide cash flow stability and reduce exposure to commodity prices on non fee-based G&P contract exposure Natural Gas FIXED PRICE SWAPS (MMBtu/d; $/MMBtu) Wtd Avg NGL (Bbl/d; $/Gal)(1) WTI Crude Oil (Bbl/d; $/Bbl) Volumes Hedged Wtd. Avg. Hedge Price 2H23 158,178 40,805 $2.87 Volumes Hedged Wtd. Avg. Hedge Price 2024 105,377 $3.01 $0.68 26,376 $0.66 6,124 $71.39 4,126 $71.76 (1) Targa's composite NGL barrel comprises 43% ethane, 32% propane, 12% normal butane, 4% isobutane and 9% natural gasoline. TR TARGA INVESTOR PRESENTATION 25#26Non-GAAP Financial Measures This presentation includes the Company's non-GAAP financial measures: adjusted EBITDA, distributable cash flow, 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, distributable cash flow, adjusted free cash flow and adjusted operating margin (segment) 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 EBITDA The 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. Distributable Cash Flow and Adjusted Free Cash Flow The Company defines distributable cash flow as adjusted EBITDA less cash interest expense on debt obligations, cash tax (expense) benefit and maintenance capital expenditures (net of any reimbursements of project costs). The Company defines adjusted free cash flow as distributable cash flow less growth capital expenditures, net of contributions from noncontrolling interest and net contributions to investments in unconsolidated affiliates. Distributable cash flow 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. TR TARGA INVESTOR PRESENTATION 26#27(1) 2022 2021 Year Ended December 31, 2020 2019 (2) 2018 2017 Includes the change in estimated redemption value of the mandatorily redeemable preferred interests. Gains or losses on debt repurchases or early debt extinguishments. (In millions) (3) Non-GAAP Measures Reconciliation (11) CHP Includes financial advisory, legal and other professional fees, and other one-time transaction costs. Risk management activities related to derivative instruments including the cash impact of hedges acquired in the 2015 mergers with Atlas Energy L.P. and Atlas Pipeline Partners L.P. The cash impact of the acquired hedges ended in December 2017. Represents one-time severance and related benefit expense related to the Company's cost reduction measures. Noncontrolling interest portion of depreciation and amortization expense (including the effects of the impairment of long-lived assets on non-controlling interests). Beginning in the second quarter of 2019, we revised our reconciliation of Net Income (Loss) attributable to TRC to Adjusted EBITDA to exclude the Splitter Agreement adjustment previously included in the comparative periods presented herein. For all comparative periods presented, our Adjusted EBITDA measure previously included the Splitter Agreement adjustment, which represented the recognition of the annual cash payment received under the condensate splitter agreement ratably over four quarters. The effect of these revisions reduced TRC's Adjusted EBITDA by $75.2 million and $43.0 million for 2018 and 2017. There was no impact to Distributable Cash Flow. In Distributable Cash Flow, Splitter Agreement represents the annual cash payment in the period received. Excludes amortization of interest expense. Represents capital expenditures, net of contributions from noncontrolling interests and includes net contributions to investments in unconsolidated affiliates. Includes an adjustment, reflecting the benefit from net operating loss carryback to 2015 and 2014, which was recognized over the periods between the third quarter 2016 recognition of the receivable and the anticipated receipt date of the refund. The refund, previously expected to be received on or before the fourth quarter of 2017, was received in the second quarter of 2017. The remaining $20.9 million unamortized balance of the tax refund was therefore included in Distributable Cash Flow in the second quarter of 2017. Also includes a refund of Texas margin tax paid in previous periods and received in 2017. Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow Net income (loss) attributable to Targa Resources Corp. Income attributable to TRP preferred limited partners Interest (income) expense, net (1) Income tax expense (benefit) Depreciation and amortization expense Impairment of long-lived assets Impairment of goodwill (Gain) loss on sale or disposition of business and assets Write-down of assets (Gain) loss from financing activities (2) (4) $ 1,195.5 $ 71.2 $ (1,553.9) 15.1 $ (209.2) $ 11.3 1.6 11.3 $ 446.1 131.8 387.9 14.8 391.3 337.8 185.8 (248.1) (87.9) 5.5 1,096.0 870.6 865.1 971.6 815.9 452.3 2,442.8 225.3 54.0 11.3 233.7 (397.1) 809.5 378.0 (5) (6) 210.0 (9.6) 2.0 58.4 71.1 (0.1) 15.9 (7) 9.8 10.3 55.6 17.9 49.6 16.6 (45.6) 1.4 2.0 16.8 (Gain) loss from sale of equity-method investment (435.9) (69.3) Transaction costs related to business acquisition (3) 23.9 5.6 Equity (earnings) loss (9.1) 23.9 (72.6) (39.0) (7.3) 17.0 Distributions from unconsolidated affiliates and preferred partner interests, net Change in contingent considerations 27.2 116.5 108.6 61.2 31.5 18.0 0.1 (0.3) 8.7 (8.8) (99.6) Compensation on equity grants 57.5 59.2 66.2 60.3 56.3 Risk management activities (4) 302.5 116.0 (228.2) 112.8 8.5 42.3 10.0 Severance and related benefits (5) 6.5 Noncontrolling interests adjustments (6) Adjusted EBITDA (7) $ 15.8 2,901.1 (89.4) (224.3) (38.5) (21.1) $ 2,052.0 $ 1,636.6 $ 1,435.5 $ 1,291.1 $ (18.6) 1,096.8 (8) (9) Distributions to TRP preferred limited partners (15.1) (11.3) (11.3) Splitter Agreement (8) Interest expense on debt obligations (9) Maintenance capital expenditures, net (10) Cash taxes (11) Distributable Cash Flow Growth capital expenditures, net (10) Adjusted Free Cash Flow 43.0 (11.3) 43.0 (10) (447.6) (376.2) (388.9) (342.1) (252.5) (224.3) (168.1) (131.7) (104.2) (134.9) (127.9) (99.1) (6.7) (2.7) 44.4 46.7 $ 2,278.7 (1,177.2) $ 1,541.4 $ $ 1,101.5 $ (407.7) 1,133.7 $ 1,172.8 (597.9) 574.9 $ 947.2 $ 942.4 $ 851.8 (2,281.7) (1,320.0) $ (1,334.5) $ (377.6) $ (562.0) 289.8 TR TARGA INVESTOR PRESENTATION 27 27#28Non-GAAP Measures Reconciliation (1) Reconciliation of Estimated Net Income attributable to Targa Resources Corp. to Estimated Adjusted EBITDA Net income attributable to Targa Resources Corp. Interest expense, net Income tax expense Depreciation and amortization expense Equity earnings Distributions from unconsolidated affiliates Compensation on equity grants Full Year 2023E (in millions) 1,440.0 700.0 400.0 1,320.0 (10.0) 25.0 60.0 (330.0) (5.0) Risk management and other Noncontrolling interests adjustments (1) Estimated Adjusted EBITDA $ 3,600.0 Noncontrolling interest portion of depreciation and amortization expense. TR TARGA INVESTOR PRESENTATION 28#29WWW.TARGARESOURCES.COM TR TARGA Targa is a leading provider of midstream services as one of the largest independent midstream 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. GENERAL INQUIRIES/CORPORATE HEADQUARTERS 811 LOUISIANA STREET, SUITE 2100 HOUSTON, TX 77002 PHONE: 713.584.1133 EMAIL: Investor [email protected] TR TARGA INVESTOR PRESENTATION 線 E 29 29