Investor Presentaiton

Investing 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

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