Investor Presentaiton
(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)
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