Investor Presentaiton

Hedge 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

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