Investor Presentaiton

Predominantly 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

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