Investor Presentaiton
Strong 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
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