Investor Presentaiton

2023 - Targa Momentum Continues Integrated NGL business and strong business fundamentals expected to drive increasing cash flow outlook (1) (2) +10% YoY increase in Permian natural gas volumes (1) Record Permian inlet gas volumes in 2Q23 Driving incremental volumes through Targa's Logistics and Transportation assets Record NGL pipeline transportation and fractionation volumes in 2Q23 +24% YoY increase in Adjusted EBITDA (2) System volume growth underpins adjusted EBITDA growth YoY and beyond +43% YoY increase to quarterly cash dividend Opportunistic common share repurchase program Record $149 million of quarterly common share repurchases in 2Q23 Strong and flexible IG balance sheet Expected Permian volume growth based on projected average full year 2023 Permian inlet volumes versus average 4Q22 volumes. Year over year projected adjusted EBITDA growth based on FY2022 and midpoint of projected 2023E Adjusted EBITDA guidance. TR TARGA INVESTOR PRESENTATION 11

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