Targa Resources Management

Management criteria checks 3/4

Targa Resources' CEO is Matt Meloy, appointed in Mar 2020, has a tenure of 4.17 years. total yearly compensation is $14.19M, comprised of 6.8% salary and 93.2% bonuses, including company stock and options. directly owns 0.24% of the company’s shares, worth €56.68M. The average tenure of the management team and the board of directors is 5.7 years and 8.5 years respectively.

Key information

Matt Meloy

Chief executive officer

US$14.2m

Total compensation

CEO salary percentage	6.8%
CEO tenure	4.2yrs
CEO ownership	0.2%
Management average tenure	5.7yrs
Board average tenure	8.5yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Matt Meloy's remuneration changed compared to Targa Resources's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$14m	US$970k	US$828m
Sep 30 2023	n/a	n/a	US$868m
Jun 30 2023	n/a	n/a	US$844m
Mar 31 2023	n/a	n/a	US$890m
Dec 31 2022	US$15m	US$900k	US$897m
Sep 30 2022	n/a	n/a	US$244m
Jun 30 2022	n/a	n/a	US$211m
Mar 31 2022	n/a	n/a	-US$128m
Dec 31 2021	US$15m	US$875k	-US$16m
Sep 30 2021	n/a	n/a	US$319m
Jun 30 2021	n/a	n/a	US$195m
Mar 31 2021	n/a	n/a	US$210m
Dec 31 2020	US$12m	US$780k	-US$2b
Sep 30 2020	n/a	n/a	-US$2b
Jun 30 2020	n/a	n/a	-US$2b
Mar 31 2020	n/a	n/a	-US$2b
Dec 31 2019	US$6m	US$588k	-US$334m
Sep 30 2019	n/a	n/a	-US$327m
Jun 30 2019	n/a	n/a	-US$302m
Mar 31 2019	n/a	n/a	-US$182m
Dec 31 2018	US$6m	US$517k	-US$119m
Sep 30 2018	n/a	n/a	US$272m
Jun 30 2018	n/a	n/a	US$129m
Mar 31 2018	n/a	n/a	US$78m
Dec 31 2017	US$6m	US$473k	-US$63m

Compensation vs Market: Matt's total compensation ($USD14.19M) is above average for companies of similar size in the German market ($USD5.55M).

Compensation vs Earnings: Matt's compensation has been consistent with company performance over the past year.

CEO

Matt Meloy (45 yo)

4.2yrs

Tenure

US$14,191,630

Compensation

Mr. Matthew J. Meloy, also known as Matt, is Chief Executive Officer and Director of Targa Resources GP LLC, the General Partner of Targa Resources Partners LP since March 1, 2020. Mr. Meloy has been Chief...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Matthew Meloy	CEO & Director	4.2yrs	US$14.19m	0.24% $ 56.7m
Jennifer Kneale	Chief Financial Officer	6.2yrs	US$5.67m	0.075% $ 17.8m
D. Pryor	President of Logistics & Transportation	6.2yrs	US$4.22m	0.070% $ 16.7m
Patrick McDonie	President of Gathering & Processing	8.5yrs	US$4.22m	0.11% $ 26.6m
Robert Muraro	Chief Commercial Officer	6.2yrs	US$4.22m	0.080% $ 19.0m
Julie Boushka	Senior VP & Chief Accounting Officer	5.2yrs	no data	0.027% $ 6.4m
Sanjay Lad	Vice President of Finance & Investor Relations	7.1yrs	no data	no data
Gerald Shrader	Executive VP	less than a year	no data	0.016% $ 3.9m
Denny Latham	Executive VP of Permian & General Partner	1.8yrs	no data	no data
Joel Thomas	Senior VP of Finance & Treasurer	1.1yrs	no data	no data

5.7yrs

Average Tenure

59yo

Average Age

Experienced Management: TAR's management team is seasoned and experienced (5.7 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Matthew Meloy	CEO & Director	4.2yrs	US$14.19m	0.24% $ 56.7m
Randy Christofferson	Observer	8.3yrs	no data	no data
Joe Perkins	Independent Director	12.3yrs	US$281.27k	0.16% $ 37.5m
Rene Joyce	Independent Director	18.6yrs	US$281.27k	0.35% $ 83.7m
Charles Crisp	Independent Director	18.6yrs	US$285.02k	0.045% $ 10.7m
Ershel Redd	Independent Director	13.3yrs	US$264.90k	0.013% $ 3.1m
Paul Chung	Chairman of the Board	3.3yrs	US$456.93k	0.25% $ 58.4m
Robert Teague	Independent Director	less than a year	no data	0.0022% $ 535.3k
Laura Fulton	Lead Independent Director	11.3yrs	US$289.90k	0.013% $ 3.1m
Beth Bowman	Independent Director	5.7yrs	US$296.27k	0.0085% $ 2.0m
Waters Davis	Independent Director	8.8yrs	US$297.52k	0.0053% $ 1.3m
Lindsey Cooksen	Independent Director	3.9yrs	US$281.27k	0.0042% $ 992.1k

8.5yrs

Average Tenure

64yo

Average Age

Experienced Board: TAR's board of directors are considered experienced (8.5 years average tenure).

Targa Resources Management

Management criteria checks 3/4

Key information

Recent management updates

Targa Resources Corp., Annual General Meeting, May 16, 2024

Insufficient new directors

Targa Resources Corp. Appoints Caron A. Lawhorn as Class III Director and Member of Audit Committee

Targa Resources Corp. Announces Board Changes

Chief Financial Officer recently sold €2.3m worth of stock

Insufficient new directors

Recent updates

Fourth quarter dividend of US$0.75 announced

Targa Resources Corp. to Report Q1, 2024 Results on May 02, 2024

Targa Resources Corp., Annual General Meeting, May 16, 2024

Insufficient new directors

Targa Resources Corp. Appoints Caron A. Lawhorn as Class III Director and Member of Audit Committee

Targa Resources Corp. Announces Board Changes

Chief Financial Officer recently sold €2.3m worth of stock

Now 23% overvalued after recent price rise

Full year 2023 earnings released: EPS: US$3.75 (vs US$3.95 in FY 2022)

Insufficient new directors

Upcoming dividend of US$0.50 per share at 2.4% yield

Targa Resources Corp. to Report Q4, 2023 Results on Feb 15, 2024

Now 20% undervalued

Now 22% undervalued after recent price drop

Targa Resources Corp. Provides Earnings Guidance for the Full Year 2023

Third quarter 2023 earnings released: EPS: US$0.98 (vs US$0.85 in 3Q 2022)

Upcoming dividend of US$0.50 per share at 2.3% yield

Targa Resources Corp. to Report Q3, 2023 Results on Nov 02, 2023

Chairman of the Board recently sold €1.4m worth of stock

Second quarter 2023 earnings released: EPS: US$1.46 (vs US$1.64 in 2Q 2022)

Upcoming dividend of US$0.50 per share at 2.5% yield

Targa Resources Corp. to Report Q2, 2023 Results on Aug 03, 2023

Now 20% undervalued after recent price drop

Targa Resources Corp. (NYSE:TRGP) announces an Equity Buyback for $1,000 million worth of its shares.

First quarter 2023 earnings released: EPS: US$0.028 (vs US$0.057 in 1Q 2022)

Upcoming dividend of US$0.50 per share at 1.8% yield

Executive VP recently sold €2.3m worth of stock

Full year 2022 earnings released: EPS: US$3.96 (vs US$0.07 loss in FY 2021)

Targa Resources Corp. to Report Q4, 2022 Results on Feb 22, 2023

Targa Resources Corp. (NYSE:TRGP) completed the acquisition of 25% stake in Grand Prix Natural Gas Liquids Pipeline from Blackstone Energy Partners L.P. managed by Blackstone Inc. (NYSE:BX).

Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire 25% stake in Grand Prix Natural Gas Liquids Pipeline from Blackstone Energy Partners L.P. managed by Blackstone Inc. (NYSE:BX) for $1.1 billion.

Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire 25% stake in Grand Prix Natural Gas Liquids Pipeline from Blackstone Energy Partners L.P. managed by Blackstone Inc. (NYSE:BX) for $1.1 billion.

Senior VP & Chief Accounting Officer recently sold €147k worth of stock

Senior VP & Chief Accounting Officer recently sold €147k worth of stock

Third quarter 2022 earnings released: EPS: US$0.85 (vs US$0.70 in 3Q 2021)

Upcoming dividend of US$0.35 per share

Targa Resources Corp. to Report Q3, 2022 Results on Nov 03, 2022

Executive VP recently sold €423k worth of stock

Second quarter 2022 earnings released: EPS: US$1.63 (vs US$0.15 in 2Q 2021)

Upcoming dividend of US$0.35 per share

Targa Resources Corp. to Report Q2, 2022 Results on Aug 04, 2022

Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire Lucid Energy Delaware LLC from Goldman Sachs Asset Management, L.P. and Riverstone Holdings LLC for $3.6 billion.

Independent Director recently sold €163k worth of stock

First quarter 2022 earnings released: EPS: US$0.39 (vs US$0.55 in 1Q 2021)

Now 20% undervalued

Targa Resources Corp. (NYSE:TRGP) completed the acquisition of Southcross Energy Operating, LLC from Southcross Energy Partners, L.P.

Upcoming dividend of US$0.35 per share

Targa Resources Corp. Announces Quarterly Dividends, Payable on May 16, 2022

Targa Resources Corp., Annual General Meeting, May 24, 2022

Chief Commercial Officer recently sold €606k worth of stock

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Targa Resources Corp. Announces Impairment Results for the Quarter December 31, 2021

President of Logistics & Transportation recently sold €1.2m worth of stock

Third quarter 2021 earnings released: EPS US$0.70 (vs US$0.16 in 3Q 2020)

Upcoming dividend of US$0.10 per share

Second quarter 2021 earnings released: EPS US$0.15 (vs US$0.21 in 2Q 2020)

Targa Resources Corp. Provides Production Guidance for the Year 2021

Upcoming dividend of US$0.10 per share

Investor sentiment improved over the past week

Independent Director recently sold €249k worth of stock

Independent Director recently sold €1.2m worth of stock

Targa Resources Corp. Provides Earnings Guidance for the Year 2021

First quarter 2021 earnings released: EPS US$0.55 (vs US$7.60 loss in 1Q 2020)

Upcoming dividend of US$0.10 per share

New 90-day high: €27.40

Full year 2020 earnings released: US$7.22 loss per share (vs US$1.44 loss in FY 2019)

Revenue beats expectations

New 90-day high: €25.80

Targa Resources Corp. to Report Q4, 2020 Results on Feb 18, 2021