Targa Resources Management

Management criteria checks 3/4

Targa Resources' CEO is Matt Meloy, appointed in Mar 2020, has a tenure of 4.83 years. total yearly compensation is $14.19M, comprised of 6.8% salary and 93.2% bonuses, including company stock and options. directly owns 0.31% of the company’s shares, worth $123.26M. The average tenure of the management team and the board of directors is 3.8 years and 7.6 years respectively.

Key information

Matt Meloy

Chief executive officer

US$14.2m

Total compensation

CEO salary percentage	6.8%
CEO tenure	4.8yrs
CEO ownership	0.3%
Management average tenure	3.8yrs
Board average tenure	7.6yrs

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
Sep 30 2024	n/a	n/a	US$1b
Jun 30 2024	n/a	n/a	US$1b
Mar 31 2024	n/a	n/a	US$1b
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

Compensation vs Market: Matt's total compensation ($USD14.19M) is above average for companies of similar size in the UK market ($USD5.68M).

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

CEO

Matt Meloy (46 yo)

4.8yrs

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	4.8yrs	US$14.19m	0.31% $ 123.3m
Jennifer Kneale	President of Finance & Administration	less than a year	US$5.67m	0.10% $ 40.0m
D. Pryor	President of Logistics & Transportation	6.8yrs	US$4.22m	0.057% $ 22.8m
Patrick McDonie	President of Gathering & Processing	9.2yrs	US$4.22m	0.11% $ 45.5m
Robert Muraro	Chief Commercial Officer	6.8yrs	US$4.22m	0.079% $ 31.5m
William Byers	Executive Vice President & CFO	less than a year	no data	0.0016% $ 642.7k
Julie Boushka	Senior VP & Chief Accounting Officer	5.8yrs	no data	0.012% $ 4.6m
Sanjay Lad	Vice President of Finance & Investor Relations	7.8yrs	no data	no data
Gerald Shrader	Executive VP	1.1yrs	no data	0.014% $ 5.4m
Denny Latham	Executive VP of Permian & General Partner	2.5yrs	no data	no data
Joel Thomas	Senior VP of Finance & Treasurer	1.8yrs	no data	no data
J. Eklof	VP & Controller	2.7yrs	no data	no data

3.8yrs

Average Tenure

58yo

Average Age

Experienced Management: 0LD9's management team is considered experienced (3.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Matthew Meloy	CEO & Director	4.8yrs	US$14.19m	0.31% $ 123.3m
Randy Christofferson	Observer	8.9yrs	no data	no data
Joe Perkins	Independent Director	13yrs	US$281.27k	0.073% $ 28.9m
Rene Joyce	Independent Director	19.3yrs	US$281.27k	0.36% $ 142.4m
Charles Crisp	Independent Director	19.3yrs	US$285.02k	0.038% $ 15.0m
Caron Lawhorn	Independent Director	less than a year	no data	0.00074% $ 295.4k
Paul Chung	Chairman of the Board	4yrs	US$456.93k	0.24% $ 95.2m
Robert Teague	Independent Director	less than a year	no data	0.0023% $ 914.1k
Laura Fulton	Lead Independent Director	11.9yrs	US$306.27k	0.013% $ 5.3m
Beth Bowman	Independent Director	6.3yrs	US$296.27k	0.0086% $ 3.5m
Waters Davis	Independent Director	9.5yrs	US$297.52k	0.0044% $ 1.8m
Lindsey Cooksen	Independent Director	4.6yrs	US$281.27k	0.0043% $ 1.7m

7.6yrs

Average Tenure

64yo

Average Age

Experienced Board: 0LD9's board of directors are considered experienced (7.6 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/03 09:25
End of Day Share Price	2025/01/02 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Targa Resources Corp. is covered by 39 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Ethan Bellamy	Baird
Theresa Chen	Barclays
Richard Gross	Barclays

Targa Resources Management

Management criteria checks 3/4

Key information

Recent management updates

President of Logistics & Transportation recently sold US$5.7m worth of stock

President of Logistics & Transportation recently sold US$2.8m worth of stock

President of Logistics & Transportation recently sold US$2.3m worth of stock

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

Recent updates

Now 21% overvalued after recent price rise

Now 22% overvalued after recent price rise

President of Logistics & Transportation recently sold US$5.7m worth of stock

Investor sentiment improves as stock rises 17%

Third quarter 2024 earnings released: EPS: US$1.77 (vs US$0.97 in 3Q 2023)

Second quarter dividend of US$0.75 announced

Targa Resources Corp. Announces Quarterly Dividend for the Third Quarter of 2024, Payable on November 15, 2024

Now 21% overvalued after recent price rise

Now 21% overvalued after recent price rise

Now 20% overvalued after recent price rise

Now 22% overvalued after recent price rise

President of Logistics & Transportation recently sold US$2.8m worth of stock

Second quarter 2024 earnings released: EPS: US$1.34 (vs US$1.44 in 2Q 2023)

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

First quarter dividend of US$0.75 announced

Targa Resources Corp. to Report Q2, 2024 Results on Aug 01, 2024

President of Logistics & Transportation recently sold US$2.3m worth of stock

First quarter 2024 earnings released: EPS: US$1.24 (vs US$0.028 in 1Q 2023)

Upcoming dividend of US$0.75 per share

Fourth quarter dividend increased to US$0.75

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 US$2.5m 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

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

Now 21% undervalued

Now 21% undervalued

Chairman of the Board recently sold US$1.5m 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

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 US$2.4m 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 US$148k worth of stock

Senior VP & Chief Accounting Officer recently sold US$148k 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 US$438k 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 US$172k worth of stock

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

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

Now 20% undervalued

Chief Commercial Officer recently sold US$672k worth of stock

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