Targa Resources Corp.: Update to credit analysis – lower dividends and capex to stabilize leverage despite weaker industry conditions
Targa Resources has sizeable scale and earnings but EBITDA growth will be suppressed by weaker volumes; but dividend and capex cuts will stabilize leverage.Targa Resources is a provider of midstream services and is a midstream energy company. The company operates in two segments: Gathering and Processing, which consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil; and Logistics and Marketing, which includes activities necessary to convert mixed natural gas liquids (NGLs) into NGL products and provides certain services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses.
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