Targa Resources (TRGP) Capital Expenditure by Segment

Details where Targa is putting its investment dollars — growth projects, expansions, and maintenance — across each business line. Helps judge future revenue potential, the timing of new cash flows, and how much capex will pressure free cash flow and leverage in the near term.

Spending has clearly been reallocated toward Gathering & Processing and Logistics/Transportation to fund fractionators, trains, pipelines and export capacity — exactly what management cited as the drivers behind record volumes and higher EBITDA guidance. That alignment supports meaningful multi‑year upside, but the front‑loaded, large growth capex profile increases execution and liquidity sensitivity; coupled with per‑unit G&P margin pressure, fee‑floor exposure and longer lead times, expect near‑term cash‑flow compression even as these investments set up outsized downstream earnings later.