Targa Resources Corp. Annual Report, Year Ended Dec 31, 2015

Targa Resources Corp. (TRGP) reported its 2015 annual results, highlighting the significant completion of the Atlas mergers and the "buy-in" transaction of Targa Resources Partners LP (TRP). These strategic moves aimed to simplify the corporate structure and reduce the cost of capital, positioning the company for long-term success amidst volatile commodity prices. The company's primary business objective is to increase cash available for dividends to stockholders by supporting the Partnership's growth, which operates as a leading midstream energy provider. The Partnership's operations encompass gathering, processing, and selling natural gas and NGLs, as well as gathering, storing, and terminaling crude oil and refined petroleum products across various basins in the United States. The financial results for 2015 were impacted by significantly lower commodity prices, leading to a net loss attributable to common shareholders. However, the company emphasized its operational execution, exceeding volume targets and achieving distribution growth. Key developments included the expansion of logistics assets, such as the Cedar Bayou Fractionator Train 5 and the Channelview Splitter project, and advancements in field gathering and processing segments. Despite the challenging commodity price environment, Targa Resources Corp. focused on operational efficiency, cost management, and maintaining financial flexibility to navigate market conditions and support its dividend policy.