Targa Resources Corp.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
TRGP$264.59-2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001193125-25-175239
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-266435
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 193 current paragraphs.
143 unchanged; 38 reworded; 12 added; 6 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
In September 2025, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Yeti plant”). The Yeti plant is expected to begin operations in the third quarter of 2027.
Current report
In November 2025, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Copperhead plant”). The Copperhead plant is expected to begin operations in the first quarter of 2027.
Current report
NGL Pipeline Expansions
Current report
In September 2025, we announced plans to construct the Speedway NGL Pipeline (“Speedway”) which will transport NGLs from our existing assets and future plant additions in the Permian Basin to our fractionation and storage complex in Mont Belvieu, Texas. The project consists of approximately 500 miles of 30-inch diameter pipeline and associated infrastructure with an initial capacity of approximately 500 MBbl/d, expandable to 1,000 MBbl/d. Speedway is expected to begin operations in the third quarter of 2027.
Current report
Natural Gas Pipelines
Current report
In September 2025, we announced a new 35-mile intrastate natural gas pipeline that will enhance connectivity across several of our plants in the Permian Midland and a 55-mile conversion of an existing Targa pipeline into natural gas service (together, “Buffalo Run”) that will connect our Permian Midland and Permian Delaware intra-basin natural gas systems. Buffalo Run is expected to be completed in stages and fully complete in early 2028.
Current report
In November 2025, we announced the Forza Pipeline (“Forza”), a new 36-mile interstate natural gas pipeline in Permian Delaware that will connect our new and existing gas plants and enhance connectivity to the Waha hub. Forza will shortly file a certificate application with the Federal Energy Regulatory Commission and is expected to begin operations in the middle of 2028, pending receipt of necessary regulatory approvals.
Current report
The increase in operating expenses was primarily due to higher maintenance, taxes and labor costs as a result of system expansions.
Current report
The increase in other operating (income) expense was primarily due to recognition of Section 45Q tax credits earned through our carbon capture and sequestration activities.
Current report
The increase in other operating (income) expense was primarily due to recognition of Section 45Q tax credits earned through our carbon capture and sequestration activities.
Current report
Operating expenses were relatively flat despite system expansions which were offset by lower repairs and maintenance.
Current report
Our working capital as of September 30, 2025 increased $208.7 million compared to December 31, 2024. The increase was primarily due to lower product purchases and fuel payables resulting from lower NGL and natural gas prices, a higher NGL inventory balance as well as lower interest payable and accrued liabilities, partially offset by a higher outstanding balance on the Securitization Facility and lower receivables resulting from lower NGL and natural gas prices.
Removed paragraphs (6)
Previous report
In August 2025, we announced we are ordering long-lead items for our next potential gas plants across the Permian Basin.
Previous report
NGL Pipeline Expansion
Previous report
Natural Gas Pipeline Extension
Previous report
The increase in operating expenses was predominately due to a planned turnaround and system expansions.
Previous report
The increase in operating expenses was predominately due to system expansions and a planned turnaround.
Previous report
Our working capital as of June 30, 2025 decreased $93.2 million compared to December 31, 2024. The decrease was primarily due to the reclassification of the 6.500% Notes due 2027 to Current debt obligations on our Consolidated Balance Sheets as a result of the issuance of a conditional notice of redemption in June 2025. This decrease was partially offset by a lower outstanding balance on the Securitization Facility, higher NGL inventory balance as well as lower payables and accrued liabilities, including payable balances related to capital spending on growth projects.
Reworded paragraphs (38)
Previous wording
In May 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Midland (the “Pembrook II plant”). The Pembrook II plant is expected to begin operations in the third quarter of 2025.
Current wording
In May 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Midland (the “Pembrook II plant”). The Pembrook II plant commenced operations in the third quarter of 2025.
Previous wording
In August 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Bull Moose II plant”). The Bull Moose II plant is expected to begin operations in the fourth quarter of 2025.
Current wording
In August 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Bull Moose II plant”). The Bull Moose II plant commenced operations in the fourth quarter of 2025.
Previous wording
In February 2025, we announced an intra-Delaware Basin expansion of our Grand Prix pipeline system in the Permian Delaware. The expansion is expected to begin operations in the second quarter of 2026.
Current wording
In February 2025, we announced an intra-Delaware Basin expansion of our Grand Prix pipeline system in Permian Delaware. The expansion is expected to begin operations in the second quarter of 2026.
Previous wording
For the three and six months ended June 30, 2025, we repurchased 1,955,099 shares and 2,606,262 shares of our common stock at a weighted average per share price of $165.86 and $172.35 for a total net cost of $324.3 million and $449.2 million, respectively. As of June 30, 2025, there was $566.2 million remaining under the 2024 Share Repurchase Program. The amount authorized under the 2025 Share Repurchase Program is in addition to the amount that remained under the 2024 Share Repurchase Program.
Current wording
For the three and nine months ended September 30, 2025, we repurchased 932,023 shares and 3,538,285 shares of our common stock at a weighted average per share price of $166.95 and $170.93 for a total net cost of $155.6 million and $604.8 million, respectively. As of September 30, 2025, there was $1,410.6 million remaining under the Share Repurchase Programs.
Previous wording
In February 2025, we entered into a Credit Agreement with Bank of America, N.A., as the Administrative Agent and Swing Line Lender, the letter of credit issuers party thereto and the other lenders party thereto (the “TRGP Revolver”). The TRGP Revolver provides for a revolving credit facility in an initial aggregate principal amount up to $3.5 billion and matures on February 18, 2030. The maturity date is extendable, subject to the lenders’ consent, by one year up to two times. In connection with our entry into the TRGP Revolver, we terminated our previous revolving credit facility (the “Previous TRGP Revolver”).
Current wording
In February 2025, we entered into a new $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), which provides for a revolving credit facility in an initial aggregate principal amount up to $3.5 billion and matures on February 18, 2030. The maturity date is extendable, subject to the lenders’ consent, by one year up to two times. In connection with our entry into the TRGP Revolver, we terminated our previous revolving credit facility (the “Previous TRGP Revolver”).
Previous wording
As of June 30, 2025, Internal Revenue Service (the “IRS”) examinations are currently in process for the 2019, 2020 and 2022 taxable years of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We do not expect there to be any audit adjustments that would materially change our taxable income.
Current wording
As of September 30, 2025, Internal Revenue Service (the “IRS”) examinations are currently in process for the 2022 taxable year of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We do not expect there to be any audit adjustments that would materially change our taxable income. The IRS examinations for taxable years 2019 and 2020 of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes were closed on September 16, 2025 with no change.
Previous wording
Federal statutes of limitations for returns filed in 2021 (for calendar year 2020) have expired. The 2019 returns under examination have a statute extension to December 2025. The statute of limitations expired on substantially all 2020 state income tax returns that were filed prior to October 15, 2021. For Texas, the statute of limitations has expired for 2020 returns (for calendar year 2019). However, tax authorities could review and adjust carryover attributes (e.g., net operating losses) generated in a closed tax year if utilized in an open tax year.
Current wording
Federal statutes of limitations for returns filed in 2021 (for calendar year 2020) have expired. The statute of limitations expired on substantially all 2020 state income tax returns that were filed prior to October 15, 2021. For Texas, the statute of limitations has expired for 2021 returns (for calendar year 2020). However, tax authorities could review and adjust carryover attributes (e.g., net operating losses) generated in a closed tax year if utilized in an open tax year.
Previous wording
The U.S. Department of the Treasury and the IRS have issued guidance on the application of the corporate alternative minimum tax (the “CAMT”), including proposed regulations issued in September 2024, which may be relied upon until final regulations are released. Based on our interpretation of the Inflation Reduction Act of 2022 (the “IRA”), the CAMT and related guidance, the impact from the One Big Beautiful Bill Act (the “OBBBA”), and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT at least through 2026. If we become an applicable corporation and our CAMT liability is greater than our regular U.S. federal income tax liability for any particular tax year, the CAMT liability would effectively accelerate our future U.S. federal income tax obligations, reducing our cash available for distribution in that year, but provide an offsetting credit against our regular U.S. federal income tax liability for the future. As a result, our current expectation is that the impact of the CAMT is limited to timing differences in future tax years. Given the complexities of the IRA, the OBBBA, and the CAMT, we will continue to monitor and evaluate the potential future impact to our financial statements.
Current wording
The U.S. Department of the Treasury and the IRS have issued guidance on the application of the corporate alternative minimum tax (the “CAMT”), including proposed regulations issued in September 2024, which may be relied upon until final regulations are released. Based on our interpretation of the Inflation Reduction Act of 2022 (the “IRA”), the CAMT and related guidance, the impact from the One Big Beautiful Bill Act (the “OBBBA”), and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in the near term.
Previous wording
Our capital expenditures are classified as growth capital expenditures and maintenance capital expenditures. Growth capital expenditures improve the service capability of the existing assets, extend asset useful lives, increase capacities from existing levels, add capabilities, and reduce costs or enhance revenues. Maintenance capital expenditures are those expenditures that are necessary to maintain the service capability of our existing assets, including the replacement of system components and equipment, which are worn, obsolete or completing their useful life and expenditures to remain in compliance with environmental laws and regulations.
Current wording
Our capital expenditures are classified as growth capital expenditures and maintenance capital expenditures. Growth capital expenditures improve the service capability of our existing assets, extend asset useful lives, increase capacities from existing levels, add capabilities, and reduce costs or enhance revenues. Maintenance capital expenditures are those expenditures that are necessary to maintain the service capability of our existing assets, including the replacement of system components and equipment, which are worn, obsolete or completing their useful life and expenditures to remain in compliance with environmental laws and regulations.
Previous wording
Capital spending associated with growth and maintenance projects is closely monitored. Return on investment is analyzed before a capital project is approved, spending is closely monitored throughout the development of the project, and the subsequent operational performance is compared to the assumptions used in the economic analysis performed for the capital investment approval.
Current wording
Capital spend associated with growth and maintenance projects is closely monitored. Return on investment is analyzed before a capital project is approved, spend is closely monitored throughout the development of the project, and the subsequent operational performance is compared to the assumptions used in the economic analysis performed for the capital investment approval.
Previous wording
We define adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. We define adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by us and by external users of our financial statements, such as investors, commercial banks and research analysts, to assess our ability to generate cash earnings (after servicing our debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.
Current wording
We define adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. We define adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures and growth capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by us and by external users of our financial statements, such as investors, commercial banks and research analysts, to assess our ability to generate cash earnings (after servicing our debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.
Previous wording
Excludes amortization of interest expense. The three and six months ended June 30, 2024 includes $0.9 million and $55.8 million, respectively, of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp (the “Splitter Agreement”).
Current wording
Excludes amortization of interest expense. The nine months ended September 30, 2024 includes $55.8 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp (the “Splitter Agreement”).
Previous wording
Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.
Current wording
Represents capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and includes contributions to investments in unconsolidated affiliates.
Previous wording
The increase in commodity sales reflected higher natural gas prices ($503.7 million), higher NGL volumes ($133.8 million) and the favorable impact of hedges ($34.4 million), partially offset by lower condensate prices ($41.6 million) and lower natural gas and condensate volumes ($29.3 million).
Current wording
The increase in commodity sales reflected higher natural gas prices ($322.3 million) and higher NGL volumes ($213.8 million), partially offset by lower NGL prices ($263.3 million) and the unfavorable impact of hedges ($16.6 million).
Previous wording
The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees. Lower transportation and fractionation fees were due to a planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Current wording
The increase in fees from midstream services was primarily due to higher gas gathering and processing fees and higher transportation and fractionation fees.
Previous wording
The increase in product purchases and fuel reflected higher NGL volumes and natural gas prices, partially offset by lower NGL prices.
Current wording
The increase in product purchases and fuel reflected higher natural gas prices and higher NGL volumes, partially offset by lower NGL prices.
Previous wording
The increase in income tax expense was primarily due to the increase in pre-tax book income and a decrease in income allocated to noncontrolling interest that is not taxable to the Company.
Current wording
The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income and a decrease in income allocated to noncontrolling interest that is not taxable to the Company.
Previous wording
The increase in commodity sales reflected higher NGL volumes ($304.2 million), higher natural gas prices ($296.4 million) and the favorable impact of hedges ($290.5 million), partially offset by lower NGL and condensate prices ($217.3 million).
Current wording
The increase in commodity sales reflected higher natural gas prices ($815.5 million), higher NGL volumes ($354.1 million) and the favorable impact of hedges ($17.8 million), partially offset by lower NGL and condensate prices ($318.1 million).
Previous wording
The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees. Lower transportation and fractionation fees were due to a planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Current wording
The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees. Lower transportation and fractionation fees were predominantly due to a planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Previous wording
The increase in product purchases and fuel reflected higher natural gas prices and higher NGL volumes, partially offset by lower natural gas volumes.
Current wording
The increase in product purchases and fuel reflected higher natural gas prices and higher NGL volumes, partially offset by lower NGL prices.
Previous wording
The increase in operating expenses was primarily due to higher labor and maintenance costs, and taxes, which were associated with system expansions and the planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Current wording
The increase in operating expenses was primarily due to higher maintenance and labor costs and taxes as a result of system expansions and the planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Previous wording
The increase in income tax expense was primarily due to the increase in pre-tax book income and a decrease in income allocated to noncontrolling interest that is not taxable to the Company.
Current wording
The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income and a decrease in income allocated to noncontrolling interest that is not taxable to the Company.
Previous wording
Plant natural gas inlet represents our undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands during 2024.
Current wording
Plant natural gas inlet represents our undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant.
Previous wording
The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian, partially offset by lower volumes in other areas. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity.
Current wording
The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian, partially offset by lower volumes in other areas. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, the Pembrook II plant during the third quarter of 2025, and continued strong producer activity.
Previous wording
The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity.
Current wording
The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian, partially offset by lower volumes in other areas. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, the Pembrook II plant during the third quarter of 2025, and continued strong producer activity.
Previous wording
The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin, and higher LPG export margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems, a full quarter of operation of Train 9 which was added during the second quarter of 2024, the in-service of
Current wording
The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin, partially offset by lower marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems, a full quarter of operation of Daytona NGL Pipeline which commenced operations during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin decreased due to fewer optimization opportunities.
Previous wording
The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin, and higher LPG export margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems, a full quarter of operation of Train 9 which was added during the second quarter of 2024, the in-service of Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Fractionation volumes were higher despite a planned turnaround at a portion of our facilities in Mont Belvieu, Texas. LPG export margin increased due to higher volumes and fees.
Current wording
The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin and higher LPG export margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, a full quarter of operation of Daytona NGL Pipeline which commenced operations during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. LPG export margin increased due to higher volumes and fees.
Previous wording
The increase in operating expenses was primarily due to higher labor and maintenance costs, and taxes, which were associated with system expansions and the planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Current wording
The increase in operating expenses was predominantly due to system expansions and the planned turnaround at a portion of our facilities in Mont Belvieu, Texas.
Previous wording
As of June 30, 2025, inclusive of our consolidated joint venture accounts, we had $113.1 million of Cash and cash equivalents on our Consolidated Balance Sheets. On a consolidated basis, our main sources of liquidity and capital resources are internally generated cash flows from operations, borrowings under the TRGP Revolver, the Commercial Paper Program, the Securitization Facility, and access to debt and equity capital markets. We supplement these sources of liquidity with joint venture arrangements and proceeds from asset sales. Our exposure to adverse credit conditions includes our credit facilities, cash investments, hedging abilities, customer performance risks and counterparty performance risks.
Current wording
As of September 30, 2025, inclusive of our consolidated joint venture accounts, we had $124.1 million of Cash and cash equivalents on our Consolidated Balance Sheets. On a consolidated basis, our main sources of liquidity and capital resources are internally generated cash flows from operations, borrowings under the TRGP Revolver, the Commercial Paper Program, the Securitization Facility, and access to debt and equity capital markets. We supplement these sources of liquidity with joint venture arrangements and proceeds from asset sales. Our exposure to adverse credit conditions includes our credit facilities, cash investments, hedging abilities, customer performance risks and counterparty performance risks.
Previous wording
A portion of our capital resources are allocated to letters of credit to satisfy certain counterparty credit requirements. As of June 30, 2025, we had $9.4 million in letters of credit outstanding under the TRGP Revolver. The letters of credit also reflect certain counterparties’ views of our financial condition and ability to satisfy our performance obligations, as well as commodity prices and other factors.
Current wording
A portion of our capital resources are allocated to letters of credit to satisfy certain counterparty credit requirements. As of September 30, 2025, we had $26.7 million in letters of credit outstanding under the TRGP Revolver. The letters of credit also reflect certain counterparties’ views of our financial condition and ability to satisfy our performance obligations, as well as commodity prices and other factors.
Previous wording
The increase in net cash provided by operating activities was primarily due to higher collections from customers resulting from increased revenues offset by higher payments related to product purchases and fuel as well as higher operating expenses and lower settlements for hedge transactions. In addition, during 2024, we made a nonrecurring one-time payment associated with the Splitter Agreement.
Current wording
The increase in net cash provided by operating activities was primarily due to higher collections from customers resulting from increased revenues in 2025 compared to 2024, partially offset by an increase in payments for product purchases and fuel, operating costs and interest on debt. In addition, during 2024, we made a nonrecurring one-time payment associated with the Splitter Agreement.
Previous wording
The increase in net cash used in investing activities was due to higher outlays for major growth capital projects in 2025 primarily related to construction activities in the Permian region and Mont Belvieu, Texas, and contributions to unconsolidated affiliates.
Current wording
The increase in net cash used in investing activities was due to higher outlays for major growth capital projects in 2025 primarily related to construction activities and an increase in contributions to unconsolidated affiliates.
Previous wording
The decrease in net cash used in financing activities was due to higher proceeds from debt financings in 2025, and lower distributions to noncontrolling interests subsequent to the CBF Acquisition in the fourth quarter of 2024 and the Badlands Transaction in the first quarter of 2025, partially offset by higher repurchases of noncontrolling interests due to the Badlands Transaction and higher dividends paid. The increase in cash flows from our debt activity was due to proceeds from the issuance of our senior unsecured notes in 2025, partially offset by higher repayments under the Commercial Paper Program and Securitization Facility. In addition, in 2024, we fully repaid the remaining balance outstanding under the $1.5 billion unsecured term loan facility.
Current wording
The change in net cash provided by (used in) financing activities was due to higher proceeds from debt financings in 2025, and lower distributions to noncontrolling interests subsequent to the CBF Acquisition in the fourth quarter of 2024 and the Badlands Transaction in the first quarter of 2025, partially offset by higher repurchases of noncontrolling interests due to the Badlands Transaction and higher dividends paid. The increase in cash flows from our debt activity was due to higher net borrowings of our senior unsecured notes in 2025 and higher net borrowings under the Securitization Facility, partially offset by lower net borrowings under the Commercial Paper Program. In addition, in 2024, we fully repaid the remaining balance outstanding under the $1.5 billion unsecured term loan facility.
Previous wording
The following table details the dividends on common stock declared and/or paid by us for the six months ended June 30, 2025:
Current wording
The following table details the dividends on common stock declared and/or paid by us for the nine months ended September 30, 2025:
Previous wording
Growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates, were $1,479.6 million and $1,484.5 million for the six months ended June 30, 2025 and 2024.
Current wording
Growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates, were $2,332.6 million and $2,180.4 million for the nine months ended September 30, 2025 and 2024.
Previous wording
Maintenance capital expenditures, net of contributions from noncontrolling interests, were $106.2 million and $102.7 million for the six months ended June 30, 2025 and 2024.
Current wording
Maintenance capital expenditures, net of contributions from noncontrolling interests, were $163.2 million and $167.1 million for the nine months ended September 30, 2025 and 2024.
Previous wording
The decrease in growth capital expenditures was primarily due to timing of construction projects.
Current wording
The increase in growth capital expenditures was primarily due to construction activities during 2025.
Previous wording
As of June 30, 2025, there were $58.6 million in surety bonds outstanding related to various performance obligations. These are in place to support various performance obligations as required by (i) statutes within the regulatory jurisdictions where we operate and (ii) counterparty support. Obligations under these surety bonds are not normally called, as we typically comply with the underlying performance requirement.
Current wording
As of September 30, 2025, there were $58.5 million in surety bonds outstanding related to various performance obligations. These are in place to support various performance obligations as required by (i) statutes within the regulatory jurisdictions where we operate and (ii) counterparty support. Obligations under these surety bonds are not normally called, as we typically comply with the underlying performance requirement.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Fractionation volumes were higher despite a planned turnaround at a portion of our facilities in Mont Belvieu, Texas. LPG export margin increased due to higher volumes and fees.