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Targa Resources Turns To Profit In Q2

Targa Resources Corp. (TRGP) reported that its second quarter net income attributable to common shareholders was $48.9 million, compared to a loss of $41.2 million in the prior year.

Net income was higher in 2020 primarily due to income allocated to noncontrolling interest holders in Targa Badlands LLC, Targa GCX Pipeline LLC, and the Grand Prix Pipeline LLC.

Total revenues declined to $1.52 billion from $1.995 billion in the previous year.

Targa is increasing the low end of its previously provided 2020 Adjusted EBITDA outlook and now estimates full year Adjusted EBITDA to be between $1.5 billion to $1.625 billion.

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