Targa Resources Corp. (NYSE:TRGP) Q4 2023 Earnings Call Transcript

Matt Meloy : Yeah. No. And then, Michael, on the CapEx part, that is not included in the 1.4. In any project that goes, we’ll evaluate does it make sense for us to be a partner. So for a partner in it that would increase that CapEx. There’s also some of these pipes that will be project financed for the majority of the capital. So any amount of equity we were to put into it would be relatively small, so it may or may not be project financed. But that is not included in the — in our outlook.

Jen Kneale : And I’d just add one last point that in the $1.7 billion, we have been spending some capital in the last couple of years on what I call intra-basin Permian residue just to ensure we’ve got really good redundancy on the residue side between our plants. So to the extent that we’re contemplating any of that in the future, that will be included in that $1.7 billion multiyear outlook, but no major projects.

Michael Blum : Okay. Got it. No, that helps. And then just on Frac 11 that I guess you’re starting to spend a little bit on this year, what’s the timing of when that would be in service? Thanks.

Scott Pryor : Yeah. Hey, Michael, this is Scott. We’ve not defined what the timing would be for that in-service date. Ordering long lead items gives us some flexibility on what that needs to be out into the future. We’re just finding that supply chain planning — or supply chain issues are creating some issues with certain equipment. And so as a result of that, we can take some small capital dollars to ensure that we can hold whatever date we put out there in the future. So we don’t have a defined date at this point, but it’s certainly something that we want to keep on our radar and keep ahead of.

Michael Blum : Thank you.

Matt Meloy : Yeah, thanks, Michael.

Operator: Thank you. This concludes the question-and-answer session. I’d now like to hand the call back over to Sanjay Lad for closing remarks.

Sanjay Lad: Thanks to everyone that was on the call this morning, and we appreciate your interest in Targa Resources. The Investor Relations team will be available for any follow-up questions you may have. Thanks and have a great day.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.