Adjusted EBITDA was flat sequentially due to lower marketing margins, weaker commodity prices, and a planned turnaround at the Mont Belvieu fractionation complex.
Completed a $1.5 billion debt offering and retired $705 million of higher-cost notes, improving debt maturity profile.
Liquidity stood at $3.5 billion with a pro forma leverage ratio of 3.6x, within the target range of 3x to 4x.
Targa Resources reported adjusted EBITDA of $1.163 billion for Q2 2025, an 18% increase year-over-year, driven by higher Permian volumes and full ownership of Badlands assets.
Permian Volume Growth and Infrastructure Expansion
Targa reported record Permian volumes averaging 6.3 billion cubic feet per day in Q2, up 11% year-over-year, driven by new processing plants and infrastructure.
The company added a processing plant worth of gas in Q2 and another in July, with continued strength into August, indicating sustained volume growth.
Major infrastructure projects include the Pembrook 2 plant in Midland, expected to start in Q4 2025, and Bull Run 2 in Delaware, ahead of schedule, with operations beginning in Q4 2025.
An extension of the Bull Run pipeline in the Delaware Basin will add 43 miles of 42-inch pipeline, enhancing gas takeaway and connectivity, scheduled for service in Q1 2027.
UGI reported a Q3 adjusted EPS of negative $0.01, reflecting typical seasonal patterns, with warmer weather and lower midstream margins impacting results.
The Utilities segment saw a decline in EBIT due to higher operating expenses but benefited from infrastructure investments and customer growth.
AmeriGas EBIT was stable, with lower volumes offset by higher margins, and the full-year performance remains resilient despite seasonal challenges.
Adjusted EBITDA for the quarter was approximately $514 million, with capital expenditures of $265 million.
Crescent Energy posted an exceptional Q2 2025 with record production of 263,000 barrels of oil equivalent per day, including 108,000 barrels of oil per day.
Crescent repaid approximately $200 million of debt during the quarter, increasing liquidity to $1.75 billion.
Dividend of $0.12 per share was declared, equating to an attractive 7% annualized yield.
The company generated approximately $171 million of free cash flow, exceeding Wall Street expectations on all key metrics.
The company repurchased $28 million of stock at an average price of $7.88, about 12% below the current share price.
Dafinchi