# Targa Resources Moat

Status: published. Policy: company-analysis-1.

Targa’s connected gathering, processing and downstream assets provide useful infrastructure integration, supported by completed expansions and growing service revenue. The passages do not establish local capacity scarcity, superior costs, customer switching barriers or durable protection from competing infrastructure. Pricing evidence is mixed: lower commodity prices reduced customer collections, while segment operating results improved and some fees pass through energy costs. Durable service-rate pricing power remains unproven. This is insufficient evidence of a moat, rather than demonstrated competitive weakness.

- [https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm](https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm) · 2026-02-19
- [https://www.sec.gov/Archives/edgar/data/1389170/000119312526337729/trgp-20260630.htm](https://www.sec.gov/Archives/edgar/data/1389170/000119312526337729/trgp-20260630.htm) · 2026-08-06
- [https://www.sec.gov/Archives/edgar/data/1389170/000119312526126280/trgp-20260326.htm](https://www.sec.gov/Archives/edgar/data/1389170/000119312526126280/trgp-20260326.htm) · 2026-03-26
- [https://www.sec.gov/Archives/edgar/data/1389170/000095017025023983/trgp-20241231.htm](https://www.sec.gov/Archives/edgar/data/1389170/000095017025023983/trgp-20241231.htm) · 2025-02-20
- [https://www.sec.gov/Archives/edgar/data/1389170/000095017024015841/trgp-20231231.htm](https://www.sec.gov/Archives/edgar/data/1389170/000095017024015841/trgp-20231231.htm) · 2024-02-15
- [https://www.sec.gov/Archives/edgar/data/1389170/000119312526211698/trgp-20260331.htm](https://www.sec.gov/Archives/edgar/data/1389170/000119312526211698/trgp-20260331.htm) · 2026-05-07

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