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Sustainable development

Targa Resources Corp. Publishes 2022 Sustainability Report

Strategic Insights

— 1 min read

Targa Resources Corp. has released its 2022 Sustainability Report, detailing its progress in reducing environmental and social impacts. The report outlines the company's accomplishments in methane emissions reduction, flaring intensity, greenhouse gas emissions, liquefied petroleum gas exports, safety records, and human rights policies. Additionally, the report highlights Targa's ongoing efforts in 2023, including increased methane aerial surveys, hand-held camera monitoring, and the implementation of a new Human Rights Policy. The report adheres to the Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB) Oil & Gas - Midstream Standard, and Task Force on Climate-Related Financial Disclosures (TCFD).

Key Takeaways:

  • Targa Resources Corp. reduced absolute methane emissions by 42% in 2022, as reported to the EPA, and is making progress towards its 2025 methane intensity reduction goals.
  • The company reduced flaring intensity from emissions events in the Permian Basin by 21% and decreased its Total Recordable Incident Rate by 26%.
  • Targa exported approximately 4.8 billion gallons of liquefied petroleum gas globally, which can displace higher GHG-emitting fuels.
  • The company formalized expectations through newly published Human Rights Policy and Indigenous Peoples Policy, and published a TCFD index on efforts to identify climate-related risks and opportunities.
  • Targa's Board-level Sustainability Committee oversees management's implementation of sustainability strategy to create long-term stakeholder value.
  • In 2023, the company will increase methane aerial surveys to cover all of its assets, including those in the Permian Basin twice during the year, and increase hand-held camera monitoring to quarterly at all compressor stations and bi-monthly at all gas plants.

Statistics:

  • 42% reduction in absolute methane emissions by Targa Resources Corp. compared to previous years (reported to the EPA).
  • 21% decrease in flaring intensity from emissions events in the Permian Basin.
  • 26% decrease in Total Recordable Incident Rate.
  • 30% decrease in Preventable Motor Vehicle Accident Rate.
  • 5 Targa sites recognized by GPA Midstream for exceptional safety records.
  • 4.8 billion gallons of liquefied petroleum gas exported globally.
  • 2023 targets: Increase methane aerial surveys to cover all of Targa's assets in the Permian Basin twice during the year.
  • 2023 targets: Increase hand-held camera monitoring to quarterly at all compressor stations and bi-monthly at all gas plants.

Sources:

  • Targa Resources Corp.'s 2022 Sustainability Report
  • GLOBE NEWSWIRE
  • Targa Resources Corp.'s website at
  • Regulation FD Disclosures
  • Securities and Exchange Commission filings
  • Public conference calls
  • Company website at www.targaresources.com

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