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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Total revenues $ 6,055.8 $ 3,415.9 $ 11,014.9 $ 7,048.7
Costs and expenses:        
Product purchases and fuel 5,047.3 2,709.0 9,251.5 5,545.3
Operating expenses 215.8 184.8 399.3 355.8
Depreciation and amortization expense 269.9 211.9 479.0 428.0
General and administrative expense 71.0 63.7 138.0 125.1
Other operating (income) expense (0.1) 0.7 (0.6) 4.6
Income (loss) from operations 451.9 245.8 747.7 589.9
Other income (expense):        
Interest expense, net (81.2) (94.8) (174.7) (193.2)
Equity earnings (loss) 1.4 12.8 7.0 24.6
Gain (loss) from financing activities (33.8) (1.9) (49.6) (16.6)
Gain (loss) from sale of equity method investment 435.9   435.9  
Other, net 0.5 0.1   0.2
Income (loss) before income taxes 774.7 162.0 966.3 404.9
Income tax (expense) benefit (87.1) (6.6) (110.1) (21.6)
Net income (loss) 687.6 155.4 856.2 383.3
Less: Net income (loss) attributable to noncontrolling interests 91.2 99.2 171.8 180.7
Net income (loss) attributable to Targa Resources Corp. 596.4 56.2 684.4 202.6
Premium on repurchase of noncontrolling interests, net of tax     53.1  
Dividends on Series A Preferred Stock 8.2 21.8 30.0 43.7
Deemed dividends on Series A Preferred Stock 215.5   215.5  
Net income (loss) attributable to common shareholders $ 372.7 $ 34.4 $ 385.8 $ 158.9
Net income (loss) per common share - basic $ 1.64 $ 0.15 $ 1.69 $ 0.70
Net income (loss) per common share - diluted $ 1.61 $ 0.15 $ 1.66 $ 0.69
Weighted average shares outstanding - basic 227.8 228.6 228.1 228.5
Weighted average shares outstanding - diluted 231.7 231.3 232.0 230.9
Sales of Commodities [Member]        
Revenues:        
Total revenues $ 5,624.2 $ 3,091.6 $ 10,190.3 $ 6,459.3
Fees from Midstream Services [Member]        
Revenues:        
Total revenues $ 431.6 $ 324.3 $ 824.6 $ 589.4