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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 3,896.6 $ 5,360.1 $ 11,820.8 $ 16,375.0
Costs and expenses:        
Product purchases and fuel 2,690.0 4,306.3 7,777.9 13,557.8
Operating expenses 277.7 261.3 808.4 660.6
Depreciation and amortization expense 331.3 287.2 988.2 766.2
General and administrative expense 90.0 79.1 253.4 217.2
Other operating (income) expense 2.5 (3.8) 2.0 (4.4)
Income (loss) from operations 505.1 430.0 1,990.9 1,177.6
Other income (expense):        
Interest expense, net (175.1) (125.8) (509.8) (300.5)
Equity earnings (loss) 3.0 1.7 6.2 8.7
Gain (loss) from financing activities       (49.6)
(Gain) loss from sale of equity method investment       435.9
Other, net (0.1) (14.6) (4.9) (14.6)
Income (loss) before income taxes 332.9 291.3 1,482.4 1,257.5
Income tax (expense) benefit (53.9) (12.0) (260.7) (122.0)
Net income (loss) 279.0 279.3 1,221.7 1,135.5
Less: Net income (loss) attributable to noncontrolling interests 59.0 86.2 175.4 258.0
Net income (loss) attributable to Targa Resources Corp. 220.0 193.1 1,046.3 877.5
Premium on repurchase of noncontrolling interests, net of tax [1]     490.7 53.1
Dividends on Series A Preferred Stock       30.0
Deemed dividends on Series A Preferred Stock       215.5
Net income (loss) attributable to common shareholders $ 220.0 $ 193.1 $ 555.6 $ 578.9
Net income (loss) per common share - basic $ 0.97 $ 0.85 $ 2.44 $ 2.54
Net income (loss) per common share - diluted $ 0.97 $ 0.84 $ 2.43 $ 2.5
Weighted average shares outstanding - basic 223.8 226.6 225.2 227.6
Weighted average shares outstanding - diluted 225.1 230.3 226.5 231.5
Sales of Commodities [Member]        
Revenues:        
Total revenues $ 3,374.3 $ 4,800.3 $ 10,314.0 $ 14,990.7
Fees from Midstream Services [Member]        
Revenues:        
Total revenues $ 522.3 $ 559.8 $ 1,506.8 $ 1,384.3
[1] Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.