Targa Resources management check
TRGP · Energy · Oil & Gas Storage & Transportation · CEO Matthew J. Meloy
Filings as of
4 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $770, against $347 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.41 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
Insiders are selling3 insiders sold $4.8m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.0% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
8 leadership filings in 3 yearsCEO in the pay table: Matthew J. Meloy. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 64 | |
| Pay for performance | 70 | 65 | |
| CEO cost | — | — | 66 |
| Skin in the game | — | — | 49 |
| Dilution | 75 | 58 | |
| Stable leadership | 85 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Storage & Transportation, by management score. Targa Resources is 2nd of 20 in its sector.
- 13EXEExpand Energy87
- 17TRGPTarga Resources86
- 33BKRBaker Hughes84
- 253WMBWilliams Companies64
- 279KMIKinder Morgan63
- 414OKEOneok51
Pay versus performance
From the proxy statement filed March 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Matthew J. Meloy | $21.5m | $31.0m | $6.6m | $770 | $347 | — |
| 2024 | Matthew J. Meloy | $15.5m | $77.3m | $5.2m | $729 | $337 | — |
| 2023 | Matthew J. Meloy | $14.2m | $28.6m | $4.6m | $347 | $224 | — |
| 2022 | Matthew J. Meloy | $15.2m | $39.2m | $4.7m | $287 | $188 | — |
| 2021 | Matthew J. Meloy | $14.7m | $40.3m | $4.4m | $200 | $145 | — |
The board says pay is tied most to AdjustedEBITDA. Its other key measures: Adjusted EBITDA, Cash Flow from Operations per Share, Relative TSR.
Insiders and the CEO's stake
Matthew J Meloy (Chief Executive Officer) held 712,291 shares directly after their latest Form 4 on May 14, 2026.
3 insiders sold $4.8m in the last six months and none bought.
- SoldCharles R CrispDirector$3.6mAug 25, 2026
- SoldWaters S Iv DavisDirector$719kAug 21, 2026
- SoldPaul W ChungDirector$538kSep 1, 2026
Leadership and governance on file
- Aug 25, 2026Leadership change8-K 5.02
- Jul 17, 2026Leadership change8-K 5.02
- Aug 6, 2025Leadership change8-K 5.02
- Feb 20, 2025Leadership change8-K 5.02
- Jun 25, 2024Leadership change8-K 5.02
- May 20, 2024Leadership change8-K 5.02
- Mar 14, 2024Leadership change8-K 5.02
- Feb 28, 2024Leadership change8-K 5.02
- Dec 13, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, 0% of net income, and $311.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.1bn | $19.8bn | $13.5bn | $14.1bn | $17.0bn |
| Net income | $71.2m | $1.2bn | $1.3bn | $1.3bn | $1.9bn |
| Stock-based pay | $59.2m | $57.5m | $62.4m | $63.2m | $69.5m |
| Buybacks | — | — | — | — | — |
| Dividends | — | — | — | — | — |
| Diluted shares | 229m | 231m | 226m | 221m | 217m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.