Dive Brief:
- Targa Resources is granting incoming CFO Benjamin J. Branstetter a hefty long-term incentive award in association with his appointment to the top finance seat — itself part of a series of executive leadership shifts aimed at fostering “continued long-term growth,” the company said in a press release and securities filing.
- Branstetter, who first joined the energy company nearly a decade ago, will take the CFO seat on Sept. 1, according to the filing with the Securities and Exchange Commission. In association with the move, Branstetter’s base salary will be raised to $600,000, and he will receive a long-term incentive award of 400% of his base pay, first effective for his annual award for 2027, according to the filing.
- Also as of Sept. 1, Targa CFO William Byers will retire after a two-year stint as the Houston, Texas-based midstream energy firm’s CFO and a three-decade career in the energy industry, according to the Tuesday press release. The company also appointed energy and natural gas executive Brent. B. Secrest to succeed Branstetter in his current role of president of logistics and transportation, according to the release.
Dive Insight:
Branstetter’s “background, broad experience across our organization and proven ability to execute position him well to help lead Targa through its next phase of growth,” CEO Matt Meloy said in a statement included in the release.
One of the largest independent infrastructure companies in North America, the business focuses on deliveries of natural gas and natural gas liquids and owns and operates assets across key basins including the Permian and Ardmore Basin, according to its website.
First joining Targa in 2017, Branstetter was appointed to his current role as president of logistics and transportation in March, according to the Tuesday release.
Before his most recent role, he helped to lead corporate development, commercial and supply functions in positions including SVP of downstream commercial for various company subsidiaries and as VP of NGL supply and business development, according to its most recent proxy statement. His past roles include serving as an associate for financial services Lazard and as director of corporate strategy for fellow oil and gas company Phillips 66.
Targa did not detail Branstetter’s 2025 compensation in its most recent proxy filed in March. For the year, CFO Byers received an annual base salary of $616,667 and was eligible for a long-term incentive of 375% of his base pay, according to the proxy. Byers’ 2025 compensation totalled $5.3 million including his annual salary, a $1.1 million bonus and stock awards of $3.5 million.
The energy company announced the leadership changes as it looks to continue a pattern of strong growth reported for the first half of the year. Based on its performance for its first two quarters of 2026, Targa now anticipates its full-year adjusted EBITDA to reach the top end of its expected range between $5.7 billion to $5.9 billion, according to its Aug. 6 earnings report.
The energy company credited the higher outlook to “the realization of strong marketing and optimization margin” particularly in its first two quarters, as well as “continued strength of volume growth of our integrated assets across the full year,” according to the release.
“In the first half of 2026, against a backdrop of weather-related challenges in the first quarter, natural gas takeaway constraints, negative Permian gas pricing, and broader market volatility, we were still able to deliver record results,” Meloy said during Targa’s second-quarter earnings call, according to a transcript.
For its second quarter ended June 30, Targa reported net income of $765 million, compared to $629 million for the prior year period, according to its earnings report. Adjusted EBITDA, meanwhile, spiked 38% year-over-year to $1.6 billion.
The company also announced a 20-year partnership with oil and gas company ExxonMobil, geared toward establishing an “area of mutual interest” in the Delaware Permian and adding new acreage to Targa’s Permian Midland holdings, according to an Aug. 17 press release. The company also announced the planned development of three new natural gas processing plants in the Permian Delaware, expected to be in service by the first half of 2028, according to the release.
