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Companies Targa Resources Corp.

Targa Resources (TRGP): executive pay, fiscal 2025

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CEO total pay$21,470,708CEO Matthew Meloy · source
Say-on-pay support95.17%Latest vote · source
CEO vs. named peers92nd pct.Of 15 peer CEOs
CEO pay ratio145:1To the median employee · source

CEO pay, last three years

  • $14,191,630FY2023
  • $15,515,793FY2024
  • $21,470,708FY2025

CEO total pay was $21,470,708 in fiscal 2025, up from $15,515,793 in fiscal 2024.

FY2025: salary $1,170,667 · bonus $3,990,000 · stock awards $16,275,993 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Targa Resources Corp. in fiscal 2025?
As disclosed, Matthew Meloy (Chief Executive Officer) was the highest-paid executive at Targa Resources Corp. in fiscal 2025, with total compensation of $21,470,708.
How does Targa Resources Corp.'s chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Meloy's total compensation ranked at the 92nd percentile of Targa Resources Corp.'s disclosed peer group.
What is Targa Resources Corp.'s CEO-to-median employee pay ratio?
As disclosed, Targa Resources Corp.'s CEO-to-median employee pay ratio was 145:1.
How did shareholders vote on Targa Resources Corp.'s executive compensation?
As disclosed, 95.17% of shareholders supported Targa Resources Corp.'s executive compensation in the latest say-on-pay vote.
How much does Targa Resources Corp. spend in total on board compensation for fiscal 2025?
As disclosed, Targa Resources Corp. reported total board compensation of $3,417,819 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Meloy$1,170,667$3,990,000$16,275,993$0$0$0$34,048$21,470,708
Chief Executive Officer
Jennifer Kneale759,1671,841,0006,282,37400031,9068,914,447
President
Robert Muraro670,8331,283,0004,323,53100031,4026,308,766
Chief Commercial Officer
D. Scott Pryor670,8331,283,0004,323,53100031,4026,308,766
President – Logistics and Transportation
Patrick McDonie670,8331,283,0004,323,53100031,4026,308,766
President – Gathering and Processing
William Byers616,6671,188,0003,532,36900031,1505,368,186
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Matthew Meloy$21,470,708$15,515,793$14,191,630↑ +5,954,915
Jennifer Kneale8,914,4476,341,0555,670,067↑ +2,573,392
Robert Muraro6,308,7664,780,9874,218,123↑ +1,527,779
D. Scott Pryor6,308,7664,780,9874,218,123↑ +1,527,779
Patrick McDonie6,308,7664,780,9874,218,123↑ +1,527,779
William Byers5,368,186———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The philosophy underlying Targa's executive compensation program is to employ the best leaders in the industry to execute business goals, promote short- and long-term profitable growth, and create long-term shareholder value. The program emphasizes competitiveness, performance accountability, and shareholder alignment through a balance of short-term and long-term at-risk compensation.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantMeridian Compensation Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Patrick McDoniePSU2025-01-163,6867,372—18,430$4,323,531
D. Scott PryorPSU2025-01-163,6867,372—18,4304,323,531
Jennifer KnealePSU2025-01-165,35610,712—26,7806,282,374
William ByersPSU2025-01-163,0126,023—15,0583,523,369
Robert MuraroPSU2025-01-163,6867,372—18,4304,323,531
Matthew MeloyPSU2025-01-1613,87627,752—69,38016,275,993

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Patrick McDonie$0$4,323,531$0100.0%
D. Scott Pryor04,323,5310100.0%
Jennifer Kneale06,282,3740100.0%
William Byers03,523,3690100.0%
Robert Muraro04,323,5310100.0%
Matthew Meloy016,275,9930100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
William ByersRSU9,523—$1,756,994
William ByersPSU23,808—4,392,576
Patrick McDoniePSU49,585—9,148,433
D. Scott PryorPSU49,585—9,148,433
Robert MuraroPSU49,585—9,148,433
Patrick McDonieRSU67,385—12,432,533
D. Scott PryorRSU67,385—12,432,533
Robert MuraroRSU67,385—12,432,533
Jennifer KnealePSU70,583—13,022,564
Jennifer KnealeRSU96,214—17,751,483
Matthew MeloyPSU190,200—35,091,900
Matthew MeloyRSU263,547—48,624,422
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Paul W. ChungIndependent · Board Chair · Sustainability (Chair)$235,000$290,342$0$0$0$525,342
Laura C. FultonIndependent · Lead Independent Director · Nominating/Governance (Chair)150,000188,053000338,053
Beth A. BowmanIndependent · Compensation (Chair) · Sustainability145,000188,053000333,053
Joe Bob PerkinsIndependent · Risk Management (Chair)140,000188,053000328,053
Waters S. Davis IVIndependent · Risk Management140,000188,053000328,053
Lindsey M. CooksenIndependent · Compensation · Nominating/Governance125,000188,053000313,053
Charles R. CrispIndependent · Nominating/Governance · Sustainability125,000188,053000313,053
Rene R. JoyceIndependent · Risk Management · Sustainability · Not standing for re-election · Departed during FY125,000188,053000313,053
R. Keith TeagueIndependent · Compensation125,000188,053000313,053
Caron A. LawhornIndependent · Audit (Chair) · Risk Management125,000188,053000313,053
Robert B. Evans——000—

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$175,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guidelineMaintain executive and director share ownership guidelines

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,435,000
Equity awards (grant-date value)$1,982,819
All other compensation$0
Total cost of the board$3,417,819

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Targa Resources as a peer

Companies that benchmark against TRGP

9 companies name TRGP as a compensation peer

Each company listed discloses TRGP in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TRGP in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Targa Resources Corp. names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cheniere Energy, Inc.2025Jack Fusco$1,765,385$19,291,784$0$4,569,600$25,647,769
2Targa Resources Corp.2025Matthew Meloy1,170,66716,275,9930021,470,708
3Energy Transfer LP2025Marshall McCrea1,553,10015,779,38402,718,00020,076,651
4EQT Corporation2025Toby Rice113,552,23202,535,00016,087,233
5Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
6Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
7APA Corporation2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
8Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
9Kinder Morgan, Inc.2025Kimberly Dang523,07711,750,0270012,331,566
10Plains All American Pipeline, LP2025Willie Chiang887,5008,435,82702,950,00012,295,167
11Oneok, Inc.2025Pierce Norton II1,000,0008,771,279—1,578,00012,003,335
12DT Midstream, Inc.2025David Slater852,2036,282,37101,839,9389,328,071
13The Williams Companies, Inc.2025Chad Zamarin829,7885,999,96201,492,2558,682,793
14Kinetik Holdings Inc.2025Jamie Welch276,9235,140,8410487,5006,156,243
—Western Midstream Partners, LP——————not in coverage universe
—Enterprise Products Partners LP——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Targa Resources Corp.190%PSU 50 · RSU 50Yes — Relative TSR vs. Alerian US Midstream Index (AMUS)Meridian Compensation Partners
APA Corporation189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Cheniere Energy, Inc.160%PSU 50 · RSU 50Yes — ATSRMeridian
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
DT Midstream, Inc.152.62%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Energy Transfer LPnot disclosedRSU 75 · CRSU 25not disclosedMeridian Compensation Partners, LLC
Enterprise Products Partners LPnot disclosednot disclosednot disclosednot disclosed
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Kinder Morgan, Inc.102.5%not disclosedNoNone retained in 2025 (used Equilar Insight benchmarking software platform instead of a compensation consultant)
Kinetik Holdings Inc.65%PSU 50 · RSU 50Yes — Annualized TSRMeridian Compensation Partners
Oneok, Inc.105.2%PSU 70 · RSU 30Yes — Total Shareholder Return (TSR)Meridian Compensation Partners
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Plains All American Pipeline, LP131%RSU 50 · PSU 50Yes — Relative TSR with Negative TSR ModifierMeridian
The Williams Companies, Inc.136%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Western Midstream Partners, LPnot disclosednot disclosednot disclosednot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-21176,432,3478,616,715337,01195.17%Passed
20252025-05-20173,075,04010,311,071176,32994.29%Passed
20242024-05-16180,236,2488,474,850202,38895.41%Passed
20232023-05-23180,694,3447,631,039180,52395.86%Passed
20222022-05-24183,444,9464,727,923279,82497.34%Passed
20212021-05-25174,684,2123,417,836269,85097.93%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-2195.17%a
20252025-05-2094.29%b
20242024-05-1695.41%c

a. Approved under the standard stated in the filing — “Abstentions are treated as present and entitled to vote on the matter and will have the same effect as a vote against this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions are treated as present and entitled to vote on the matter and will have the same effect as a vote against this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions are treated as present and entitled to vote on the matter and will have the same effect as a vote against this proposal.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)145 : 1
CEO total compensation$21,470,708
Median employee compensation$147,880
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (51 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Matthew Meloy. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 21,470,708. View filing ↗
  • Section 01, Jennifer Kneale. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 8,914,447. View filing ↗
  • Section 01, Robert Muraro. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 6,308,766. View filing ↗
  • Section 01, D. Scott Pryor. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 6,308,766. View filing ↗
  • Section 01, Patrick McDonie. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 6,308,766. View filing ↗
  • Section 01, William Byers. DEF 14A, filed 2026-03-26. Section “Executive Compensation”. As printed: 5,368,186. View filing ↗
  • Section 03, Patrick McDonie PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, D. Scott Pryor PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Jennifer Kneale PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, William Byers PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Robert Muraro PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Meloy PSU. DEF 14A, filed 2026-03-26. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-26. Section “CEO Pay Ratio”. As printed: 145 : 1. View filing ↗
  • Section 08, Paul W. Chung. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 525,342. View filing ↗
  • Section 08, Laura C. Fulton. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 338,053. View filing ↗
  • Section 08, Beth A. Bowman. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 333,053. View filing ↗
  • Section 08, Joe Bob Perkins. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 328,053. View filing ↗
  • Section 08, Waters S. Davis IV. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 328,053. View filing ↗
  • Section 08, Lindsey M. Cooksen. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 313,053. View filing ↗
  • Section 08, Charles R. Crisp. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 313,053. View filing ↗
  • Section 08, Rene R. Joyce. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 313,053. View filing ↗
  • Section 08, R. Keith Teague. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 313,053. View filing ↗
  • Section 08, Caron A. Lawhorn. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 313,053. View filing ↗
  • Section 08, Robert B. Evans. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-22. Item 5.07 · say-on-pay result. As reported: 95.17% (votes for as printed: 176,432,347). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-21. Item 5.07 · say-on-pay result. As reported: 94.29% (votes for as printed: 173,075,040). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-17. Item 5.07 · say-on-pay result. As reported: 95.41% (votes for as printed: 180,236,248). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,435,000 + equity 1,982,819 + all other 0 = 3,417,819, summed across the director compensation table rows.
  • Cheniere Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Cheniere Energy, Inc.'s own proxy. As printed: 25,647,769. View filing ↗
  • Targa Resources Corp. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. View filing ↗
  • Energy Transfer LP, Section 10b CEO total. 10-K, filed 2026-02-19. CEO total compensation as printed in Energy Transfer LP's own proxy. As printed: 20,076,651. View filing ↗
  • EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
  • Diamondback Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. View filing ↗
  • Ovintiv Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. View filing ↗
  • APA Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. View filing ↗
  • Devon Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-05-28. CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. View filing ↗
  • Kinder Morgan, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Kinder Morgan, Inc.'s own proxy. As printed: 12,331,566. View filing ↗
  • Plains All American Pipeline, LP, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Plains All American Pipeline, LP's own proxy. As printed: 12,295,167. View filing ↗
  • Oneok, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Oneok, Inc.'s own proxy. As printed: 12,003,335. View filing ↗
  • DT Midstream, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in DT Midstream, Inc.'s own proxy. As printed: 9,328,071. View filing ↗
  • The Williams Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. View filing ↗
  • Kinetik Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. View filing ↗
  • Section 10a, Plains All American Pipeline, L.P. reciprocity. DEF 14A. Plains All American Pipeline, L.P. names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, DT Midstream, Inc. reciprocity. DEF 14A. DT Midstream, Inc. names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Cheniere Energy, Inc. reciprocity. DEF 14A. Cheniere Energy, Inc. names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, ONEOK, Inc. reciprocity. DEF 14A. ONEOK, Inc. names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, The Williams Companies, Inc. reciprocity. DEF 14A. The Williams Companies, Inc. names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Energy Transfer LP reciprocity. DEF 14A. Energy Transfer LP names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, EQT Corporation reciprocity. DEF 14A. EQT Corporation names Targa Resources Corp. in its own disclosed peer group (read from its most recent proxy). View filing ↗
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