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MI - Targa slashes dividend & capex budget in quest to save $1.5B - March 2020
Targa Resources reduced its quarterly dividend by 89% and its 2020 capex budget by 32% at midpoint, two moves that should save the company about $1.5 billion. Targa’s preliminary estimate for 2021 net growth capex spending is just $200 million—a 92% drop from the $2.57 billion it spent in 2019. The quarterly dividend for Q1 will be $0.10 per common share compared with the $0.91/share Q4 dividend it paid Feb. 18. This reduction provides......
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