Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2026


	September 30, 2026			December 31, 2025
Current:
Partnership accounts receivable securitization facility, due July 2027 (1)	$	451.0		$	—
Senior unsecured notes issued by the Partnership: (2)
6.875% fixed rate, due January 2029 (3)		—			679.3
Debt issuance costs, net of amortization (3)		—			(2.3	)
Finance lease liabilities (4)		111.5			93.1
Current debt obligations		562.5			770.1

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (5)		860.0			161.0
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027 (6)		750.0			750.0
4.350% fixed rate, due January 2029		750.0			750.0
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.900% fixed rate, due September 2030		750.0			750.0
4.350% fixed rate, due April 2031 (7)		750.0			—
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035		1,000.0			1,000.0
5.650% fixed rate, due February 2036		750.0			750.0
5.400% fixed rate, due July 2036		1,000.0			1,000.0
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
6.125% fixed rate, due May 2055		1,000.0			1,000.0
6.050% fixed rate, due May 2056 (7)		750.0			—
Unamortized discount		(38.1	)		(38.3	)
Senior unsecured notes issued by the Partnership: (2)
5.000% fixed rate, due January 2028		700.3			700.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		18,721.8			16,522.6
Debt issuance costs, net of amortization		(124.4	)		(120.6	)
Finance lease liabilities (4)		684.6			260.4
Long-term debt		19,282.0			16,662.4
Total debt obligations	$	19,844.5		$	17,432.5
Irrevocable standby letters of credit: (5)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	17.9		$	20.0

(1)

As of September 30, 2026, the Partnership had $451.0 million outstanding, collateralized by the qualifying receivables pursuant to the amended Receivables Purchase Agreement dated July 1, 2026, under its accounts receivable securitization facility (the “Securitization Facility”), resulting in $149.0 million of remaining availability under the committed line of the facility. In addition to the committed capacity of $600.0 million, the Securitization Facility has an uncommitted line of capacity with potential capacity of up to $200.0 million.

(2)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

(3)

On January 15, 2026, we used borrowings under our unsecured commercial paper note program (the “Commercial Paper Program”) and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.

(4)

The balance as of September 30, 2026 includes amounts related to the amendment of a compressor lease agreement that was effective on April 1, 2026. See “Note 8 – Leases” for further details.

(5)

The borrowings under the Commercial Paper Program are supported through maintaining a minimum available borrowing capacity under the $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had approximately $0.9 billion of borrowings outstanding, resulting in approximately $2.6 billion of availability under the TRGP Revolver as of September 30, 2026, after accounting for outstanding letters of credit.

(6)

As of September 30, 2026, we classified our 5.200% Senior Unsecured Notes due July 2027 as long-term based on our ability and intent to refinance the notes on a long-term basis.

(7)

In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056, resulting in net proceeds of approximately $1,483.2 million. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program.

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2026:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	3.9% - 4.2%	3.9%
Securitization Facility	4.2% - 4.6%	4.4%