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Targa Resources Executive Compensation (FY25)

TRGP · Executive and director compensation, fiscal 2022 to 2025

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Data as of September 7, 2026Latest filing (8-K): May 22, 2026
14 filings cited on this page
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Targa Resources brief$1,500Get the executive brief
239 figures on this page: 229 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Matthew Meloy
Median of the other named officers
$6,308,766
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee

More on Targa Resources

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Matthew Meloy: $15,515,793 → $21,470,708 (38.4% higher)
Say-on-pay support: 94.3% → 95.2% (0.9 points higher)
CEO pay ratio: 109:1 → 145:1 (33.0% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Targa Resources' chief executive and what were they paid?
Matthew Meloy was paid $21,470,708 in total compensation as Chief Executive Officer for fiscal 2025. Meloy's total was 38.4% higher than the $15,515,793 reported for fiscal 2024.
What was Targa Resources' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 95.2% of votes cast including abstentions in favor at the meeting held May 21, 2026.
Which companies are in Targa Resources' peer group?
The disclosed peer group includes APA Corporation, Cheniere Energy, Inc., Devon Energy Corporation, Diamondback Energy, Inc. and DT Midstream, Inc., among others.
What is Targa Resources' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 145:1, against median employee compensation of $147,880.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Matthew Meloy
Chief Executive Officer
◇◇◇—◇——◇
Jennifer Kneale
President - Finance and Administration
◇◇◇———◇◇
Patrick McDonie
President - Gathering and Processing
◇◇◇———◇◇
D. Scott Pryor
President - Logistics and Transportation
◇◇◇—◇——◇
Robert Muraro
Chief Commercial Officer
◇◇◇—◇——◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Matthew Meloy
Chief Executive Officer
◇◇◇———◇◇
Jennifer Kneale
President
◇◇◇———◇◇
Robert Muraro
Chief Commercial Officer
◇◇◇———◇◇
Patrick McDonie
President – Gathering and Processing
◇◇◇———◇◇
D. Scott Pryor
President – Logistics and Transportation
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Matthew Meloy
Chief Executive Officer
◇◇◇———◇◇
Jennifer Kneale
President
◇◇◇———◇◇
D. Scott Pryor
President – Logistics and Transportation
◇◇◇———◇◇
Robert Muraro
Chief Commercial Officer
◇◇◇———◇◇
Patrick McDonie
President – Gathering and Processing
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Matthew Meloy
Chief Executive Officer
◇◇◇———◇◇
Jennifer Kneale
President
◇◇◇———◇◇
Patrick McDonie
President – Gathering and Processing
◇◇◇———◇◇
Robert Muraro
Chief Commercial Officer
◇◇◇———◇◇
D. Scott Pryor
President – Logistics and Transportation
◇◇◇———◇◇
William Byers
Chief Financial Officer
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
D. Scott PryorPSU◇◇◇—◇—◇
Jennifer R. KnealePSU◇◇◇—◇—◇
Matthew J. MeloyPSU◇◇◇—◇—◇
Patrick J. McDoniePSU◇◇◇—◇—◇
Robert M. MuraroPSU◇◇◇—◇—◇
William A. ByersPSU◇◇◇—◇—◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
William ByersRSU◇◇——
PSU◇◇——
Matthew MeloyPSU◇◇——
RSU◇◇——
Jennifer KnealeRSU◇◇——
PSU◇◇——
Patrick McDonieRSU◇◇——
PSU◇◇——
D. PryorPSU◇◇——
RSU◇◇——
Robert MuraroPSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul W. Chung
Board chair · Lead independent director
◇◇————◇
Rene R. Joyce
◇◇————◇
Caron A. Lawhorn
◇◇————◇
R. Keith Teague
◇◇————◇
Charles R. Crisp
◇◇————◇
Beth A. Bowman
◇◇————◇
Joe Bob Perkins
◇◇————◇
Laura C. Fulton
◇◇————◇
Waters S. Davis IV
◇◇————◇
Lindsey M. Cooksen
◇◇————◇
Robert B. Evans, Ershel C. Redd Jr and Matthew J. Meloy served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.
Stock ownership guideline: Maintain executive and director share ownership guidelines

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • APA Corporation APA
  • Cheniere Energy, Inc. LNG
  • Devon Energy Corporation DVN
  • Diamondback Energy, Inc. FANG
  • DT Midstream, Inc. DTM
  • Energy Transfer LP ET
  • Enterprise Products Partners L.P. EPD
  • EQT Corporation EQT
  • Kinder Morgan, Inc. KMI
  • Kinetik Holdings Inc. KNTK
  • ONEOK, Inc. OKE
  • Ovintiv Inc. OVV
  • Plains All American Pipeline, L.P. PAA
  • The Williams Companies, Inc. WMB
  • Western Midstream Partners, L.P. symbol not shown

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 20, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 23, 2023=◇◇◇
2021May 24, 2022=◇◇◇
2020May 25, 2021=◇◇◇
2019May 19, 2020=◇◇◇
2018May 30, 2019=◇◇◇
2017May 24, 2018=◇◇◇
2016May 22, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
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What this page does not include

Everything above is a fact Targa Resources disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Targa Resources sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
239 figures on this page: 229 cited to the filing that reported them, 10 calculated from figures it prints.
229 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-237018
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-126280
    Director Compensation · EXECUTIVE COMPENSATION & · Grants of Plan-Based Awards · Grants of Plan-Based Awards for 2025 · and 3 more sections
  3. 0001193125-25-124024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-067057
    Summary Compensation Table for 2024
  5. 0001193125-24-141782
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-073912
    Summary Compensation Table for 2023
  7. 0001193125-23-152995
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-085626
    Summary Compensation Table
  9. 0001193125-22-159749
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-173640
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-20-147429
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-19-162943
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-175425
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-179646
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Targa Resources executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/TRGP (accessed 2026).
Short form: data: Velarion

The paid brief for Targa Resources

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
14 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Targa Resources discloses

The companies named in TRGP's own disclosed peer group.

APA CorporationCheniere Energy, Inc.Devon Energy CorporationDiamondback Energy, Inc.DT Midstream, Inc.EQT CorporationKinder Morgan, Inc.Kinetik Holdings Inc.ONEOK, Inc.Ovintiv Inc.Plains All American Pipeline, L.P.The Williams Companies, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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